Senior Care Business Demand Growing
Opportunity in the senior care business market has never been greater. Now is the time to purchase or start a senior care business to answer the increasing need for in-home services by America’s fast-growing senior citizen population.
America’s population of people age 65 and older will double to 89 million by 2050, according to the U.S. Census, which also reports that by 2050 seniors will make up 19% of the overall U.S. population—up from 13% today.
At the same time, seniors, more than ever, are choosing to continue to live in their own homes as they age. They prefer the comfort, familiarity and freedom of home and their neighborhood over senior care facilities, such as nursing homes and assisted living communities.
This is the ideal time to start a senior care business, particularly one that provides in-home caregiving. While they want to maintain a certain amount of freedom living in their own home, seniors will eventually need some degree of assistance performing the activities of daily living (ADLs).
Their adult children want the peace of mind that their aging parents will not only be happy living at home, but also safe and secure. A senior care business, which provides professional in-home caregivers, provides this kind of security. Additionally, senior safety technology solutions can work in tandem with in-home caregivers. Technology like Personal Emergency Response (PERs) units serve as virtual caregivers for seniors who may not be ready to have caregivers in their homes.
Usually, family members and professional in-home caregivers share caregiving responsibilities. In the case of families that live far from their loved one, the elder care business caregiver provides the majority of care. Families that live nearby typically accept more of the caregiving responsibility, but appreciate the availability of a professional caregiver who can step in to support them and provide needed respite care.
With the expanding senior care market, a home care franchise offers great potential for growth and financial security. But more than that, a senior care business provides the rewarding feeling that comes from offering a service that enriches the lives of people – in this case, seniors and their loved ones.
Experience in senior care is not a prerequisite for ownership of a senior care franchise, in most cases. What it does call for is business management and marketing skills as well as a gift for recruiting and selecting qualified caregivers who have a sincere desire and gift for helping the elderly.
Through a senior care business that specializes in home care, you will provide a wide variety of services that can be tailored to meet each senior’s and family’s needs, including personal care services, homemaking services and companionship care.