Elder care franchises are popping up all over the country, and the investment-savvy are starting to take notice. If you’ve ever wondered why elder care franchising is a booming business, the following 4-point breakdown can help:
Compared to the $500,000 or so it can take to open a new fast-food chain, elder care franchises are very inexpensive, and they have the potential for a much higher return. The initial investment required to open an elder care franchise ranges between $103,300 and $142,300, and the return on the median initial investment outperforms that of the food and beverage, business, automotive, and cleaning industries.
Why, you ask? First of all, home-health franchises engage with a huge and growing demographic. 3.1 million seniors have been added to the US population over the past 5 years, and those numbers will only continue to climb as our population size swells. By 2030, 1 in 5 Americans will be over the age of 65, and many will lean on the services of elder care franchises. In fact, 89% of seniors polled expressed that they wanted to enjoy their Golden Years at home, rather than being relocated to care facilities. The industry will produce $500 billion dollars of revenue by 2030.
Accordingly, elder care franchises can drive serious volume. Independent operators will need a “ramp up” period to build connections with key referrers, while franchisees will have their business powered by the Senior Helpers brand reputation from day-one.
We touched on this as part of the previous point, but it’s worth reiterating: more and more people need home health care services every day. There is particularly large demand for those elder care franchises able to offer mental health services; a new case of Alzheimer’s is diagnosed every 68 seconds, and its presence doubles every five years in demographics above the age of 65. Aging Americans and their families depend on elder care franchises, and the demand is growing.
Studies show that family caregivers experience a significant amount of stress when obligated to care for their parents for long periods of time. The stress of juggling a career, social life, and family of their own can be debilitating: many family caregivers are left feeling alone, suffering from depression, and embroiled in conflicts and arguments with the very person they’re trying to help. Accordingly, elder care franchises can offer families a great deal of relief by taking over or supplement their caregiving, companionship, and cleaning efforts. Many of our clients have enjoyed improved relationships and closer connections with their parents after hiring an elder care franchise; having help with the caretaking gives you more time for meaningful companionship.
It feels good to run an elder care franchise. Every day, you know that you’re providing a valuable service that helps people live better lives. Work is gratifying, and the start-up process is attainable for almost anyone. Senior Helpers offers world-class training and support from your first call to your retirement day, which has helped thousands of people from dissimilar backgrounds find purpose and success in the home care service industry.
Would you like to learn more about elder care franchise opportunities? Give us a call or use out online contact form today.