What are the primary factors that make BrightStar Care such a strong business opportunity? Among the various reasons, these are at the top of the list:
1. Strong Demand
Home health care has seen steady, incremental growth over the past several years. Recent research valued the home health care market at more than $305 billion in the U.S. last year.[iii] For context, the U.S. Census Bureau set a market valuation of .
One of the key reasons for the massive growth in demand for home health care services stems from demographic trends. Baby Boomers are reaching retirement age at a rate of 10,000 individuals per day.[iv] Meanwhile, the number of people who are 85 and older is expected to rise from 7 million in 2020 to 19 million by 2050.
As pressure on health care systems to reduce readmissions and improve the quality of care increases, many hospitals and other health care organizations are turning to home health care agencies. The growth in the aging population is likely to increase stress on these institutions and drive more business to home care franchise owners.
2. Low Initial Investment
The return on invested capital required to open a home health care agency is obviously one of the factors high on prospective owners’ list of priorities. One factor that has an impact on generating an ROI is the initial investment required to open an agency.
BrightStar Care franchisees can expect to invest $93,048 on the low end to $154,307 on the high end. This figure includes the $50,000 franchise fee. But it also reflects initial expenses for office space, furnishings, computer and IT infrastructure, marketing and signage, and travel and living expenditures.
3. Robust Corporate Support
A key reason prospective business owners invest in a franchise brand is because of the training and support provided by the franchisor. Yet, support can vary widely from one franchise brand to another.
With BrightStar Care, training and support begins within a few days of signing on to become a franchisee. A member of the BrightStart® Team will guide you through the pre-opening phase and help coordinate scheduling you for pre-opening and boot camp training sessions that leads up to opening your home health care agency. The three mandatory training sessions occur cumulatively over three weeks but can be spread out over a few months.
For a comprehensive look at training and support, .
4. Multiple Revenue Streams
In order to achieve the ROI you’re looking for as a business owner, it’s important that the model is built upon multiple channels to generate revenue. Diversifying income helps reduce some degree of business risk, as you’re not dependent on a single product or service to support cash flow.
The BrightStar Care business model enables franchise owners to. First, owners are able to provide non-skilled and skilled care*, covering the full continuum of care that the majority of other home care franchises cannot provide. In addition, franchisees have the option to partner with local health care providers as a staffing solution. Last, that allows franchisees to take advantage of partnerships with hospitals, health care systems and insurance providers to provide care for their patients.
5. Industry-Leading Accreditation
Third-party validation of the quality of care a home care franchise provides can be a key differentiator among various business models. It’s one thing for a franchise brand to say they provide the highest standard of care and something completely different for an accrediting body to validate the claim.
For example, BrightStar Care franchisees are accredited by The Joint Commission, a non-profit organization that certifies health care institutions like the Mayo Clinic and Cleveland Clinic are meeting specific performance standards. While it’s not mandatory that home health care agencies achieve accreditation, BrightStar Care does, which is a mark of excellence that can set our franchisees’ agencies apart from competitors.
As you research starting a home health care franchise, there is a wide variety of factors you need to keep in mind. The five we’ve listed in this article reflect some of the most important ones that can have a significant impact on your chances for success as a business owner.
To learn more about starting a home health care agency as a BrightStar Care franchisee, download our free franchise report.
*Depending on state licensure