4 Tips for Finding an Available Senior Care Franchise in 2019
Finding an available senior care franchise is getting tougher for prospective franchise owners. The market for senior care services has taken off over the past five years. That’s led to fewer available franchise territories with major brands like Visiting Angels®.
But if you’re passionate about caring for seniors and driven to own your own business, you still have a great chance at landing a senior care franchise. It may require a little patience. And it might take a slightly unconventional approach. But the opportunities are there for ambitious and compassionate entrepreneurs.
Wondering how you can find an available senior care franchise in 2019? Try starting with these 4 tips from the team at Visiting Angels.
How to Find an Available Senior Care Franchise
1. Resist Compromising on Your Franchisor
If you’re looking for an available senior care franchise right now, and you can’t find a territory you’re your preferred franchisor, you might start looking at other franchise brands — brands with limited support for franchisees or poorly developed franchise offerings.
Buying a franchise from one of these brands can give you a franchise in your desired territory. But you’ll be building your franchise on unsound foundations. No matter how well you run your franchise unit, a mediocre franchisor will undermine your chances of success. Instead, it’s generally worth waiting for an available territory with a stronger brand.
2. Look for Franchise Resale Opportunities
Right now, it’s hard to find new available territories with established elderly care franchise brands. Instead, it’s usually easier to find existing locations for these brands that have been made available for resale. While a resale franchise will typically cost more to purchase, you’ll already have existing clients, staff, infrastructure, and cash flow.
Finding a resale elderly care franchise in your region can take patience. But if it means landing a great territory with a great franchisor, it may be worth the wait. And you can boost your chances of landing a resale franchise by making your interest known to the franchisor. If you seem like an ideal future franchisee, most franchisors will inform you if resale opportunities become available.
3. Find Territories with Untapped Potential
To find an available senior care franchise, you might want to look at unconventional franchise territories. Certain territories may remain available because they don’t appear to have the right demographics, income distribution, or geographic makeup for a senior care franchise. But that doesn’t mean there aren’t seniors in need of home care within these areas.
If you can develop a business plan that addresses these challenges, you could land yourself a territory with hidden potential. An outside-the-box approach may be risky, and you’ll need a franchisor who supports your vision. But if successful, you’ll be accessing a previously untapped market.
4. Be Ready When Opportunity Knocks
Given the limited supply of available senior care franchise territories, there’s a strong competition for units with major brands. Many franchisors are highly discerning when it comes to their franchisees. In sectors with strong competition for franchise units, these franchisors can be even more selective.
That might sound discouraging. But for serious entrepreneurs, it means that your commitment, vision, and values will set you apart from other candidates.
To increase your chances of finding and landing an available senior care franchise, make yourself the best possible candidate you can. Study the industry. Research your market. Familiarize yourself with top franchisors. When opportunity knocks, you’ll be ready.
Ready to get started with a senior care franchise? Get detailed information about available senior care franchise territories by calling Visiting Angels at 800-365-4189 or requesting information online.