The senior population is expected to continue growing for the next several decades. By about 2034, the total of seniors will surpass the number of children for the first time in US history, reaching about 77 million people. These staggering statistics indicate many unknowns for the United States 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. Let's dive in to exactly what the population growth means for home care business owners.
Growing Client Base
One potential risk of opening a business is not having the clientele to support it. But you won't have that risk with home care. Seniors are living longer and most of them want to continue to age in place, making home care for seniors a lucrative business.
Home care franchises face a unique opportunity. 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 your home care franchise.
Many seniors will need assistance with activities of daily living or they will want companionship at home to make aging in place more comfortable. Home care is a cost-effective option compared to a nursing home or assisted living facility. Plus, home care provides one-on-one care, whereas a single caregiver in a facility may have many patients. The reduced cost and flexibility is often an effective selling proposition to help franchisees get and maintain clients.
Overcoming Loss 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 passes away, 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 clients to maintain a steady stream of work hours for their caregivers.
Room for All
The increase in senior population is drawing more home care franchisees to the market. While you might worry about competition, there is still plenty of room for you in the senior care industry. The fact is that right now, we simply do not have enough senior home care companies to meet the growing demand.
More hospitals, hospice companies, and other healthcare companies are partnering with senior care franchises to provide aging seniors with the long-term care they need to maintain their quality of life. There really is room for anyone who wants to provide senior care services.
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Franchise owners also have the potential to expand their elder care business into new markets by opening multiple franchise units. The more franchise units owners are able to build, the more potential they have to get more clients and increase revenue.
With more franchise units in a 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 entrepreneurs join this industry.
You and your team can assist more family members through services, including meal preparation, companion care, and personal care. 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.
This brand recognition can draw more referrals from healthcare companies in the area, including hospitals and home health agencies. Plus, it can also help you build a strong word-of-mouth network.
Larger Caregiver Network
With just a single unit, some potential clients in the area may live too far for caregivers to care for them. This problem could result in caregivers calling off of their shifts or not showing up at all — negatively impacting your business.
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. Ultimately, you can provide more flexibility and options for your caregivers.
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 30 years of experience, we have a proven business model that will set you up for success. Reach out to our team today to learn more!