What You Need to Know Before Buying a Home Health Care Franchise Business
Before you consider joining a home health care franchise system to start your own home care business, there are some important areas you should consider to make sure you’re making the best business decision. To assist you with making this important move into a franchise business opportunity, we’ve compiled the following list of key areas for you to consider.
1. Do you understand the franchise agreement?
Before you enter into any agreement, make sure you understand the terms. Often, new entrepreneurs are confused about the franchise relationship. Franchising is a business strategy and a marketing system to capture market share. The franchisor grants the franchisee the right to use its trademark or trade name, business systems and processes, and to produce and market a good or service according to brand specifications. The typical arrangement requires the franchisee to pay a one-time franchise fee plus a percentage of sales revenue as a royalty to the franchisor.
As a franchisee you own the assets of your company, but you are licensed to operate using the franchisor’s brand and business systems.
2. What are the benefits of joining a health care franchise system?
When you enter into a franchise agreement, you are not just buying a franchise. You are investing in a system with brand recognition, proven sales and operating methods, and ongoing support. You will get and keep customers using the franchisor’s systems and processes. So, you’re going into business for yourself but not by yourself.
The franchisor, and your fellow franchisees, are there to help you. Everyone shares in the desire to build the brand so it dominates the market. The franchisor establishes benchmarks for quality, consistency, convenience, and other factors to assist in achieving success for everyone. Increasing the value of the brand name is a shared responsibility of the franchisor and franchisee and benefits them both.
3. What kind of training will you receive?
You don’t have to be a medical or health care expert to join a top health care franchise system, but the franchisor should be committed to getting you up to speed with everything you need to know. Find out what kind of initial training you’ll receive as well as how ongoing training and education will be handled. Also, see what kind of resources will be available to you.
4. What kind of accreditation does the home health care franchisor have?
This is a big one because accreditation is important to franchisees and their clients. BrightStar Care is the only home care agency to achieve the Enterprise Champion for Quality distinction from The Joint Commission for five years in a row.
It’s one way they help franchisees:
- Recruit New Staff
- Attract National Accounts
- Earn Local Referrals From Medical Professionals
- Win Families’ Trust
5. What kind of staff does the home health care franchise use?
The quality of the individuals who will be working for you and going into your clients’ homes makes a big difference. BrightStar Care uses a Registered Nurse to manage every case, even though state licensing may not always require it. And, all caregivers are carefully screened and licensed, ensuring that only the most highly qualified and experienced individuals become part of the BrightStar Care team.
6. What kind of home care services does the home health care franchisor offer?
Most home health companies don’t offer the full continuum of home care services that BrightStar Care offers:
- Companion Care
- Personal Care
- Skilled Care
BrightStar offers all three because it’s better for clients, and it’s better for franchisees. Clients enjoy relationships with a consistent group of caregivers who help them stay healthier and in their own home longer. Franchisees benefit because they are able to keep clients for a longer period of time, maximizing revenue potential.
7. How many revenue streams does the home health care franchise system offer?
As with any business, how you’re going to make money is paramount. That’s why at BrightStar Care franchisees have multiple revenue streams available to them. Franchise revenue comes from individual clients (infants to seniors) who need home care, personal care and/or skilled care, as well as by providing staff for professional medical institutions. This ensures that BrightStar Care franchisees leverage their skilled resources effectively and increase their potential for added revenue.
8. How does the Franchisor assist franchisees with building their business?
You want to join a home health care franchise that provides multiple ways to help you build your business. For example, BrightStar Care has national account relationships with more than 100 companies across the United States to provide a strong source of referrals for franchisees from the very first day they open their BrightStar Care location and are appropriately licensed to provide those services.
BrightStar also invests millions of dollars each year on a proprietary technology platform, which is designed to centralize caregiving plans for clients, simplify scheduling, simplify payroll management, and track clinical outcomes, increasing efficiencies and streamlining management.