Selecting the Right Senior Franchise

May 20, 2012

With an aging Baby Boomer population, senior care franchises are an excellent business investment. Services include senior living placement and referral, in-home care, non-medical and emergency response services.

How do you know if a senior care franchise is the right business opportunity for you? You do not have to be a medical professional or an expert in senior health care issues. You do have to be a motivated individual with a passion for helping people in need. If you do have previous experience in the medical or health care industry, it will help you achieve success more quickly. You will not require initial training time to understand the issues facing patients.

If this is your first time venturing into the senior care franchise business, select several top choices, and compare the training and support programs available for each. Talk to someone experienced in each franchise about his or her real life experience starting out in the business. This will help prepare you to overcome the challenges of the first year, and help you set and meet realistic goals as a beginner in the senior care services industry.

Consider the kind of relationship you would like to have with the medical care providers. Would you like to have a hands-on experience with hiring and managing senior care staff, or would you prefer the workforce managed for you? There are senior care franchises that offer each kind of service, and knowing this simple fact can help narrow down your choices. Ask whether the franchise offers ongoing medical care training once employees are hired, or whether you will be developing your own training programs. For convenience, you may want to consider senior franchises that offer 24-hour call center assistance for customers.

Conduct research on the demographics of your local area to evaluate the percentage of people of retirement age, as well as the percentage of people who are projected to retire in the next five to ten years. You can obtain this information online from the most recent U.S. Census data, or by talking to a contact at the United States Census Bureau. Knowing the projected change in your local demographic will help you decide which senior care franchise is right for you. For example, if you already have a large percentage of retired persons living in your immediate area, you may not have as great a need for a franchise that offers marketing and promotional materials.

Senior care franchises are a very specialized business. Before making the commitment, make sure you have selected a franchise with adequate training and resources for operational support, and make sure you have local connections that can offer expertise as you are getting your business established in the industry.

Select a senior care franchise with an excellent knowledge of government health care programs, and the ability to keep up with the annual changes to those programs. Ultimately, senior citizens and their caregivers become frustrated with government program requirements and regulations. If the senior care franchise you have selected has already navigated this bureaucracy, your clients will ultimately select and retain your company, even as the requirements and regulations change at the state and federal level.

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