How much does it cost to start a homecare franchise?
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Opening a homecare franchise in the UK involves a number of steps, but first and foremost you’ll need to be prepared for lots of research. This will include, choosing the right franchise, securing funding, all training requirements and finally, launching operations. Here we will unpack this process to help you work out the best option for you. It is important you ask yourself why home care?
What do I do first?
Firstly, it is vital that you thoroughly research the home care industry and care sector. This research will help you identify potential opportunities and challenges that your venture will bring. This should include demands for services in your desired area, competition, and regulatory requirements with the Care Quality Commission (CQC). Look at what other franchisors are offering and the opportunities they present and compare different brands across the UK. As well as brand reputation, you should also look at fees, what ongoing support is provided, training support and how profitable this type of business could be in the long run. Make sure you download a franchisors prospectus to inform yourself of not only their business model, but their ethos and values. Do they align with yours, do you relate to their mission and agree with what they stand for?
What are the financing options?
If your business plan is robust, your return projections look good, and you have a sensible and stable franchise plan, most lenders will be willing to engage in discussions regarding your financing requirements. Banks recognise the success of franchising in creating profitable, sustainable businesses, they are often willing to lend between 50 and 70 per cent of the total investment required.
Another option is to look at a Start Up Loan from the UK Government. It’s a popular option and if you’re eligible, can borrow up to £25,000 and the loans are charged at a fixed interest rate of 6% per year, and repayment is over 1-5 years.
What are the legal requirements?
Various legal requirements will apply when you start your homecare business, to ensure the safety and well-being, and rights of clients and employees. You will also need to register your business with the appropriate regulatory bodies, such as the Care Quality Commission (CQC) in England.
Your staff will need to have the appropriate qualifications and you’ll need to obtain a DBS check on each member of the team who are providing care.
Health and safety is also another important requirement for both employees and clients including risk assessments, safety protocol, manual lifting and other necessary requirements. You’ll need to consider the laws around data protection and GDPR and adhere to them to safeguard the confidentiality of clients and how you handle and store their information.
Quality assurance is also really important as you will need to implement quality assurance measures to monitor and improve the quality of care you provide. This may involve conducting regular audits, client satisfaction surveys, and performance reviews.
Legal contracts and agreements should also be included in this as you’ll be preparing documents for both clients and staff that will outline their employment and service provision. Financial Management: Maintain accurate financial records and comply with accounting standards and tax regulations. Ensure that your business operates transparently and ethically in its financial dealings.
It’s essential to consult with legal advisors and industry experts to ensure full compliance with all applicable legal requirements when starting a homecare business. Additionally, staying informed about changes in regulations and best practices will help you maintain compliant and provide an ongoing and high-quality service to your clients.
Operational set up
This will be the framework of your business and will involve several key steps to ensure the efficient and effective delivery of care services to clients. It essentially spells out your roadmap, goals and how you’re going to achieve them. Here are the things you need to think about:
What are your goals? Have some clearly defined markers and objectives that are realistic and achievable. Build an action plan with timelines and the ability to track your progress. Allocate resources that are needed to implement your action plan like HR, software and equipment and budget these. Identify potential risks and challenges you may be faced with that could impact your roadmap. You will also want to consider how you’re going to communicate this among potential team members. Monitor, track and evaluate procedures and implement strategies for the operational plan that include roles and responsibilities, training requirements and adhering to regulations.
How we help you open a homecare franchise with GoodOaks
Becoming a GoodOaks Franchise Partner will not only give you access to an inspiring network of compassionate, supportive entrepreneurs; we also provide you with the technology and systems to kick start, build, lead and grow your business year on year.
What’s included? Everything you need and more. Not only do we offer an extremely competitive joining fee, we guide you through every step of the journey.
Contact us today on 01202 786415
