Do you want to know how much money non medical home care businesses make yearly? If YES, here are 6 factors that determine the income & profit margin for non medical home care businesses. In order to have an idea of the amount Non Medical Home Care is expected to make daily, weekly, monthly or yearly, you should clearly define the service offerings of a Non Medical Home Care – business.
Residents of non-medical home care facilities are people who don’t have need for medical care; it is basically designed for elderly people, and people with one form of disability or the other.
As a matter of fact, some non-medical home care facilities are funded as transitional homes to prepare for independent living (in an apartment or return to family or marriage and employment), and others are viewed as permanent community homes. Society may prevent people with significant needs from living in local communities.
Interestingly, there is no one mold-fits-all when it comes to how much non – medical home care facilities are expected to make. There are some factors that we are going to look into before giving an estimate of how much an average non – medical home care facility can make yearly and these factors are;
How Much Do Non Medical Home Care Businesses Make Yearly
Table of Content
- 1. The Capacity of the Non Medical Home Care – Business
- 2. The Location the Non Medical Home Care Facility is Covering
- 3. The Management Style of the Non – Medical Home Care Facility
- 4. The Business Approach of the Non – Medical Home Care Facility Business
- 5. The Advertising and Marketing Strategies Adopted by the Non – Medical Home Care Facility
- 6. The Number of Years the Non – Medical Home Care Facility is in Business
1. The Capacity of the Non Medical Home Care – Business
You will agree that no one can conveniently state the amount a non – medical home care facility is expected to make yearly if you do not know the size of the facility and the number of visitors and staff members the facility can accommodate per time.
As expected, a non – medical home that operates from a small facility is expected to make far less than a non – medical home that operates from a standard and well – equipped facility that is specifically designed for both high and middle-class people. As a matter of fact, you can not equate a non – medical home care facility that is just starting out in business with a well-established and well-experienced facility that offers robust service.
We must not rule out the fact that the location the Non – medical home care facility is covering is a major factor that will determine the amount the company is expected to earn monthly. The truth is that; you will struggle to make good money as a Non – medical home care facility if you locate the business in an area filled with low income earners or in an area filled with healthy and young families.
If you locate your facility close to a highbrow area or an area with loads of elderly people and medical facilities, you are likely going to make good returns from the business.
3. The Management Style of the Non – Medical Home Care Facility
Another key factor that will determine the amount a Non – medical home care facility is expected to make yearly is the management style of the facility. Trust me, the results you will get when you have a good manager with eyes for top-notch customer services will definitely be far different from a Non – medical home care facility with poor manager. The idea is that a good manager will not just retain their old customers, they will also keep getting new customers especially through recommendations.
There are different business approaches that a Non – medical home care facility can choose from and no doubt it will greatly influence the amount they are expected to make monthly and yearly. Of course, we know that Non – medical home care facility may decide that they want to work alone and do their marketing alone and they can also decide to partner with other businesses that will recommend clients to them.
It is easier to find Non – medical home care facilities that offers robust services partnering with associations for the elderly, disable, hospitals, clinics and other key players such as government agencies et al. In essence, a well – organized Non – medical home care facility that work with others will surely make more money than a solo facility.
Another key factor that will determine the amount a Non – medical home care facility can make yearly is the advertising and marketing strategies adopted by the management of the business. Trust me, there are several advertising and marketing strategies that can help a business increase their earnings, but you may be expected to spend more.
But the results you will make will far outweigh the amount you spent on advertising and marketing. Of course, you don’t expect a Non – medical home care facility that is engaging in aggressive advertising and marketing to make same amount yearly with a Non – medical home care facility that is passive with its advertising and marketing.
6. The Number of Years the Non – Medical Home Care Facility is in Business
Lastly, another key factor that will determine the amount a Non – medical home care facility is expected to make on a yearly basis is the number of years the facility is in the industry. In business, the number of years you are in existence will go a long way to determine the amount you will make especially if the business is well – managed.
This is so because over the years, you would have been able to gain the trust of your customers and it will be easier for you to always have them coming back and also recommending clients to you.
For example, in your first fiscal year (FY1) you might make two hundred and twenty thousand dollars ($220,000), in your second fiscal year (FY2) you might make two hundred and fifty thousand dollars ($250,000) and in your third fiscal year (FY3) you might make three hundred and fifty thousand dollars ($350,000).
Statistics has it that in the United States of America alone, there are about 386,384 licensed and registered Non – Medical Home Care Facilities responsible for employing about 1,737,543 employees and the industry rakes in a whooping sum of $84bn annually with an annual growth rate projected at 4.0 percent. It is important to state that there are no company with dominant market share in this industry.