When you make a sizable investment of any kind, you want to be sure that it’s well-placed, in a strong industry positioned for a future of growth. The senior care industry has been on the rise over the past decade, with thousands of people turning 65 every year, and the need has never been greater for in home senior assistance. The awareness for this need had grown, too. Whereas in the past, retirement or assisted living facilities were considered the only viable option, people now understand the value of allowing seniors to age in place. An in home care franchise allows seniors to age in the comfort of their own home and build relationships with dedicated caregivers. Here’s why the senior care industry is such a solid investment opportunity.
If you’re interested in franchising, and are researching various industries and markets, you’ve doubtless discovered that senior care is a highly profitable franchising sector. This is especially true when you compare the average investment for an in home care franchise to the potential for annual earnings. The lucrative nature of the industry is largely the result of a growing senior population who are increasingly in need of quality in-home care.
According to the World Health Organization (WHO), 2 billion people (nearly a quarter of the world’s population) will be 60 years or older by 2050, with nearly 20% of them at 85 or older. In the United Nations’ “World Population Aging Report,” the rate of growth in seniors over the age of 80 is projected to be about 2% each year. This is encouraging news for owners of in home care franchises, as it shows that the market for senior care businesses isn’t dwindling anytime soon, and is poised to continue expanding.
The rate of injuries among the elderly is staggering, especially with a rise in senior population. The World Health Organization’s Department of Aging and Life Course reports that 32 to 42 percent of seniors over 70 suffer injuries as a result of falls each year, which adds even further stress and traffic to already clogged local health care systems. In-home care can both prevent these accidents from happening in the first place, as well as relieve pressure on hospitals and emergency rooms if accidents do occur. In addition, 25 to 30 percent of everyone over the age of 85 either suffers or will suffer from cognitive decline. Diseases like Alzheimer’s can be debilitating, requiring constant care to ensure comfort and safety, and in-home caregivers are perfect for providing the care and monitoring that those with cognitive diseases need.
Owning your own in-home care franchise will allow you to take advantage of the growing market for caregiver services, and change the lives of seniors and their families. To take the first step toward franchising with Senior Helpers, fill out our interest form here.