According to the "Private Duty Benchmarking and State of the Industry Report," the typical successful independent home care agency three to five years old generates just over $2,000,000 in revenue and generates over $270,000 in owner compensation.” Conversely, the typical franchise company of two to four years old generates $1,100,000 in revenue and earns $182,000 in owner compensation.
You do NOT need to invest in a franchise to be successful in the home care industry. Leveraging a “Controlled Growth Strategy” starting with a select number of caregivers and build your clientele one customer at a time.
More than 8,000 Americans turn 65 years old every day. According to the Health and Human Services, our senior population will reach 72 million by the year 2025.
The average annual nursing facility cost is between $75,000 and $95,000. Home care costs range from $10,000 and $35,000 per year - a much preferred financial solution.
Approximately 90% of seniors wish to remain at home. Because home care options are more affordable, the demand for home care continues to increase.
Dear friend and fellow entrepreneur,
As founder of the United Medical Transportation Providers Group and author of the best-selling resources "How to Build a Million Dollar Home Care Agency" and "How to Build a Million Dollar Medical Transportation Company" I have been privileged and honored to work with countless client-providers across the country who are building and growing profitable home care agencies and medical transportation services. Now, I would like to share with you this great opportunity.
Our rapidly growing elderly population continues to create profitable opportunities for entrepreneurs offering support services to our seasoned seniors. If you have a heart of compassion and a desire to start a profitable business, one with increasing demand and sustainability, requiring limited startup capital or asset acquisition, then I would encourage you to consider starting a non-medical home care agency.
Often referred to as "Companion Care" or "non-medical home care," we often refer to it as "personal home care" because of the measured degree of personal assistance offered to the client along with various household chores and assistance such as cleaning, shopping, meal preparation, laundry, transportation and more.
Although these services are not complicated, for many seniors, these basic chores are essential and sometimes the difference between remaining at home versus having to enter a more expensive care facility.
As one of the fastest growing niche markets, the home care industry remains one of the fastest growing emerging industries. What makes Joel's home care manual so unique, different from any other resource, is "How to Build a Million Dollar Home Care Agency" has been prepared from a medical transportation perspective. More specifically, Joel is going to share how to leverage both a non-medical home care agency and a non-emergency transportation business to increase your overall profitability, efficiency and wealth-generating opportunities.
Building a home care agency in conjunction with a medical transportation business affords you dynamic service capabilities which will allow you to become a fixture within your community. Such integrated services allow you to make money 24 hours a day, seven days a week!
No other resource offers details and insight on integrating both your home care agency and medical transportation service. If you already own a medical transportation business you already have infrastructure, resources, contracts, contacts and cross-marketing opportunities to leverage. With a medical transportation business, you don't just have a "warm market," you have an extremely "HOT market" - clientele to market your home care agency and provide continued service.
If you're not currently operating a medical transportation business, not a problem! "How to Build a Million Dollar Home Care Agency" is going to show you how to be successful with your home care agency.
By consolidating your home care agency with a medical transportation business you can significantly increase your profits earning potential which has four key benefits:
1. With dual income you are generating more money which, obviously, increases cash flow -the lifeblood of your business
2. By leveraging key resources you should be saving more money. The easiest way to make money is to save money. By operating both businesses out of the same office with shared resources you will save on many overhead expenditures
3. Saving money leads to an increase in net worth making your business much more attractive to potential buyers in a future sale. Prospective buyers are looking for profit-generating business models, bottom line. You want to be able to demonstrate healthy margins and strong savings
4. Your consolidation of resources and increased net worth will far exceed industry standards - further enticing prospective buyers. When you can literally illustrate you're generating healthy profits, you have increased net worth, and you exceed industry standards, your selling price dramatically increases!
Another attractive aspect in starting a non-medical home care agency is that, as of this production, only 28 states have some form of application or registration requirement for personal home care agencies - making licensing and registration very convenient. The remaining 22 states require no formal licensing or registration - meaning you can literally start laying the foundation for your agency tomorrow (And yes, How to Build a Million Dollar Home Care Agency provides a list of states that have licensing requirements and contact numbers to request applications)!
Also, because personal home care agencies do not provide direct medical assistance, therapy or treatment, caregivers do not need to be nurses or therapists. This makes finding caregivers even easier. More good news - How to Build a Million Dollar Home Care Agency is going to share exactly how to find, train and retain your caregivers.
When you consider the growing elderly population and their need for support services, coupled with technologies and increased ambulatory and outpatient care, entrepreneurial opportunities become obvious.
Starting a home care agency require limited startup capital because its not an asset-heavy business. If you're serious about starting a business that isn't overhead intensive, a business with longevity, and one with profitable opportunities, then invest in Joel's manual.
When you do, we're going to rush deliver your copy of How to Build a Million Dollar Home Care Agency via priority mail with the US Postal Service to your door!
Dear Joel, it is a pleasure to read and study your manual. I have had the opportunity to work on both sides of the spectrum of the health care industry as a CNA2 and also an Office Manager of a large nursing staffing agency which founded in Greensboro, NC. I am VERY impressed with the knowledge and insight which is given in your manual. I see the industry from your perspective and know-how with a nursing staffing office. I can see the vision you have as a mentor for the home care business and find it to be very knowledgeable. I look forward to helping Mr. Charles turn his business into a profitable company using the knowledge from your resources. I feel honored to be a part of his business and watch it grow from the ground up. Thank you very much for your time and your knowledge. If everyone grasps hold of the concepts laid in front of them their business will have no choice but to grow!
Joel's "How to Build a Million Dollar Home Care Agency" is a physical manual that will be delivered via priority mail with the US Postal Service.
Save $80 when you invest in Joel's home care manual and home care business plan together. Click here to learn more about the Million Dollar Home Care Business Plan.
I am writing to request copies of the various forms in Word format as you mention in your home care manual. I want to also tell you how excited we are about this opportunity and express our appreciation for all that you do.
We are in our second year with our transportation business and have actually been thinking about expanding into the home care business. We see the need but never really acted on our thoughts because we have been busy. But when you mentioned the release of your new manual we knew the time was right because we know how serious you are.
We are very excited about this opportunity and thank you very much for sharing everything. My wife and I were discussing how you have the distinct gift of expressing things very directly and easy to understand. After studying your manual we "get it!" The opportunities are outstanding and with gas prices increasing your plan to use [deleted] to compliment our transportation service and use [deleted] to advertise and cut cost is brilliant! It is amazing how much you don't know or even think of until someone else brings it to your attention. As you mentioned in one of your videos what you don't know can hurt you.
Thank you again, Joel. We will be starting our home care agency very soon and look forward to meeting you at your seminar. Thanks again for everything that you do and share.
We will see you at the top!
Kevin and Kristina Mooney
By Tom Sightings, U.S. News & World Report
As people age, they spend differently than when they were younger. Knowing which industries will benefit could help you grow your nest egg.
In the year 2000, approximately 2.5 million Americans turned 65. This year, more than 3.5 million Americans will pass that milestone. And the number of people joining the ranks of the elderly will keep increasing, at least for the next 20 years, as more and more baby boomers hit their 60s, 70s and 80s. By 2030, the over-65 crowd will expand to 72 million people, up from 40 million in 2010.
The increasing numbers of recent retirees, along with the hordes waiting at the gates, give politicians headaches as they try to figure out how to finance Social Security and pay the health care bills covered by Medicare.
But for those of us looking to invest in the American economy, this burgeoning population means an increasingly lucrative market for products and services focused on the elderly. By the time they're done, some 78 million baby boomers will have survived millions of hip replacements and heart transplants, swallowed trillions of Advil and Viagra pills, and consumed billions of boxes of bran and packages of prunes.
Despite the faltering economy of the past five years, American seniors are richer than ever, in large part because more older people, especially older women, are working than in previous decades. According to a 2012 report from the Federal Agency Forum, the number of senior citizens living in poverty has declined from 15% to 9% since the mid-1970s, while the proportion of older Americans enjoying a "high income" increased from 18% to 31%.
So even while the burgeoning number of retirees will strain government resources, they will provide enormous moneymaking opportunities for public companies. These people will travel. They will move to warmer and friendlier climates. Many will manage their individual retirement accounts and 401k's through financial institutions. They will buy long-term care insurance, pay rent to senior citizen facilities and drop an average of $8,000 per funeral.
At least one financial firm -- JPMorgan -- has taken the trend seriously enough to create an "Aging Population Index" of stocks expected to profit from baby boomers. The list comprises more than a dozen individual companies, from drugmaker Celgene to hotel chain Wyndham Worldwide. These stocks may or may not be good investments. Unless you read their balance sheets and income statements and know something of their plans, how would you know?
The smart way to invest in baby boomers is to identify a trend, then let a reputable expert pick the specific companies that will likely benefit from those prevailing winds. Here are three ideas: But with 78 million baby boomers retiring, can you be wrong?
It doesn't take hard-won experience to realize that older people use more medical products than younger people do. The average 70-year-old gulps about three times more prescription drugs than the typical 40-year-old. Vanguard offers the mutual fund Vanguard Health Care (VGHCX), managed by Jean Hynes, that provides intelligent and low-cost exposure to the industry. Fidelity has its FidelitySelect Pharmaceuticals (FPHAX) and FidelitySelect Biotechnology Portfolio (FBIOX) funds, the latter helmed by Rajiv Kaul. There are also several medical care exchange-traded funds, including Vanguard Health Care (VHT).
Finance and insurance
Retirees are increasingly responsible for their own savings, income and financial futures. Money managers are developing more and more products to meet this need, including annuities, reverse mortgages and other asset management tools. But again, are you in a position to know whether JPMorgan or Morgan Stanley is the better investment (or even know the difference between the two)? Vanguard has an ETF, called Vanguard Financials (VFH), that invests in more than 400 financial stocks. Schwab also has a financial mutual fund; the Burnham Financial Services (BURKX) fund is another possibility.
Older people may not buy that many jeans or video games, but they do purchase personal care products, including wrinkle creams, special cleansers and adult diapers. Vanguard offers an ETF called Vanguard Consumer Staples (VDC). The Rydex Consumer Products Fund (RYPDX) is another choice. These funds invest in companies like Procter & Gamble, which cooks up the fiber supplement Metamucil, and Kimberly-Clark, which deals out Depends. There's no guarantee that investing in any of these funds will produce better results than putting your retirement savings in a low-cost index fund. But with 78 million baby boomers retiring, can you be wrong?