Choosing a franchise concept can be a life-altering experience. Pick the right one, and you might see yourself growing a thriving business rapidly and maintaining your momentum for years to come.
But pick wrong, and the results can be short-lived. Just ask folks who purchased frozen yogurt franchises in the 1980s. After a few years of surging popularity, frozen yogurt fell out of public favor. Franchise revenues declined, and many owners lost their businesses.
If your intention is to own a business with staying power, you can take steps to help ensure the health of your future franchise business. You might consider the following:
- Start with a franchise concept with demonstrated relevance in today's market – and tomorrow's.
- Choose a franchise concept that can provide you with a sense of personal – as well as professional – fulfillment, which will help you enjoy your business as well as profit from it.
- Pick a franchise business backed by a franchisor that can help support you with a proven path to sustainability over the long haul.
The Home Instead® franchise concept checks off all three of those boxes. Here's how.
Demographics
America's population is aging rapidly and the numbers tell the story. According to a report from the Home Care Association of America and the Global Coalition on Aging:
- By 2020, 56 million Americans will be 65 or older
- By 2050, 84 million Americans will be 65 or older
- 70% of those people over age 65 will need care assistance at some point in their future
And the same forecast holds true globally, according to the U.S. Census Bureau. The Earth's entire population is aging, and a high percentage of those seniors will need help at some point.
The question becomes: who will provide that care?
For many seniors, the answer will likely be a private home care company like Home Instead.
These numbers show a large current market that will continue to grow. If you're looking for a franchise concept that should remain relevant over the long term, home care should be on your radar.
Personal fulfillment
You spend most of your waking hours at work. Wouldn't it be nice to go home at the end of the day feeling good about yourself because you know you made a real difference in someone's life?
That's what many Home Instead franchise owners say they get from their work.
"I went from worrying about budgets and the next round of layoffs and just turning a profit to making a difference in someone's life. When you walk out of a house after meeting with a family who is really in need, it's a great feeling to be able to help them. Every day I'm happy to come to work, and I leave at the end of the day saying 'I made a difference today." says franchise owner Brad Dahleen.
Of course you want to make money with your franchise. Why else would you invest so much time and effort into the project? But beyond the potential financial rewards, you can reap a wealth of personal satisfaction with a senior care franchise.
Best foundation to thrive
To grow a healthy franchise business, you should partner with a franchisor that offers a business model that is tested, proven and reproducible.
The Home Instead business model has evolved over 26 years, and has demonstrated viability both in North America and abroad. Beyond the business model, we offer world-class training and support to franchise owners that includes:
- A full week of in-depth training at the Home Instead global headquarters
- A dedicated business performance team to provide guidance throughout your tenure as an owner
- Web-based training modules for your staff and CAREGiversSM
- 24/7 business and technical support
- Marketing materials, electronic newsletters and an array of other marketing support
- The expertise of more than 1,200 other franchise owners in the network, eager to share their experience and advice with you
"IT support is absolutely amazing, and so is the business performance team. Every little computer issue that comes up could ruin your day if you try to figure it out yourself. But IT is just a phone call away and they usually can help with your issue within 15 minutes. If you're wondering how other owners have previously handled a situation, business performance is a good resource for you," says franchise owner Megan Bredeson. "We really utilize all of Home Instead's resources. We also recently used some of the marketing and networking materials Home Instead provides to do a presentation on senior fraud. It's nice having various marketing resources for our different audiences (seniors, family caregivers, referral providers)."
Three reasons to choose Home Instead
From the standpoint of business demographics, personal fulfillment and ongoing support, choosing a Home Instead franchise could be a good opportunity for you. With the senior care industry poised to expand for decades, you have the power to set yourself up for growth over years to come. And you can leave work each day feeling good about what you do for a living.
Contact us to further explore franchise ownership with the Home Instead network.
