Maybe you want to own a home care franchise. Perhaps you’ve worked as a caregiver in the past. Maybe you took care of an aging parent, spouse, or even a sibling who struggled with Activities of Daily Living. You have this desire, this drive to give aging and disabled individuals throughout your community an option to remain home, safe, and as active as they can and want to be.
Owning a home care franchise is a wonderful asset, especially with a quality company. There are going to be numerous questions to consider when looking into this prospect, and not the least of which is going to be understanding the ‘break even’ numbers you need to hit each week or month.
What is a ‘break even’ number?
Starting a Home Care Business: What Will Your ‘Break Even’ Number Be as a Home Care Franchise Owner?
This basically refers to how much money, in revenue, your new home care franchise will have to bring in in order to survive. You may have enough financial resources at your disposal to extend the amount of time you can remain open without breaking even, at least in the beginning, but if you understand that break even number from the start, it will help you in developing a solid business plan for getting up and running and finding success as quickly as possible.
The franchise company can help.
The home care franchise company can provide valuable data you can use to estimate these issues. They will most likely be able to offer some general information about expenses, how much certification, licensing, benefits for employees, administrative costs, and so forth will be, and how much you can charge clients, whether you will be dealing with Medicaid funded clients, and so forth.
It’s important to be clear on what these break even numbers are from the beginning. At first, it’s going to take time, even with a quality franchise that is essentially a turnkey operation, to get clients, to market, to get referrals, and find the right employees. You may be looking at several weeks or a couple of months before things really get moving in the direction you envision.
Once you’re moving in the right direction, focus on those break even numbers and if your current client base, expenses, and other factors cause you to fall short, you’ll need to quickly evaluate the best way to hit the numbers you need to keep this business moving in the right direction.
Every business has to understand its break even numbers, otherwise it will struggle right out of the gate. A home care franchise is a wonderful business to own and for those who have a sincere desire to help others, there is simply nothing more rewarding.
If you have questions about franchise opportunities with Golden Heart Senior Care Franchise, please contact our office at 1-800-601-2792, or check out our form at https://goldenheartfranchise.com/apply-now/.