Why invest in elderly care?
No previous experience needed: you do not need prior experience when you are exploring senior care franchise opportunities. This is because if you opt for a franchise option, all the necessary training and support will be provided to you by the franchisor.
You choose the services you want to offer: the homecare business can offer a wide portfolio of services and you can cherry pick which ones you’d like to get involved in based on your skills and prior experience. You don’t need to go head under water with something you are not 100% familiar with.
There’s high demand for it: the elderly population in the UK is constantly growing with demand for specialised home care services on the rise nearly everywhere. It’s expected that the need for this type of service is going to double in the next 13 years, which is a significant market to get in before it gets saturated. It gives you enough time to really get started and take advantage of the growing clientele.
It’s a non-seasonal business: there will always be a need for homecare services, no matter what time of year it may be. This means your business will never be affected by seasonal fluctuations like others may be.
Low entry costs, high profit margins: a home care franchise’s cost is quite affordable when compared with the rest of the franchise options on the market and while you’ll have low entry costs, you’ll have high profit margins as the domiciliary care profit margin is considered substantial.
Recession proof: the franchise business model operates on a proven business model that has endured the test of time and means it is recession proof. Coupled with the high demand for the homecare service type, and the fact that the industry is expected to double by 2035, there’s certainly a lot of space for growth.
Less risky than starting from scratch: purchasing a homecare franchise is much more affordable and less risky than starting from scratch. This is because you’ll work with an established brand, a proven business model, and get all the training and support you need from the franchisor and the franchisee peer network. Starting from scratch, on the other hand, involves much higher risk, and it’s been found that while around 90% of franchises succeed, only around 15% of businesses that start from scratch do as well.
Better financing and funding options: because the homecare franchise is based on a proven, recession-proof business model, this means that you will have much better funding opportunities when you start approaching lenders for your business loan. Lenders such as banks and financial institutions are much more inclined to look at a franchise business model favourably than a business that is starting from scratch with no established brand name or reputation in the industry and zero previous experience in what is becoming a highly sought-after market.
Personally rewarding: as a final point to touch on, but certainly not least, you’ll be in the business of helping the elderly, those that are recovering from an operation or a hospital stay or those that can no longer look after themselves as well as they used to. This means creating special bonds and relationships with each and every one of your clients as you seek to ease their lives and offer them a space for comfort, respect and dignity. This is something to be cherished and is not available in every profession.