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Before we take on anything new—a diet, a relationship, business ownership, a move—we tell ourselves stories about what we think we know. When people first approach us about owning a senior care business, we often hear many of the same concerns. These concerns become myths, stories that get passed around and around until they seem like truth.
Today we want to dispel some of the common myths about becoming a franchise home care business owner:
- MYTH: I need health care experience.
REALITY: You do not need any professional background in health care in order to become a successful senior care business operator and owner. For one thing, no one—not you or your staff—is providing medical care to patients. The majority of in home care is assistance such as companionship, meal preparation, providing transportation, help with bathing and dressing, and so on. While many people develop an interest in senior care after having been a family caregiver and therefore feel a greater sense of empathy for others in need of support in this role, this is not a requirement. Also, you can you cannot fill every role in a business so you can hire people with the appropriate experience as needed.
- MYTH: I’m too old.
REALITY: There is no such thing as too old to start something new in life! We may all have an image of a 20-something genius striking it rich with a great idea in Silicon Valley, but those are more like the exceptions. It’s more common for someone in middle age or close to retirement to consider investing in a new business. This can be an invigorating new start after years in the same career.
- MYTH: There are too many home care companies already.
REALITY: Consider that 40% of adults age 65 and older already need assistance with daily activities and the number of Americans over age 85 is expected to triple by 2040. AARP has estimated that the number of potential family caregivers is decreasing from 7:1 in 2014 to 4:1 by 2030. When you couple that with a mobile society in which family caregivers live an average of 280 miles from their elder parent, it becomes clear that there is a growing need for in home care services and quality, home care agencies.
- MYTH: I will spend my days processing Medicare and health insurance claims.
REALITY: Health insurance does not cover in home care, nor does Medicare. Home care services are largely private pay, although there are programs such as Veterans Aid & Attendance benefits and long-term care insurance that can help individuals and families pay for these services.
- MYTH: I already need to be a millionaire to start a business.
REALITY: It’s not free to invest in a franchise, but you don’t have to be in the top 1% (you can just make that a goal!). You need at least $50,000 in cash and a minimum net worth of $350,000. We’ve put all the detail on our website.