Buying a home healthcare business in 10 steps
You’re considering buying a home care franchise business. Excellent choice. It’s a growing market. Before you rush in, though, it’s crucial to consider how much to invest and what contingency finance you should set aside for those first few months. But there is more to it than just having the finances in place.
Here are the 10 steps to take to successfully complete the purchase of a home care franchise business.
Step #1: Set your budget to buy a home healthcare franchise
When buying a home healthcare business, you’ll need to make sure your business finances are secure. Consider running costs for the first few months (when cash flow may be tight because you’re building the business), and any contingencies you may need to allow for. Also, consider how much the home health franchise cost will be initially.
Step #2: Know your needs based on your experience
Franchisors usually offer various levels of support to their franchise owners. You must figure out what kind of help you need the most and what doesn’t matter to you too much. Your level of experience, training needs, and the equipment you will use should all be considered.
Step #3: Research your options: What franchises are you interested in?
There are many types of home healthcare franchises to buy. Some offer help with basic daily activities, others provide help with treatment. When buying a home care business, it’s crucial that the business aligns with your values, desires, and experience. You’ll now have a list of potential best-fit franchises.
Step #4: Request information and talk to the franchises’ representatives
Contact the home healthcare franchises on your lists and request information from them. It can also help to go in person and speak to other franchisees. There are some key pieces of information you must learn, including:
What kind of staff do they use?
How much/what kind of support do they provide their franchisees?
What kind of training will you receive?
What kind of services do they specialize in?
Step #5: Compare and contrast
You now have information that includes home health care franchise costs, ongoing costs, etc. as well as the level of support and training offered by each business on your list. Compare each against the others, and make a shortlist of those that most interest you.
Step #6: Analyze the business costs and your personal finances
It’s time to get honest about your finances. You’ll need to plan for the financial side of running a new business. Will you need an accountant to make sure that your personal and business financial projections are realistic?
Step #7: Know your competitors and your customers
The success of your business hinges on several factors ─ such as who your target market is and how they’re already being serviced. You want to stand out from the crowd ─ and you’ll also need to be satisfied that the franchisor’s marketing strategy will help you do so.
Step #8: Apply to the franchisor
It’s now time to apply to your preferred franchisor. Prepare for the interview you will have. Buying a home care franchise business isn’t like opening your own business from scratch. The franchisor has a reputation to maintain, and they want to be sure you are the right person to run one of their franchises.
Step #9: Get the paperwork done
Now is time to complete all the paperwork. The franchisor will offer help with this; for example, by ensuring you know for which permits you must apply.
Step #10: Complete the training
You’re almost there. You must now complete the training provided by the franchisor. This will provide you with all the knowledge you need to open your business.
Congratulations! You’re there.
Now you have completed the training, you need only to finalize preparations before starting your new home health business. You can recruit the care professionals you need, market your business, and take on clients. All with the continued guidance and support of the franchisor.
Is a home healthcare franchise the right business for you?
If you’re considering buying a home healthcare franchise, take our franchise assessment to find out if you have what it takes.