The need for skilled senior care is on the rise and is expected to increase further in the years to come. The United States population is aging, thanks in part to the baby boomer generation, which is now well past retirement age. As people continue to live longer because of advances in medical care and technology, they will require more care. It's a good time to enter the elder care field.
If you want to support an aging population and have compassion for the elderly, you might consider starting a senior care franchise. Franchising simplifies the startup process in many ways and can set you up with a career that's financially stable and emotionally rewarding. Read on to learn more about franchising and discover available senior care franchises.
Why Start a Senior Care Franchise?
When you become a franchise owner, you partner with a larger corporate brand. They give you permission to use assets like their brand name, logo, and more while you own and operate your own location under their umbrella. A senior care franchise will also often help with practical points like choosing a business location and determining your service offerings.
In exchange for all of this, you pay the franchise parent company an initial franchise fee. They will also collect royalties as a percentage of your annual earnings going forward (in exchange for the continued use of their name, ongoing practical support, etc.). This financial obligation is often well worth it given the burden franchising alleviates on business owners. You'll get help with:
- Branding: Joining a franchise gives you ready-made brand recognition. You will save on marketing costs since the franchise will give you access to their branded materials.
- Practicalities: Many senior care franchises will advise on critical startup points, like what licenses you need, how to properly vet employees, and more.
- Legal Issues: A senior care franchise can advise on what licenses you need to start an elder care business in your state, provide template business contracts to use, and more.
If you start a senior care business without the support of a franchise, you will have to take care of all of these details from scratch — and without support. A franchise will give you the tools, resources, and guidance you need to succeed. Since they profit from ongoing royalties, franchise systems are very invested in helping their franchisors thrive.
10 Senior Care Franchising Opportunities
The market for senior care is expanding and there are many caregiving and senior service franchise opportunities available. Here are some of the top franchises worth researching.
1. BrightStar Care
BrightStar Care offers franchise owners the opportunity to harness multiple revenue streams with skilled care, medical staffing, companion care, and more. They operate in locations nationwide with a combined average revenue of $2.15 million. You will be charged a royalty and advertising fee of 5.25% to 6.25% depending on the franchise arrangement. Find out more.
2. Interim Healthcare
Interim Healthcare is a recognized leader in the senior home care field and has been in business since 1966. They provide their franchisees with extensive guidance covering everything from healthcare staffing to Medicare and Medicaid reimbursement. The initial franchise fee is $50,000 (financing options are available). Find out more.
3. Firstlight Home Care
Firstlight Home Care focuses on home health care services. They offer franchise owners a business opportunity backed by significant guidance, including education, marketing support, and more. Plus, they've been recognized with numerous awards. If you're a military veteran, you will get a 20% discount on the initial franchise fee. Find out more.
4. Visiting Angels
Visiting Angels is likewise focused exclusively on home care. In 2021, they were ranked No. 1 in the senior care industry according to Franchise Business Review. They are growing continually and even have international opportunities available. They require an initial investment of $84,085 to $125,885 but estimate average net profits of 15 to 18%. Find out more.
5. Homewatch CareGivers
Homewatch CareGivers offer various levels of service, including companion care, personal care, complex personal care, and care coordination. They offer their franchise owners extensive training, including a 52-week preparatory launch process. Franchise fees start as low as $49,500. Further, veteran and diversity discounts are available. Find out more.
6. Touching Hearts at Home
Touching Hearts at Home offers non-medical services, so you don't have to have any kind of healthcare background to own a franchise. They offer support with setup, training, and ongoing coaching, and also address practical issues like which insurances you need to practice safely. They estimate startup expenses of $52,900 to $75,600. Find out more.
7. Amada Senior Care
Amada Senior Care is another home care franchise focused on non-medical home care services (e.g., cleaning, companionship, meal preparation). You will get all the information you need to get started via their AMADA University, a five-day on-site program held at their Southern California headquarters. Find out more.
8. Assisting Hands Home Care
Assisting Hands Home Care offers an expanded business model beyond what many other home care companies provide. In addition to personal care, they also offer temporary staffing, skilled nursing, medical equipment, and medical services. They pride themselves on their Family of Franchise Owners, FOFO. As for the numbers, a first-time franchise fee is $48,000. Find out more.
9. Home Instead Senior Care
Home Instead Senior Care has already helped more than 1,200 people become entrepreneurs through franchising. Their approach is location-specific and their website has a map indicating what territories they are looking for franchise owners in. An initial franchise fee is $59,000 plus costs for working capital, income, living expenses, office space, and insurances. Find out more.
10. Qualicare Home Care
Qualicare Home Care was started by a husband-and-wife team who entered the home care industry after caring for a family member with ALS. Their franchise owners demonstrate great success, with 70% of them owning more than one territory because of the success they experienced with their first one. Find out more.
How to Choose a Senior Care Franchise for You
As you can see, you have many options in the care franchising field — and the above list doesn't even cover all of them. Selecting the right franchise for you requires careful research and consideration. Here are some points to think about when selecting a franchise opportunity:
- Financial requirements: What are the requirements in terms of liquidity, franchise fee, royalties, etc.? Are discounts available for veterans?
- Style of senior care: Do they offer the type of care you are interested in providing? For example, some offer only personal care while others offer medical services.
- Local need: Does your local area need a senior care franchise? Most franchises will do a market analysis to ensure there is sufficient demand where you want to open. Others, like Home Instead Senior Care, specify exactly where they're looking for franchisors.
- Level of support: What is the educational and onboarding process like for new franchise owners? Will you get the ongoing support you need?
- Overall reputation: Do your research and talk to a few different franchises before settling on your final choice. Look into reviews from consumers, as well as franchise reviews.
Keep these points in mind as you research franchises — and don't discount the emotional side of things. You may start a conversation with a senior care franchise only to find that you don't like their way of doing business or personally disagree with their approach to senior care. It's fine to keep looking. Franchising is a big commitment financially and time-wise. Don't rush your choice.
Manage Your Franchise Finances With Skynova
Whichever senior care franchise you choose, you want to keep an accurate record of your business finances. Since franchises operate on a royalty basis, you will have to be transparent with your bookkeeping. A clear and organized accounting system is an essential business tool.
Skynova's accounting software can help you track expenses, invoices, and more. When the stress of accounting is alleviated, you'll have more time and energy to focus on the seniors entrusted to your care. Ultimately, compassionate, top-quality service is what will set you apart as a senior care franchisor and pave the path to success.
Notice to the Reader
This article is meant as general guidelines and may not apply to your specific situation. Senior care franchise opportunities vary and are constantly changing in line with the evolving marketplace. Further, when using any kind of accounting or bookkeeping system, talk to an accounting professional to ensure that you are maintaining accounting best practices.