3 Pathways to Owning a Home Care Business
The demand for home care services has never been stronger than it is today. With such a strong market for in-home senior care, it’s a great time to own a home care business.
But it’s also a particularly competitive time to start or acquire a home care agency. To succeed in the midst of so much competition, you’ll need to think carefully about the path you take to business ownership.
This might mean starting an independent agency, purchasing a franchise, or buying an existing home care business. All of these cases offer a path to personal fulfillment and financial success. The key is choosing the path that you’re equipped to navigate.
Option #1: Start an Independent Home Care Agency
If you want to start a home care business, you can take the traditional route and open an independent agency. Some entrepreneurs find this route appealing. It offers total control over the development, branding, and operation of your business. And you don’t need to contribute franchise fees or pay ongoing royalties.
But starting an independent home care business also comes with challenges. Most notably, the fact that you’re going it alone. This dramatically increases your workload, since you need to build your business from scratch. It can also increase the risks to your business, since you don’t have the safety net that comes with a wider brand.
The decision of whether to start an independent agency or buy a home care franchise will come down to a number of factors. At the end of the day, it’s a highly personal decision. If you value independence and believe you can handle the workload, an independent agency might be the right option. But if you’re looking for a proven system and an established brand, a franchise could be the smarter choice.
Option #2: Purchase a Home Care Franchise
Over the past few years, the home care industry has started a period of unprecedented growth. Much of that growth has come from franchised brands. Visiting Angels® is a perfect example of this trend. In 2009, we had just under 380 franchise units in the U.S. As of 2019, we have more than 600 franchises nationwide.
If you’re looking to own a home care business, the franchise route comes with a number of key benefits. At Visiting Angels, these benefits include:
- 40 hours of in-person training
- Continuous support from regional directors
- Licensing and regulatory guidance
- National advertising presence
- Customizable marketing materials
- Annual franchisee retreats
This provides franchisees with the resources they need to develop a thriving home care agency. Even without prior experience in the caregiving industry, you can build a home care business with the resources and guidance provided by a franchise.
Option #3: Buy an Existing Home Care Business
Owning a home care business doesn’t always mean starting a new agency. Instead, you may opt to purchase an existing home care agency from another owner.
Buying an existing business can be attractive for a number of reasons.
For one thing, you don’t need to develop a new business from the ground up. Some entrepreneurs thrive in a business’s early stages. Others do their best work when a business is already up and running. If you’re in the second category, it makes sense to purchase an established home care agency.
Buying an existing business can also be a smart way to enter a tightening market. The rapid growth of the home care industry has made it increasingly difficult to find underdeveloped home care markets with plenty of room for new businesses. By purchasing an existing agency, you won’t need to play David against Goliath.
Learn more about how to own a home care business by contacting Visiting Angels by phone at (800) 365-4189 or through an online request.