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Are you looking to buy a care business in the next 6 months?
A lot of canny investors want to own a business in the care sector, which is no surprise. Demand for quality care services in the UK is astronomical, and it’s growing all the time. If it’s done right, a care business can be both a highly lucrative venture, and one that has a positive impact on local communities.
For the right kind of person, it really is a no brainer!
However, starting a care business from scratch is really not easy, so many people prefer to buy a business which is already established but still has huge potential for growth.
The pros and cons of buying a care business vs starting your own
Buying out an existing brand means a higher initial outlay, of course, but it also usually means getting a head start in a highly competitive and strictly regulated industry. There’s usually a good level of brand recognition built in, and an established customer base, and you can usually expect to see a return on your investment much more quickly.
However, in the care industry, that’s not always the case. Most clients in this sector will be a mix of private and publicly funded service users, and this work can come and go very easily – especially if you’re dealing with a local authority. Sometimes the only sure way is to take the time to build those key relationships yourself, rather than jumping in and expecting the same results straightaway.
When you have a considerable debt or cashflow need from your increased investment, that can be a very difficult challenge to overcome.
Also, it can also take a great deal of time to fully understand every aspect of what you have acquired, exactly how it works, and how you can build on it. It’s like buying a house – it’s going to be a few years until you know exactly where everything is and how you can make it 100% your own. Only the equivalent of not knowing what that mysterious light switch does could end up costing you a great deal of money or lost business!
Starting your own care business from scratch, on the other hand, means you know every nut and bolt because you’ve built it yourself. It might take longer to build, but you know exactly what is happening at every level.
When you balance the pros and cons like this, it can be hard to be certain which is the best option.
However, there is a third way which can give you the best of both worlds: franchising.
By partnering with an established franchise like Acacia Homecare, you can enjoy all of the benefits that come with both buying your own business, and building one from the ground up:
- A proven business model which acts as a blueprint for rapid growth, giving you an unbeatable head start
- Having a team of experts already on hand, rather than having to train or hire them
- Deep level involvement in every aspect of your new business, and no inherited problems
- Full control and independence, but with all the advantages of being part of a larger infrastructure
- Significantly lower overheads and investment, but just as strong potential returns
- The agility of a new business, but with the immediate recognition of being part of an established brand
Unless you work within a specific sector of the business world, it is possible you only have a passing familiarity with the concept of franchising as a route to success, so why don’t we discuss it some more?
As someone who has spent many years working with high performing franchises like Acacia Homecare, I can help you understand why it is such an appealing alternative to both starting from scratch, and to buying an established business – especially in the care sector.
