Market research helps you find customers for your business by researching consumer needs, behaviors and economic trends to confirm the need for your business idea. Taking this important first step reduces risks while you are considering a new business start-up and developing your business plan.
A detailed research on business relevant demographic information gives you a good sense of the need/market in your area. The Small Business Association (SBA) suggests answering these questions during your research:
Visit https://www.sba.gov to learn more about their suggestion on market research.
Know who your competition is! Competitive analysis gives you knowledge of other’s in your potential industry and consumer space. Basically, it helps you investigate competitors offering the same or similar services or products that you are proposing to do in your new business start-up. Here are some of the questions you should answer during your analysis:
Visit https://www.businessnewsdaily.com/5446-porters-five-forces.html to learn more techniques for successful market research and competitive analysis.
The senior care service market is one of the fastest growing industries in our economy, with 10,000 people turning 65 each day the need for care is overwhelming.
Visit https://www.businessinsider.com/senior-care-market-trends for more information.
Most franchised businesses in the senior care field are non-medical home care agencies. This market is filled with many competitors and in my mind saturated with service providers offering the same type of options. In addition to a saturated market, non-medical home care business owners face additional challenges such as:
Elder-Well™ Adult Day Program has launched a new and innovated franchise opportunity. Our program is the first of its kind to offer an adult day care service business that disrupts the way services are being delivered to aging adults in need of care and companionship during the day.
The Adult Day Care Industry is underdeveloped, with limited competitors and a business structure that eliminates the challenges faced by other types of service providers the benefits of the Elder-Well™ senior care opportunity include:
Please feel free to contact me directly if you are interested in learning more at: firstname.lastname@example.org
Kara Harvey – Founder & CEO
Elder-Well™ Adult Day Program
Disclaimer: Nothing on this website is intended, and shall not be deemed to constitute, an offer to sell a franchise. Franchise offerings are made only by a Franchise Disclosure Document and only in those states where permitted. The Elder-Well Franchise Disclosure Document has not been filed with any franchise registration state.