Top 10 reasons to buy a Senior Care Franchise
Following are 10 reasons to look closely at senior care franchises along with additional facts about in-home senior care.
- Growing need – the population in the US over 65 grows by 10,000 people per day
- Recession resistant – care is a need not a want
- Extensive training – proven franchise systems with decades of growth
- Marketing supports – tried and true methods of marketing
- Multiple revenue streams — choose from: assisted living placements, in-home care, residential assisted living homes, non-medical and/or medical assistance.
- Advanced technologies assist in business operations as well as care.
- High revenue to investment ratio. Lucrative business model.
- Scalable models by adding territories or become an area developer
- Owner/operator executive models, semi-absentee or passive ownership options
- This is a caring business. people want to age in their homes – you are doing good for others
- BONUS: Multiple franchise options from emerging brands to brands with decades of experience.
Senior Care: A Constant, Growing Need
The previous paragraph outlines the top 10 reasons to buy a senior care franchise.
The facts are that the senior population will soon double! It is projected that by 2060 nearly 100 million Americans will be 65 or older. This is more than doubling the senior population over 40 years. By 2060, one out of 4 Americans will be classified as elderly.
Studies conducted by the National Council on Aging (NCOA), suggest that roughly 80 percent of aging adults have at least one chronic disease. According to the NCOA, “Chronic diseases can affect a person’s ability to perform important activities, restricting their engagement in life and their enjoyment of family and friends.”
The home care market is expected to grow to $225 billion by 2024
Due to this aging population, the home care market is expected to grow to $225 billion by 2024 (Businessinsider, 2019) And, 7% of adults aged 65 and over need help with personal care from other people (Tableau, 2019)
With the senior demographic growing, there is an ever-increasing need for services that can assist aging adults. In-home care has become an option for seniors and other adults who require special care have a need for this type of service. Mothers of newborns, those recovering from major surgery, and those with special needs can also benefit from in-home care.
In-home senior-care agencies have flourished
To meet these needs, in-home senior-care agencies have formed and flourished over decades. “In-home” allows care to be administered inside the home of the patient, as opposed to the patient moving into an assisted-care facility. An assisted-care facility places a burden, both emotionally and financially, on the patient and their families.
Much of the success of this business segment has been derived from the various franchise models that have come to define the industry. A successful franchisor will understand that providing a high-level of support to the franchisee in the field is crucial.
Also, keep in mind, that this type of service usually requires some level of licensure. Each state has requirements for home-health care agencies, and it would be well-advised to understand your state’s requirements prior to starting an agency. Top franchises in this space will assist you with the licensure process, which is a big benefit, as opposed to self-starting a business.
If you are looking for a franchise that helps others, allows you to motivate and lead a team of compassionate caregivers while having the potential for providing for you and your family, then you should strongly consider a senior care franchise.
Additional Statistics — Senior In-Home Care
- 80% of elderly Americans opted to live in their private homes rather than in institutions or specialized facilities (Census, 2014)
- Around 12 million people in the U.S. receive home care (1800homecare, 2017)
- 44% of home care recipients needed help and assistance with at least one daily activity, 83% need help with bathing and showering (CDC, 2004)
- Most patients received medical/skilled nursing services (75%), personal care (44%) and therapeutic services (37%) (CDC, 2004)
- 70% of home care patients are aged 65 and older (CDC, 2004)
Contact Trish to assist you in your search for a senior care franchise.
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