If you’re looking to invest in a companion care franchise, due diligence is of the utmost importance. Even though the senior care industry is in high demand, the success of your business still relies on your ability to identify top companion care opportunities. Choosing the wrong brand to partner with can impact your bottom line in the long run.
Here’s what to look for in a successful companion care franchise — and the red flags to avoid.
Top Companion Care Franchises Are Affordable
Based on the projected number of people turning 65 over the next few decades, the senior care industry will continue to grow rapidly. This makes companion care franchises a lucrative business. The best companion care franchises are more interested in putting entrepreneurs into positions to make a difference in their communities than charging extravagant startup fees. This is beneficial to the many people who seek a rewarding business in the senior care industry but think they cannot afford the cost of entry. In general, the companion care franchise model is relatively affordable, and the investment should reflect that.
Most CareBuilders at Home franchise owners get started for under $50,000. There is also a 20 percent-plus variation in the franchise fee between CareBuilders at Home and some of the bigger players — which establishes the CareBuilders at Home franchise as a better value and more affordable business model.
Top Companion Care Franchises Offer Extensive Training
Most people in the senior care industry started out in a completely different career before pivoting to companion care. The top franchises in the companion care industry have comprehensive training programs in place to set franchise owners up for success and quickly elevate them from beginner to industry expert.
CareBuilders at Home has one of the most robust training programs in the home care industry. The company provides 56 hours of online classroom training enhanced with 32 hours of on-the-job training.
Top Companion Care Franchises Provide Support and Structure
Top companion care franchises like CareBuilders at Home Care understand how startup and ongoing support services benefit the entire franchise family. Some franchisors go dark once they’ve collected the franchise fees and put their franchise owners through basic training. A good companion care franchise won’t disappear once you’ve opened your doors.
When it comes to ongoing support, CareBuilders at Home distinguishes itself not only from Home Instead but every other franchise system in the home care industry. CareBuilders at Home is the only home care franchise that provides complete back-office assistance to franchise owners. This includes handling payroll and taxes as well as billing and collections from clients. This allows you, as the franchise owner, to concentrate on the core business.
Top Companion Care Franchises Offer Protected Territories
Every franchise owner should have exclusive rights to a predefined and protected market large enough to sustain their growth. Top companion care franchises take a multitude of factors into account to help determine the perfect market for your home care franchise, including demographics and household income.
CareBuilders at Home offers potential franchise owners a wide selection of markets in prime areas. In fact, the company has the largest exclusive territory of any franchise system in the industry, with an estimated population of 35,000 senior citizens to an area.
Top Companion Care Franchises Should Have Multiple Revenue Streams
In addition to companionship services, there is an enormous demand for personal care and homemaking services. Top companion care franchises take full advantage of these potential revenue streams.
The CareBuilders at Home business model offers franchise owners the opportunity to tap into those lucrative revenue streams and more. The company also allows franchise owners to tap into its exclusive Virtual Caregiver program, a subscription-based virtual system that offers an effective alternative for seniors who may be resistant to traditional hourly home care services. This program gives franchise owners a unique competitive business advantage.