There are over 1,100 franchise brands in the United States providing a lot of options for a future franchisee.
Some franchise owners decide they want to buy into an industry with which they are familiar and a brand they already know and like. Others make their decision based on the opportunity for growth and long-term profitability.
We believe investing in a senior care franchise is currently one of the best opportunities in franchising.
We’ll explain why, but first, let’s take a broader view of the franchise industry.
A Snapshot View of Franchising in the United States
In 2019, there were 773,603 franchise establishments in the U.S., employing approximately 8.43 million people. The economic output from franchises in the U.S. for 2020 is projected to be over $800 billion and accounts for 3% of U.S. GDP.
Franchise owners and brands are strong, solid contributors to the economy and to providing job opportunities for others.
While those benefits are very important to overall economic health, most people do not consider those reasons when looking into purchasing a franchise. Instead, investors appreciate that a franchise provides:
- No start-up planning- Your business plan, marketing development, and planning work are already in place.
- Brand recognition – In most cases, the name of your business is already known and recognized.
- A replicable system – training programs are already in place for opening, hiring, and operations.
- Increased purchasing power – much of your equipment and materials can be ordered through the franchise at a reduced cost.
- Easier access to financing through the franchise itself.
The key, however, to becoming a very successful franchisee is investing in a brand that is not only established but positioned for growth and profitability.
Why Investing in a Senior Care Franchise is Your Best Choice
As the demographics of our society change, those involved with eldercare – and the seniors themselves - are driving the way the senior population will be cared for and maintain their quality of life. This industry is positioned to grow for the next forty years.
Now is the time to prepare for the future – your future - by investing in the senior care industry. Why?
- An Aging Population. Each day, 10,000 Boomers turn 65. By 2030 the senior population will approach 72 million, more than 20% of the total population, according to Centers for Medicare and Medicaid Services (CMS) and the Census Bureau. By 2060, one in four Americans will be 65 or older.
- Increased Demand and a Desire for Independence. According to a survey by AARP, 86% of the 50 plus population in the U.S. want to stay in their home while aging. Staying in their home offers a better quality of life and is less expensive than nursing home and assisted living options.
- Attention for Alzheimer's and Parkinson Patient Care. Currently, 5.8 million people in the US are living with Alzheimer’s disease. That number is predicted to balloon to 14 million by 2050. Nearly 1 million people have Parkinson’s disease, with 60,000 more being diagnosed each year. In-home care specialists will be needed to care for patients and to show family caregivers how to adequately deal with the progression of these diseases and related safety issues.
- A Fast-Growing Industry. According to Franchise Direct, senior care was a $400 billion industry in 2019, 7.3% more than in 2015, and is predicted to continue to grow at an accelerating rate for through the next decade. The senior care industry is also predicted to fare better than many other franchises during an economic downturn.
- Opportunity to make an impact. Many senior care franchise owners choose senior care because of their own experience with caring for elderly family members. Being able to improve the quality of life for the elderly and giving peace of mind to their families is an ancillary reward of owning a senior care franchise.
Glenn Scharfeld, a Senior Helpers franchisee serving Nature Coast in Florida, was a law enforcement officer before investing in his first Senior Helpers territory in 2011. Along with his wife, Michelle, they have 230 employees serving 230 seniors.
“I was in the business of helping others and wanted to stay in that business. The conversations I had with founders Peter Ross and Tony Bonacuse about being a franchise owner were honest and real. They weren’t looking to ‘sell’ me a franchise – they were looking for the right people to be part of their mission to help seniors. They told me how hard it would be to be an entrepreneur, but they also provided me the tools to succeed. Nine years in, we have become not only caregivers for our clients but an educational resource for our community in senior and dementia care. I couldn’t think of a more fulfilling job.”
A study conducted by NEJM Catalyst and the BDO Center for Healthcare Excellence and Innovation found “forty-four percent of healthcare executives, clinical leaders, said their organization plans to prepare for this population by investing in-home health services.
Another 44 percent also said their organization will invest in palliative care, and 39 percent reported planning investments in geriatric caretakers.”
David Friend, MD, Chief Transformation Officer at the BDO Center for Healthcare Excellence and Innovation explained to RevCycleIntelligence.com. “We think that as demand for elder care services increases in line with population growth, most provider investments will aim to get care closer to home.”
The senior care industry is just on the cusp of explosion and those that are positioned to provide care with integrity and focus on quality of life will be rewarded with not only financial benefits but with making a difference in the lives of others.
For nearly 20 years, Senior Helpers has provided tools and support to their franchise owners to rise to success in the senior care industry. With 341 units in 42 states, our owners operate franchise locations in the top 20 U.S. markets.
To schedule a First Call – the first step in our Discovery Process with you to see if we are a good fit, please fill out our information form and we’ll be in touch to schedule a call.
Resources:
https://www.franchising.com/articles/business_is_booming_for_senior_care_franchise.html
https://www.alz.org/media/documents/alzheimers-facts-and-figures-2019-r.pdf
https://www.census.gov/library/stories/2018/03/graying-america.html
https://www.franchisedirect.com/blog/these-service-franchises-ride-high-during-economic-down-times