The growing number of retirees needing home care services is creating growth opportunities for entrepreneurs starting home care franchises. Getting start-up capital for a home care business can be a challenge, but there are funding sources available to help entrepreneurs launch a successful home health franchise.
Senior Care Boom
The Baby Boom generation is now reaching retirement age, drastically increasing the number of seniors needing health and personal assistance. The population of U.S. residents age 65 and older is expected to grow by 79 percent over the next two decades. As a result, home health care and personal assistance companies are growing rapidly, increasing by more than 50 percent in the last 10 years, according to the U.S. Census Bureau.
Home health care services are in high demand because they are often less expensive than residential care ; allow seniors to remain in their homes; and provide seniors with a high level of independence and autonomy. This growth, as well as low regulatory bars to entry, makes home health services an attractive market to entrepreneurs seeking a new opportunity.
When seeking funding for a home care franchise, one of the most important things you can do is prepare a loan proposal. Your loan proposal can help you convince lenders that you are qualified to run a business, have a sound business plan, and understand your market.
Lenders will want to see your credit history, so be sure to obtain a copy of it and review it for possible errors. Next, you should prepare your loan proposal. In the proposal, there are four basic areas you need to cover:
- The amount of money you will need to borrow
- How your business will make use of the borrowed money
- Your plan to repay the loan
- What you will do if the business cannot repay the loan
This information will help loan officers to assess the risk involved in lending you money. Needless to say, the less risky you appear, the more likely it is that the bank will lend you money. Your loan proposal should be detailed and thorough, factually accurate, and free of grammatical errors and mistakes. First-time entrepreneurs in the home health field, and even experienced businessmen and women, can benefit greatly from working with a franchise that can direct borrowers from lenders with experience in helping home health businesses get off the ground. With this assistance, these entrepreneurs stand a better chance of getting funded than they would have, had they tried to go it alone.
Franchise with Always Best Care is a home health and assisted living franchise that helps connect seniors with affordable in-home care, assisted living placement, and home health services. In business for nearly 20 years, the company has helped more than 25,000 seniors find quality care.