As the global job market continues to rapidly (and unpredictably) change, many people are taking this time to think about what options are out there for the next phase of their career. For those interested in starting their own business or purchasing a franchise, home health care makes sense. As the demand for in-home care continues to grow, people are increasingly seeing the opportunity in home care franchising for what it is. If your idea of fulfillment is helping family or friends age more comfortably, there’s a real opportunity to combine purpose and profit to build a business with heart – especially now..
At Do it for me (DIFM) health, we’ve helped over six dozen Franchise Partners start their own home care business, so we know a thing or two about what’s involved. As with anything, it’s important to do your research. We’ve outlined a 5 key points that you’ll need to address before you get started.
1. To make it legal, who should I talk to?
You'll need to talk to the department of Health and Human Services. These two agencies can direct you to any other government bodies who may need to approve your request.
2. What licenses do I need?
To provide both medical and non-medical home care, you’ll need to secure the appropriate state or provincial licenses. If you decide to join up with an established home health care agency brand like Senocare, our team will guide and support you through this process. Here is also a full guide on How To Get License For A Home Health Care Business which provides you with all the necessary information on the requirements and paperwork.
3. How long does it take to get approval?
The timeline depends on your state or province. Approval can take as little time as one month, but could take as long as a year. California has different laws surrounding the health care industry than Washington or Maine, so make sure you plan accordingly.
4. What insurance do I need?
The right liability insurance will protect you and your home health care business.
5. How much does it really cost?
Home care isn’t a one-size-fits-all business, and costs can vary (especially if you’re starting from scratch). At Senocare, it costs our Franchise Partners $5k-10k for legal and accounting services, $2.5k-6k on insurance, and $4k-15k on licenses and permits. The numbers can fall across a large spectrum depending on your location, the size of your operation, and other variables.
The marketing, technology, branding, office, and other costs associated with making your home health care business a success can extend upwards of $100k, and potentially reach $200k–especially when you have to consider cash flow for staff. If you are looking for financing we have a full guide highlighting the key points on How To Finance A Franchise. This article gives you all the options to secure a loan in 2021 for franchising.
Rather than do this all yourself, have you thought about teaming up with someone who’s done it countless times and can handle the paperwork, marketing, and scheduling for you? Investing in a home care business with Senocare means you can spend more time on the fun stuff. Leave the setup and admin to us!