senior care franchise | Senior Home Care Franchise

Understanding the Growing Senior Population

The senior population is one of the fastest growing age groups in the United States, accounting for 40 million of the population, or 1 in 7 people. With so many people in the United States living longer, it’s important that senior health take a priority, from diet to physical fitness. For many this presents a challenge in elder years. Luckily, many options exist for seniors, with in-home care provided by home care franchises remaining a popular trend among seniors who wish to maintain a high level of independence. The following infographic provides a glimpse at the senior demographic and provides ideas to help seniors maintain their health.

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

Successful Business Owners Recognize They Can’t Do It All

A common mistake small business owners make is trying to do everything themselves. Many feel that to get things done properly they need to be in control of every aspect of their business. This is a losing strategy, however, both personally and professionally—no one person is necessarily an expert in every area, and, despite how competent a person may be there are only so many hours in each day.

Attempting to take on the full responsibility of the strategic, operational and networking aspects of your business means that each of these areas will probably be neglected to some extent. It will also likely mean significant sacrifices to your personal life—less time with family and friends, and less time doing what you enjoy.

Whether you’re contemplating starting a home care business, and your inclination is to do most everything yourself, or you’re a seasoned business owner quickly approaching burnout from trying to do it all, it is possible to change this.

First, it’s important to sit down and identify where your best strengths lie. You may find that you’re exceptional when it comes to organization, but less comfortable with client relations and networking, for example. Where you see the greatest return on your energy is where you should focus your time.

Attempting to do everything yourself means suffering through the negative consequences. By hiring highly skilled and competent experts in different areas, your business is more likely to succeed and grow, and you’ll likely be happier for it in the long run.

Always Best Care’s training, marketing and support have grown our franchisee’s revenue dramatically. download your copy of our FREE franchising eBook to see how, and begin making a difference in your community today.

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

Advantages and Disadvantages of Borrowing Start-Up Capital from Friends and Family

Many people hoping to start a franchise operation will face the dilemma of where to obtain needed start-up capital. There are many different options for obtaining funding, from traditional lending institutions like banks and credit unions, to angel investors, to crowd lending websites that have become increasingly popular in recent years.

Another option is asking friends and family for help. There are advantages and disadvantages to borrowing from friends and family, however. While it may be tempting to go straight to family members for a loan, they really should be last resort. Below we discuss the pros and cons of borrowing from family or friends.

Advantages

No or low interest — While close family and friends may ask for some interest on the loan, often they will ask for none at all, and it is generally unlikely that they will charge high interest.

An already-established relationship –– Your family and friends know you well and are more likely to have faith in both your idea and your overall character.

Disadvantages

Disagreements about who’s in charge –– You may find your family member or friend giving unwanted and unsolicited advice about how to run your business. Keep in mind that if the loan is treated as equity, then the person who lent you the money technically does have a say in your business. It’s important to establish up front whether the loan will be treated as equity.

Jeopardizing personal relationships –– Nothing can turn a relationship sour more quickly than a business deal gone bad. It’s important to consider that borrowing from a friend or family member carries the inherent risk of potentially straining the relationship in the future.

Carefully weigh the pros and cons of borrowing from friends or family, and make this your last resort. Most people would agree that involving a friend or family member in your non-medical home care business investment is not worth jeopardizing your personal relationship.

If you’re ready to make a difference in your community, download our FREE franchising eBook to learn why Always Best Care’s training, marketing, and support have grown our franchisee revenue so dramatically.

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

Securing Funding to Start a Home Care Franchise Operation

Franchise Money — Image Source: freedigitalphotos.net

With the ongoing economic recession, banks and other lending institutions have been more reluctant to grant loans to prospective small business owners, making obtaining funding increasingly difficult. Many factors go into a lender’s decision to lend money to a prospective home care franchise owner, including the reputation and history of the franchisor.

What are a person’s options for obtaining funding? Here we look at several possibilities:

Small Business Administration (SBA) Franchise Loan Program –– The SBA is a government administration that, among other things, helps prospective small business owners obtain funding. The SBA has several loan programs, including one in which lenders work with the SBA to provide small business loans on a deferred basis.

Angel Investor –– Angel investors (also known as business angels) are affluent individuals who usually provide their own money (unlike venture capitalists, who pool and invest money from several investors) to help a person or group start a business. Angel investors generally require a high return on investment because the risk of this type of investment is so great.

Friends and Family — Friends and family can be a great resource for funding without the restrictions and red tape that often come with borrowing from lending institutions. However, borrowing from friends and family has the disadvantage of potentially straining or even forever altering personal relationships. Additionally, confusion about interest rates, management, repayment, etc., can cause confusion.

Crowd Lending — Through websites like fundable.com prospective, franchise owners can create a profile and a compelling case for why funders should support them. These sites help streamline fundraising by allowing people to promote their business idea online and collect funding all in a single place.

Prospective franchisees that are unable to obtain needed capital to start a business through traditional lenders like banks and credit unions have many alternative options for obtaining funding. The advantages and disadvantages of each potential source of funding should be weighed carefully.

To begin making a difference in your community, download a FREE copy of our franchising eBook today to learn why Always Best Care’s training, marketing, and support have grown our franchisee revenue so dramatically.

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

Small Businesses in the U.S. Economy

Small businesses play a vital role in the U.S. economy. They account for over half of all sales and the vast majority of new jobs in the market. Their combined benefits are essential to a profitable economy.

However, small businesses and the markets they function in can be volatile, with many independent start-ups failing within a few years. Franchises historically perform better than other small businesses, thanks to the support franchises receive. By looking at other franchises within their company, a home care franchise owner has a point of reference for marketing , sales and other efforts.

For a full look at small businesses and how they function in the U.S. economy, see the infographic below.

If you’re ready to make a difference in your community, download a FREE copy of our franchising eBook today to learn why Always Best Care’s training, marketing, and support have grown our franchisee revenue so dramatically.

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

A Comprehensive Look at Alzheimer’s: An Infographic

Alzheimer’s disease is a form of dementia that affects millions of Americans. This condition is more common in older adults, but has been known to appear in younger adults, as well. This disease has both mental and physical implications that can impact a senior’s independence. As Alzheimer’s progresses, it can also impair basic bodily functions.

Since Alzheimer’s is such a widespread disease in the United States, it’s important for home care franchise owners to understand the intricacies of it, its prevalence and cost. Let’s take a look at Alzheimer’s in the following infographic.

If you’re ready to make a difference in your community, download a FREE copy of our franchising eBook to learn why Always Best Care’s training, marketing, and support have grown our franchisee revenue so dramatically.

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

Starting Your Home Care Business for Seniors

Entrepreneurship is a major pillar in the US economy. Many people believe that there is no greater situation than to be your own boss. Whether you’re an experienced entrepreneur or a budding business owner, there are many great opportunities in the senior home care industry to achieve such heights. Aging is a natural process that everyone must experience and thus there is always a demand for home care for seniors. It’s been estimated that at any given time there is approximately 7 million people in need of healthcare. As our population continues to grow and the life span of the average American grows longer, there’s always room for business in the home care industry.

In this article we will take a quick yet informative look at the first few steps to take when starting your own senior care business.

Business Structure

As is true with most business opportunities, you will have to decide whether you are going to:

Start your own company
Purchase an already existing company
Participate in a membership network
Buy a franchise

At Always Best Care we believe that buying small business franchises is always going to be the best and safest road to pursue. By purchasing a franchise, you are given the consultation, guidance, and guidelines that are necessary to run a successful senior home care operation. In addition, by using an established name finding business will be easier due to the already existing reputation of a successful organization that many are already familiar and comfortable with.

Legal Business

Any legal business needs to be registered properly, and while requirements may vary from state-to-state there are generally only three main options to choose from when describing to the government what kind of business you intend to operate. You can choose to either incorporate, register as a limited liability company (LLC), or sole proprietor. Each has their own set of pros and cons including tax benefits and more. Since requirements for business registration and operations do vary from state to state, we strongly suggest seeking out the help of a lawyer, business consultant, or the Small Business Administration (SBA) for assistance.

When it comes to home care companies, a great deal of states require a number of very specific licenses that you must obtain before being legally able to perform business within that given state. Be sure to contact your local/state home care association for information regarding proper licensing and requirements as relative to your business.

Operational Policy & Procedure

Every business can benefit from the use of a well-defined policy and procedures guideline. In the home care business this is a very important element to have. When you are responsible for the well-being of others it is highly important that you and your employees know how to operate properly, efficiently, and fairly. Having a manual that outlines the rules and regulations of your business will create uniformity amongst your organization so that everyone is treated well and fairly, both employees and clients alike.

This can become quite extensive and if you’re creating this on your own it may be an ongoing, ever evolving process that needs to be constantly updated. Because it needs to be clear and fool-proof, it will take a while to thoroughly hash out, articulate, and implement. A major benefit to a franchise is that all of the policies and procedures are already in existence and follow a tried-and-true standard that will help to ensure the success of your new business venture and its day-to-day operations.

Financial Setup

Every business needs to make money. So, of course, you’ll need to set up the many ways of which money comes and goes through your business. This includes everything from how you accept payment to how you pay your employees. Including but not limited to setting up a business checking account, business savings account, raising at least a three month operational fund that covers you as you get the gears rolling on your business, credit card merchant accounts, pre-paid deposit accounts for new clients, as well as a computerized system that can maintain all of your accounts payable and receivable needs.

Aside from these, and more, there are other important factors to determine such as billing rates, billing cycles, figuring out your monthly expenses, gross margins, and payroll methods. Again, buying a business or starting a franchise can help you to have a system that already works and helps you to avoid the pitfalls made by many unsuccessful businesses.

Staffing

After the prior steps have been taken and completed, you can move onto finding the proper staff that will help to run and grow your business. Finding the right employees isn’t quite as easy as it sounds, and having a strict minimum criteria that needs to be met is very important. This means that you’ll have to be vigilant in where you are going to recruit your staff. There are job posting sites such as Monster, Hot Jobs, Craigslist, and many more to go to, however, there are also recruiters who can take on this duty for you as well. Nonetheless, it is important to be clear in what you are looking for in your employees. It’s also important to understand that your employees will also determine the level of success that your elderly care franchise reaches. Not only having a hiring criteria but also sharing with them the benefits of working with your business is important as well. Be sure to have defined lines in terms of each employee’s job duties and what is expected of them as this will help add to efficiency, moral, and retention.

Setting Up Your Facilities

Finding the perfect location for your business is also integral to its success. A great location can make all the difference toward the success of any business. Having a building that can meet all the needs of a senior care business will ensure that you can operate at satisfactory levels. You’ll need space for your clients as well as all the furniture and operational materials such as computers, desks, printers, etc.

In Closing

There are many things to consider when starting up your very own home care business for seniors. These first few steps can get you well on your way to a bright and fulfilling future as a successful entrepreneur and franchise owner.

If you’re ready to make a difference in your community, download our FREE eBook to learn why Always Best Care’s training, marketing, and support have grown our franchisee revenue so dramatically.

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

What is a Business Plan and Why Do You Need One?

Writing a business plan is one of the most productive ways to start a business. This written guide could serve as the backbone of your business and pave the road to success, whether you are opening a brand new start-up, opening a franchise, or expanding an existing business. Everyone that is involved in your business, whether as owners, executives, employees or investors, has a vested interest in the business plan as it is the guide to how business should start, grow, and proceed. Without a guide, any business can fall short on numerous fronts simply by getting off course. The guide serves as a roadmap that holds you accountable to your original plans in order to achieve your business goals.

What is a Business Plan?

Generally, a business plan is a list of facts, goals, and challenges that you need to keep in mind as you move forward. The most commonly touched upon topics include:

Mission or purpose of the business
Detailed description of the services provided
Specific responsibilities
Intended market
Forecasts for potential cash flow
Desired milestones

Every business’ plan will differ, but these topics should be touched upon in one form or another. Keep in mind, the plans you make only capture a snap shot of what business is like today. It is not set in stone, which means that it can be adapted as your business grows or changes in any way.

The Types of Business Plans

In most scenarios, there are only two types of business plans: formal and informal. Typically, an informal plan is solely for the owners’ purposes, while a formal plan might be printed out and shared with many others, including investors. In the case of a formal business plan, the following topics should be included:

Executive Summary – A summary of the business plan that will give the reader an idea of what is inside the plan without reading the entire document

Company Overview – The general purpose of the company, what it plans to provide for its customers and how you plan on achieving the goals
Description of Services – An in depth description of the services provided and what problem they will solve in the intended market.
Market Analysis – An analysis of the market, the current competition, how your company will stand apart and face the competition
Team Information – A description of each team member, what role they plan in the company, including board members and founders
Financial Plan – This should include all financial details of the business, including the profit and loss, balance sheet, historical financial information, and forecasted financial information
Review Schedule – This holds the company accountable for regular review of the initial plan as business plans are meant to change with the times

Why a Home Care Business Needs a Business Plan

Just like any other business, a home care business needs a business plan. The written guide that you create gives your business a path to follow, goals to achieve, and guidelines to adhere to. The right plan also helps you to determine what type of help you will need, including:

Financial assistance from investors

Skilled employees in the healthcare industry
Marketing assistance

The business plan will also lay out all of the important details that you need to figure out, including any licensing rules that are particular to your state, how you plan to obtain needed financing, where you will find your staff, how you will train them, and what your competitors in the area do to succeed.

Starting a Home Care Franchise

A business plan is crucial for businesses in any phase, but it is essential for the start-up home healthcare business. As you get things going, numerous questions are going to come up and need answers. When you have those answers all in one place, well thought out, researched, and ready to implement, the entire process will go smoother. A few of the topics that need to be addressed when first starting a senior care business include:

Attorney fees

Licensing fees
Insurance Needs
Employee Needs
Workmen’s Comp Issues
Office space/rental needs
Office equipment needs
Office supply needs
Cash required for startup
Total existing capital
Initial liabilities
Potential investors

Final Thoughts

The business plan for a home care business can be formal or informal, as long as all of the details are covered and the document is kept safe and reviewed on a consistent basis. Any business that wants to succeed, whether as a franchise or brand new start-up, needs a place to start, and a business plan is meant to serve as a guide. It keeps you connected to the ideas that you had when you first decided to start your own business.

To begin making a difference in your community, download our FREE eBook to learn why Always Best Care’s training, marketing, and support have grown our franchisee revenue so dramatically.

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

Caregivers Need Care, Too

The American Association of Retired Persons (AARP) reports that over 69 million individuals in America provide care for an aged, chronically ill or disabled family member or friend during any given year. Family caregivers spend an average of 20 hours per week caring for their loved one, and the typical caregiver is a woman in middle age caring for a widowed parent—the AARP reports that 66 percent of family caregivers are women¹. Senior home care business owners know the demands of caregiving and offer help to family and friends caring for loved ones.

The Economics of Caregiving

Caregiving can be not only physically and emotionally challenging but surprisingly expensive as well. Nearly half of working caregivers report that caregiving has caused them to exhaust all or most of their savings, and the caregivers over age 50 spend an average of $5,531 per year on out-of-pocket expenses².

Impacts on Personal Health

Unfortunately, a significant number of caregivers who have cared for loved ones for five years or more report fair or poor health. And the effects can be lasting, especially when providing care for someone with Alzheimer’s or dementia. Many informal caregivers (e.g. family members who provide unpaid care for a loved one) have a tendency to put all of their energy into caring for others while neglecting themselves. But neglecting personal needs is detrimental to both the caregiver and the person being cared for. A person cannot adequately care for someone else long-term while neglecting their own needs.

This is where an in-home care assistant such as the highly trained aides at Always Best Care can be of great help. Home caregivers assist seniors with everyday tasks like bathing, dressing, cooking, shopping and bookkeeping. By freeing up time for family caregivers, in-home care professionals ultimately help ensure that time spent between family caregivers and their loved ones is quality time.

Always Best Care’s training, marketing and support have grown our franchisee’s revenue dramatically.download your copy of our FREE senior care franchising eBook to see how, and begin making a difference in your community today.

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

Franchise with Always Best Care

Always Best Care offers franchise opportunities throughout the United States, plus Canada, Germany, Australia and the United Kingdom. Always Best Care has been synonymous with the highest standards of service since 1996, when founder Mike Newman realized the need for exceptional, trusted professional care for senior citizens. Now you can deliver the same high quality of services to people in your community by opening an Always Best Care franchise.

The number of senior citizens is growing at a robust pace. Each day, 10,000 Americans celebrate their 65th birthday. This means an Always Best Care franchisee can expect an ever-growing marketplace as more men and women reach retirement age.
A handful of these individuals need medical care; many more could benefit from non-medical home care, such as help with grooming or moving around the house. The non-medical home sector is enjoying an upward trend as these seniors and their families realize the benefits of non-medical home care.

As an Always Best Care franchise owner, you will benefit from three different revenue streams: Assisted living finder services, non-medical in-home care, and skilled home health care. This three-pronged approach to revenue allows you to increase your bottom-line in more than one way.

Learn more about senior care franchising and download a copy of our FREE senior care franchising eBook today!

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