Small businesses are the backbone of the American economy. There are nearly 35 million small businesses in the U.S., generating 43.5% of the nation’s gross domestic product. If you want to write your own success story by opening a business, check out A Place At Home’s tips on how to become a successful entrepreneur.
According to Gallup, more than 60% of Americans want to open a business. The desire to pursue entrepreneurship is spurred by the potential for higher pay and autonomy. A flexible schedule, making a positive impact, and pursuing your passion are other top drivers for launching a business.
In 2024, the U.S. saw an average of 430,000 new business applications each month—a 50% increase compared to 2019. Easier access to tools and resources to start and scale businesses and the growing number of franchise opportunities are helping fuel entrepreneurial growth.
Despite the popularity of entrepreneurship, only about half of independent businesses survive the first five years. To increase your chances of success, here are some tips:
- Develop a clear vision: It’s vital to set goals and have a solid financial roadmap for your business.
- Research the market: Understanding industry trends and your target demographic will enable you to gain a foothold in the market.
- Build a strong network: Having a mentor can help guide you on your business journey. They can provide valuable advice and offer a listening ear when you face challenges. Joining a business networking group helps generate business leads and establish your reputation.
- Manage risk: Starting a business can be risky. To ensure your business thrives, it’s important to balance risk by making calculated decisions.
- Leverage technology: Digital tools can streamline operations. A customer relationship management system’s ability to track sales and handle customer relationships improves efficiency and strategic planning.
- Be resilient: The best entrepreneurs are nimble and can cope with adversity. Following the pandemic, restaurateurs who quickly ramped up curbside pickup and delivery were able to stay afloat when dining rooms were shuttered.
Franchising Powers Entrepreneurship
How can I become an entrepreneur? Franchising provides a gateway to business ownership with an established brand that has a proven history of success. There are more than 4,000 franchise brands in the U.S., covering everything from foodservice and home services to senior care.
As a franchise owner, you’ll receive training and ongoing support to enhance your ability to build a thriving business. A franchise offers a turnkey business with the technology you need to run efficiently. If you want to be your own boss with less risk, franchising is the answer. Around 95% of franchise locations with an initial investment of at least $25,000 are still in business after five years, Entrepreneur reports.
The Senior Care Advantage
A Place At Home is a recognized franchise in a high-demand industry. The U.S. population is aging. By 2040, nearly one in four Americans will be 65 or older. A Place At Home caters to this growing demographic by offering a range of personalized services, including in-home care, care coordination, and staffing solutions. Having multiple revenue streams allows you to diversify your portfolio to increase profits. It also enables you to provide reliable and consistent services to help seniors to age gracefully.
You do not need experience in senior care to succeed as an A Place At Home franchisee. We provide the training and support you need to build your business. Our dedicated coaches guide new owners as they set up their businesses, evaluate potential office locations, obtain state licensing processes, and more. You’ll receive five days of intensive training onsite at our headquarters.
Partner with A Place At Home
Starting a business can lead you to self-sufficiency and financial freedom. Fill out our franchise inquiry form to learn more about partnering with A Place At Home to launch a senior care business in your community.
