8 Factors to consider when buying a home care services franchise
A care franchise can be your route to independence. It can free you up to do the things you’ve always wanted to do. It can offer you that work/life balance that you’ve longed for. It can provide you with the financial resources you need to live comfortably. But it takes research and preparation to get started. Here’s what you need to know.
1: The diversity of sector: A care at home franchise may sound like a one-size-fits-all solution but in actuality, this is not the case. Why? Because home care franchises are so diverse. There are those that offer palliative care, 24-hour live-in care, dementia and Alzheimer’s care, post-operative care and a whole combination of these services. All this in addition to the fact that you can offer care to individuals in their own homes or to even to nursing homes, assisted living facilities, GP surgeries and more. Therefore, you can either become a Jack of all trades by offering a wider range of services or specialise in one or two.
2: Its lucrative nature: As mentioned above, the home care industry is worth billions of pounds. And this figure is growing. The UK’s population is ageing, yes, but it is also growing. This means that in the next decade and more, we’re likely to see a higher ageing population. And this presents a business opportunity that you can take advantage of. Therefore, when considering the nature of the industry, you need to ask yourself if you’re ready to commit to it for the long haul. Doing so is likely to be highly rewarding both from a personal, professional and financial point of view.
3: Ability to offer consistent care to the highest standards: Due to the growing demand for home care services and individuals choosing to remain in the comfort of their own homes in familiar surroundings, home care services are becoming highly competitive. Your care services need to be on par with the industry standards and even go beyond if you want to compete effectively with other service providers. If you’re ready to give it all that you’ve got, then a home care franchise is for you.
4: History and leadership of the franchise: When you’ve made the decision that you want to go all in with a home care franchise, you also need to perform some due diligence beforehand to know exactly what you are getting into. This will mean carefully studying the history and leadership of your chosen franchisor. If you have the opportunity, there are also questions to ask a franchisee of the business or even multiple franchisees to discuss their experience with the parent brand. Getting first-hand information will stand you in good stead when moving forward with your decision.
5: Consider the territory and location: You may find the perfect home care franchise opportunity only to discover that it’s in a location that’s not well suited to your needs. Remember that most franchisors operate on the principle of dividing up postal code areas after doing market research and demographic profiling, which ensures that all franchisees have a relatively equal number of potential customers. This enables them to offer the best services possible without having to compete and compromising the parent brand. Therefore, look at opportunities near you so that you don’t have to up and move your entire life and family in order to pursue this opportunity.
