Buying a Seniors Care Franchise
When looking at buying a business, a franchise is often desirable. Buying into an existing brand with a reputation and marketing support reduces some of the obstacles faced when buying another business.
The franchiser often has support programs as well. It is in their best interest that a franchisee succeeds. The reputation of their brand in a particular market depends on it. So if you are going to look at purchasing a franchise, where do you start?
The key is often to start with a few simple questions:
- What are your personal goals?
- What role do you want to play in the business?
- What is your investment budget?
- Do you have the business skills?
Some franchise owners are very hands-on and therefore need both business skills and knowledge of the type of business. For instance, an RN or caregiver who now wants to own their own business would be a great seniors care franchise candidate provided they also have the needed business skills.
However, an executive from corporate America might also make a good seniors care franchise owner since they have the business skills they need to run the business and know how to hire the right management and staff to oversee day to day operations.
The seniors care field is growing, and there are many reasons to consider a franchise in this field.
Why Seniors Care?
The field of senior care is growing for a number of reasons. As the population ages, they often need a variety of care, and families are not always positioned to provide it for them. There are several factors contributing to this growth, often referred to as the “Silver Tsunami.”
- Baby Boomers: Born between 1946 and 1955 these individuals will be looking for care, and are the largest section of the American population.
- Longer Life Expectancy: People are taking better care of themselves and living longer all the time. This aging population will also need care, and for longer than generations before them.
- Advances in Medicine: As cures emerge and medicine gets better at saving lives, the aging population will continue to swell.
There will be a continued need for seniors care, and companies and professions that support it have amazing potential for earnings.
The Differences in Seniors Care Franchises
There are several different seniors care companies who offer franchises. Some offer different support and features than others, and each offers its own business model and streams of income. Here are some examples:
- Amanda: This is a rapidly growing company in Southern California. They educate clients on home living and senior living, providing more than one stream of income. They also offer a proprietary cloud software called Transparent that helps you run your business.
- ComForCare: This franchise offers a unique quick-launch program that includes Pre-Training, New Franchise Training after purchase, Fast-Track Marketing Blueprints, and on-site support visits after training is complete.
- First Light Home Care offers a reasonable investment, an established corporate structure, and a growing brand.
- Senior Helpers: This company is looking for franchisees that possess customer services and marketing skills, bus also who are driven and understand what it means to be self-employed.
- BrightStar Care: This company offers multiple streams of revenue and recurring revenue too. This produces higher revenue, and the company also has some assistance with staffing, both temporary and permanent.
As you can see from the descriptions, each company has different features and offerings that will influence your decision about which to invest in.
Why a Business Broker?
Why do you need a business broker to get into a franchise? The reasons are simple. A business broker knows what a franchise is worth, how to assist you with the application process and can suggest sources for funding.
A business broker helps match the right buyer with the right seller, and assists with the legal process of the sale.
Determine what your personal goals are and what role you want to play in your franchise business and consider a Seniors Care Franchise. When you’re ready, contact us here at Rogerson Business Services to see how we can help you achieve your dreams.