Franchising has always been a reliable business model to grow your money and enlarge your net worth over time. With franchising, investors can take advantage of an established brand's footing to financially grow despite an unstable economy. It spans almost every industry – from dry-cleaning to fast food. With the most successful franchises reaching gigantic prices, aspiring investors look for more affordable yet still feasible options.
A Look Back at Home Healthcare
In the past few years, the home healthcare franchise sector has been one of the top picks regarding affordability and profitability for interested franchisees. One of the reasons for this is the growing population of seniors. Furthermore, about 10,000 individuals reach the age 65 every day. This trend is expected to last for the next 20 years.
To meet the rising demand, the number of home healthcare franchises grew quickly as well – eventually overwhelming non-profit organizations that offer senior care. And if you're still not convinced that you should put your eggs in the home healthcare basket, here are some of the facts that could change your mind:
For a long time, home health care is seen as one of the most profitable industries for franchising. It is seen to have a significantly higher ROI than other franchise businesses, such as fast-food and convenience stores. In fact, the average home healthcare franchise will gross to about $1 million within one to two years. It is without a question the hottest sector in the franchise world to date.
Low Investment Cost
A popular fast-food franchise can easily cost an initial investment of roughly $500,000 whereas a home healthcare franchise can be started for a lot less. When contacting franchisors, you should expect them to ask you to verify your financial capability. Depending on the qualifications, you may need to have a net worth of between $40,000 and $300,000 in addition to a liquid cash of $25,000 to $150,000.
The net worth requirement might seem a lot, but the actual price of a franchise license is just around $20,000 to $90,000 – depending on your franchisor. To help you make the best decision, you can look for franchisors that offer 24/7 free telephone support. A lot of home healthcare brands offer this in addition to free online resources.
The personal services sector (including home healthcare for seniors) is currently seen as the fastest growing industry in 2016. This is attributed mainly to the continued growth of the more elderly population, but the improving quality of healthcare in developed countries is also a factor. Keep in mind that better health means longer life expectancy and more elders requiring home care. And by the year 2030, one out of five people will be part of your market.
Opportunity to Go Global
Remember that no one is exempt from aging. No matter where you live, you will always require assistance and support in your golden years. This is why another advantage of the home healthcare sector is the ability of companies to expand and adapt the overseas market.
Making the Move
In the digital age, everything you need for any venture can be found online – from slideshow templates to free finance management tools. As an interested investor, you should always dig deep and compare franchises that will suit your specific needs and situation.
Here are more additional tips for starting a home healthcare franchise:
1. Research and enquiry to the franchisor directly
2. Decide whether you want a non-medical or medical home care franchise
3. Depending on your choice, proceed with finding qualified staff
4. Connect with referral sources such as hospital workers and other care facilities
5. Carefully study the legal documents provided by the franchisor
6. When choosing a franchise, see if they have a reliable track record
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