Festive franchising - 12 days of Christmas...
As Christmas approaches and the year draws to a close, it’s both a time for reflection and looking to the future. If...
The care industry has been growing exponentially year on year as the number of people over the age of 60 has increased significantly. Families like to know that their elderly parents or relatives are looked after and are willing to pay good money to cover this invaluable service when they cannot help provide all the necessary care themselves. Because of the growth of the care industry, the number of care franchise opportunities has increased to cater to the market. A franchise in the care industry requires a solid investment of course, but the financial rewards can be exceptional.
If you don’t really know how the care industry works, it’s a good idea to do a little further research. But in the most basic terms, as a franchisee, you would employ carers or nurses to provide support for your clients or their relatives. Your team of carers will visit once or several times a day depending on the particular patient's requirements. They may be needed to dispense medications, cook meals, help them bathe, or simply to keep them company and provide some mental stimulation.
Care maybe needed for someone suffering or recovering from a serious illness, or it may simply be long term care for an elderly person who is less capable than they once were. This is obviously a very rewarding business, and if you have a good team of carers behind you, then your care franchise will do well. From here, you can expect a good ROI and excellent profits.
You’ve perhaps already heard that the number of elderly people in the UK is expected to increase exponentially over the next decade. The market for home care is growing, and more elderly people are choosing to receive one-on-one care in their own homes, rather than enter a retirement complex. The increase in dementia across the UK is also a growth factor for the industry, with more and more concerned family members wanting to provide the best care for elderly loved ones suffering from dementia.
When you invest in a care franchise, you are investing in a service that many people need. This type of service is unlike a restaurant franchise or a retail store that people use only when the mood takes them. Elderly people that need to be looked after don't just choose to take home care; it is an essential service that allows them to maintain greater independence. Often, a home care franchise might be the only such service in the local area for them to choose from.
This is why many franchisees are able to make an excellent ROI from their care franchise. The initial investment for a well established care franchise tends to be around £130,000, although there is often financial help available if you have 20 to 30 percent of the required sum to invest. This might sounds like a large sum of money if you are new to franchising, but the return on investment will make it worth it. Not to mention the emotional rewards of giving something back.
The financial return will obviously depend on how many carers you employ and their level of training or skill. For a regular carer, you can expect to pay around £8 per hour From this, you can work out for yourself how much you want to charge on top in order to provide a good return whilst remaining competitive. Most franchise operators suggest that your profit margins never dip below £3 per hour, per nurse. Obviously, the more you charge the better your ROI, and you can charge more in locations that don’t have a lot of competition, but be sure not to exploit that situation too much.
Overall, the ROI for a care franchise should be substantial and you can expect to have a successful business if you invest in this ever-growing market. There are going to be even more elderly people in the UK over the next decade, so the demand will only increase. You’ll also be providing essential and meaningful service to those in need. So if you’re considering a care franchise, make sure to check out what we have to offer here at Start Your New Franchise.