Just imagine: about 10,000 people will turn 65 every day for the next 20 years!
If you’re looking for an industry with guaranteed stability and growth over the next few years, consider senior care. The number of Baby Boomers entering their golden years means that a franchise in this field will have ample business opportunity for the foreseeable future.
The Senior Care Franchise Market
There’s a wide variety of senior care franchises available, from in-home non-medical care to senior transition services, and everything in between. Most don’t require you to have a background in medicine or nursing. And many are home-based franchises, which helps you keep your costs down in your new business endeavor.
Startup Costs
Senior care franchises are fairly affordable to begin. Most require $50-75,000 to launch, though there are those you can start for under $20,000, as well as those over $100,000. With so many price points, there’s one that fits your budget.
If your franchise is home-based, you’ll have minimal overhead expenses, as your primary costs will be business licenses (more on those in a moment) and employees, if you aren’t the only one in your business. A lean business like this has great potential for high profit margins!
Royalty fees are on average about 5% of your revenues, and are paid monthly.
What to Know About Business Licenses
Every business in every industry requires certain business licenses and permits. Every city, state, and county has its own regulations, so it’s important that you find out what is required for your senior care franchise before you start operating. Your franchisor may be able to guide you in the right direction to get the appropriate licenses, but ultimately the responsibility falls on you. Without the right permits and licenses, you risk your business being shut down, and you don’t want that.
Keep in mind you may need to take special training courses to qualify for your license, and that most business permits require renewal each year, along with an annual fee. Staying on top of your renewals will keep your business running smoothly.
A little research will help you find the perfect senior care franchise to fit your interests and experience!
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.