Nursing franchises provide ample opportunity since more and more people are demanding at-home care. Here’s everything to consider before investing.
Types of Nursing Franchises
There are various nursing-related business opportunities available in a wide range of scope and focus. These types of franchises involve providing specialized medical care under the supervision of licensed nurses. Some examples of nursing businesses include home healthcare, a nursing home franchise or senior care facilities, rehabilitation facilities, nursing staffing agencies, and telehealth services.
What to Consider in a Franchise
When evaluating a franchise opportunity, consider these essential factors:
- Training and support: Effective training for you and your staff is vital. You should guarantee that the franchisor offers comprehensive training programs that cover caregiving skills, operational procedures, and regulatory compliance. For example, the home care franchise A Place At Home uses the software Nevvon, an e-training platform with more than 1,000 lessons covering everything from compliance training to dementia care.
- Regulatory compliance: Due to the medical background of these types of franchises, you must adhere to strict healthcare regulations. Understanding these requirements is crucial for operating within the law and ensuring patient safety. A franchisor should offer guidance on complying with state and federal regulations.
- Market demand: Assess the demand for nursing services in your desired area. Is there an increased demand for in-home services, or do facilities need help with staffing? High demand can drive business growth. Consider the competition, too. If the market is highly saturated with certain types of nursing brands, then it could be challenging to carve your own spot. A quality franchisor helps you determine great territories that should be able to provide sufficient business.
Nursing vs. Home Care
Some home care franchises are nursing businesses, but not all nursing ones offer home care. Home care businesses may provide skilled nursing services such as wound care or medication administration. Some home care agencies are non-medical and focus on assisting clients with services like meal preparation, personal care, and companionship.
Why Home Care is the Better Opportunity
Non-medical home care business opportunities, such as A Place At Home, are great because there are fewer strict healthcare regulations to follow. You don’t have to mess with getting paid by insurance companies, which often comes with a lag in pay and other challenges. You also don’t have to hire skilled nurses.
Home care appeals to a broader market that includes seniors who might not yet require skilled nursing but need help with daily activities. The growing demand is driven by seniors who want to “age in place” for as long as possible. The market value reflects this, as Future Market Insights reported that the in-home senior care franchise industry was valued at $350 billion in 2022 and is expected to surge to $755.62 billion by 2032, experiencing an 8% compound annual growth rate during those 10 years.
Investing in a home care brand generally has lower startup costs and fewer regulatory hurdles than other nursing businesses, such as a nursing home franchise in which you must invest in a large facility. Home care is also more adaptable. Home care offers services that can change as clients’ needs evolve, potentially transitioning from non-medical care to more comprehensive services, including nursing. One way A Place At Home capitalizes on this is by offering coordinating services to help families keep track of the various medical providers in their loved one’s life and keep everyone on the same page.
Why Choose A Place At Home?
If you’re intrigued by the potential of a nursing business but are looking for a business with broader service options and strong franchise support, consider A Place at Home. Our comprehensive care model offers a range of services for your clients that cover the entirety of the aging journey with multiple revenue streams.
We provide our franchisees with a robust support system. You’ll receive extensive training, ongoing support, and tools to manage your business effectively, ensuring high standards of care and compliance. We’re here to walk with you and help you grow a thriving business.
A Place At Home is known for its quality and reliability. Our strong brand reputation builds community ties and high client satisfaction, contributing to franchisee success. Many of our franchisees earn Home Care Pulse’s “Employer of Choice” and “Provider of Choice” year after
year.
Ready to make a difference in the lives of seniors and their families? Fill out our ‘Request Information’ form to connect with us and begin the journey to franchise ownership.
