Are you thinking about starting your own home care business, but don’t know where to start? This article might come in handy for you. But the cost varies widely and depends on the type of homecare business and what’s included.
So, let’s explore what factors make up the cost of starting a senior home care business.
Startup Costs: What To Expect When Starting A Senior Home Care Business
When it comes to calculating the cost of the elderly home care business, these factors make up the overall cost.
Business Registration and Licenses
Any business requires proper registrations and licenses before venturing into business. The same goes for the elderly home care business. Based on the state you’re going to start your business, the registration and license cost differs.
Your two biggest costs (aside from a franchisee fee) are going to be licensure and insurance. Often navigating state requirements can be complicated, many franchisees work with a consultant (often provided by a franchisor) to navigate the licensure process. This can cost anywhere between $5,000 – $8,000, on average (not including the application costs to the state between $2,000 – $3,000).
In the long run, you’ll definitely need this service or else you won’t be able to get off the ground.
Insurance and Legal fees
Legalities are essential when it comes to starting a business, while insurance is mandatory. Legal advice and insurance costs are complex, requiring time, expertise and finances. However, you can streamline your business cost with a reputable senior home care business franchise like Happier at Home.
Insurance, including liability, workers compensation, etc., generally costs over $5,000. A good franchisor can help navigate what’s needed for the best possible outcome.
Marketing and Branding
Brand visibility is essential when it comes to growing your business and marketing costs a ton.
Many franchisors have internal marketing teams, branded assets, websites, social media account setup, and even provide brand guides, fonts, and all your marketing materials with varying additional costs.
When deciding what franchise is best for you, ask what’s provided, but you can generally expect to spend a few hundred dollars up to one-thousand per month.
Office Setup and Equipments
Office and equipment costs vary from business to business, but it’s best to only start with what’s needed to get up and running and start generating revenue.
Payroll
Payroll, hiring, and onboarding your location’s staff will be your biggest operational cost and dent to your margins on a regular basis.
Do you know what to pay? Or how to inventive your teams and reduce turnover? Happier at Home can help you navigate this to help you make your business profitable in no time.
Conclusion
When it comes to serving seniors with proper care, Happier at Home is your guide. But unless you start your business properly funded, you’ll struggle to get in the air to cruising altitude!
Contact us today to explore these topics and more!
