Home Caring booms with revolutionary joint venture model
There’s no denying that Australia has an ageing population, and while generational change is putting a strain on the public sector, allied health franchise Home Caring is helping eagle-eyed entrepreneurs make the most of a growing industry.
Currently in Australia, the demand for aged care and home care providers far outweighs the number of registered offerings.
In fact, in a recent study, government body; the Australian Institute of Health and Welfare (AIHW) revealed that the amount of people accessing home care services had risen 84 per cent from 2007 to 2017.
As the country’s median age increases, more Australians will require home care services, making the opportunity more lucrative than ever, but operators still face a series of challenges.
The major barrier to entry for home care entrepreneurs has always been investment, with few registered nurses and allied health professionals able to raise the capital needed to launch a new business.
It’s precisely why Home Caring launched its franchise model in 2018. The allied health operation opened the door for experienced professionals to go into business for themselves, implementing a revolutionary business model.
Why Home Caring?
To curb the investment barrier, Home Caring franchise consultant Bill Lockett and founder/managing director Jon Kontopos developed a joint venture system, reducing initial costs.
“As a direct response, we set up a partnership arrangement, whereby both the franchisor and franchisee would provide 50 per cent investment,” Lockett said.
“This immediately reduced investment, which was crucial, because in a lot of cases your income does not grow quickly, a large majority of your investment in the first year is actually working capital.”
Additionally, the Home Caring model provides franchisees with a guaranteed $80,000 salary, which Lockett said was critical for entrepreneurs in this space.
“The salary means that franchisees can focus on getting out there and looking for new clients, without worrying about paying the rent, or child-care or so on,” he said.
The model, while still in its early stages has been an enormous success. In just over 12 months, Home Caring has welcomed 10 franchisees to mix.
Lockett reveals that the model is ideally suited for a registered nurse or someone with experience in the healthcare sector.
“Obviously, experience in the home caring industry is a significant advantage, but secondary to that is allied health professionals. We’ve found that they have the understanding to deal with different circumstances,” he said.
With major growth on the horizon, including a recently announced 100 franchise target, Home Caring is primed for a massive 2020.
The home care franchise is now on the hunt for new partners in territories across the country.
If you are passionate about making a difference in the lives of others, while building a new future for yourself, visit franchisebusiness.com.au/brands/home-caring/ and make an enquiry today.