If you’ve been wondering how to start a business helping the elderly, investing in a senior services franchise is an option worth exploring. In this blog, Franchise.com will cover everything you need to know to get started on your senior care franchise journey, including:
- The profitability of senior care franchises
- The current state of the senior care industry
- The typical services senior care franchises offer
- The top five most profitable franchises in senior care
Is the Senior Care Industry Growing? And Are Senior Care Franchises Profitable?
By all accounts, the senior care industry will continue to expand and increase in profitability throughout the coming years in the United States. One of the primary reasons for this is an aging population. As the Baby Boomer generation begins to retire, the demand for senior care will continue to rise. It is also worth noting that the rise in chronic illnesses means that many older adults will require support and medical care even before they reach retirement.
The AARP reports that the number of seniors requiring additional care due to chronic illness and other factors will increase from 14% of the senior population in 2010 to 21% by 2050. From a profitability perspective, Insider Intelligence predicts that the United States home care market will grow from $100 billion in 2016 to $225 billion by 2024. But beyond making a decent profit, opening a senior care franchise enables people to support the most vulnerable populations.
What Services Do Seniors Need Most?
The best home care franchise is one that meets the unique needs of the seniors it serves. Here are a few of the most critical services that should be provided to elderly individuals:
- Personal Care Assistance | As you age, it becomes more difficult to take care of yourself. Personal care assistance involves helping older individuals with daily activities such as bathing, eating, grooming, and other basic needs.
- Social Enrichment Assistance | Loneliness and isolation are linked to various serious health conditions. Social assistance includes visiting with people, providing transportation to gatherings, and other helpful acts designed to mitigate the effects of isolation.
- Medication Assistance | Managing complex drug regimes is very difficult, even for younger people. Medication assistance aims to help seniors manage their medications and avoid mistakes. This includes reminding seniors to take their medications on time, keeping on top of refills, and preventing overdoses.
- Nutritional Assistance | Transportation and mobility issues make it very difficult for seniors to go to the grocery store and prepare meals. Nutritional assistance involves picking up and preparing food for seniors, creating meal plans, and monitoring a person’s diet and eating habits.
Top Five Most Profitable Senior Care Franchises
If you are looking for a senior care franchise for sale, here are five of the most profitable and popular options.
Right at Home Franchise
Right At Home is one of the most successful and profitable senior care franchises available. They provide vital assistance to seniors and disabled adults who wish to live independently. Some of their specific in-home service offerings include companionship services, personal care, and much more.
As the first nationwide brand to create a package of senior services, it was designed to reduce preventable hospital readmissions and associated costs. From a franchising perspective, Right at Home provides it’s franchisees with everything they need to succeed, including:
- Administrative and operational training
- Marketing materials and training
- Sales training
- Communication and invoicing systems training
BrightStar Care Franchise
BrightStar Care is a unique franchise because it offers extensive care to any age group. From infants to seniors, BrightStar is committed to providing services that improve lives and lend a helping hand to those who need it most. They operate in the home care and senior living spaces and employ registered nurses to oversee all cases. BrightStar Care offers it’s franchisees multiple revenue streams, including:
- Companion care
- Personal care
- Medical staffing
BrightStar also provides a comprehensive eight-step onboarding program to ensure that their franchisees have the strongest possible chance to succeed.
Always Best Franchise
The mission of Always Best is to improve seniors’ quality of life and provide better resources for seniors in all communities. Their home care solution includes in-home care, assisted living referral services, and skilled home health care services. To their franchisees, they offer:
- Low start-up costs
- Protected referral sources
- Multiple revenue streams
- Training and field support
Care With Love Franchise
Care With Love specializes in home health care specifically and works with hospitals, medical centers, senior living facilities, and families to coordinate effective and compassionate care. Care With Love offers various advantages to their franchisees, including:
- Quick start-up turnaround (usually 1 to 3 months)
- Small staff (1 to 2 employees)
- Comprehensive onboarding
- Ability to own more than one territory
Visiting Angels
Visiting Angels is dedicated to helping seniors thrive independently. They offer 10 distinct care services:
- Home care services
- Companion care
- Palliative care
- Alzheimer’s care
- Dementia care
- End of life care
- Personal care
- Respite care
- Social care
- Transitional care
Visiting Angels has been a leader in the senior care industry since the beginning, and is constantly looking for new ways to serve their communities and provide improved care to vulnerable individuals.
