The general population of the United States is living longer than ever. Back in the 1960s, there were just 1 million citizens in the US over the age of 85. Now there are 7 million. And by 2040, there's likely to be 15 million people over the age of 85 in the US.
So, while there's a growing aging population, that doesn't necessarily mean that our older folk are more healthy. They're alive, for sure; but older bodies often require a greater level of assistance.
So, the home care franchise sector is a growing area of need for the United States' aging population.
Home care franchises provide non-medical, pastoral, and medical services for people in need. The home care sector supports the aging population, but also offers services for all ages.
Clients of homecare franchises are primarily seniors wishing to age in their own homes. But, increasingly, the sector is relied upon by a range of other convalescing individuals.
For example, those suffering from chronic diseases, disorders, or recovering from an accident need home care. Or new mothers returning home after giving birth often need additional home care support.
Home care franchises also provide pastoral services, offering companionship and meal preparation or just offering transport for clients who might otherwise be homebound. Other people need housekeeping, physical therapy, or help with nursing or grooming. Some home care franchises provide live-in care or occasional care, depending on the client's needs.
So, if you're looking to develop a career in the caring profession, a home care franchise offers an excellent way into this highly regulated employment sector.
Franchising
Franchising is the opportunity to benefit from the excellent reputation of an established partner. But it's not just the reputation you inherit when you invest in a franchise; you gain access to the expertise that has made the parent company of your home care franchise a success.
As the client base grows, so does the need for reassurance that your home care services are of a high quality. We've all read the horror stories of patient neglect in the caring industry, so people are particularly cautious when it comes to selecting an appropriate carer for their aging relatives.
And rightly so.
People want the reassurance that your services are the best they can provide for their convalescing or aging relatives. So, when you invest in your chosen home care franchise, look out for the package of training and support you can expect to receive as part of the deal.
Indeed, most home care parent companies share their expertise, not just to make sure that you have the talents necessary to do the job well but to ensure that you can uphold their hard-earned reputation.
Reputation is everything in home care - so it's vital that franchisees are well-trained and equipped to support every patients' needs.
New, independent home care companies often struggle to penetrate the crowded marketplace because they lack that all-important reputation of client satisfaction.
Franchising, on the other hand, offers instantly recognizable and trustworthy branding that puts your new business at the front of the queue.
Facts About Home Care Franchises
It’s estimated that, by 2060, the number of Americans over the age of 65 will make up 24% of the total population. Compare that with just 11% back in 1980, and it demonstrates what a fertile, growing sector home care has become.
The client base of seniors who want to age in the comfort of their own homes (as opposed to moving into supported living accommodation) is exponentially increasing, giving home care franchises an excellent opportunity to provide seniors with the comfort they deserve.
And a whopping 80% of American seniors requiring additional medical or non-medical assistance have chosen to live in their own homes and receive home care assistance rather than moving into nursing homes or senior communities.
In-home senior care franchises create an estimated $19 billion of annual revenue. More than sixty brands throughout the USA cater for home care services, so if you're interested in finding your place among the established companies, a home care franchise could be a logical first move.
Home care franchise owners enjoy the opportunity to build a rewarding business that gives something back to the community, making a genuine difference in people's lives. In addition, home care franchises offer very personal one-to-one attention, making this caring profession a particularly satisfying place to pursue a career.
Franchising Vs. Independent
Home care franchises require an initial investment, starting at $25,000, averaging at around $90,000. For that investment, you'll receive world-class training and a range of support functions that help ensure that your business runs in line with state working and tax regulations.
Of course, most of us need to borrow money from banks or moneylenders to gather together the cash to invest in a franchise. Luckily, moneylenders and banks often favor the franchise model because the operation has been proven profitable and sustainable. Most importantly, franchise businesses have a strong reputation for offering a lower risk on a return on investment for lenders.
On the other hand, independent companies often find it challenging to achieve their startup funds because their company model is yet to be proven successful. Independent companies often represent a much higher risk to moneylenders, meaning that the cost of lending for indies is usually higher.
Unfortunately, almost half of all independent companies fail within their first three years of operation. This is often due to an inability to find a foothold in a crowded marketplace. Franchise businesses have the support, expertise, and customer base of an established partner, while independent companies have to find their own path without the support enjoyed by franchises.
So, if you're looking to change your fortunes with a career change, it's wise to consider the franchise model to maximize your chances of a healthy start to your business career.
Home Care Franchises
Check out Franchise Direct's brilliant choice of home care franchise opportunities, and put your caring disposition to work by helping America's aging population grow old with dignity in their own homes.
You can also check out many more related franchises here on Franchise Direct, such as: