1. Senior Care Franchising is the fastest growing sector by the Department of Health
According to a report by IBISWorld, the senior care franchise industry has grown at an annual rate of 12.6% and continues to grow with an increase of demands. Some of the most profitable opportunities for senior care franchises are in underserved geographic areas. Senior care franchises have more growth potential in underserved areas that contain large numbers of seniors. You have the opportunity to build and grow a senior care franchise in an area that’s lacking such services.
Let’s get to the point. You have the potential to make a good profit with the right training, tone, and aggressiveness. Right now the senior home healthcare market is a booming 76 billion dollar industry that continues to increase. If you start now, you could see quick growth and expansion. According to an industry study by Freedonia Group, the entire senior care industry as a whole is expected to grow to around 400 billion dollars.
2. Lower investment compared to other industries
You can open a fast-food franchise for $500,000 or more, but a home healthcare franchise will cost you $15,000 or less to start up. According to Franchise Business Review, 51.5% of fast food franchises earn profits of less than $50,000 a year while the average profit on senior care franchises is $98,723 per year. Many other industries experience flat or negative growth, but the senior care and home healthcare industries continue to see exponential growth.
With a low investment and a high return, why wouldn’t you invest in a senior care franchise business?
3. The Baby Boomer effect
In the upcoming years, we’re going to see a spike in the aging population. As Americans age, increasing numbers of them will live with multiple chronic conditions, such as diabetes or dementia, and functional impairments, such as difficulty with the basics of life like mobility and managing one’s household.
One of the greatest health care challenges facing our country is ensuring that older Americans with serious chronic illness and other maladies of aging can remain as independent as possible. This translates to more business for your franchise due to an increased need of services. Right now is an ideal time to invest in a senior care franchise because there is a clear vision of growth.