Why Choose an In-Home Care Franchise vs Starting Your Own Agency?
Interested in starting a home care company? If so, you have an important choice ahead of you — should you purchase an in-home care franchise or strike out on your own?
One of the most appealing reasons to start your own business is to feel more in control over what you do. Many entrepreneurs cite the ability to make decisions without having to answer to a supervisor as a main reason for stepping out on their own. The desire to secure a higher percentage of the profits from your work is also a compelling reason to step away from corporate life and become a business owner.
However, this independence can feel as daunting as it is thrilling. After all, without bosses and a support structure, you’re on a path with no directions or guard rails. It falls entirely on you to turn an idea into a real, profitable enterprise.
If you decide to open your own home care company, you have a number of challenges ahead of you. Without any framework or guidance in place, you’ll have to educate yourself on all the intricacies of this industry, from licensing to marketing and more. You’ll also have to secure whatever space, supplies, and technology you need to run your business.
In the midst of all this, you can’t lose sight of the primary objective to earn the trust of prospective clients who know nothing of your commitment or experience. Until you build a solid foundation and stellar reputation, you’ll likely be operating at a steep loss. That is, unless you decide to buy into an existing in-home care franchise.
The Advantages of an In-Home Care Franchise
When most people think about starting their own business, they may picture a scrappy start-up beating the odds. Let’s actually take a look at those odds, though. Statistically, approximately 37.5 percent of startups fail within the first five years, according to Investopedia estimates.
Those that are still operational after 5 years aren’t necessarily profitable. Every business is different, but industry trends indicate that it takes at least 2 to 3 years for startups to see a profit. These statistics make it clear why entrepreneurship is not for the faint of heart or the light of pocket.
Within the context of home care, entrepreneurs who start their own business will face additional obstacles. One of the primary being that potential clients often shy away from a brand they do not know. For families seeking care, the stakes are much higher when choosing a home care agency than for other consumer products and services. Taking a chance on an unknown entity is just too great a risk making it more likely they will go with a nationwide brand that has an already established reputation for reliable and compassionate care.
Can an In-Home Care Franchise Mitigate These Concerns?
Some entrepreneurs shy away from franchising because they are concerned about the initial investment and ongoing franchise fees. Ultimately, though, paying these fees comes with substantially less risk. Franchising also brings forward all the benefits of joining a larger care network.
The single greatest benefit of taking the in-home care franchise route is that you’ll have a clear roadmap to follow. Make no mistake, though, you’ll still be your own boss. As a franchise owner, you’ll still get to determine when and how you work, decide which services to offer, and establish your own managerial practices.
However, as you do so, you’ll be able to draw from the boundless knowledge and resources provided by your franchisor. At Visiting Angels®, for example, you’ll receive initial training and ongoing support in setting up your in-home care franchise. You’ll also have access to vital systems and tools, including marketing materials and hiring guides for home care professionals.
As the owner of a Visiting Angels franchise, you’ll be able to call on our company for support in the form of one-on-one consultations, regional meetings, annual franchisee conferences, and more.
Then, there’s the crucial benefit of branding. With an established in-home care franchise like Visiting Angels, you’ll find it easier to attract and instill confidence in prospective clients. Though your business may be new, your target demographic will associate it with the good will we have built with families across America.
Discover Franchising Opportunities with Visiting Angels
For two decades, Visiting Angels has provided compassionate in-home care for those in need, establishing hundreds of locations nationwide. As the owner of a Visiting Angels in-home care franchise, your business can benefit directly from our reputation, as well as our extensive support.
For more information about opening a Visiting Angels in-home care franchise, call 800-365-4189 today or submit a request online.