Franchise for the Elderly

When evaluating a franchise for the elderly – whether you are looking for a franchise to hire or a franchise to purchase – be sure to research all the possibilities.

Senior care assistance is available through franchises.

The aging population in the U.S. has created an increasing need for more services devoted to the care of the elderly. Some seniors will need formal care in nursing homes and convalescent homes, but a growing number of seniors and their families are going to be looking for care that will let seniors stay in their homes as long as possible.

Seniors are looking for assistance with non-medical issues such as personal care, housekeeping and shopping.

• Visiting Angels Living Assistance Services – Provides non-medical homecare for seniors. Visiting Angels has established relationships with key product and service providers for seniors and passes discounts on to senior clients. There are over 350 franchises established in 46 states and Canada. Cost to start-up a franchise is $25,000, with an estimated total investment of $35,420 to $50,385.
• Reliant Home Care – Offers non-medical in-home care to seniors and younger individuals recovering from injuries or illness. Start-up franchise cost is $25,000 with a total investment of $33,000 to $50,000.

Some seniors need a daily companion with whom they can enjoy their lives. Companions often live with the senior, not to "take care" of the senior but, instead, to share day-to-day activities and to provide help such as transportation.

• Senior Helpers – Provides companions and in-home care for seniors with personalized, flexible care and payment plans. Caregivers are employees of Senior Helpers, not sub-contractors. The franchise fee is $36,500 with an estimated total investment of $60,800 to $81,800.

A senior needs assisted living when they get to the point where they need help with basic daily activities such as personal grooming, cooking and caring for themselves medically.

• Home Health Mates – Provides in-home care and full live-in senior assistance, both medical and non-medical. The franchise fee is $45,000 or more with an estimated total investment of $90,000 to $140,000.
• HomeCare Assistance – Provides full live-in senior assistance, both medical and non-medical. The franchise fee is only $14,950 with an estimated total investment of $100,000 to $200,000.
• Homewatch CareGivers – Provides both medical and non-medical support in-home for seniors. The start up cost is $50,000 with an estimated total investment of $90,000 to $110,000.

As a senior makes changes in their lives they may have the need for specialized services.

• Caring Transitions – Provides support to seniors and their families if they have to sell or give away possessions in the event of a death or in preparation for a move from the senior's home to an assisted living facility or a nursing home. The start up ranges from $30,200 to $45,400. There are minimal incremental start-up expenses, resulting in a relatively low total investment when compared with other senior care franchise opportunities.
• Andy Oncall – Provides handyman support and home repairs to homeowners of all ages. The total start up investment ranges from $56,150 to $79,500. Start-up expenses are largely advertising to potential subcontractors and clients. Generally, a subcontractor will have their own tools and will purchase any required supplies as part of a particular assignment.

The wide variety of franchises available to support the needs of seniors gives potential franchisees many options. The start-up cost is a key factor, but the future happiness and success of the franchisee can also be affected by the hours and experience required by the franchise.

The total cost to start a franchise can range from about $15,000 and can go as high as $100,000 or more. It is important to include all of the start-up expenses when evaluating whether to purchase a specific senior care franchise. Total start-up costs will usually include:

• Franchise Fee – The up-front fee paid to the franchiser to reserve a geographic territory, complete a training program and receive administrative support. This fee may also include an additional monthly franchise fee.
• Insurance and Bonding Expenses – In most situations, the franchise owner will need to carry these assurances for the security and safety of their clients.
• Administrative Expenses – The franchisee will probably need to purchase office equipment, supplies and establish an office, or office-area, to manage the business.
• Staffing Expenses – The success of these franchises is largely based on the quality of the actual caregivers. The costs associated with advertising, selecting, hiring and training, as well as the actual salaries and benefits of the caregivers, will be key start-up costs.

The type of care provided by the franchisee determines the number of hours and which hours the franchise will have to commit to their franchise. For example, a service that offers round-the-clock support for in-home care will require more hours of supervision than a handyman franchise that only offers daytime support or activities.

A franchise for the elderly can often require little, if any, experience in senior care. These franchises usually provide extensive training and access to highly-developed sales, finance and operations plans. The franchisee only needs to understand and follow the pre-prepared business plans and the pre-programmed operations software.

Franchises which provide medical support usually require more experience in senior care. These franchisees need to be comfortable with both the requirements of the care to be provided as well as the medical and legal environment in which the care must be given.

• On Buying a Franchise:
  • Start Your Own Senior Services Business
  • The Franchise Handbook
  • Franchise.com
  • FranchiseWorks.com
• On Hiring a Franchise Caregiver:
  • The Senior Solution
  • Eldercare for Dummies

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