Senior care franchise opportunities have never been more appealing. The industry is booming due to the increase in the aging population. Older Americans prefer to stay in their own homes as they age, and they are turning to home care companies for help.
If you’ve made the smart decision to enter the home care industry, your next decision may seem daunting; figuring out which senior care franchise opportunity is right for you.
Here are six things you should consider when looking at franchises and how CareBuilders at Home meets those expectations.
1. Industry Experience
You can forecast future success by looking at a franchise organization’s history and longevity. A solid company with deep industry experience is one that knows what it takes to succeed, as well as how to innovate to keep up with the latest technology and changing customer expectations.
CareBuilders at Home has that experience and record of success. The company’s roots trace back more than 35 years when David and Stephen Savitsky founded their first home care business. CareBuilders at Home remains the only privately-owned, family-owned senior care franchise opportunity in the home care space.
2. Available Territories
Another critical component of a senior care franchise opportunity is whether the franchise company has not only available territories, but established and protected franchise territories. This can help you avoid competing with other franchise owners in the same system.
CareBuilders at Home gives franchise owners the largest exclusive territory of any franchise system in the industry. The company’s territories have an estimated population of 35,000 senior citizens in each protected zone. with Home Instead that only promises a potential customer base of 10,000 people aged 65 and older.
3. Financial Requirements
Another top consideration is the financial requirements that come with franchise ownership. You’ll need to research the costs involved with launching a senior care franchise opportunity, including startup fees, royalties, and more. You should examine any required suppliers for both products and services, and all related costs. A complete overview of financial information is included in a company’s franchise disclosure document (FDD). This document is usually provided to prospective franchise buyers 14 days before they sign a franchise agreement, however some franchise systems, like CareBuilders at Home, are very upfront and transparent about costs and fees and publish these items on their franchise websites.
4. Support and Training
Training and support are very important when buying a franchise, so you will want to compare the quality of the programs each senior care franchise opportunity offers. While most franchisors will offer training, not all of them offer comprehensive training and ongoing owner support. An ideal training program will include things like how to use proprietary tools and systems, developing business and administrative skills, and industry-specific operational and technical training, including how to follow the business model. You should also have access to support from both the organization and fellow franchise owners, as well as training in the organization’s values and culture.
5. Market Differentiators
When comparing several senior care franchise opportunities, look for a unique selling proposition. What makes each company standout and separate them from the competition.
CareBuilders at Home distinguishes itself from every other franchise system in the home care industry by providing its franchise owners with complete back-office assistance. This includes handling payroll and taxes as well as billing and collections from clients. This allows franchise owners to concentrate on the core business.
The CareBuilders at Home business model also offers franchise owners the opportunity to tap into multiple revenue streams. The company’s innovative Virtual Caregiver program is one example. It is a subscription-based virtual system exclusive to CareBuilders at Home and is an effective alternative for seniors who may be resistant to traditional hourly home care services. This approach presents franchise owners within the CareBuilders at Home system a unique competitive business advantage.
Your Questions Answered
To learn even more about the advantages about becoming a franchise owner with CareBuilders at Home, contact us to request additional information.