A Quick Guide to Financing for Your In-Home Care Business
While it may be true that you have to spend money to make money, it doesn’t mean that financing your business needs to be an arduous, uphill battle.
Here’s a quick guide to financing your in-home care business – from leveraging Small Business Administration (SBA) loans to taking advantage of government grants to optimize cash flow:
How Much Does it Cost to Invest in a Home Health Care Franchise like BrightStar Care?
Before finding the best way to finance your business, it’s important to first understand the nature of the investment you will be putting forth.
The initial investment for a BrightStar Care location can be anywhere between $93,048 and $154,307 depending on variables such as real estate and labor costs in your market.
This investment includes a $50,000 franchise fee, which provides you with:
- Designated protected territory with a population between 200,000 and 250,000
- Access to proven home care model
- Extensive new owner training
- Access to operational tools, including proprietary, web-based business management systems
- Exceptional opening and ongoing support
How Do Most Franchisees Secure Financing with BrightStar Care?
As one of the top-ranked senior care franchises, the BrightStar Care team makes sure franchisees have several financing options. Nevertheless, the majority of franchisees opt to secure funding with the SBA and take advantage of our brand’s unique financial partnerships.
Low annual percentage rates, flexible terms and backing from a federal agency make the SBA program one of the most efficient ways to fund your business. With some know-how and preparation, you can secure some of the lowest business financing available with this program.
Additionally, through our relationship with the Franchise Registry, we are able to provide franchisees with much more flexibility and a greater level of peace of mind surrounding their financing – one of the many advantages of partnering with a national home health care brand.
Capitalizing on the Franchise Model for a Strong Business
Starting a business from the ground up can require substantial time, labor and monetary investment. When you invest in a franchise brand like BrightStar Care, you’re able to leverage best practices and top-tier expertise from leaders in home health care – making accessing capital for your business much more manageable.
Not only does the franchise model provide you with an established, proven business framework, it also gives you the advantage of partnering with some of the industry’s most successful investors and entrepreneurs, whose business financing expertise is second to none.
Whether you need additional guidance securing initial investment capital, or regularly tap into industry-leading financial management strategies to optimize cash flow, you have access to all the necessary expertise with a franchise like BrightStar Care.