Opening a Senior Care Franchise vs. an Independently Owned Business

If you want to have a booming business and see returns on investment, opening a franchise can be more beneficial than starting an independently owned business.

According to the U.S. Chamber of Commerce, success rates for franchises are greater than 90%, a higher rate of success than start-up businesses.

When it comes to the senior care industry, it makes sense to invest in a growing franchise instead of starting up your own company.

Starting a senior care franchise requires several important steps:

1.   After you choose which company you want to franchise with, you have to get the appropriate license and zoning permits required for your franchise. Make sure to also check into local, state, and federal policies and regulations.

2.   Start hiring. Carefully choose the appropriate employees that you need for your team.

3.   Get liability and business insurance policies to protect and preserve your franchise.

4.   Register the business with the state and IRS.

5.   Choose an accounting system to keep your business records, expenses and revenue organized.

6.   Start marketing. Once you have established your franchise it’s important to market your business in a strategic way.

These steps require a lot of research and knowledge, but with the help of a franchisor, you’ll get the support you need to be successful.

The benefits of franchising can outweigh the potential of setting up a new company. Check out some of the benefits below.

Benefits of Franchising

Financing

Lenders are more willing to work with proven franchises. Most franchises have relationships and connections with lenders that are already familiar with their business model. It is also easier to secure finance for a franchise. Typically, it costs less to buy a franchise than to start your own business of the same type.

Suppliers

By opening a franchise, you will spend less time negotiating with suppliers. Most franchises already have a network of suppliers and are able to get special pricing and deals. You won’t have to worry about spending too much money so you can just focus on building your business.

Training

If you have no knowledge of or experience in this industry, opening your own business can be a challenge. However, when you buy into a franchise, the franchisor will provide training programs and tools to help you learn and grow. You can receive a lot of support from a franchisor but you’re on your own if you independently own a business.

Established Reputation

Franchises typically already have an established reputation and image, along with proven management and work practices. You don’t have to worry about devising a marketing plan from scratch, you’ll have access to advertising strategies from your franchisor, and you’ll receive ongoing support.

Founded in 2004, In Home Personal Services provides seniors and those in need of assistance with high-quality home care services at affordable prices. Interested in a senior care franchise model? The market generates 76 billion annually and is steadily rising. Become a part of this booming industry and start an IHPS franchise today. To learn more about opening your own IHPS franchise, call 1-877-826-4477 or email [email protected].

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