Ready to Buy a Senior Care Franchise? Here Are 9 Things You Need to Know!

Ready to Buy a Senior Care Franchise? Here Are 9 Things You Need to Know!

 

Owning and operating a senior care franchise in your community is a great way to get into business for yourself while providing a valuable resource for the families in your area. But a person can’t expect to dive in head first and experience success right off the bat. Operating a franchise effectively requires you to take an intelligent approach. At the end of the day, the people who do their homework before they are awarded their franchises are the ones who get the most out of the experience, both professionally and personally.

If you or someone you know is considering opening a senior care franchise, they’ve probably done a fair amount of research and fact finding. But before they commit, it’s crucial to keep these nine concepts in mind.

#1 — Franchise Ownership Is a Collaboration

When you are awarded your own franchise unit(s), you’re joining a recognized brand name that will help you promote and sell your services. But you’re also accessing the accumulated expertise of a company that knows how to do things the right way. Certainly, you’re going to bring your own business savvy and strengths to the table, but you have to be able to collaborate with the franchisor and your regional support representatives, if you want to get the most out of your new business ownership experience.

#2 — Local Marketing Is Key

And it’s largely up to you. You will get plenty of support when it comes to marketing, but making an impact in your local market will be one of your main jobs.  How and where you network, advertise and promote your services is generally the responsibility of those most knowledgeable of the local market.

#3 — You Have to Understand Your Territory

If you’re going to market effectively in your region, you need to understand its people and the values they hold dear.  A deep understanding of the local demographics, laws, customs and ways of doing business are all basic foundations.

#4 — Obtain the Answers to All Your Questions

Before settling on a franchise ownership opportunity, it’s crucial to make a list of questions and concerns. But it’s even more important to ensure that you’ve obtained answers! Don’t go into franchise ownership unless you are satisfied with those answers.  Get the information you need to make an informed decision.

#5 —Understand the Total Investment

Do you have enough money not only to purchase your franchise, but to operate it comfortably while you get it off the ground?  How long will that take?  What is a reasonable, but conservative model?  Talk with current owners of the franchise during the ‘validation’ phase of your due diligence.  It is encouraged (if not demanded) because it is so important.

#6 —Understand the Demand for Senior Care in Your Market

The demand for in-home senior care services is high, but it’s not identical in every market. Before purchasing a franchise, it’s important to get a feel for the exact level of interest in your area.  Demographics shift and evolve, as does the amount and level of competition.

#7 — There Are Risks Involved

No business opportunity — even senior care franchising — is without risks. The more you understand the risks that you face in franchise ownership, the better able you will be to face them.  Again, the validation phase is where you get the opportunity to meet and/or talk with owners to understand their challenges and successes.

#8 — You Believe in Providing Excellent Care

Examine your reasons for getting into senior care —  There is a fine balance between having the drive to build a profitable business enterprise and the compassion to help those in need.  Too much of either aspect can have a negative effect on the other.

#9 — What Franchise Owners Have to Say

As mentioned above, performing research is crucial if you’re going to be awarded the right franchise.  Part of that research has to consist of in-depth discussions with existing franchise owners in the validation stage of your due diligence with the franchisor. Don’t be afraid to ask the tough questions! The answers might not always be what you want to hear, but you’ll get the truth about your potential future as a senior care franchise owner.  Remember, the current owners were in your place previously!  They understand and appreciate the process you are going through.

Are you interested in learning more about what it takes to be a senior care franchise owner during the aging-in-place boom? Always Best Care is here to help you navigate the industry as one of our franchise owners! Download our FREE franchising eBook today to learn more and refer to our most recent Franchise Disclosure Document for important details.

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How to Transition from Stay-at-Home Parenting to Home Care Franchise Ownership

Making the Transition From Stay-at-Home Parenting to Home Care Franchise Ownership

Stay-at-home parents come to a crossroads when they have finished nurturing their children into adulthood. If you find yourself there now, you know how discomforting it can be to suddenly have energy and time available that, until recently, went directly to your children’s lives.  Perhaps you want to get back into a professional life — but you are wary of going back to work for someone else in a corporate setting.  But, you might not have the desire to begin from nothing with a startup, either.  Additionally, you probably want to find yourself on a path that allows you to continue giving and providing support to those who need it.

For many people transitioning out of stay-at-home parenting, the answer is senior care franchise ownership.

 

Why Senior Care Franchise Ownership?

Owning a franchise is a great way to realize the career ambitions you may have put on hold to raise a family, but without many of the huge risks that accompany startup businesses.  Franchises allow you the freedom to call the shots for defining your company’s culture and vision, but operating with the guidance, support, and a proven system backing you up every step of the way.

Of course, there are several types of franchises to choose from, in every imaginable industry. Everyone is familiar with fast-food, home cleaning and hair salon franchises, for example, but other sectors of the economy are becoming known for their franchise opportunities, as well. Senior care franchises are special in that:

 They aren’t just businesses; they are community resources
 In-home senior care is a rapidly growing industry, particularly with the “Baby Boomer” generation transitioning into older age and retirement
 Senior care franchise ownership gives you the opportunity to continue providing care and support to those who need it
 Franchise ownership in the senior care sector allows you to interact with people from all walks of life, connecting you to a rich life outside the home

 

Making the Transition into Senior Care Franchise OwnershipMaking the Transition From Stay-at-Home Parenting to Home Care Franchise Ownership

Now that you’ve got time and energy that you didn’t have available before, you might be tempted to jump right in to the first opportunity that comes along.  However, it’s good to perform some research and a bit of soul searching to determine what path is truly the right one for you and your future.

Senior care franchise ownership is a great way to perform meaningful work in the next phase of your life and career. It may not be perfect for everyone, but it is a unique opportunity for those who may be searching for a way to earn a living and give something back to the community at the same time.

We feel confident that your research will reveal senior care franchise ownership as an excellent next-step possibility for you!

 

For More Information

Are you interested in learning more about what it takes to be a senior care franchise owner during the aging-in-place boom? Always Best Care is here to help you navigate the industry as one of our franchise owners! Download our FREE franchising eBook today to learn more and refer to our most recent Franchise Disclosure Document for important details.

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8 Questions To Ask A Senior Care Franchisor Before Buying In

Starting a business requires a huge commitment, and senior care franchises are no exception.  Despite a common misconception, a franchise is not a business-in-a-box, and requires a lot of hard work and dedication.  At the same time, the appeal of a franchise, for many, is that it has the advantage of an established brand and a business model with proven success.

Identifying a well-established franchise with a high degree of success is only your first step in determining which franchise is right for you.  The fact that other people have had success does not guarantee that you will be successful and, therefore, it is exceedingly important to ask the right questions before making a decision.  Here are some key questions to ask franchisors:

    1. What kind of financial assistance do you offer to franchisees?  Many franchisors offer financing assistance, so be sure to inquire about how a franchisor may be able to help you in this regard.

 

    1. Do you provide ongoing training in the form of conferences, seminars, meetings, etc.?  Ongoing training, especially when included at no additional cost to you, can help ensure your success.

 

    1. Tell me about some of your most successful franchisees and the secrets to their success?

 

    1. What is the day-to-day business like for your franchise?  This will give you a sense of what you can expect as a franchise owner and can help you determine whether this particular franchise is right for you.

 

    1. Tell me about the overhead expenses I can expect with your franchise?  
    2. What problems do your franchisees most often run into?  This can give you valuable insight about what problems you’re most likely to run into, allowing you to plan in advance.

 

    1. What kind of insurance will I be required to carry with your franchise, and can you give me an idea of what it might cost?

 

  1. Do you offer exclusive territories?  If the franchisor doesn’t offer exclusive territories, rapid growth of the franchise means that you could be competing with other locations that pop up in close proximity to yours.

These are just some of the questions to ask during the consideration process. The more information you have, the better prepared you’ll be to make a smart, informed decision about which franchise is right for you.

About Always Best Care

Always Best Care is one of the nation’s leading providers of non-medical in-home care and assisted living placement services. The company delivers its services through a national network of nearly 200 independently owned and operated senior care franchise territories throughout the USA. Always Best Care has been named one of the top franchises for minorities by the National Minority Franchising Initiative, and one of the top franchises for veterans, as featured in USA Today.

Want to learn more about the exciting and rewarding prospect of franchising in the senior care industry? Download our FREE eBook today!

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Please refer to our most recent Franchise Disclosure Document for important details.

401K Home Care Franchise Funding

Should I Use 401K Funds to Start a Home Care Franchise Business? It’s a question many ask every day. The economic rollercoaster has made it more difficult for individuals to find funding to start a business as financial institutions have become more reluctant to issue loans. With fewer options, many people hoping to start a business are seeking alternatives to traditional bank loans.

The days of lending to people with no assets, no income and/or no job are long gone (and for good reasons).  Given the greater difficulty of obtaining funds, more people are considering tapping into retirement funds to launch a business.  Is this a good idea?  Let’s explore some of the advantages and disadvantages of tapping into a 401K to get a business off the ground.

Benefits of Using Retirement Funds

 If you decide to withdraw funds from a retirement fund such as an IRA or 401K, how you do so is exceedingly important.  A Rollover for Business Startup (ROBS) allows you to tap into retirement funds with no penalties or taxes.  Compared to cashing out a 401K or IRA, which would result in a 10% early withdrawal fee, in addition to up to 30% taxation, using a Rollover for Business Startup is the wiser choice and, thus, has seen a dramatic increase in recent years.

Additional advantages of sourcing money from retirement accounts include:

  • Secure funds quickly—usually in just two to three weeks
  • Use the funds to pay yourself a salary during the start-up of your business
  • No interest on the loan, thus moving you closer to profitability sooner
  • Improved cash-flow situation from the start

Disadvantages of Using Retirement Funds

As with most loans, there are disadvantages to using retirement funds to start a business. The first concern is the risk associated with using funds previously set aside for retirement on a business that may not ultimately succeed.  Additionally, your financial advisor may charge you several thousand dollars for the paperwork to process a rollover, in addition to fees for managing the new fund.

Make sure to do your research when considering whether to use retirement funds to start a business, as there are some considerable risks—you should know what’s at stake before you make any final decisions.

Always Best Care is one of the nation’s leading providers of non-medical in-home care, assisted living placement services, and home health care.  The company delivers its services through a national network of over 200 independently owned and operated franchise territories throughout the USA.

Learn more about senior care franchising by downloading our FREE eBook today!

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Please refer to our most recent Franchise Disclosure Document for important details.

Realize Your Dream of Helping Seniors through Franchising

The senior care industry is growing rapidly.  Roughly 13% of the current US population is 65 or older — a number that is projected to increase to around 20% by the year 2040. Changing demographics and an aging Baby Boomer population are creating unprecedented need for senior care services, as well as unprecedented opportunity in this growing industry.

The needs of seniors vary dramatically—some seniors need help with everyday activities like errands, bathing, dressing, medication management and housekeeping, while others have medical conditions like dementia, Alzheimer’s or diabetes that require monitoring and care.  Still others require round-the-clock care in an assisted living community or nursing home.

Starting a Senior Care Franchise Business May Be Within Reach

If your passion is helping seniors, and you have a mind for business, starting a senior care franchise may be right for you. The extent of care you are prepared to provide seniors may be dependent on the amount of capital you have to launch the business.  For example, non-medical in-home senior care does not require a medical staff or medical equipment, making your start-up costs lower than that of a home health agency that provides medical care.

You can launch a non-medical in-home care business with between $74,000 and $150,000.

If helping seniors is your dream, owning and operating a senior care franchise can help you make that dream a reality, and senior care is one of the most recession-proof industries in the nation.  Learn more about franchising with Always Best Care. Always Best Care is one of the nation’s leading providers of non-medical in-home care, assisted living finder and referral services, and skilled home health care.  The company delivers its services through a national network of over 200 independently owned and operated franchise territories throughout the USA.
Learn more about senior care franchising by downloading our FREE eBook today!

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Please refer to our most recent Franchise Disclosure Document for important details.

5 Reasons to Consider Senior Care Franchise Ownership This Year

5 Reasons to Consider Senior Care Franchise Ownership This YearIf you’ve been considering a jump into the world of business ownership, it’s probably something that you’ve been thinking about for quite some time. Starting your own business is not an endeavor that should be taken lightly, and if you’ve been dreaming of it for a while, you want to make sure the time and situation is right before you dive in. Perhaps you told yourself that you would take that leap this year, but now it feels like it’s too late with everything that’s going on. So maybe you’re considering making your move next year so you can start fresh with a new number on the calendar and the challenges of the previous year behind you.

Unfortunately, next year will probably be no less busy and/or challenging than this one, so maybe it’s a good idea to get the ball rolling today. If your business idea is to own and operate your own senior care franchise, there’s no better time than right now to get started.

Here are five of the reasons why you should consider senior care franchise ownership this year:

#1 — The Industry Is Growing; Get In as Early as You Can!

The senior care industry is growing and transforming, largely thanks to the influence of the Baby Boomer generation, which is seeing its members retire in massive waves. The “boomers” aren’t interested in “traditional” senior care options like nursing homes; they want to stay at home and use services that provide outstanding in home care.

If you want to get in as close to the ground floor as possible with your senior care business, we suggest you act now!

#2 — Seniors and Their Families Need Help Today

When you run a business, it’s good to know that what you do isn’t just good for you; it’s good for the community at large. This is absolutely the case in senior care. Right now, families in your area are searching for senior care solutions. Let your new business be the one to help them!

#3 — The Franchise Is There for You

Maybe you’re putting off business ownership because you’re not ready to jump through hoops and cut through endless amounts of red tape. Consider this, though: one of the key benefits of franchise ownership is the fact that the franchise is there for you, ready to give you the assistance you need to get your business off the ground. When you own a franchise, you get plugged into an entity that has the experience and know how to get you going on the right foot.

5 Reasons to Consider Senior Care Franchise Ownership This Year#4 — Get Good Word of Mouth Going Right Away

Senior care franchises rely on the owner’s ability to generate a strong presence in the community. And there’s nothing quite as valuable as good word of mouth. The sooner you get started building your reputation, the sooner you can experience the benefits of franchise ownership.

#5 — Why Not?

Seriously. Why not get started right now? You’ve been thinking of it for a while and time isn’t slowing down any time soon. And right now is a great time to get into the senior care industry. Sure, you can continue to put it off, but the only way you’ll be able to live your dreams of business ownership is by taking the first step. And the best time to start is right now!

Learn More

Are you interested in learning more about what it takes to be successful as a senior care franchise owner during the aging-in-place boom? Always Best Care is here to help you navigate the industry as one of our franchise owners! Download our FREE franchising ebook today to learn more.

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Please refer to our most recent Franchise Disclosure Document for important details.

Character Traits of Successful Franchisees

While most anyone with the funds and ambition can find a franchisor willing to sign them on as a franchisee, owning a franchise is not necessarily right for everyone.  It’s important for prospective franchise owners to look inward and evaluate how they want to run a business.  Contrary to how some may envision franchises, they are not businesses-in-a-box.

It’s important to evaluate your needs when considering becoming a franchise owner—do you want a lot of free time?  Is spending time with your family a priority? Do you have the skill set required of a franchise owner?

“Franchise King” Joe Libava told Entrepreneur Magazine that modesty is in order when starting a franchise.  Even if a person has decades of experience in a high ranking position, Libava said, he or she must follow the rules of the franchise, regardless of their experience.  It’s important to remember why a franchise business was appealing in first place—avoiding mistakes and buying into a brand with a proven track record of success, for example.

One important consideration is whether you are okay with following someone else’s rules.  Rule-breakers and independent-minded folks will likely have difficulty in a franchise environment.  A franchisor worthy of your buy-in will already have a proven recipe for success, and the expectation will be that you follow that recipe.

Owning and operating a senior assistance services franchise requires an especially serious commitment, considering the level of care and responsibility involved.  If you have a true passion for helping others, your personality is compatible within the franchise model, and owning a business is your dream, franchising with Always Best Care may be right for you.

Always Best Care is a leader in non-medical in-home senior care in the United States. We have been rated among the best home care franchises in the United States.  Learn more about the services we provide and about becoming a franchisee on our website.

Learn More

Are you interested in learning more about what it takes to be successful as a senior care franchise owner during the aging-in-place boom? Always Best Care is here to help you navigate the industry as one of our franchise owners! Download our FREE franchising ebook today to learn more.

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Please refer to our most recent Franchise Disclosure Document for important details.

Running a Successful Franchise Business

Buying into a franchise does not equal automatic success.  As many of us have experienced first-hand as consumers quality of service, efficiency and product quality can vary greatly from one franchise operation to the next.  Here we outline some of the key steps to running a successful franchise based on the advice of expert Joe Libava, dubbed the “Franchise King.”

First and foremost, have a plan and stick to it.  It’s easy to get caught up in the day-to-day operations of the business, and not follow the plans and protocols you’ve outlined for yourself.  But straying from the plan can lead to financial breakdown and customer dissatisfaction.

Don’t ignore the instructions and tools given to you by your franchisor. Those tools have had proven success and are there to ensure your success and the continued success of the brand. Many franchisors provide franchisees with tools for training, sales, marketing, tech support, and more. Take advantage of them!

Remember the golden rule: the customer is always right.  There’s no doubt that poor service will keep customers away, and as word spreads, deter new customers from patronizing your business. Make sure your employees are trained to provide excellent service at every level and are held accountable should they fail to do so.  Repeat customers are vital to the success of any business, and providing excellent service should be central to your strategy.  Offer incentives to draw repeat customers and make sure your customers know they are valued.

Network to give your business an edge.  Networking with other business professionals or joining your local chamber of commerce or small business group will likely lead to the exchange of ideas and information that could help propel your business forward.  Be sure to network with friends and family, as well—your biggest allies—to get the word out about your business.

Being proactive, diligent about excellent service and networking can all help you be a more successful franchise business owner.

Start Your Own Senior Care Business

Franchising with Always Best Care could be the opportunity you’ve been looking for to make a real difference in the lives of seniors. Always Best Care is recognized as a leader in the non-medical in-home senior care industry. To learn more about franchising with Always Best Care, visit our website.

Learn more about senior care franchising by downloading our FREE eBook today!

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Please refer to our most recent Franchise Disclosure Document for important details.

The Importance of a Solid Business Plan for Senior Care Franchisees

It’s a mistake to assume that becoming the operator of a senior care franchise means that business and strategic plans are not necessary. Although franchisees are generally required to follow a set of established business, operational and marketing standards and protocols, operating a business takes savvy and knowledge. Anyone who has ever experienced poor service and/or poor product quality at a franchised business knows that the name alone does not guarantee a positive experience.

Here are some key reasons to develop a solid business plan:

  1. A business plan will help you develop a solid financial strategy and help you convince lenders of the viability of your business.
  2. The process of writing a business plan will prompt you to plan, ask questions, and anticipate issues that you may not have considered initially.
  3. A business plan spells out your goals, as well as timelines for those goals.

Your business plan should include some key elements—a mission statement, a description of the business structure, market strategy and plan, information about the organizational and management structure, and financing information, among others.

A solid business plan communicates to lenders and franchisors that you are a serious contender and are prepared to run a successful franchise operation. Do your research and make sure franchising is right for you.

Those looking for opportunities to start one of the best home care franchises and serve the senior community should consider franchising with Always Best Care.

Learn more about senior care franchising and Learn more about the senior care franchising industry today by downloading our FREE eBook.

Learn more about senior care franchising by downloading our FREE eBook today!

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Please refer to our most recent Franchise Disclosure Document for important details.

8 Traits of Successful Senior Care Franchise Owners

Franchise ownership gives entrepreneurs the chance to flex their muscles with their own businesses, but with the training, support and name recognition that comes with partnering with an established brand. The senior care industry is becoming increasingly popular among new franchise owners because of its potential in the coming years — the “Baby Boomer” generation is hitting retirement age and its members prefer to age in place. The demand for excellent in home senior care will only rise in the coming years, making franchise ownership in this sector incredibly attractive. However, operating a senior care business takes inspired leadership and some important traits.

If you’re curious about getting into senior care, but you’re unsure if you possess the right qualities, read on to learn about the 8 traits of successful senior care franchise owners!

#1 — Confidence

When you own a senior care franchise, you’re running a business, and it takes a strong belief in yourself to ensure that your business succeeds. You also need to have confidence in your ability to serve the community by providing excellent senior care.

#2 — Ingenuity

As a business owner, you need to be able to generate the kinds of ideas that will make people take notice of what you’re doing. However, you have to be able to be innovative within an existing structure, which brings us to…

#3 — You Can Follow the System

Franchise ownership gives you the freedom to use your ingenuity, but it also supplies you with a system that increases the likelihood of success — if you follow it!

#4 — Passion

As a senior care franchise owner, you’ll be working directly with people who are facing challenges in their lives. If you’re not passionate about helping seniors and their families in your community, you won’t be able to inspire confidence in them about your ability to provide the best care.

#5 — You Are a “People Person”

Your senior care business isn’t a widget factory that churns out products; it’s a collection of individuals who provide outstanding care and support for human beings in your community, and you are responsible for providing leadership and inspiration.

#6 — Trust

Area Representatives and National Directors are there because they’ve proven their ability to serve your community in a way that also benefits the business as a whole. You have to be willing to listen to those experts and trust that following their advice is always in your best interest.

#7 — You Can Delegate

Franchise owners who surround themselves with good, hard-working people are more likely to succeed. But they have to be willing to delegate tasks to those people. Learning to delegate effectively is one of the most difficult things for business owners to do, but it’s absolutely essential in the pursuit of business goals.

#8 — The Belief that In Home Senior Care Makes a Real Difference

Owning a senior care franchise isn’t just about providing an additional option to seniors and their families; it’s about providing a resource that really helps people in your community. It’s about recognizing the needs and wants of today’s (and tomorrow’s) seniors, and doing the work necessary to turn those desires and values into reality.

Are you interested in learning more about what it takes to be successful as a senior care franchise owner during the aging-in-place boom? Always Best Care is here to help you navigate the industry as one of our franchise owners! Download our FREE franchising ebook today to learn more and refer to our most recent Franchise Disclosure Document for important details.

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