At Senior Helpers®, two of the most frequent questions we hear are, “How much can I earn with a Senior Helpers franchise?” and, “How profitable are home care franchises?”
While earnings aren’t the only reason to invest in a home care franchise, they play a significant role in the equation. It should come as no surprise that profit potential is a big part of what makes senior care franchises so attractive to prospective owners.
The numbers show that home care agencies are one of the best types of franchises in terms of profits and revenues. Not only do home care franchises generate some of the highest average profits in franchising — they also occupy one of the country’s fastest growing industries.
Below, we’ll walk you through independent data on home care franchise profits, along with average revenues from Senior Helpers franchises.
How Much Do Home Care Franchises Make?
At Senior Helpers, we collect data on annual revenue from all of our franchise locations.
This data allows us to calculate the average gross annual revenue for home care franchises within the Senior Helpers network. It helps us set annual earnings benchmarks for new and existing franchises.
At the same time, this data gives prospective franchise owners a sense of how much revenue a Senior Helpers franchise can generate. You can view this information in more detail in the 2023 edition of our Franchise Disclosure Document.
So, how much money do home care franchises actually make?
In 2022, Senior Helpers franchises open for 60+ months earned $1,332,049 in average gross annual revenue. Among franchises open 48 to 59 months, average gross annual revenue was $976,029 in the same period. For franchises open 36 to 47 months, this figure was $677,514.
Note that these numbers are based on self-reported data from franchise owners, and they do not include franchises that were in operation for less than 12 months between January 1 and December 31, 2022. Additional details can be found in Item 19 of our Franchise Disclosure Document.
To learn more, we encourage you to contact us and request a copy of the Senior Helpers Franchise Disclosure Document for 2023.
How Profitable Are Home Care Franchises?
According to the Franchise Business Review, home care franchises are the most profitable type of franchise business. In a 2021 Special Report by FBR, senior care outranked real estate, health and personal services, and business services for this distinction.
While Senior Helpers does not track profit or income for franchises, our track record speaks to the high potential returns of a Senior Helpers business. Our franchise system has helped hundreds of entrepreneurs find success in the home care sector — including many first-time business owners.
What Makes Home Care Franchises a Smart Investment?
When you’re choosing a franchise, gross revenue and profit margins are important considerations. However, these aren’t the only factors to keep in mind. Upfront costs, equity potential, and industry projections all play a key role. At the same time, it’s important that you find a business that feels meaningful to you and your goals.
Below, we’ll show how franchise opportunities in the home care sector stack up in each of these five areas.
1. Low Upfront Costs
Home care franchise costs are substantially lower than many other types of franchises.
Starting a Senior Helpers franchise, for example, typically costs between $127,800 -$171,800. This is roughly 10% to 20% of what you could expect to invest for a brick-and-mortar restaurant, gym, or retail franchise.
The low upfront costs for home care make it an ideal fit for first-time franchise buyers and business owners. In fact, you can buy a Senior Helpers franchise with a net worth as low as $200,000.
2. Strong Return on Investment
In addition to low upfront costs, home care franchises also offer the potential for a substantial return — both in terms of annual earnings and long-term equity.
As we explained earlier in this post, home care franchises generate an impressive amount of revenue. This revenue translates into some of the highest annual earnings for franchise owners.
On top of this, a franchise acts as a valuable asset. In the home care sector, a successful and profitable franchise can sell for seven figures. This can offer a path to financial independence for franchise owners when they’re ready to retire or pursue a new opportunity.
3. Growing, Resilient Industry
The trajectory of the U.S. senior care industry makes starting a home care business particularly attractive.
Over the next ten years, the younger half of the Baby Boomer generation will be reaching retirement age. Meanwhile, older Baby Boomers will age into their late 70s and early 80s — the point where demand for in-home care quickly rises. As a result of this trend, the home care industry is projected to grow by 62% in the next seven years alone!
Many in the franchise industry also regard home care as one of the few recession-resistant industries. While many businesses have struggled in the past two major recessions, home care agencies have been among the most resilient businesses.
Learn More About Senior Helpers Franchise Opportunities
If a home care franchise seems like the right fit for your entrepreneurial goals, we invite you to contact the Senior Helpers team. As one of the top-rated franchise opportunities in the home care industry, we offer a path to owning your own business in a thriving industry!
With a Senior Helpers franchise, you’ll benefit from:
- One of the most affordable franchise offerings in the senior care sector
- Low ongoing royalties and fees for your franchise
- Over 110 hours of training, plus extensive one-on-one support for new owners
- Access to exclusive programs, like LIFE™ Profile and Senior Gems®
- A customized “Off to the Races” marketing and lead generation plan
- Local referrals for clients and caregivers
- A franchise system that’s helped 300+ franchise owners find success in senior care!
Today, we have hundreds of franchise territories for sale across the U.S., including major metro markets in the Mid-Atlantic, the Midwest, and the Southwest. Simply get in touch with our team to learn more about available territories in your area.
Want to learn more about home care franchise opportunities with Senior Helpers? Contact us today to speak with a member of our franchise development team