India has seen a massive hike in life expectancy in recent years. As per National Health Profile 2019, it had increased from 49.7 in 1970-75 to 68.7 in 2012-16.
The life expectancy of females stands at 70.2 and males at 67.4 years. The improved health facility has helped seniors to live more extended periods. Besides, female workforce participation has been growing rapidly in India recently.
So, many parents are forced to hire a caregiver to look after their kids. Seniors are more willing to stay at home rather than going to old-age homes.
So, you can imagine how the caregiver business in India is growing and is expected to witness unprecedented growth in the near future.
As the owner of a caregiver agency, you will have to provide an honest, efficient employee to your customer to look after either seniors or children.
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Caregiver business involves bathing, dressing, grooming, toileting, feeding, being a good companion. Even a caregiver may have to perform some household chores also.
Scope and Future
TRIBECA CARE PVT LTD, a caregiver agency in India, launched in 2013, has been a source of inspiration for you. At present, its market share is 4.55 CR, and it has already paid 1.66 CR to its employees.
Another caregiver agency, CARE CONTINUUM, has a market share of 5000000 and paid-up capital is 3000000. So you can easily perceive the future of this business.
In India, fees for caregiving depends on many factors. The cost for caregiving may vary depending on time, quality of the task, etc.
You can expect 10k to 20k per person per month. Then you will have to pay your employees. At last, you can make a profit of 10 to 15% per employee.
Steps To Get Started
Before plunging into the caregiver business, you will have to prepare a blueprint. It involves market research, choosing a location, estimating capital investment, marketing and promoting, getting a license, etc.
Market research
Market research is very crucial in the caregiver business. You will have to research the needs of your customers. You have to find out the loopholes of your competitors and make policy accordingly. You have to research the existing cost of your competitors and analyze your service cost.
Location
Finding a location is another important step in the caregiver business. You will have to find a location in the metro or urban area where there is a huge possibility of getting regular customers.
Getting license
Getting a license in the caregiver business is mandatory, as it is highly related to security and privacy. Get your business registered by the concerned state authority. You may have to approach to municipality or corporation for local permission.
GST registration
Know about your tax file. You can take advice from some tax experts to get your business registered under the GST regime.
Employing caregiver
Initially, you can appoint a few caregivers to start with. Then, when the business grows, you will increase the number of caregivers to expand your business.
You must check the following criteria before giving any new appointment-
- Criminal background
- Previous employment
- Experience in caring for a child
- Empathy for the senior persons
- Honesty
- Efficiency in doing few household activities
Investment
You do not have to invest a large corpus of money in starting a caregiver business in India.
Then all you have to arrange –
- A desktop or laptop with internet
- A finance software like tally
- A separate office room
- Some initial funding to meet the payment of the employees and for marketing service
It can cost you around one lakh to two lakh to get started. With your business growing, you can invest much more.
Marketing and promoting
Unless you do not have any marketing policy, you will not grow in any business.
You can promote your service following the given tips-
- Print some banners and cards and place them in public places.
- Open a website to list your services.
- Create a Facebook page and promote it.
- Open an Instagram account to brand your service
- Offer affiliate links to some reputed sites, though it can cause you to invest a little.
Final words
In the caregiver business, your growth and success depend on the performance of the caregivers you have employed in your customer’s home.
So, if they feel better, your growth in this business will be exponential. But caregivers face some serious issues in their job place.
These are-
- Emotional and physical stress
- Depression and isolation
- Insufficient sleep
- Lack of privacy
- Feeling ashamed to ask for help
- Financial strain
- Having no time to enjoy life in their way
So you have to keep a strong vigil whether your employee is overworked. There will be healthy coordination between your office and your customer.
Let caregivers some spare time so that they can live in their way. Do not underpay them. Train them periodically to get more productive.