If you’ve ever considered starting a franchise that makes a difference in your community, then opening a senior services franchise could be for you. These franchises provide the elderly in your community with the care and resources they need to thrive in their older years. Senior home care business profitability as well as the profitability of other senior services are high, too. For example, the U.S. home healthcare services market is expected to grow from $94.17 billion in 2022 to $153.19 billion by 2029.
In other words, opening a senior services franchise will not only make a difference in your community, but it will also give you the opportunity to turn a profit. We describe how to open one of them here.
How to Open an Assisted Living Facility or Other Senior Services Franchise
As with any other franchise, you must follow a few key steps to open your own senior service franchise. Those steps include:
- Decide which type of senior service franchise you want to open. You may elect to open a:
- Home care franchise that allows someone to receive support in their own home so they can continue living independently.
- Senior placement franchise that advises the elderly and their families on senior living options.
- Mobility and accessibility franchise that informs seniors of products that will assist them in moving around within their own homes and communities.
- Senior relocation and downsizing franchise that aids seniors in packing, moving, and selling items they no longer want or need.
- Senior activities franchise that give the elderly an opportunity to socialize with one another and/or stay physically active.
- Secure funding. You may decide to use your own money, receive funds from business partners, seek out lines of credit, or apply for a loan. You may even find grants to start a senior care business. Having a solid business plan in place can encourage lenders and investors to give you money (we’ll discuss how to write one in a bit).
- Find a location. You may decide where to open a location based on where it’s convenient for you to travel or where you find a significant need. Depending on the type of senior service franchise, you might not even need a location. Instead, you could have the option of running your business from home.
- Apply for a franchise. You can find more information on how to do so by requesting information for the franchise of your choosing at Franchise.com.
- Once your application has been approved, you will have to review and sign a franchise agreement. This document outlines the expectations and responsibilities for both you and the franchisor. You can see an example of one of these documents here. From there, the franchisor may have you attend training or other meetings.
- Open your franchise. Soon you’ll see your franchise making a difference in your community.
How Do I Write a Business Plan for Home Health Care and Other Senior Services Franchises?
To write a business plan for your senior services franchise, start by describing the need for the franchise in your particular area. Do as much research as possible to supplement your plan. For example, you may include statistics about the number of elderly in your area and descriptions of any potential competition. You should also include details about the franchise in general, such as how many locations they have, how much money they make each year, etc. This information can convince lenders that your location will have success and that you’ll be able to pay them back.
Outline your experience in the business plan as well. More specifically, explain any experience you have in business or in the senior services industry. Be sure to include relevant experience of anyone who will work on your team, too. If you have a basic idea of how to run a senior services franchise, lenders will more likely trust you with their money.
Another essential part of any business plan is explaining how you plan to attract clients to your location. Lenders want to make sure that the methods you have in mind will draw in enough customers for you to turn a profit and pay off your loan. We provide you with a few ideas on how to attract clients next.
How to Get Clients for a Non Medical Home Care Business and Other Senior Services Franchises
To attract clients to your senior services franchise, you have to seek them out where they spend their time. For example, you may post flyers in a grocery store in a neighborhood heavily populated by the elderly. You may also take part in events that many seniors or their families attend, such as bingo, vision walks, or garden shows. You may even consider posting flyers and spreading information about your franchise by word of mouth at healthcare facilities.
Also consider marketing to the seniors’ children and not just the seniors themselves. Oftentimes, adult children make decisions for their parents or are part of the decision-making process. You can use the same methods listed above, but expand the areas in which you market to those where these adult children spend their time. Marketing online, such as creating posts for your franchise location’s social media page, can attract this audience as well.
Remember that many franchises will provide you with a marketing plan and materials to assist you in drawing clients to your location. After all, they have a stake in your location and want you to succeed as much as you do. Their plans have proven to work well in the past and provide a strong support to lean on.
Find a Senior Care Franchise for Sale at Franchise.com
To find the best senior care franchise for you to open, visit Franchise.com. We have a directory full of available senior services franchises that you can filter based on investment amount and location. Start searching today.
If you need some help narrowing down your options, consider the most profitable senior care franchises:
- SYNERGY HomeCare gives seniors non-medical in-home care.
- A Place at Home offers several revenue streams, including in-home care, care coordination, and senior living alternatives.
- Senior Helpers brings in-home care to seniors.
- Senior Care Authority provides consulting on senior living options and care for the elderly.
Caring Transitions assists seniors with senior relocation, downsizing, and estate sales.
