The senior population is expected to continue growing for the next several decades, with the total number of seniors surpassing the number of children for the first time in US history. These staggering statistics indicate many unknowns for the US economy. However, it does provide assurance to potential home care franchisees. As the number of seniors continues to rise, the prospects for home care businesses increases as well. In this post, we will review how some of the benefits this shift in the population offer rewards for home care franchises.
Large Client Base
With the growing senior population, home care franchise owners can have a steady stream of clients to support their business. One potential risk of opening a business in the first place is not having the clientele to support it. While franchising helps reduce that risk thanks to a successful business model, many franchise owners still face the fear that they won’t be able build a sustainable client base.
Home care franchises, however, face a unique opportunity because, as the number of seniors increases, the number of potential clients increases with it. With approximately 10,000 Baby Boomers reaching retirement age every day, there are plenty of prospective clients to build and maintain a strong pool of clients to support the home care franchise.
The average annual cost of living in a nursing home or assisted living facility is much higher than the annual cost of home care for seniors and their family members. Home care offers a unique opportunity for seniors to age at home, which it’s why this option is often the preferred method of care as adults continue aging. Home care is more affordable and often more comfortable since seniors can remain at home. The reduced cost is often an effective selling proposition to help franchisees get and maintain clients.
Steady Stream of Clients
Inevitably, the home care industry comes with the loss of clients. While some seniors may improve their health until they no longer need home care services, the grim reality is that many seniors pass away. When this happens, it can impact the service hours available, making it difficult to provide enough hours for caregivers.
For example, a home care business may provide round-the-clock care for a senior due to their health conditions. If this senior is no longer a client, those 168 hours of caregiver work are no longer available. For a small home care franchise, these hours may represent a large percentage of available work.
But with the rising population, franchise owners are more to avoid this situation altogether. Home care agencies can increase their number of clients to maintain a steady stream of clients and steady number of work hours for their caregivers.
Room for All
While the increase in senior population is drawing more home care franchisees to the market, there is still plenty of room for the senior care franchise industry to continue growing as well. More hospitals, hospice companies, and other healthcare companies are partnering with home care providers to provide aging seniors with the care they need to maintain their quality of life.
In addition to maintaining a steady stream of clients, franchise owners also have the potential to expand their business into new markets by opening multiple franchise units, becoming multi-unit business owners. The more franchise units owners are able to build, the more potential they have to get more clients and increase revenue.
But that’s not all that multi-unit franchise ownership can bring. With more franchise units in the region, franchise owners can dominate their market and become the preferred home care agency for families. That allows franchise owners to have a bigger impact on their community, which is a major reason why many of Caring Senior Service’s owners joined the industry in the first place. Assisting seniors in the community can provide great personal satisfaction to business owners and their teams.
Additionally, multi-unit franchising allows owners to build stronger brand recognition in their area. With a single unit, individuals in the community may not notice the brand — especially in a larger city. However, with several units, the locals can see and recognize the brand as a trustworthy and reliable company.
Larger Caregiver Network
With just a single unit, some potential clients in the area may live too far for caregivers to be able to care for them. This problem could result in caregivers calling off of their shifts or not showing up at all — negatively impacting the brand that franchisees worked so hard to cultivate. On the other hand, multiple units gives franchise owners greater reach and can allow them to better match clients and caregivers who live in close proximity to each other.
Home Care Franchise Opportunity
Caring Senior Service offers the opportunity for potential franchise owners to join the home care industry easily and with reduced risk. With nationwide territory available, we are looking for potential franchisees who want to make a difference in their community to join us. We offer best-in-class training and support to our new franchisees. Additionally, we have our own proprietary software to help record marketing activities, keep track of client care, and manage caregiver scheduling. With almost 30 years of experience in the home care industry, we have a proven business model that makes it easy to onboard new franchise owners and set them up for success.