When looking to become an entrepreneur or franchisee, most people think about taking on a popular fitness facility or a fast food franchise. But nowadays, more and more people are taking on in-home care franchises. This option allows those individuals who possess the ‘caring gene’ and who want to make a meaningful difference, to seize this opportunity to participate in the ever-growing senior care market.
When it comes to America’s elderly, living in a nursing home is an option and a trend that’s fading quickly. There are now an abundance of new options for those unable to live independently, and for franchises looking to provide solutions in the elderly and home care industry, the rewards are enormous. According to census data compiled by Home Instead Senior Care, an estimated 36.8 million people, or 12.4% of the U.S. population, are 65 and older.
Fulfilling this crucial need for assisted independent living are several senior care franchise networks. More than 3,700 franchised locations representing 60 different senior care brands are on track to produce approximately $6.3 billion in revenue. And it is projected to grow over the next five years to $7.8 billion.
The senior population demographics are exploding, which signifies that this is the right time to consider “the next big thing,” which is supplementing the daily needs of the aging baby boomers, notes Jeff Krueger, CEO and founder of SAFE HOMECARE, which provides non-medical, in-home care and companionship services that make a significant difference in the lives of seniors. With its first location in Tulsa, SAFE HOMECARE’S first year’s revenue was close to $1.5 million.
Most home-healthcare franchises cost $150,000 or less to start up. Why is in-home healthcare franchising on the rise? Here’s a quick snapshot of the unique opportunity in this fast-growing sector:
Growing demand. “It may be hard to believe, but the demographic reality is that someone in the U.S will be turning 65 years of age every 11 seconds for the next 20 years,” says Krueger. Demand is forecast to grow sharply, thanks to the aging of baby boomers. The number of people over age 60 is set to triple to 2 billion by 2050, the U.N. estimates.
Help with red tape. National, state and local laws are constantly forming in this industry, allowing the industry to grow. For example, a recent law passed letting people use life insurance policies to help pay for in-home care. This lets more and more people “age in place” and not leave their homes.
You Make a Difference. Helping seniors stay in their own homes affordably is more than a business — it’s a great thing to do for the soul. There is no doubt that people feel great after doing this type of work and making such a big difference in the lives of so many baby boomers and their families.