How to Start a Senior Care Franchise
It’s no secret that the population is aging, and even those who don’t want to admit they’re considered seniors — or baby boomers — will likely need to take advantage of these small business service offerings at some point in their future.
But maybe, some of these seniors, boomers and younger entrepreneurs are thinking of senior care franchises for another reason: a new business opportunity. From in-home care and medical equipment to incontinence supplies and mobility aids, franchise opportunities for those who want to help seniors age gracefully abound. A recent article from CNNMoney, Golden idea: Quit and start an elder care business, writer Josh Hyatt affirms that it’s a prime time to do just that.
Ready to begin?
This eHow article shares the 12 steps to starting a senior care franchise. We’ll summarize and highlight a few of them here:
- First, decide what type of franchise you want to launch. Senior care is a broad field, so there are a number of opportunities from which to choose. Check out what franchises are for sale via this list from Entrepreneur.com, which includes the business name and service offerings, startup costs, and in some cases, a link to request more information.
- Get the appropriate license(s) and zoning permit(s) required for your franchise (check into local, state and federal policies and regulations here).
- If you will be accepting Medicare/Medicaid clients, you’ll need to apply for Medicare/Medicaid certification.
- If you’ll need other staff besides yourself, start hiring. Choose carefully, as you will be in the business of caring for people, and will therefore need employees who are competent and trustworthy, but also compassionate, warm and friendly.
- Get liability and business insurance policies to protect and preserve your franchise.
- Register the business with the state and IRS; apply for an Employee Identification Number (EIN) if need be.
- Choose an accounting system to keep your business records, expenses and revenue organized. There are several types/brands of franchise accounting softwares available; choose the one that best suits your needs and those of your company.
- Start marketing. Spread the word about your new franchise. Many people need senior care services, so figure out what makes your business unique and set apart from the competition for more effective marketing.
If you want to do things your way, as opposed to buying a franchise, consider these resources and insights from the Small Business Administration (SBA) website, Starting a Senior Care Business.