senior care franchise - Senior Home Care Franchise

Success Rate of a New Franchise Business vs an Independent Start Up

If you are considering starting your own business, you must decide if you want to start your own independent start-up business or invest in a franchise. Both types of businesses have qualities you will need to consider carefully when making this decision. Certainly with an independent start-up you are able to make all the decisions on how to run the business, but with a franchise you gain brand name recognition and supportive assistance. One of the main points you will need to look at is the success rate of both types of businesses. Below is a look at the success rate of starting a new franchise business vs starting an independent start-up business.

Success Rate of a New Franchise

A new franchise is associated with a main brand name company. The new franchise owner must purchase the rights to open their business from the main company. While start-up costs for a franchise may be less expensive than an independent business, franchise owners may incur added costs further down the road.

A study by the International Franchise Association (IFA) suggested that at many as 95 percent of new franchises were still in business after five years, and 91 percent after seven years.

As a way to further support IFA’a figures, FranNet completed another survey where it followed 1,260 new franchises from 2006 to 2010 to see what the success rate was. According to this survey, 91 percent of the new franchises were still in business after two years, and 85 percent of these franchises were still in business at the end of four years. Both studies show a very high success rate for new franchise owners.

Success Rate of an Independent Start-up

An independent start-up is a business that is built from the ground up and is not associated with any other brand name company. Typically, the start-up costs for these independent businesses are slightly higher and require the business owner to have an in-depth knowledge of how to manage and operate a business.

Statistics show the success rate for independent start-up are much lower than those for franchise companies. According to the US Bureau of Labor Statistics and the US Small Business Administration, 70 percent of independent start-ups are still in business after two years, and 50 percent of still in business after 5 years. This number drops to just over 30 percent for independent start-ups that last longer than 10 years, and 25 percent for those lasting more than 15 years.

The success rate for a new home care franchise seems to be much higher than those for an independent start-up business. This large difference may be because franchises offer a vast amount of supportive services to new business owners to help them start and operate their businesses, which many new start-up owners just do not have.

Learn more about senior care franchising and download our FREE senior care franchising E-book today!

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

Should You Start a Franchise or Independent Business?

Starting a business can be a difficult yet rewarding endeavor. Many hopeful entrepreneurs head to the bank with a business plan to help find finances to fund their business. After finding financing, it’s up to the entrepreneur to make the business successful. Unfortunately, not all businesses stay open after a few years. Many businesses close their doors after five to ten years.

If you’re thinking of opening your own business, you most certainly want a plan for success. One way to increase the likelihood of your success is to open a franchise rather than an independent start-up. Franchises are considered more stable of an investment and usually have more success in the long run. When you open a franchise, you are immediately associated with an already successful name, making new customers and clients more likely to give you their business. Let’s look at all of the reasons why you should open a senior care franchise business over an independent start-up.

Learn more about the successes of owning a franchise

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

3 Ways Your Senior Care Franchise Can Make A Difference in Your Area

When you are awarded your own senior care franchise, you are faced with a set of tremendous opportunities. For you, as a business owner, it’s a chance to realize the dreams you’ve always had to make a living with you as your own boss on your own terms. But franchise ownership in the senior care industry also represents an opportunity to make a difference and have a positive impact on your local community. Seniors deserve lives of dignity and agency, but they can’t do it all on their own, which is why every community pulls together to provide resources and assistance. As a provider of in-home care, you blend your business in with the fabric of your local area as yet another valuable resource.

Following are some of the ways you can make a difference in your community, not only for seniors who can benefit from the services you provide, but their families, friends and neighbors.

Get Involved!

This may seem like an obvious first step to connecting with the senior community, but ask yourself how much you’ve really done to become familiar with senior issues in your area. Like many senior care franchise owners, you bring your own experiences from your family and personal life, but have you tapped into the issues that affect older individuals in your specific region?

Seek out opportunities to engage with seniors and their families, attend community events that are of interest to retired folks and take the time to learn about the issues and developments that affect the community — especially when they concern the people who have lived there the longest. Join local groups on Facebook, and make sure your voice is heard as one that’s an advocate for seniors and their needs. Be sure to show your face in the real world and don’t be shy to tout the benefits of in-home senior care services!

Get to Know the People in Your Care

You are the person at the head of your franchise, which means that you have to wear many hats.

One of those hats is worn by the person who got into senior care because they want the best for seniors who wish to live happy, healthy and independent lives.

Your caregivers will work with seniors on a day-to-day basis, but it’s helpful for you to be able to know who your clients are, personally. Check in with your clients on a regular basis, and be sure to keep a running dialogue with their families so you can be “in the loop” when it comes to changes with their stories and situations. This is one of the key ways for you to show that you’re more than just a business owner — you’re also a local leader who cares!

Give Back

Your business has a mission that surely aligns with the visions set forth by local nonprofits and other organizations. You can support these organizations with your time, money and energy, which will show the community that you’re passionate about the same causes they care about.

You can also consider sponsoring community events and institutions, with a keen eye toward those events that are of particular interest to seniors.

Learn More

Are you interested in learning more about the opportunities that are available as a senior care franchise owner! Consider a franchise with Always Best Care!

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.

How to Avoid Franchise Owner Burnout in Your First Year

Have you just begun your journey as an in-home senior care franchise owner? The first year of running your business is going to go by incredibly quickly! But how you look back upon your initial 365 days of franchise ownership will largely depend upon the actions you take right now and the habits that you instill in yourself today. One key thing to remember at this time is that owning and operating your franchise effectively is much more like a marathon than a sprint, so you’ve got to be able to pace yourself properly. Otherwise, you may become a victim of entrepreneurial burnout.

As you look at the road ahead in your role as a new franchise owner, it’s important to keep the big picture in mind so you don’t wear yourself out and put your business in jeopardy.

Here are some tips that can help you endure your first year effectively so that you can ensure that your franchise sticks around to serve your community with terrific senior care options!

Don’t Allow Hesitation to Paralyze You

Have you ever heard of the concept of the “seal of hesitation”? Basically, it describes the scenario in which business owners feel like they can’t take the next step because there’s more research to do, or the business plan needs to be rewritten — essentially, it’s all about employing delay tactics in order to avoid the stresses associated with facing risk.

When you’re in your first year as a franchise owner, it’s easy to get stuck in patterns of hesitation. After all, at this point, your dream of a successful franchise is still perfect in your mind. Taking action requires you to test your vision and come face to face with the associated risks. But it’s what you have to do to move forward effectively.

Take action when the time is right and you will avoid the pitfalls of procrastination. You’ll also give yourself the chance to learn from mistakes you make before the pressure of time has built to a crescendo. It might be difficult to take those first steps, but by doing so now, you’ll build some great habits that will carry your business forward.

One Mistake Is not the End of the World

In your first year, flaws and mistakes can stand out like sore thumbs, and they can seem much more damaging than they actually are. Just keep in mind that although you will certainly suffer some setbacks in your franchise’s first year, it’s highly unlikely that you will experience outright failure. When a setback occurs, take a breath and assess what you can do to overcome it. Chances are, you will not only overcome the setback; you’ll find a way to create new opportunities that would not have presented themselves otherwise.

Be Good to Yourself

The importance of this one cannot be overstated! Your first year in business will be intense and almost completely focused on your franchise. But you need to stop every once in a while to smell the roses and take care of your needs as a human being. Being a workaholic might seem like the correct approach, but overdoing can leave you feeling like a car without any gas in the tank — you aren’t going anywhere!

Learn to treat yourself, and balance your work with time to reflect and recharge. That way, you stand a great chance at avoiding the burnout that so often accompanies the first year of franchise ownership.

Franchise With Always Best Care

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.

Choosing the Right Senior Care Franchise: 4 Questions to Ask

Are you considering a senior care franchise? Smart decision! You’ve chosen a franchise opportunity with huge demand. By 2050, there will be approximately 80 million senior citizens in the US. Based on current trends, their preference will be to remain independent and, as advances in medicine extend lifespans, they will be seeking at home care in record numbers.

Finding the Right Senior Care Franchise

So, how do you choose the senior care franchise that is right for you? Which one will give you the best opportunity for future financial security and personal fulfillment? Finding the right franchise depends on several key factors. We recommend choosing a senior care franchise that can answer “yes” to the following three questions.

1) Does the senior care franchise provide comprehensive operational support?

At Always Best Care, we pride ourselves on our powerful franchise owner support services. We offer the full scope of training, planning, communications, marketing, and staffing assistance. This includes – among other benefits – your own customizable micro-website. These combine to ensure you will get up and running smoothly and begin gaining clients without delay.

We also assign an experienced Area Representative, based near you, to deliver on-the-spot coaching, mentoring, and practical business-building advice that will be invaluable to you when you open your doors and as you gain experience.

2) Does the senior care franchise help you find clients?

Want leads? We got ‘em! We generate leads and distribute them to every local Always Best Care senior care franchise. Our national marketing and advertising campaigns have received more awards than any other home senior care franchise in the United States and is designed to catch the attention of prospects with a strong call to action – which means they will be calling you.

3) Does the senior care franchise have brand recognition?

The Always Best Care franchise gives you a jump-start toward success. In business since 1996, and franchising since in 2007, our national and local advertising and marketing campaigns continue to strengthen brand awareness in a big way. Over the years, we have earned many national awards for excellence in operations, marketing, and franchising. We were recently named by Entrepreneur Magazine as a top personal service franchise and one of the 500 fastest-growing franchises.

4) Does the senior care franchise offer options for the continuum of care?

Like anyone else, senior citizens want choices. At this stage of their life, health and care needs can change rapidly. As the owner of an Always Best Care franchise, you will be able to respond to those needs with a suite of flexible care options. Our care options include:

By providing the entire continuum of care, you will establish a reputation with your clients for being the “go-to” provider regardless of the level of care needed. You will also be able to establish long-term, trusting relationships with local assisted living facilities, nursing homes, medical providers, and hospitals. All in all, the continuum of care gives you a decided competitive edge.

Always Best Care offers everything you are looking for in a senior care franchise. We invite you to learn more by calling 855-358-9626.

Three Reasons to Start a Senior Assistance Services Franchise

According to the Administration on Aging, as of 2009 there were 39.6 million people in the US aged 65 or older, which represented 12.9 percent of the population at that time. These numbers are expected to increase dramatically by 2030, to around 72.1 million. The growing demographic of seniors in this country translates to a growing need for senior assistance services.

There are many reasons to consider starting a senior care services franchise. Here we discuss a few:

Fulfilling a Growing Need — With the aging Baby Boomer population, the number of elderly folks in the US is expected to double over the next 15 years, which will dramatically increase demand for in-home assistance. Many seniors would prefer to stay in their homes and maintain as much independence as possible, rather than live in an assisted living facility. By starting an in-home assistance franchise, you will be fulfilling a growing need in this country.

Doing Meaningful Work — A growing number of seniors will need both non-medical and in the coming years and decades. By starting a senior care franchise you’ll make a real difference in the lives of hundreds, perhaps thousands, of seniors who will need help with daily activities.

Working in a Recession-Resistant Market — Unlike many consumer products that people often go without during times of recession, medical and living assistance are essential services. Considering the fact that seniors are the fastest growing segment of the population, and considering the numbers of seniors who will require assistance in the coming years, elder care services is considered to be a recession-proof industry.

As with starting any business, there are many considerations, and careful planning is required in order to be successful. If starting an assisted living franchise appeals to you, considering franchising with Always Best Care, consistently ranked among the top 100 franchises in the United States. Learn more on our website.

To learn more about franchising in the senior care industry, download our FREE eBook today!

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

Top Five Home-Care Myths and How to Dispel Them

Most seniors, when asked, respond that they would prefer to remain in their homes as they age, rather than move to an assisted living facility. Often, however, the homes in which they have lived for many years have become too big to maintain, or they begin to have health issues, and their family members can’t always be there to help. Still, many seniors and their family members remain wary of hiring help from a home care business, largely due to a few misconceptions surrounding in-home care. Here are five of the most common myths regarding non-medical home care:

Only very sick people need home care.

While it’s true that very ill people may seek in-home care, non-medical home care businesses also provide simple services, like homemaking, personal care, or companionship.

Home care is too expensive.

Compared to other senior care services, home care is one of the most affordable options. A large percentage of family caregivers over-estimate the costs of non-medical care by as much as $6.00 per hour. Additionally, some clients of in-home care franchises only require services for a few hours per week.

Home care clients have no say about who comes into their homes.

Caregivers are often carefully matched to clients’ needs and interests, and professional home-care workers are carefully screened.

In-home care will reduce the client’s independence.

This is often the top concern of seniors who are considering home care, and it’s tough to convince them that, in fact, the opposite is true. A professional caregiver can help the client remain in the home, while helping to keep them socially engaged, providing transportation to favorite activities, and helping prevent falls and other accidents which can reduce a senior’s mobility.

If a family caregiver is present, there is no need to hire a home care worker.

If a family caregiver is on-call 24 hours a day, this can lead to emotional and physical exhaustion. Burned-out caregivers cannot provide quality care, no matter how much they may wish to. By hiring a home-care worker, families can give the primary caregiver crucial respite and relief, without having to remove the senior relative from his or her home.

For franchising opportunities and information on the senior care industry, download our FREE eBook today!

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

Exploring and Maximizing Leadership Styles

In our previous blog post, we took a look at the six major leadership styles, as described by Harvard researcher and leadership expert Daniel Goleman. As a senior care franchise owner, you lead a diverse team of individuals, and you’ve got to know how to get the most out of them.

The first step in your journey of leadership self awareness is determining which leadership style comes most naturally to you. Then you can shift your style, as needed. But it’s also necessary to learn how to employ the other five styles — even if they don’t seem natural, using them during the proper times can help you steer your franchise in the right direction.

Let’s take a deeper look at the six styles!

#1 — Coercive Leadership

Is this you?
If you are a coercive leader, it’s natural for you to demand that people do what you tell them, without question. You expect high achievement and big results without a lot of debate.

When it works
This style is the most effective when your franchise is in crisis mode or you need a quick turnaround. It is useful when you need to “shock” people into a new way of doing things.

When it doesn’t work
The coercive style should only be used when absolutely necessary; otherwise it can have a severe negative impact on collaboration, flexibility and morale.

#2 — Authoritative Leadership

Is this you?
Authoritative leaders display tremendous enthusiasm and possess a clear vision. Leaders of this type are powerful motivators.

When it works
Of the six leadership styles, this one is the most versatile and effective, overall. It allows leaders to get the most out of their people by inspiring them to greatness.

When it doesn’t work
This style can fail when teams of experts don’t respect the leader’s knowledge, or when big changes are required.

#3 — Affiliative Leadership

Is this you?
Affiliative leaders put people first. If you are such a leader, your focus tends to be on creating harmony, fostering communication and building empathy.

When it works
The Affiliative style works well when it’s necessary to boost morale and/or get people to work together more collaboratively, with greater harmony and a sense of unity.

When it doesn’t work
Because this style focuses so much on giving praise, it can be ineffective when it’s time to address poor performance among team members.

#4 — Democratic Leadership

Is this you?
If you are a democratic leader, you believe in the power of consensus and the importance of getting your team members to “buy in” to the mission of your franchise.

When it works
This style is particularly effective when you are unsure of a direction to take, or you need to untangle a thorny situation. It builds morale because it values the opinions and thoughts of employees so highly.

When it doesn’t work
Democratic leaders can get caught up in meetings and the search for consensus, so much so that they fail to take action when decisiveness is the best course.

#5 — Pacesetting Leadership

Is this you?
If the phrase, “lead by example,” resonates with you, then you are probably a pacesetting leader. You know how to do things “the right way” and you’re always ready to show your team how things ought to be done.

When it works
When used sparingly, this style can motivate a team and show your people that you’re willing to get in “the trenches” and perform hard work for your franchise.

When it doesn’t work
Pacesetting leadership can have a negative organizational impact when it’s overused, especially when it’s employed during times when team members need to build confidence in themselves.

#6 — Coaching Leadership

Is this you?
You believe in your people and you want them to achieve their goals. You often put franchise goals on the back burner so you can counsel your people and help them do their best.

When it works
This is the best style to employ when employees are eager to learn and hungry to find out new, better ways of doing things.

When it doesn’t work
This style is ineffective when leaders lack the expertise to coach their people with authority. It can also backfire when employees are apathetic and unwilling to learn.

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

Report: The Senior Care Business Is Booming!

If you’ve been paying attention to trends in franchising and in the senior care sector, you’ve surely heard that in-home senior care franchises are thriving. There’s a lot of hype surrounding our industry today, which has a lot of people excited for good reason. But for others, all of the publicity — even the good news — is cause for increased skepticism.

Can the senior care industry really be doing that well? Is it possible that senior care is going to continue to grow at a terrific rate? Is there actually reason to believe the hype around in-home senior care?

If you’re not sure if senior care is the right industry for you to move into the next phase of your career, it’s okay to be skeptical about all of the amazing stories you might be hearing. In most cases, it’s a good idea to be wary of the hype, especially when it comes to an investment of your time, money and professional skills. But more and more, the hype surrounding senior care is justified.

In fact, a new report sheds some light on many of the reasons why senior care continues to be a booming industry and one that will likely reward franchise owners in the months, years and decades to come.

Let’s take a look!

The Demographics Tell a Big Story

Recently, The Wall Street Journal published a report on the future of senior care that should be great news for those of you who are about to enter the industry as in-home care franchise owners. Compiled and written by entrepreneurship expert Ruth Simon, the report gets into the many reasons why senior care is so hot right now — and will continue to carry heat into the future.

Demographics tell almost the whole story. People are simply living longer than ever before in history, and those who have reached retirement age are healthier and better equipped to handle life than their counterparts from previous generations. And right now, the portion of the population that’s 65 or older is about 15% of the total. By 2060, seniors will account for nearly 24% of the total U.S. population

As a result, senior home care businesses have grown 6.6% annually. Compare that number to the growth rate of non senior home care franchises, which is less than half at 2.6%

Why Franchises Work

There are a lot of different ways to take care of seniors and cater to their specific needs, but franchises are emerging as the dominant model in the in-home care industry. Sure, there are startups out there that are occupying small spaces in the industry, but franchises represent the wave of the future.

Why?

With franchise ownership, people can run their businesses with the help of experts and proven systems. Franchisors take care of training and cutting through much of the red tape that would otherwise prevent business owners from moving forward. They also work hard to establish trusted brand names in communities, which is a boon for business owners who don’t want to start from scratch. This is also key for seniors and their families, many of whom don’t understand the industry and are unsure about whom they can trust.

When you look at the combination of demographics and the benefits of franchise ownership, it’s easy to see that senior care franchising will continue to offer a terrific opportunity for business people in the near — and far — future!

Franchise With Always Best Care

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.

Life Experience: How Your Story Can Inform Your Senior Care Franchise

If you’re considering senior care franchise ownership, you’ve probably thought a lot about how your experience qualifies you to operate your own business in this growing industry. For instance, if you come from the corporate world, you probably have a clear understanding of how your franchise should be run, operationally. If you are a skilled networker, for instance, you might be considering the ways in which you can promote your franchise through reaching out to individuals and other businesses locally. Your professional experience will certainly go a long way in helping you to run your franchise effectively, but what about the other types of experience and expertise you possess?

What about your life experience?

As it turns out, your personal life experiences can come in handy as you navigate your way through the senior care world as a franchise owner.

Lessons Learned from the Seniors in Your Life

Everyone has parents and grandparents, and even though each individual’s family experience is different, there’s no doubt that you have learned a thing or two from interacting with older individuals in your life.

Think about your relationships with your parents, grandparents or other older loved ones: is there anything that stands out? Like many family members of older individuals, you’ve probably experienced some of the hardships associated with finding quality senior care.

Now that you’re considering senior care as a franchise opportunity, you have a chance to provide solutions to the issues you’ve witnessed in your own life with seniors. You can take what you know about how your loved ones have been cared for and use those lessons to help make your business a real, helpful resource for the elderly (and their families) in your community.

Empathy for Families of Seniors

Children and other family members of seniors who require non-medical in-home care face special challenges. And for many of them, it feels like they’re doing it all alone.

As a senior care franchise owner, you can show families in your community that you understand what they’re going through. Finding high-quality senior care is not always easy — families need to know that they can trust providers fully. If you’re able to get on the same page with your potential clients by relating stories from your personal experience, you can help them understand what makes your business so special.

Your Life Experience Can Set You Apart

Owning a franchise in the senior care industry is a great way to be in business these days, but it also presents countless opportunities for you to take what you’ve learned in your personal life and apply it in a way that immeasurably helps other families in your area. And when you can combine your professional and personal experience effectively as a senior care franchise owner, you can truly set yourself apart from the competition — there is no one like you, and there is no business that can offer the specific attributes you bring to the table!

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.