There are few business opportunities that are as opportune as home healthcare is at this particular point in history. The Baby Boomers are averaging nearly 60 years of age right now, and every passing year places more and more of them into a position of needing regular, if not continuous, health care. For the right people, a home healthcare franchise is a nearly ideal business — the question to ask yourself is: are you one of ‘the right people’?
The Qualities of a Great Home Healthcare Franchisee
In order to succeed as the owner of a home healthcare franchise, you need to start with all of the basic qualifications of a good generic franchisee. Those include:
- No Ego: You have to be willing to follow the system even if you think your own ideas are better. Remember, the best reason to buy a franchise instead of starting your business is to have a system that will keep you from making mistakes. Stubborn, willful types may struggle with this idea.
- Social Skills: Franchising is a combination of marketing, relationship building, continuous communication with the franchisor and other franchisees, and constant communication with your employees and customers. If you don’t have top-tier social savvy, you’ll have to have a lot of dedication and perseverance to make it.
- Financial Ability: If you don’t have a good sense of money — of how to structure a deal to improve your ROI, how to keep your expenses down, how to hire people that will make you money, and how to balance the need for profit with the longer-term picture, you won’t make it in any franchise.
But those are just the generic qualifications — you also need a special set of skills to be able to succeed in a home healthcare franchise in particular. In particular, you need to have:
- Hiring Skills: Healthcare isn’t a business that can survive if your caretakers aren’t exceptional. It’s better — far better — to spend a month of interviewing and declining poor caretakers than it is to get to business a month earlier and end up having to replace a string of poor caretakers down the road.
- Empathy: Somewhat akin to being a landlord or a debt collector, the most effective home healthcare franchise owners are those who are able to put themselves in their clients’ shoes. You will have occasions when a client can’t pay you on time because of their fixed income, or where they will need special accommodations in order to use your services for some period of time. Being able to see those situations from their perspective and adapt to enable everyone to get what they need is a crucial ability for a caregiving business.
If you can follow a system, reach out to your community, deal with money, find the right people, and genuinely feel your clients’ pain when they hit an unexpected obstacle, you’re ready for a home healthcare franchise. The next challenge is finding a franchisor that is ready for you. There are literally dozens of companies in the senior care business, and most are rapidly growing in most areas. To find the right one to fit your skills, passion and budget, it is best to work with an experienced franchise broker. Unlike company recruiters, franchise brokers have access to several of the top franchise opportunities in your area, and can give you objective guidance in finding your ideal business.