top franchise - Senior Home Care Franchise

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.

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:

A business plan will help you develop a solid financial strategy and help you convince lenders of the viability of your business.
The process of writing a business plan will prompt you to plan, ask questions, and anticipate issues that you may not have considered initially.
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!

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

Senior Care Franchise Caregiver Tips for Working with Dementia Patients

Even the most skilled senior caregivers may find themselves occasionally frustrated when working with dementia and Alzheimer’s patients. While frustration and irritation may be normal emotional responses to the daily trials of caring for a dementia patient, it is critical for caregivers to remember their responsibility to respond to patients with kindness, understanding and professionalism at all times.

People with dementia can exhibit behaviors such as repetitive speech, questions and actions, paranoid behavior, incontinence, wandering, and verbal or physical aggression.

It’s important to keep in mind that you can’t control a dementia patient’s behavior, but you can control how you choose to respond to it.

Here are some tips for working with people with dementia:

Speak clearly and use simple words and sentences. If the person doesn’t appear to understand you, repeat the question or statement. If he or she still doesn’t understand you, wait for a few moments and try rephrasing the question.

Limit distractions in order to get and keep the patient’s attention. Make sure to address the person by name. State your name and communicate slowly and clearly.

Ask simple, direct questions. Using visual cues and asking closed-ended questions that require simple yes or no responses are helpful.

Take things one step at a time. Breaking down tasks step-by-step can be helpful for those with dementia. Use gentle reminders if the person forgets a step in the process.

Be aware of your body language and tone of voice, which communicate your mood and feelings more powerfully than words. Use a gentle touch, tone of voice and body language to convey your message.

Be patient and understanding.

Remember that people with dementia may take longer to respond and accomplish tasks and may need you to repeat things several times. Managing any frustration you might feel is important for both you and the patient.

Working with patients with dementia can be challenging, but it can also be a rewarding experience to help those with special needs. With patience and understanding, caregivers of a senior care franchise can improve seniors’ quality of life.

Improve someone’s life through your work, learn more about franchising in the rewarding senior care industry by downloading our FREE eBook.

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

How Will the Healthcare Mandate Affect Seniors and the Senior Care franchise Industry?

The Affordable Care Act is a healthcare reform measure that aims to make health insurance more affordable and accessible to Americans.

Among the ways it does this is by barring insurance companies from denying people coverage based on preexisting conditions, requiring that insurance companies cover 10 essential health benefits, including preventive and pediatric services, and subsidizing the cost of coverage for eligible participants.

Impact to Seniors

Seniors on Medicare should not be affected by the Affordable Care Act in terms of losing coverage. In fact, the ACA will extend additional benefits to those on Medicare, including reductions in the cost of prescription drugs and the addition of several free preventive services.

For most people on Medicare, costs will remain the same. For higher income individuals, the monthly cost of Medicare will increase, but this will impact a small number of people of those on Medicare (around five percent), according to webmd.com.

Since senior care services, including assisted living, are most often paid for with private funds, the impact on the senior care industry should be minimal, in terms of payment for services.

Impact to the Senior Care Industry

The impact on assisted living facilities and other senior care services will likely be minimal in terms of changes to patient care. The biggest impact will revolve around employer obligations to provide caregiver staff with health insurance.

Beginning in 2015, employers with 50 or more full-time equivalent (FTE) employees will be required to offer employees health insurance or face a per-employee penalty of

$3,000. Employers with fewer than 50 FTE employees will not be subject to the same requirement. Employers will ultimately need to do a cost assessment to determine whether it is in their best interest to provide employees with health insurance or pay the penalties.

Employees who do not receive health insurance through their employer can purchase coverage via their state’s health insurance exchange (if available) or through the federal exchange. Depending on income level some people may qualify for a subsidy to help pay for coverage.

The Affordable Care Act aims to provide Americans with affordable access to health insurance. The launch of the federal health insurance exchange website has been met with many technical glitches, frustrating consumers.

As time passes, and these issues are addressed and corrected, the full impact of the Affordable Care Act and the healthcare mandate will become more clear.

Always Best Care is among the leading companies with senior care franchise opportunities, to learn more contact an area rep near you.

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

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

Always Best Care Senior Services Franchise Ranked Among the Hot 100 by RedHotFranchises.com for 2013

Each year, the board at RedHotFranchises.com reviews over 3,000 different franchises in over 100 industries to determine the Hot 100, an exclusive list of franchisors that have proven, outstanding business models and superior performance. Always Best Care Senior Services Franchise was awarded a ranking in the Hot 100. This ranking is based on a number of factors including management, franchisee satisfaction, support, growth rate, and financial stability.

Two of the main reasons Always Best Care was chosen is because of its superior service and effective business model. The well-known franchise directory emphasizes Always Best Care’s three revenue streams and excellent training and support system as reasons why the home care franchise system made the list. The board at RedHotFranchises.com utilizes its combined 50 years of experience to review and rank franchise opportunities and assist prospective franchisees in choosing the one that is the best fit.

In addition to the Hot 100, Always Best Care has also earned numerous other awards. Entrepreneur Magazine has named it one of 2013’s Fastest Growing Franchises, as well as A Top Senior Care Franchise in the Franchise 500. These ratings are based on factors that include financial strength and stability, growth rate and the size of the system. Entrepreneur also looks at the number of years a company has been in business, the length of time it has been franchising, startup costs, litigation, percentage of terminations and whether the company provides financing. Black Enterprise Magazine has also named ABC as one of the Best Franchises for African Americans. The publication rated franchises according to affordability, revenue, potential, effectiveness of diversity programs, and marketing and advertising support.

Learn more about senior care franchising and download our FREE eBook that’s packed with useful information!

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