Effective Market Research for a Home Care Franchise Opportunity
If you’re exploring a home care franchise opportunity, it’s important to think about how a new home care franchise will fit into your local area’s market. That means performing market research for your region, it’s demographics, and the competition your home care franchise will face.
At Visiting Angels, we’ve helped countless potential franchisees research their local markets for home care franchise opportunities. The best approach we’ve found starts with a solid understanding of the home care industry. With that understanding, you’ll be able to ask the right questions and apply the right strategy to determine if your area offers a strong opportunity for a new home care franchise.
3 Key Factors in Home Care Market Research
When performing market research for a franchise opportunity, there are three key factors you should look at to determine whether or not sufficient demand exists in your local market. You’ll be looking to assess whether or not a customer base exists, whether home care is affordable for that customer base, and how the competition stacks up in your area.
To answer these questions, you should start by looking at three key markers:
- The 55+ Population. When looking at your region’s demographics, you’ll want to look at: A) how many seniors live in your area; B) how many soon-to-be seniors live in your area. These segments represent your immediate and future customers.
- Financial Demographics. Do a deep dive on how family finances break down in your region. See if you can move beyond median income statistics to see how income levels fluctuate in your area. This will determine whether or not certain types of care are feasible in your market.
- Competitive Research. Research all of the other home care companies in your area, then go further. See if you can find info on independent caregivers, assisted living facilities, and nursing homes. Compare care models, scheduling strategies, and costs. Look for what these providers aren’t offering and look for ways to distinguish your agency from the competition.
Effective market research takes time, resources, and a clear strategy. But in the end, the ROI on proper market research is immeasurable and invaluable, giving your home care franchise opportunity it’s best chance to thrive.
To learn about home care franchise opportunities in your area, contact Visiting Angels today.