The Business of Senior Care
According to a 2010 US census brief, seniors are now the largest age group in the United States, and their numbers continue to grow each year. As such, the need for services provided by the senior care industry is booming, and will continue to grow as the population continues to age and life-expectancy rates increase. This makes the business of senior care not only a robust one, but also necessary for the varied types of care seniors require now and in the future.
MARKETING TO ATTRACT NEW FRANCHISEES
With the International Franchise Association projecting 14,000 new franchises opening this year, representing a 2.1 percent growth from 2011, the franchising industry is predicting strong growth for 2012.
With this large pool of prospective franchisees entering the market, senior care franchises, as well as franchises in other industries, will use various strategies to stand out from the crowd. An example of this is by creatively counting the multiple revenue streams offered by their business, as I discussed in my previous post. Another is offering discounts on the franchise fee, or other special provisions, such as offering territories much larger than the normal parameters – or even waiving certain requirements that would actually benefit the new franchisee.
The Validation Checklist
The validation period of your journey to owning your own franchise is not only a critical step, but also an exciting learning opportunity. While every person is going to ask different questions, here are a few things to consider when calling franchise owners.
Managing the Emotional Roller coaster of “The Decision”
Making the decision to become a business owner can lead to many conflicting emotions with the excitement of pursuing your entrepreneurial dreams, but also the unknown in starting a new chapter of your life. During this time, it’s important to manage this mix of emotions so you can make the best decisions for your future – and your family.
WHO IS THE NEW FRANCHISEE?
Right at Home has been franchising over the last 12 years, and what we have found is that there isn’t just one specific mold for our franchisees. Our franchisees come from a variety of backgrounds: some with business management backgrounds, others with experience in the health and wellness field, and others with a strong desire to make a difference in this industry. But something we have seen recently is the shift in the motivation for entering the field.
Three Indicators of a Great Franchise System
joined Right at Home in 2008 to lead the franchise development team and increase Right at Home’s share of the in-home senior care market. As I conducted my research on Right at Home, it became clear that what I was looking for in a franchise company was very similar to what prospective business owners are seeking in a franchise opportunity.
Strategy Aims to Improve Hospitals
An article recently published in the Los Angeles Times states that the Obama administration has recently passed a regulation that will reward hospitals for quality care. This initiative will motivate healthcare facilities to conform to a high quality of care and service to receive more benefits from Medicare. Low-scoring facilities could face a penalty in which they receive less payment from Medicare.
Baby Boomers Increase the Need for Geriatric Social Workers
With the advancements in medicine and technology, the baby boomer generation will have the ability to live much longer than our ancestors. Because of, this growing population of seniors, it creates a demand for geriatric social workers. Recently, the Chicago Tribune highlighted this trend and offered insight into where the industry stands at this current juncture.
Six Characteristics That Small Business Owners Have in Common
I read with interest this morning an article that highlights a study conducted by The Guardian Life Small Business Research Institute. This study found successful business owners have six “dimensions” in common.
How to Prevent Failure
Failure. The word itself invokes intense emotions. For some, that emotion is fear. For others, it’s motivation.