While working in the health care industry is intrinsically rewarding, the profession rarely offers an opportunity for financial return. Nursing wages are historically low and the cost of going out on your own is astronomical, but Aussie success story HomeCaring is flipping the switch.
Through an innovative joint venture partnership model, HomeCaring is providing aspiring entrepreneurs with an avenue to launch their own business in the booming aged care and health sector.
The franchise has significantly reduced the barrier to entry for franchisees, implementing a low-cost 50-50 initial investment model. When a prospective franchisee signs on to the HomeCaring business, they are only required to pay half of the initial investment, with the franchisor committing the remaining 50 per cent.
Once the business reaches profitability, the franchisee then shares 50 per cent of the profits with the franchisor, completing a full-scale partnership.
Bill Lockett, HomeCaring franchise manager said the model was introduced to help prospective franchisees get into business for less, without compromising on support or structure.
“In a number of cases, we were looking at health professionals and registered nurses working within the health system who perhaps wouldn’t have been able to save the capital needed to purchase a franchise,” he said.
“As a direct response, we set up a partnership arrangement, whereby both the franchisor and franchisee would provide 50 per cent investment. 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.”
The response has been outstanding. Since the model launched 18 months ago, HomeCaring has secured over 15 franchisees across the country.
HomeCaring franchisee success
Campbelltown-based partner and registered nurse Claire Zhang was inspired to join the HomeCaring business after measuring the opportunity against others in the sector.
“I was comparing HomeCaring’s advertisement with other companies that offered a similar business opportunity but I found HomeCaring had a far more reasonable and detailed plan,” she said.
In addition to the lower investment model, Zhang was surprised to note the company also offered a guaranteed $80,000 salary for franchisees, but she still had questions. An in-depth meeting with Lockett and HomeCaring founder Jon Kontopos helped to confirm that this was indeed the opportunity she had been waiting for.
“I was always interested in business and wanted to be a business owner. However, I never thought my nursing career would help with owning a business,” she said.
“I really felt Jon has a level of confidence in this business to offer a stable income for all the franchisees, and once I started running HomeCaring Campbelltown, I realised my past experience actually helped a lot. Not only my clinical knowledge and skill, but also skills in leadership and management.”
In the months that passed, Zhang has built her HomeCaring franchise to become one of the network’s most diverse and popular, but she isn’t alone in her success.
Australia’s aged care boom
Australia’s ageing population is continuing to drive demand for in-home and aged care service providers. Couple that with an increase in funding to the National Disability Insurance Scheme, and the care industry has emerged as a highly profitable avenue for success.
Lockett said the trend is seeing more health care professionals look to transition out of the public sector, which is ideal for the HomeCaring business.
“We’re looking for health professionals who may be fed up with shift work, who want a five-day week, with a passion for helping people in their local community,” he said.
“It’s a role that suits someone who has the ability to relate to people and is particularly comfortable in their language. The industry is growing so rapidly, the number of ageing people is multiplying with Australians living longer and the amount of disabled people still yet to receive their packages is extremely high.”
If you are looking to break into business for yourself, join the team at the forefront of the booming health care sector. HomeCaring provides ongoing support, training and mentorship throughout the life of your franchise. Visit Homecaring Franchise and make an enquiry today!