A Senior Care Franchise Offers Satisfying, Profitable Opportunity
As America’s senior population grows in number, lives longer on average and enjoys better health, the senior care franchise market has become one of the most promising segments in all of business franchising.
By 2030, the 65+ population in the US is expected to double to 71 million, which will account for about 20 percent of the total population. US life expectancy has reached 78 years. And the fastest growing population segment is 85 and up.
The 70-million-plus baby boomer generation, which just began reaching retirement age in 2011, is driving the growth and opportunity in the senior care franchise market. There are now more than 100 home care franchises in the US, and there appears to be more than enough opportunity for them in the midst of the greying of the American population.
Living longer and healthier, more American seniors are now choosing to age at home rather than in a facility such as assisted living or a nursing home. Yet, as adult children often move away and are not as readily available to help their aging parents on a daily basis, more seniors are needing the assistance of a professional home care provider.
These situations create the perfect opportunity for business-minded individuals who have a passion for helping seniors maintain a high quality of independent living in their own homes. A senior care franchise offers such individuals a more convenient, ready-made way to enter the home care field.
A senior care franchise comes with the benefit of a proven business model that has been successfully replicated in other markets. Franchisors provide franchisees support in launching the new business as well as ongoing marketing, advertising and consultative support.
In addition, the owner of a senior care franchise benefits from the name recognition and reputation already developed by the parent company, as well as standard operating procedures – from care standards to hiring criteria – developed by the franchisor to help assure successful replication of the formula in other markets.
A senior care franchise saves the new elder care provider from much of the trial and error that goes into developing and opening a new business and allows the owner to begin benefitting seniors and families that much sooner.