5 Signs You’re Ready to Own a Senior Care Franchise
It’s no small decision to own a senior care franchise. As any Visiting Angels® franchisee can tell you, running a franchised senior care agency requires an extraordinary level of commitment. While it can lead to tremendous personal and financial rewards and fulfillment, those rewards are only possible if you’re ready for franchise ownership.
Thinking about buying an elder care franchise? Unsure if you’re prepared to make the leap? Below are five signs that you’re ready to own a senior care franchise.
Are You Ready to Own a Senior Care Franchise?
1. You’re Drawn to the Industry
The senior care industry is more than just a business opportunity. While senior care is one of the US economy’s fastest-growing sectors, you shouldn’t be purchasing a senior care franchise for purely financial reasons.
If you lack a passion for helping those in need, running a senior care agency will feel like a chore. At the same time, your clients will sense that your heart’s simply not in it. When that happens, they’ll find someone else. But if your passionate about the care your agency provides, you’ll find that your clients appreciate that passion.
2. You’ve Done Your Homework
A passion for helping others is crucial if you want to own a senior care franchise. But you’ll need more than passion to run a sustainable business. You’ll also need a strong a sense of the American senior care market. You’ll need to know how the market projects to develop over the next several decades. And you’ll need to have a keen understanding of your local market.
In short, you’ll need to do your homework before purchasing a franchise. That said, you don’t need to be a world-renowned expert to run a caregiver agency. In fact, running a senior care business requires continuous learning. And with the right franchisor, the learning curve will be much more manageable.
3. You’ve Found Your Franchisor
The decision to own a senior care franchise can’t really be made until you’ve decided on a franchisor. After all, the process and experience of running a senior care franchise can vary significantly from one franchisor to another. And until you’ve done your due diligence on different franchise brands, you’ll have no way of knowing what to expect from franchise ownership.
Before you decide on a franchisor, you’ll want to take three important steps. First, carefully read (and re-read) the franchise disclosure document, as well as any available supporting documentation. Next, have conversations with the team at the home office about what to expect and the process for getting started. Finally, speak with current and past franchisees to get a sense of their experience with the brand.
4. You’ve Got a Business Plan
Any business needs a business plan to succeed. While your business plan can be revised over time, you should have a fully formed version of this plan before you make any major investments.
In many cases, it’s a good idea to develop your business plan before you speak with potential franchisors. That way, you’ll be able to measure the way you envision operating your franchise against the model used by different franchisors. You may also have the chance to discuss aspects of your business plan in person with franchisors and franchisees. This will give you valuable feedback that you can use to adjust or sharpen your plan.
5. You’re Tired of Waiting
At the end of the day, the only way to find out if you’re ready to own a senior care franchise is making the leap. If you’re at the point where you’ve researched as much as you can, where you’ve found a franchisor that you’re excited to work with, and where you’ve planned out a detailed business plan, the only thing hold you back is your own hesitation.
If you keep delaying the decision for one reason or another, that might be another kind of sign. When you’re inventing reasons to put off buying your franchise, the opportunity probably isn’t a great fit. But if you’ve been itching to purchase your franchise for weeks, if you’ve considered the opportunity from every angle, and if you’ve followed every step that a new franchisee should take, there’s no reason to keep waiting.
Learn about your chance to own a senior care franchise by calling Visiting Angels at 800-365-4189 or requesting information online.