With the busy lifestyle, family members are often absent and employ in-home caregivers to look after the elderly parents.
Caregivers assist the elderly with personal care routine, which includes bathing, grooming, dressing, toileting, and exercising among others. Caregivers also oversee medication & prescription usage and administer medicine.
Researchers anticipate a shortage of more than 100,000 caregivers for the elderly in the next decade. Therefore, starting an in-home senior care business is a great opportunity if you enjoy caring for the elderly and spending time with them. You can choose to work as an overnight caregiver or whichever work schedule suits you.
Starting an in-home senior care business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell in-home senior care service, or selling in-home senior care service online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$6,900|
|Business Formation Fees||$600||$3,200|
|Equipment & Supply Expenses||$63||$200|
|Retail Business Expenses||$0||$7,200|
|Training & Education Expenses||$0||$1,000|
|Advertising & Marketing Costs||$0||$1,200|
|Food Business Expenses||$25||$500|
|Hospitals, Health Centers & Urgent Care||hoag.org||#149,428|
|Emerald City Senior Living||emeraldcityseniorliving.com||#2,273,130|
|Comfort Keepers Franchising||comfortkeepersfranchise.com||#2,928,145|
|Home Care How To||homecarehowto.com||#3,940,715|
|Companion Connection Senior Care||companionconnectionseniorcare.com||#5,842,004|
|HUSKY SENIOR CARE||huskyseniorcare.com||#6,851,788|
Pros & Cons
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Little startup costs required||The cost to start a in-home senior care business costs significantly less money than most businesses, ranging anywhere from 62 to 35,615.|
|Rewarding work||Starting a in-home senior care business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|No overhead costs||To get your in-home senior care business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!|
|High customer retention rates||Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.|
|High margins||The gross margins for your in-home senior care business are typically around 80%, which is considerably high and allows you to grow your business and manage costs easily.|
|Crowded Space||Competition is high when it comes to your in-home senior care business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Work can be inconsistent||As a in-home senior care business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.|
|Isolation||Often times, as a in-home senior care business, you typically work alone and do not have much face-to-face interaction with other team members.|
|No safety net||Typically, as a in-home senior care business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.|
|Niche Market||A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.|
|You may need to charge sales tax||If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out [this article](https://www.thebalancesmb.com/do-i-need-to-collect-sales-taxes-in-my-state-398913)|
Hey! 👋I'm Pat Walls, the founder of Starter Story.
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