senior care business - Senior Home Care Franchise

Senior Care Franchising: Opportunity for Husband and Wife Teams

For many couples, considering a second career is often a joint effort. Whether it’s because the kids have moved out and they’re looking for a business opportunity to pursue together, or if they simply want to find a way to spend less time apart as they work to achieve goals, a lot of couples turn to franchising to satisfy their second-career needs. Although there are seemingly countless business types to pursue in the franchise world, senior care franchising could be the best fit for husband-and-wife teams because of its family focus and the many inherent opportunities to help others in the community.

Family and Franchise Ownership

Franchise owners often describe their businesses in the same way they describe their families: it’s all about doing the best for those who depend on you and remaining accountable to those upon whom you depend. In the senior care industry, the focus on family is even more obvious. Senior care franchise owners are there for their community, making themselves available for families who require solutions when it comes to caring for an aging loved one.

Experience Plays a Part

For many husband-and-wife senior care franchise teams, the passion to provide compassionate care comes from direct experience. Couples who are searching for a second-career opportunity in senior care tend to be drawn to the industry because they’ve played a significant role in the care of a loved one. They’ve worked together to help senior loved ones in their own families, and now they’re inspired to continue helping seniors. Franchise ownership represents the ideal fit for them.

Helping Others and Helping Each Other

When couples consider a second career together, they are focused on earning a living, but providing a resource for the community is also important. Senior care franchise ownership gives husband-and-wife teams the chance to satisfy needs for excellent, compassionate care in the community while establishing a legacy that goes beyond the ability to do business well. When couples help each other as partners in senior care franchise ownership, they help so many other people, too!

A Clear, Combined Vision

Are you and your spouse searching for the perfect second-career opportunity? Do you share a passion for helping others and giving back to the community? You owe it to yourself to investigate whether your clear, combined vision is suited for senior care. Today’s seniors prefer to age in place, but families can’t always be around to ensure that their loved ones are safe and sound. As senior care franchise owners, you and your spouse can make a real difference while pursuing an amazing opportunity!

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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.

Time is Money: Finding More Time To Manage Your Home Care Business

As a home care business franchisee, it’s easy to get bogged down in day-to-day operations, leaving little time to consider larger decisions and the direction of the business. In order to function effectively, a franchise operator should have as much optional time as possible, but finding it can be a challenge. Some strategies to increase optional time include hiring new employees, delegating certain duties to others, automating certain functions, or even dropping certain responsibilities which are no longer necessary for successful operations. Ideally, delegating more responsibilities to employees is considered a positive, but in order to do so, employees must be qualified and capable of assuming added responsibility.

One mistake home care franchise operators can make is taking ownership of problems or situations which employees have brought to them for help. Rather than giving employees the opportunity to learn to perform the task or make the decision, the operator continues to do it because it seems easier and less time-consuming than training the employee to do it. Taking over the problem seems easier, but the better decision is to allow the employee to retain the responsibility for the problem and tell the franchisee how he or she plans to handle it. The process to allow this can seem time consuming, but ultimately it will result in better results. A franchisee should make sure his or her employees are fully and properly trained and when problems arise, encourage and allow them to offer solutions. The more challenging situations should be monitored more closely. With time and encouragement, most non-medical home care franchise employees can learn to stop running to the owner or manager every time there is a problem. Good employees will learn to successfully solve problems independently, in a manner that is consistent with the wishes of the owner.

To learn more about senior care franchising, download our FREE eBook now!

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

The Growing Market for Senior Care

As people age, finding high-quality care becomes a top priority. This is especially true for the families of senior citizens because family members want to ensure that their loved one has all of the services that he or she will need to live safely and comfortably at home. In addition to finding medical care from doctors and nurses, it is important for seniors and their families to think about daily life and how to get the help they need for everyday activities. The senior home care business is on the rise as companies spring up to offer senior citizens support when it comes to managing and maintaining control of their independence without having to leave the home. Looking at trends in senior care helps entrepreneurs and families alike understand what to expect in the future.

Number of Seniors on the Rise

The number of senior citizens in this country continues to skyrocket as advances in medicine and science help improve lives and add to the expected lifespan of the average Canadian. By 2030 -in less than two decades- seniors will number over 9.5 million and make up 23 percent of Canadians.

This means that more and more individuals each day reach an age that puts them into the senior citizen category. It also means that there are growing numbers of individuals that will require medical and non-medical care and will need to take steps to have a plan in place when “that day” arrives. Even though many will need extra care in their old age, most seniors want to stay close to their family and live in their own home so that they can remain independent. As we move into the future, senior care is expected to evolve in order to enhance the quality of life for senior citizens.

Predictions for the Future of Senior Care

There are a number of trends emerging in the field of senior care that have already begun to shape how seniors receive care and interact with their doctors.

Predictions for the future of senior care include:

1. Increased Role of Technology – From health monitors to emergency alert systems, technology is making it easier and safer for seniors to live alone at home. In addition, new robotic technology is making its way into homes to allow patients to videoconference with family members and doctors. Technology allows seniors to be connected with loved ones and know that emergency assistance is just a press of a button away. As the more recent generations age, they will be more willing to adopt these advancements in technology when it comes to taking ownership of their care.

2. Accountable and Managed Care – Another growing trend is for senior citizens and their families to seek out medical and non-medical care regardless of the person’s current health status. Families will gain peace of mind knowing that their loved one is being looked after when it comes to in-home care, especially if the family does not live in an area that allows for frequent visits. Working with a trusted senior home care business will be at the top of the list when a family plans out their senior care.

3. Improved Quality of Senior Care – The amenities and services provided by in-home care specialists will continue to be a deciding factor for families in the future. By assisting with daily tasks such as cooking, cleaning, and running errands, non-medical care professionals help foster a comfortable environment for senior citizens. The growing need for quality in-home care creates opportunities for entrepreneurs to improve on the quality of care given to the aging population.

4. Higher Demand for Affordable Care – With more people reaching their retirement years and beyond, there will quickly become increased competition for high quality medical services. However, technology and the in-home care model are allowing senior citizens to stay at home in a familiar setting and still get emergency assistance if necessary. Living facilities have limited space and cannot bring in new residents to help their business grow. On the other hand, companies that specialize in home care for seniors provide value for senior citizens and their families while allowing people to stay in their own homes.

5. Increased Focus on Small Businesses – Small business franchises, such as a senior home care business, will continue to grow and thrive in communities around the world as the number of senior citizens increases. The demand for high-quality and affordable non-medical attention and services will be on the rise as well. Small businesses will be in a unique position to offer a personal touch to the process and give senior citizens the extra human support that is needed to help promote recovery from illness and injury, or even to just brighten up the day.

When taking into account all of these trends, you will see how technology and changing consumer demand are leading to higher quality care and affordability for senior citizens through in-home care.

To learn more about senior care franchising, download our FREE eBook now!

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

Five Ways a Home Care Franchise Changes Lives

As people age, everyday tasks often become more challenging. Many senior citizens may find themselves in need of daily help with errands, chores and personal care, but their family members may not be available to the extent needed. Non-medical in-home care is an excellent solution for individuals who need help with everyday activities, but who do not require daily medical care or monitoring.

Here are five ways a home care franchise is changing the lives of seniors and their families:

Assisting seniors with everyday tasks –– In-home caregivers help seniors with meal preparation, grocery shopping, mail sorting and bookkeeping, light housekeeping, personal care and transport, among other things.
Providing affordable care –– In-home care can be an affordable alternative to assisted living facilities, which can cost anywhere from $2,800-$7,000 per month.
Giving families peace of mind –– Family members, especially those with young children at home, may find it difficult to help their loved ones to the extent they’d like. In-home care professionals can provide family members with peace of mind, knowing that their loved ones are receiving the help and attention they need.
Providing seniors with companionship –– Elderly people, especially those who are unmarried or widowed, often experience loneliness more acutely as they become more distanced from busy family members and friends, and spend more time at home alone. An in-home caregiver’s companionship can go a long way to combat loneliness and comfort seniors.
Helping seniors maintain independence –– For most of us, the thought of becoming dependent on others is uncomfortable. Seniors frequently report that maintaining as much independence as possible is extremely important to them as they age. In-home caregivers can provide assistance with certain tasks, while allowing seniors to maintain their independence.

The American population is aging—the number of people aged 65 and older is expected to increase to around 72 million, in the year 2030, in the United States. Our aging population will bring increased demand for senior care services and alternatives to assisted living, such as in-home care. Always Best Care is one of the leading providers of senior care in the nation and is ready to serve this population.

Always Best Care is one of the nation’s leading providers of non-medical in-home care, assisted living placement services, and skilled home health care. The company delivers its services through a national network of nearly 190 independently owned and operated franchise territories throughout the USA.

Learn more about the exciting senior care industry in our FREE downloadable eBook!

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

Top Reasons Baby Boomers Are Retiring Later

Many Baby Boomers (those born between 1946 and 1964) are choosing to delay retirement and continue working—and not necessarily for financial reasons. According to the US Bureau of Labor Statistics, the number of people age 65 and older in the workforce had increased from 12.9 percent in 2000 to 17.4 percent in 2010 and is expected to increase to 22.5 percent by the year 2020. Franchise with Always Best Care explores the reasons behind this increase in older workers.

Working Provides Rewards beyond Financial Compensation

While it’s true that some Americans have not saved sufficiently and, therefore, must continue working into retirement, the reasons behind the trend of Boomers working beyond age 65 are varied. Beyond financial necessity alone, older Americans are choosing to work longer for emotional and psychological reasons.

A study from the Sloan Center on Aging and Work found that 89 percent of older workers surveyed reported enjoying their work. And in a sample of individuals ages 50 and over, the 2002 National Study of the Changing Workforce found that 91 percent of those surveyed said the work they do is meaningful to them. Older folks continue working beyond retirement to reduce social isolation and increase their connection to the community. Many people report that working helps give meaning to their lives, while others want to be able to use their knowledge and experience on the job.

Helping Baby Boomers in the Coming Years

Although many Baby Boomers are opting to delay retirement and continue working, this growing segment of the population will require assistance in the coming years and decades. More folks are choosing to age in place, opting for home care rather than assisted living. If helping seniors is your passion, contact Franchise with Always Best Care to learn more about starting a senior home care businesses with one of the top home care franchises in the nation.

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

Senior Care Franchise Ownership — A Strong Business Model for the Future

Franchise ownership is terrific avenue for people who want to take their skills and experience into a different realm of business. Senior care franchise ownership, in particular, gets a lot of press because the industry is growing so much, but you may be wondering — is it a strong business model for the future?

Obviously, we are biased on the subject, but there are some undeniable facts that show that in-home senior care franchise ownership is a fantastic sector to enter for people like you who want to steer their ship into a solid, satisfying and potentially lucrative future.

What Do You See in Your Future?

Not every opportunity is a great fit for everyone. Senior care franchise ownership represents a fantastic business option for people from all walks of life, but it’s not everyone’s cup of tea. However, we would advise you not to be so quick to dismiss it if it doesn’t immediately stand out in your mind as a possible future.

The first step in deciding what you will do with your professional life is to envision what you want it to look like. Like most individuals who have dreamed of a better, more independent professional future, you’ve surely spent some time picturing yourself in the ideal scenario.

Do you see yourself working closely with others?
Can you picture yourself networking with key people in your community
Does your vision include work that helps people in your area?
Do you envision a professional life that includes built-in organizational support and structure?
Are you picturing a business that takes the needs of others into account?

If you answered “yes” to the questions above, senior care franchise ownership could be a great fit for your future!

Franchise Ownership and the Future

Senior care franchise ownership is getting a lot of press today, but you might be concerned about its future. Sure, today’s seniors have expressed a strong desire to live out their retirement years at home, but what about subsequent generations? Is owning a senior care franchise a solid option for a strong business future?

The fact of the matter is that there will always be seniors — and there will always be a need for senior care. And the way our society is moving, it’s easy to see that the current trend of seniors staying at home will continue. People like having options, and now that seniors know that they can stay at home where they are comfortable, it’s unlikely that future generations will revert back to the costly nursing home model that dominated in the past.

The numbers don’t lie, either:

There are currently about 46 million Americans aged 65 or older
By 2060, that number will more than double to nearly 98 million
The senior segment of the population is growing faster than any other
The demand for elder care alternatives will likely continue to rise, largely thanks to the increase in the number of cases of Alzheimer’s Disease and other forms of dementia

(Source: PRB.org Aging Fact Sheet)

What About Your Future?

If you have a vision for your future that involves a rewarding professional life in a solid, growing industry, you owe it to yourself to consider your own senior care franchise. The industry is growing rapidly with no signs of slowing down, and those who get on board today with their businesses will be well equipped to take advantage of tremendous opportunity here in the future.

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Non-Medical Home Care vs. Home Health Care

As a senior care business owner, you may get a lot of questions from clients and their families regarding the difference between home health care and non-medical home care. In fact, to many potential clients, a “non-medical home care business” and a “home health care business” might sound very similar. Here are a few key ways in which these two types of home care differ from each other:

Home Health Care

Home health care is usually provided by a licensed medical professional. This can include nurses, physical therapists, and speech therapists, among other professionals. While a medical crisis used to mean the end of aging-in-place for many seniors, thanks to home health care, many seniors with medical issues can remain in their homes. Home health care services are usually prescribed by the patient’s physician, and the home health care professionals will only be authorized to perform these services. A few examples of home health care services are occupational therapy, wound care, mobility training, pain management, IV therapy or injections, and post-op rehabilitation.

Non-Medical Home Care

By contrast, non-medical home care focuses on keeping seniors safe and healthy, while still allowing them to remain in their own homes. Often, seniors require a little assistance around the house, and with personal tasks, in order to keep a good quality of life. Most often, the aspect of a non-medical home care worker’s job which is most important is that of companionship. Seniors need one-on-one contact and social interaction, as well as someone to help with activities they enjoy and to provide transportation to places they need to go for errands and recreation. Non-medical home caregivers can provide assistance with bathing, food preparation, hygiene and personal care, medication management, light housekeeping, and errands. Non-medical home care can be just as crucial to a senior’s well-being as home health care can be to someone with medical issues.

By distinguishing between these two types of care, clients and families can work with your home care business to better meet the needs of seniors who require one or both types of care.

Learn more about senior care franchising when you download our FREE eBook!

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

What Are the Start-Up Costs for a Senior Care Business?

The start-up costs for a senior care business vary considerably based on the services provided. In this particular post we’ll focus on facilities that provide non-medical assisted living services.

An average size assisted living facility (with about 80 units) will cost roughly $11 million dollars to start, according to Forbes.com. This is based on an average per-room cost of $130,000 to $140,000. It’s important to note that this estimated cost includes the land purchase, as well as design, construction, equipment, furniture, sales and marketing—in other words, constructing a facility from the ground up.

Since most people don’t have millions on hand to start a business, those interested in running an assisted living facility will have to obtain loans from banks or other lending institutions and/or find equity partners.

A much less expensive option is to start an in-home non-medical senior care business. Since staff works in the homes of clients, many of the expenses of running such a business, including the building itself, equipment and furniture, are drastically reduced or eliminated. Compared with starting an assisted living facility, an in-home care business typically costs in the range of $75,000 to $125,000 to launch. Non-medical in-home care focuses on helping seniors with everyday tasks like dressing, bathing, errands, medication management, shopping, transportation, etc., and provides seniors with companionship.

The nation’s senior demographic is growing, with our aging Baby Boomer population. By the year 2040 the number of people age 65 or older is expected to increase to 20 percent of the population, up from 13 percent today. These demographic changes will increase demand for both non-medical and medical in-home care, making senior care one of the most recession-proof industries today. If your goal is to help seniors, owning and operating a senior care business may be right for you.

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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:

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.

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.

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

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.

Tell me about the overhead expenses I can expect with your franchise?
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.

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?

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!

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!

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