Now's The Time To Revisit Starting A Home Care Business

by David Goodman
in Blog
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The end of the year is as good a time as any to take a snapshot of your work life and consider launching your own non-medical home care business for elderly seniors.  

Are you happy with how your career is going?  Are you satisfied with the type of work you do?  Are you making the kind of living you want and does the future seem bright?  If you hesitate to answer yes to these questions, now may be a good time to think about opening a home care agency

“If the number of business start up inquiries we receive at the beginning of every new year is any indication, this is when many people begin to closely examine their careers and, because they don’t necessarily like what they see, start to explore new business opportunities,” said David Goodman, the president and founder of Companion Connection Senior Care, the leading membership organization in the non-medical home care industry.  “For many, the time around the holidays seems to be a very reflective period.  The year is coming to a close and people start to look back on whether they are satisfied in their working life from both a personal and a financial perspective and, if not, start contemplating the future. Oftentimes, starting a business is part of that shift in thinking.” 

It is not surprising, says Goodman, that the non-medical home care industry, which includes companion care and personal care services has become increasingly attractive to many of these prospective entrepreneurs. 

“Obviously, people who are looking for a sound business opportunity want to join an industry where there is strong growth potential,” he said.  “Statistics certainly show that with Americans living longer, albeit not always healthier, and wanting to remain in their homes as long as possible, there is a greater demand than ever for home care services that help the elderly in their ADLs, activities of daily living, like dressing, grooming, cooking, housekeeping, running errands, and so forth.  This need will only continue to grow as the baby boomers age.” (See expected growth for elder care services)  

In addition, those looking to make a change often look to enter a business that is manageable from a cost perspective and doesn’t involve a steep learning curve.  While franchise costs in the home care industry can be high – often more than $100,000 – the price to join a membership organization is far more affordable.  For an upfront cost of around $20,000, individuals undergo intensive training – either online or in a live classroom – and receive the tools they will need to open and operate a successful non-medical home care agency.  This is in terms of licensure, recruiting caregivers and marketing their services to referral sources and families. 

“What really appeals to new entrepreneurs is that they can open a business and be up and running within a very short time,” said Goodman.   “And businesses become profitable quickly.  We’ve had several members who have gained entry into our million dollar club within two or three years.” 
Many individuals who reach a fork in the road and decide they need a career change also look for a line of work that will leave them feeling good at the end of the day.

“Another thing that seems to attract many entrepreneurs into home care is the feeling that they are making a difference in the lives of others,” said Goodman.  “We have members who have been in the shoes of their clients, having lived through the struggles personally of how to care for elderly parents. Knowing that you can offer a viable solution to others who are going through this dilemma is very powerful.  For those who feel frustrated working in a career that offers them few if any rewards along these lines, this can be a very appealing factor.”   

So as you can see, now really is the time to consider starting a non medical home care business! What are you waiting for? Click here to learn more.