It’s a fact that Americans are living longer lives.
In the 1960s, just 1 million Americans were aged 85 or over. That was just over 5% of the population at the time.
In 2020, there were 7 million citizens aged 85 or over, making up nearly 15% of the population.
By 2040, it is predicted that there will be 15 million people aged 85 or over in the United States, making up 23% of the overall population.
As we age, our health inevitably deteriorates, as does our ability to look after ourselves. And this is where the colossally profitable senior care franchise sector comes into play.
Franchises within the healthcare and senior care industry provide skilled medical and remedial non-medical services to patients.
Non-medical assistance is most commonly required, including everyday tasks our younger selves take for granted, such as running errands, personal hygiene, meal preparation, feeding, general housekeeping, and laundry. These tasks usually require trained civilians rather than medical professionals, broadening employment opportunities within the local community.
The medical assistance offered by healthcare and senior care businesses includes bathing, dressing wounds, and ensuring drugs are taken on time. Additionally, senior care providers offer physical and emotional therapies administered in the home.
And sometimes, older people just need a little daily company. And there's a role for that as well in senior care.
So, if you're looking for a change of direction and want to explore the possibility of entering the caring profession, look no further than Franchise Direct for the best choice in healthcare and senior care franchises.
Franchising
Younger relatives often arrange senior care for their parents and aging relations. And making sure that their loved ones receive dignified, consistent, and empathic care by qualified, skilled professionals is at the top of the agenda.
Unfortunately, there are plenty of charlatans out there. And the caring professions have been tainted with accounts of neglectful practices over the years.
Therefore, those seeking a care package for their loved ones look for assurance that their chosen company has a prior reputation for excellence. Franchisees inherit the reputation and skills of their parent company, putting new franchisees in a strong market position compared to independent companies starting from scratch.
New, independent companies often struggle to penetrate the marketplace when they first go into operation because they lack the reputation of established businesses. In contrast, franchise businesses tend to hit the ground running because they inherit the hard-earned notoriety of their parent company.
Of course, a franchisee must be highly skilled and well-trained to maintain the parent company's reputation. So, most parent companies offer world-class training for franchisees to help support their market position and reputation for customer satisfaction.
So, when you invest in a senior care or healthcare franchise, you receive expert tuition and - often - HR support to help ensure that you meet business-, practice-, and financial regulations.
You’ll also inherit the instantly recognizable branding of an established business, meaning that people recognize and trust your business right from the start.
Facts About Senior Care and Healthcare Franchises
Senior care and healthcare franchises allow our aging friends and relatives to receive essential treatments, often in their own homes.
A recent survey by the American Association of Retired Persons (AARP) indicates that 89% of Americans over 50 wish to remain in their present home while they age. This represents the size of the sector, offering a thriving source of employment for thousands of Americans.
Baby Boomers, born in the decade following the Second World War, worked their professional careers from the 1970s onward. It's the Baby Boom generation who are now driving the growth of the booming healthcare franchise sector. However, generic healthcare franchises tend to help people of all ages and abilities.
There’s no shortage of need for senior care and healthcare in the United States, but there IS a shortage of professionally registered nurses and home health aides. So, if you’re looking to start up a franchise in senior care, you’ll find that there are lots of vacancies for you to fill, offering good employment opportunities for your local community.
Senior care franchises are worth $11bn, with around 11.5K businesses in operation. The industry employs almost 400,000 people in the United States.
Franchising Vs. Independent
You’ll be surprised at the range of investment opportunities available in the senior care and healthcare franchise space. Ranging from an initial investment as low as $25,000, you can benefit from the established reputation, branding, and market penetration of an experienced partner.
Of course, most of us don't have that type of collateral in our back pocket, so we need to apply for funding from banks and moneylenders.
Luckily, most banks and moneylenders favor the franchise business model because the company's operation has been tried, tested, and proven profitable, sustainable, and a lower financial risk for repayment.
On the other hand, independent companies have a much more challenging task when it comes to convincing banks and moneylenders to part with their cash.
One of the main problems is that indies lack the backing of experienced, established partners, putting them at a higher risk in terms of a financial return. Independent company owners start from scratch, while franchisees benefit from the inherited experience, reputation, and market penetration.
Almost half of all indies struggle to break through the saturated marketplace in competition with established partners (and their associated franchises). This leads to a shocking statistic: almost 50% of all independent companies go bankrupt before they hit profitability while recouping their initial investment.
Franchises often hit the ground running because they have the guidance and expert support of an established partner. They also have the instantly recognizable branding of their successful parent company, access to an established supply chain, and the reputation for trust that new clients are looking for.
Senior Care and Healthcare Franchises
Check out Franchise Direct's excellent choice of senior care and healthcare franchise opportunities, and help American’s aging population grow old with dignity.
You can also check out many more related franchises here on Franchise Direct, such as: Senior Care Franchises.