It is estimated that as of 2020, there are some 73 million people over the age of 65. They are the so-called baby boomers – people born between 1946 and 1964. In 2030, all of them will be older than 65 years, thus making the baby boomer as the number 2 largest age group in the world.
Putting this into perspective, business-savvy individuals who are thinking about a sensible business venture should strongly consider something that deals with senior care. Now, one promising avenue that you must try is an in-home care franchise business, which is a franchise that caters to the needs of seniors in their own homes. Such a franchise opportunity offers an array of benefits to franchisees.
You must consider getting a senior home care franchise for the following reasons:
Stable client base
As you may have deduced from the figures listed above, there are millions of baby boomers out there who need professional care inside their homes. By investing in a home care franchise that caters to this segment of the society, you can enjoy a steady client base that will bring equally steady cash flow into your business.
Unlike other franchise opportunities that require lengthy training, huge capital outlay, and complex documentation, senior home care franchises can be operational in a few weeks. You will typically be required to undergo a quick training, obtain the necessary certification, and secure a few documents like a business license. Once done, you can begin serving seniors and giving them the care that they need in their own homes.
Opportunity to help
Senior home care franchises are unique in a way that they are not purely focused on making profits off of clients. Instead, they are designed to ensure that seniors who can’t perform daily chores like taking care of pets, personal grooming, meal preparation, and taking medications will have a reliable person to turn to for help. For many franchisees, it’s essentially doing business while making a positive impact on the lives of the senior clients.
Excellent growth opportunity
One exciting thing about getting a senior home care franchise is the immense opportunities for growth that franchisees can enjoy. In the past years, the number of senior home care franchises saw a 9.1% annual growth, which is projected to continue until 2022 and even beyond. The industry employs some 350,000 workers scattered across 680,000 locations. In the U.S, alone, the industry is valued at a whopping $400 billion – easily one of the nation’s most lucrative industries. So, if you want a business that has tremendous potential for continued growth, then this is one worth considering.
Great support from co-franchisees and franchise owners
The senior home care franchise industry is much like a tightly-knit family in which everyone looks after one another. With this, you can enjoy assistance from fellow franchisees and franchise owners. This on-hand support will surely help you grow, handle potential problems, and learn best practices that will keep your business thriving even during hard times.
Just make sure that you’re only getting a franchise from a reputable franchise owner. This way, you can be sure that you’ll enjoy the benefits that senior home care franchisees get out of their business venture.