We've brought together a team of educators and home care experts to answer the burning questions that you and every home care owner will ask at some point.
Ilya Vakhutinsky Careswitch CEO, home health aide's son, Forbes 30 Under 30, caregiver advocate
Connor Kunz VP @Careswitch, former head of education @ Home Care Pulse, scaled a service business 7 figures in 3 years
Jeff Wiberg President of the Home Care Association of America board and CEO of Family Resource Home Care
Connor Kunz VP @Careswitch, former head of education @ Home Care Pulse, scaled a service business 7 figures in 3 years
Rachel Gartner Former home care recruiter who was so successful that she founded her own recruitment firm (Carework)
It's actually crazy how much estimates on this vary; however, the general number sits around $60k for the initial capital investment.
To give you an accurate idea of what to expect, I've pulled together as many estimates as I could find as well as my own experience working with home care agencies.
Here are some estimates:
Kenyon Home Care Consulting: $60k average
Home Care How-To: $45k minimum to start an independent agency or $35-48k for a franchisee license plus most of the cost of starting an independent agency.
SeniorServiceBusiness.com: $900 if you're willing to do things extremely cheaply and take the absolute lowest-cost options in every instance.
(In my opinion, this number is inaccurate because you'll quickly to have to add other overhead and infrastructure, but it's useful as a reminder that there are low-cost options everywhere to get started.)
Home Care Pulse: $60k for your first six months of operation