Elder care franchises are huge right now — the entire industry is undergoing a kind of grassroots revolution, because the formal healthcare system is failing our eldest citizens rather dramatically. New solutions are needed, and they’re coming, but they have to compete against The System using the only tool at their disposal: the free market.
That means they need to prove (in a wide variety of circumstances) that their business models are robust enough to outperform residential care systems no matter where they collide. So a startling number of elder care companies have started franchising, with remarkable success. The question is: are you the right kind of person to handle an elder care franchise?
The Attributes of a Successful Elder Care Franchisee Are:
- A Caring Heart,
- A Mind for Money, and
- Serious Social Savvy.
A Caring Heart
Elder care is a business that focuses on an ideal we’ve somewhat lost in modern America: honoring and caring for the wisest and most experienced among us. Our culture is so intensely focused on youth, ambition, action, and competition that we frequently discard the stories and advice of our elders offhand. If you want to be successful in the business of elder care, you have to first recognize that the business isn’t really the point — the point is caring. If your goal is to make money and you don’t particularly worry about the people in your care, find a different franchise, plain and simple.
A Mind for Money
That said, while the business isn’t really the point, if you’re not quick with a leger and aware of the bottom line, you’ll handily spend yourself out of existence. Elder care is a world with an infinite amount of goods and services you could buy, a goodly amount that you’ll want to buy, especially if you have the aforementioned caring heart. But it’s crucial that you balance your desire to do good by your patients with your desire to stay in business.
Serious Social Savvy
Finally, if you want to start a senior care franchise, you have to be able to teach others why your service matters. It’s more than just marketing, because you have to educate the many community groups and online resources used by seniors and their families — as well as the seniors and families themselves. Depending on the franchise, you may even be able to turn those skills toward wealthy philanthropic donors and use those donations to further your services.
The Backup Plan
If you love the idea of a senior care franchise, but you’re leery of your skillset, there is one other option you should ponder: hiring the talent you lack. If you’re not a perfect money manager, hiring someone to watch the leger is definitely a solid move. If your relationship-building skills aren’t top-tier, you could hire someone to take on that role as well. Just beware, there is always a chance your new hire could leave and take their critical know-how with you — so it’s a risk you’ll have to bear.