Should One Seek An In-home Care Franchise
Those seeking a lucrative business venture should check into the incredible potential available through an In-home Care Franchise. As the health care industry continues to grow, so does the demand for in-home health care services. This is due to several factors, including; an aging population and the economics of long-term care. Another factor that must be considered is the desire on the part of many seniors to remain in their homes rather than receiving needed care in other, more traditional facilities.
While it is correct that only a decade and a half ago the franchise sector of home care was a mere blip on the radar screen, today, many business publications have it listed among the fastest growing industries. In addition to that, with a minimum initial investment of around $66,000, and gross margins ranging from 30 to 40 percent, and going with the top senior care franchises available it is possible to generate gross revenues to more than a million dollars.
Historically speaking, an In-home Care Franchise has not required owners to have a healthcare background in order for it to be successful. Nevertheless, many believe that, for those business owners who want a true edge over the competition, a combination of services should be considered. Offering the full-service experience that includes skilled medical services along with personal care services is often the way to go.
Franchises that provide personal care as well as companion care services do have a special niche within this industry. However, many experts predict that those focusing solely upon these services, without adding skilled care and the nursing component will see their business overshadowed by those that do. When searching for a business opportunity in this sector, entrepreneurs should look for one that can influence the entire continuum of health care instead of merely the companion care side of the industry.
With the push toward reducing re admissions to hospitals, while at the same time helping seniors and the disabled remain at home rather than in a skilled nursing care facility, it is a smart move to offer this continuum of care. This is a great opportunity to influence the cost of healthcare, particularly for those who are most vulnerable in society.
As with any other rapidly growing business, especially within the health care industry, something will inevitably slow the progress. This time that something may be additional regulations due to the Affordable Care Act. Currently, the overriding concern is the attempt on the part of the U.S. Department of Labor to force small businesses, such as those with an In-home Care Franchise, to offer overtime protections and minimum wage to employees. At the present time, these are governed by the Fair Labor Standards Act with a companion exemption.
It is always wise to understand the industry prior to entering into any contracts or franchises. It is also necessary to understand that it will take a lot of hard work to create the competitive edge required to stand out from the crowd. With the right franchise brand, exceptional delivery of care and a strong support system, it is possible to anticipate success in this industry.
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