Home Instead, Inc. Celebrates World Entrepreneur's Day by Offering Strategies for Franchise Success
Global leader in home care for older adults shares six tips for franchise growth
OMAHA, Neb., Aug. 21, 2019 /PRNewswire/ -- Launching a franchise can be an exciting, yet daunting adventure. According to data from the U.S. Bureau of Labor Statistics, about 20% of small businesses fail within their first year. And, by the end of their fifth year, roughly 50% of small businesses fail. Yet owning and operating a franchise offers tremendous potential if a supportive partner and network are chosen.
"The key to growth is a strong network," says Jeff Huber, president and CEO of Home Instead, Inc. "We believe in providing the support our owners need to deliver optimum client satisfaction and experience success in their businesses."
With 25 years in the home care industry, Home Instead Senior Care joins the Alliance of International Business Associations (AIBA) and businesses around the globe in celebrating August 21st as World Entrepreneur's Day (WED), promoting awareness for entrepreneurship, innovation and leadership throughout the world by offering six secrets to franchise success:
Make Your Business Your Passion – and Sustainable
Turning your passion into a sustainable business doesn't happen overnight. Home Instead franchise owners, while passionate about enhancing the lives of aging adults and their families, will also tell you that there is plenty of hard work behind meeting the needs of their clients. Identifying what your passion is - and what your innate gifts are to deliver on that passion - are key to cultivating a career that empowers you to do what you love, what you're good at and what people will pay you for. If that passion is senior care, today is another reason to celebrate – it is also World Senior Citizens' Day – a timely blend of honoring entrepreneurship and service to our aging population.
Build Relationships
Becoming a successful franchisee starts with building relationships. As a franchise owner, it's not only about who you know, but how well you know them. Be on the lookout for ways to get plugged in with other business owners to learn and grow together. For example, Home Instead Senior Care connects each of its franchisees with a network of owners from across the country. The community allows owners to have a continuous flow of professional advice from other owners in similar roles. In the end, relationship building is the solid foundation that allows franchisees to build a successful and thriving business model.
Put the Responsibility in the Right Hands
Franchise owners hold a lot of responsibility, which makes focusing on growth difficult among daily operations. To have a successful growth strategy, it's critical to hire a good manager who can be a go-to person you can trust and rely on when you need to focus on the bigger picture of your business. Putting daily responsibilities in the hands of your manager can allow you to take the steps needed to stay competitive and grow your business.
Be Innovative
Successful business leaders have risen to the top because of their openness to change and willingness to capitalize from innovation. By thinking innovatively, franchise owners set themselves apart from competitors. Seeking out innovation does not always mean developing a new product or technology. Sometimes all it takes is implementing an existing solution to a long-standing issue or need of a customer. With an open mindset, franchise owners can take their business models outside of the box.
Hire the Right People
The success of any business comes down to making the right hire. In addition to being great candidates to own a franchise, veterans can be great hires. Home Instead Senior Care recognizes that veterans typically possess characteristics including an appreciation of structure, an understanding of systems and processes, goal/mission orientation, the ability to thrive under pressure and the desire for camaraderie in the workplace. Veterans also find value in selflessly serving others – proving a great fit for providing high-quality care to older adults.
Invest in the Direction of the World
Lastly, when deciding which franchise will be most successful for you, consider the current landscape. For example, every day, 10,000 seniors turn 65 – and the need for home care is expected to grow by 41% in the next 10 years as the baby boomer population grows older and 94% wish to age in place. Throughout the next 10 years, home care will continue to be one of the fastest-growing industries in the nation presenting franchisors with multiple opportunities for meeting increased demand for in-home senior care.
ABOUT HOME INSTEAD SENIOR CARE
Founded in 1994 in Omaha, Nebraska, the Home Instead Senior Care® franchise network provides personalized care, support and education to enhance the lives of aging adults and their families. Today, the network is the world's leading provider of in-home care services for seniors, with more than 1,200 independently owned and operated franchises that provide more than 80 million hours of care annually throughout the United States and 11 other countries. Local Home Instead Senior Care offices employ approximately 90,000 CAREGiversSM worldwide who provide basic support services that enable seniors to live safely and comfortably in their own homes for as long as possible. Home Instead Senior Care franchise owners partner with clients and their family members to help meet varied individual needs. Services span the care continuum – from providing personal care to specialized Alzheimer's care and hospice support. Also available are family caregiver education and support resources.
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SOURCE Home Instead, Inc.
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