Once a word synonymous with the food industry, franchising has made its way to nearly every business. Franchising presents a fast, convenient and cost-effective way for business expansion, an opportunity that businesses worldwide are fast taking advantage of. One of the trends seen in the past few years in the world of franchising has been the spectacular growth in the home health care business.
Home health care is seen by many as not just a business but a social need. While the availability of such facilities originated in the west it is fast becoming popular by necessity all over the globe. As opposed to other franchise opportunities available, a home health care franchise requires lower investments while promising and delivering a better return on investment not to mention the kind of community involvement that many find fulfilling on a personal level.
With the growing world population, the trend of home health care is likely to increase making it a popular choice for investors looking to start up franchises. If you are looking for such an opportunity, here are some things for you to ponder before taking the plunge:
1. Focus on the word care. A person involved in this industry cannot do so successfully unless their heart is in it and they truly believe they are helping the community by providing quality health care.
2. Survey the community you live in. Identify the competition. Is there a potential for another home health care franchise in your area or should you be considering other localities?
3. Consider the choices available to you in terms of the brand you choose to go for. Analyse its history and its current reputation. Make it a point to visit franchises in other areas and talk to owners, residents, health care professionals and most importantly the community as this will give you a clear picture of the brand’s reputation.
4. Choose a brand which fits the lifestyle of the community you are targeting.
5. Compare the initial franchise cost with the revenue you expect to generate and the features/benefits being offered.
6. Consider the franchise fee and see if it is going to be profitable in the long run.
7. Training remains an integral part of any franchise business. See what training opportunities are offered and whether they are just at the time of start up or on-going (if so, what is the frequency).
8. What kind of marketing benefits are being offered by the brand? Many health care franchises offer start up packages as part of the initial franchise fee.
9. Are there any technology benefits offered? Is there a standardized software for use and if so, what are the costs of implementation and future updates?
10. Clarify performance expectations with your future partner. Understanding audit processes can be especially important as disparity in goals can lead to unclear strategies and misunderstanding.
11. Last but not least, a franchise is a long time partnership. It can be challenging for a franchise owner to deal with the level of control that the franchisor by necessity has over the business. Make sure you are comfortable with the level of independence you are being offered.