As the economy fluctuates and the business sector shifts, the elder care market is booming. The demand for in-home care has grown year over year, fueled by members of the baby boomer generation who need help with daily activities but much prefer to receive it in the comfort of familiar surroundings. Long-term care, including services like personal care, transportation, meal preparation, and more, has bloomed into a $1.2 trillion market and growing.
This trend, understandably, has many aspiring entrepreneurs wondering how to start a home care business of their own. Joining an established franchise like ComForCare can be a rewarding investment in your future, giving you the foundation you need to start your own successful in-home care business.
Starting a senior care business is a great investment for people who are passionate about helping older adults and ready to make a living. Funding a franchise can seem daunting, though, especially if you’re starting with limited capital. Don’t worry—with the right combination of financial strategies, there are ways to make it happen.
One of ComForCare’s advantages is its affordability. Our low initial investment (between $29,500 to $59,000) allows you to enter this fast-growing market quickly and maximize your earning potential. The total investment ranges from $72,975 to $163,925, depending on your territory. This covers expenses such as:
While the startup fee is an upfront cost that those starting independent home care agencies won’t incur, there are significant trade-offs. Without the support of a franchise system, aspiring home care business owners may have to spend roughly the same amount, if not more, in their early years. That kind of investment doesn’t come with the proven business model, one-on-one support, training, and branding and marketing resources a franchise affords.
The ultimate answer is—it’s up to you. With the size of our aging population, the market is ever-growing, meaning you have a world of opportunity to expand your client base and grow a successful business. In an industry with an average sales rate of $98K, plenty of ComForCare franchises generate $1 million or more annually.
Home care services are in high demand in the United States and Canada. As such, franchisees have diverse avenues to provide long-term care that makes a difference in people’s lives.
ComForCare’s robust support system empowers franchisees to feel secure about their investment. Additionally, various financial avenues can help you secure the funding you need. Here's an overview of some popular options.
Backed by the federal government, SBA loans (particularly the 7(a) program) offer low interest rates, come with manageable repayment options, and are easier to acquire due to the government guarantee. To qualify, you'll typically need a good credit score (640+), a down payment (around 20%), and some prior business experience.
These low-risk loans can also be combined with other funding sources, making them an attractive part of many franchising business plans. Thankfully, ComForCare’s established name and networks can streamline the process.
This strategy lets you tap into your retirement funds—401(k) or IRA—to fund your franchise. The ROBS process bypasses the penalties that normally trigger when a person withdraws funds before the age of 59 ½. Another major benefit is that, with ROBS funding, you won’t have monthly loan payments.
However, this option means that you’ll be taking from your eventual retirement, so it’s important to have a solid plan in place to rebuild those funds. Having a trusted financial advisor in this process is always a great idea.
If you have a strong investment portfolio, a portfolio loan allows you to borrow up to 80% of its value. This frees up capital without needing to sell your assets, which can continue to grow and generate income.
Candidates with good credit scores and low credit utilization may be eligible for an unsecured loan. Unsecured business loans can provide up to $150,000 without requiring collateral. This can be a fast option for those who need working capital quickly.
ComForCare has partnered with trusted lenders to offer franchisees a wider range of financing solutions. Speak with our franchising advisor to connect with a partner who can explore your funding plan options with you.
As a ComForCare franchisee, you’ll be making a real difference in the lives of families by providing high-quality care services in familiar surroundings. With resources like DementiaWise training for caregivers, in-depth business training for franchisees, one-on-one business coaches, and more, you can maximize your investment in your future.
ComForCare offers a compelling opportunity to enter an accelerating industry with a low barrier to entry and the potential for high rewards. Our comprehensive support system ensures you have the tools and guidance needed to succeed, regardless of your prior experience in the senior care industry. Ready to take the next step? Request your free franchise kit today!
Kayliegh Morris
ComForCare
Franchising Advisor