Now is the perfect time to invest in a senior care franchise, and if you are considering investing in one, CarePatrol should be at the top of your list. Becoming a CarePatrol senior care franchise owner can be a profitable and rewarding experience. Keep reading to learn more.

How Do Senior Care Franchises Work?

As the owner of a CarePatrol senior care franchise, you will help the loved ones of older adults find a senior care solution that meets their elderly family member’s specific needs. 

To accomplish this, you will become an expert senior care advisor by learning about the various communities in your area. CarePatrol’s services are free to clients as the senior care facilities pay the CarePatrol franchisee, enabling you to advocate for the families and build strong relationships. 

A Home-Based Business Model

With CarePatrol, you can work from home as a Local Senior Care Advisor. That is the remarkable thing about CarePatrol: You will not have to worry about overhead, payroll, or staffing until your business grows!

Senior Care Franchises Know Their Communities

When the time comes to transition an elderly loved one to a senior care facility, many families are not sure where to begin. They could research, call, and schedule numerous tours at the various facilities in their area, but that takes a significant amount of time. 

This is where CarePatrol steps in. Franchise owners attain in-depth knowledge of their local assisted living communities and other senior care options and services. Then, they use this knowledge to help families make informed decisions for their loved ones.

How Franchise Owners Learn About Local Senior Care Communities

To provide your clients with the best care options, you will learn which amenities and skill sets each senior care community in your area can provide. You will be with the families every step of the way because when they visit a local senior care establishment, a CarePatrol executive accompanies them.

Besides touring the local senior care communities, you will have access to the performance reviews and track records of the communities CarePatrol already has contracts with. Once you access this information, you can quickly and easily determine the level of care that each facility provides.

Senior Care Options, Explained

The needs of older adults determine which facility will serve them best. As advisors, franchise owners learn the differences between the levels of care each type of facility can provide to better inform clients.

Independent Living Communities

An independent living community may be an excellent choice if an older adult is healthy but wants to live a maintenance-free life. These communities usually have on-site amenities and provide social activities.

Assisted Living

When an older adult cannot continue living independently, assisted living communities can help. These communities help manage medications and assist with grooming (e.g., bathing and getting dressed). In addition, older adults may receive snacks, meals, housekeeping, and laundry services—exact amenities vary from location to location.

Memory Care

If an older adult is living with any form of dementia, memory care is usually the best choice of care. Many of these communities offer medical care and ensure patients remain safely inside by securing the building’s exits and entrances.

Nursing Homes

When an older adult needs continuous medical care that cannot be provided with in-home services or in an assisted living facility, the best option is a nursing home.

In-Home Care

Sometimes, an older adult can take advantage of in-home care services provided by professional caregivers, certified home health care aides (HHAs), and registered nurses (RNs).

Senior Care Franchises Support Families

Once a loved one contacts CarePatrol for help, a Local Senior Care Advisor schedules a “Care Discovery” session. This session is typically a face-to-face meeting. However, we know that some people prefer a video meeting or a traditional phone call, both of which are fine.

The Care Discovery Session

During the discovery session, the advisor asks about the specific needs of the elderly loved one and the senior’s financial situation to help determine which senior care solutions are within their budget.

Research and Pre-Screening

The advisor researches and pre-screens the senior care options in the area. Then, they present the client with the top three matches.

A Personal Tour

The Local Senior Care Advisor provides a personal tour through the three recommended top senior living communities. These tours allow clients to speak with staff and see the accommodations while the advisor offers support and comfort. 

In addition, the research and pre-screening process allows the advisor to answer many of the client’s questions, which displays their expertise in their local senior care communities.

We realize that clients must consider many factors when making their decisions. For this reason, CarePatrol’s Local Senior Care Advisors may help clients weigh their options. This is when an advisor’s expertise really makes a difference.

The Need for Senior Care Franchises Remains Strong

According to the Population Reference Bureau, the elderly population in the U.S. will increase by nearly 70% by 2060. In addition, experts project that by 2029, senior care market revenue will increase from $455 billion to more than $651 billion, making the compound annual growth rate (CAGR) for this market 6.15%.

Many in this aging population will need to transition to a senior living community. As a CarePatrol franchisee, you can help these individuals and their families find the right care solution and make a profit!

CarePatrol Provides Franchisees with Training and Support

At CarePatrol, we help our franchise owners by providing them with all the resources and tools they need to get their businesses up and running.

Franchisees do not have to worry about overhead early on. They can work from home and then expand as their business grows.

CarePatrol’s Training Program

Each franchisee receives direct instruction from senior care franchise experts at CarePatrol’s headquarters.

Topics of study include:

• How to manage the office
• Local marketing
• Recruiting team members
• Training team members
• How to create care plans

Our experts are always happy to answer questions—every question is valid. We are here to help you and your business succeed. Franchisees use our proprietary software to quickly find local communities that can meet older adults’ needs.

As their business grows, we continue to provide them with ongoing support.

As an established senior care franchise, CarePatrol has nationwide company contracts. Each franchise owner benefits from these contracts, and a member of our executive team introduces franchisees to the contracted companies in their areas.

Getting Started as a Senior Care Franchise

If you are asking yourself, “How do senior care franchises work?” request your free information report or call CarePatrol at (248) 781-8821. CarePatrol has been awarded a top recession-proof franchise, top low-cost franchise, and top franchise for women by the Franchise Business Review. 

Let us help you become a successful business owner and advocate for older adults in your area.

At CarePatrol, we’ve seen—and helped—candidates fund their franchises in a number of ways. If you have a passion for helping seniors in your community, interested in high income potential, are ready to take on the exciting challenges of owning your own business, you have options. Let’s take a look at some of the most popular ways to invest in a franchise like CarePatrol.

Franchise Financing: What Are My Franchise Startup Costs?

One of the many things that make CarePatrol so attractive is that it is a low-risk and high-reward opportunity. Franchise financing can help cover franchise fees and other business start-up expenses, making it accessible even if you cannot afford these costs out-of-pocket. With a low initial franchise fee between $20,000–$57,000, you can enter this quickly growing market and start maximizing your revenue potential fast.

Because they can start with little to no low overhead and grow their businesses from home, CarePatrol franchisees have incredible growth opportunities.

All told, your total investment with us will be in the range of $51,120–$110,970. Considering that the U.S. senior living market is currently a $92 billion industry and growing, this is an investment opportunity that can’t be ignored.

Options for Financing Your Investment in a Senior Care Franchise

Because CarePatrol offers so much built-in support and expertise, franchisees can feel confident in their investment—and their growth potential. Financial institutions can often assist in franchise financing by working with organizations to help you access the necessary funds. So, let’s take a look at some of your franchise financing options to get your future started.

Apply for an SBA (Small Business Administration) Loan

Small Business Administration (SBA) loans are the most popular method of new franchise financing. As a type of commercial loan, type 7(a) SBA loans are backed by the federal government, making them low-risk for lenders. That means you can often expect low interest rates, attractive repayment terms, and manageable monthly payments.

Generally, to qualify for an SBA loan, you should have:

• A good credit score (640+)
• 20% down payment
• Secondary income
• Experience in a business setting
• Access to collateral

Some candidates may qualify for a low-doc SBA loan. This type of loan offers the same benefits as a traditional SBA loan, but it can be finalized in 45 days or less and typically does not require collateral. If you have a credit score above 690, no bankruptcies within three years, and can pre-pay your franchise fee, this could be an option for you.

Leverage Your Retirement Account

Many people who are new to franchising don’t realize that retirement funds are an option for them. Usually, accessing your 401(k) or IRA before you turn 59 ½ will trigger a 10% early withdrawal penalty and distribution tax. However, by choosing the Rollover for Business Start-up (ROBS) process, you can tap into these funds penalty-free.

One major benefit of choosing a ROBS is that since you aren’t taking out a loan, you won’t have monthly payments. Plus, if you have enough in your account to cover the startup costs, a ROBS allows you to launch your franchise without taking on any debt.

Establish a Portfolio Loan

This lesser-known funding option offers great benefits to qualifying candidates. A portfolio loan allows you to borrow up to 80% against the value of your stocks, bonds, mutual funds, or other securities. A portfolio loan can give you the franchise funding you need without having to liquidate your assets—meaning they can continue to appreciate in value and generate interest and dividends.

To qualify for this type of loan, lenders prefer that you have:

• A portfolio worth at least $85,000
• A maximum debt-to-income ratio of around 43%
• Securities publicly trading at a minimum of $5/share

Obtain an Unsecured Loan

Unsecured business loans up to $150,000 are possible for some candidates without risking any personal property. They’re a good option for candidates who don’t have collateral and need to move quickly on an opportunity with working capital. Most loans of this type can be finalized in three weeks or less.

To qualify for an unsecured business loan, you must typically meet these requirements:

• A good credit score (over 690)
• Utilizing less than 50% of total credit
• No more than two credit inquiries in the last six months
• No recent negative reports on your credit history

Franchise Funding Partners

If you’re interested in becoming a franchisee, you may have more financing options than you realize. At CarePatrol, we have forged long-standing relationships with trusted financial institutions to help franchisees obtain a funding plan that works best for their situation. Ask our franchising advisor about connecting with a partner who can assist you with their variety of additional funding options.

Invest in Your Success With CarePatrol

CarePatrol franchisees are small business owners and senior care advisors, helping older adults and their families navigate the complexities of finding care. Whether you’re an experienced entrepreneur with their financials securely in place or you’re brand new to this type of transaction, CarePatrol is here to help. No matter your level of experience in the senior care industry, you can feel confident in your ability to start, run, and grow a successful business with us. To learn more, request your free franchise kit today!

CarePatrol: Your Choice for the Best Franchise Opportunities

CarePatrol is a proud member of the Best Life Brands family, committed to helping people live their best lives. Invest in your future and your community by franchising with the best! You can be confident in your entrepreneurial future thanks to our proven business model, world-class business support, and robust training and continuing education programs. We welcome you to learn more about our business opportunity today.