Choosing a franchise is a big decision. You want to find a franchise organization that aligns with your values and offers services you believe in. Of course, you also want to find a franchise that will thrive financially.
Home care for seniors is a growing franchise sector that does not show signs of slowing down. There are a number of factors contributing to the growth of the senior home care franchise industry, including the following facts.
Cost of Residential Care Is Increasing
From 2010 to 2015, costs for assisted living have increased around 5% across the country. Further, one survey predicts that nursing home care costs will grow by more than 20% over the next 10 years. These skyrocketing costs are likely to drive more families to find alternatives means of care, including at home assistance. The cost of home care for seniors, both skilled medical care and the everyday assistance that a franchise like Caring Senior Service offers, is considerably more affordable than residential options. This makes at home care that much more attractive to families and seniors.
Seniors Want to Remain at Home
Baby Boomers who are reaching the age that they need care and assistance are simply more likely to want and even insist upon staying at home as long as possible. In fact, the AARP suggests that up to 87% of seniors want to age in place. These may be individuals who raised their families in the house where they still live and have a rich community that they want to stay a part of. Aging in place means an increase in demand for home care for seniors, who may be healthy and active enough to live on their own but who still need assistance with things like cooking and getting to appointments.
Technology Means Home Care for Seniors Is Improving
Everything from online scheduling applications and appointment reminders to medical alert options mean that aging in place is easier than ever. It also means that the care a senior home care franchise can provide is of a higher caliber than ever before. The better equipped home caregivers are, the better able they are to meet the needs of the seniors they visit.
Not Enough Caregivers to Meet Current Needs
One study indicated that in 2014 there were 17,000 non-medical caregivers for more than 7.6 million seniors requiring their services. That makes each caregiver responsible for almost 450 seniors — well beyond a possible client load. That’s why opportunity is huge for senior home care franchises, and will only continue to grow.
Americans are getting older and as the number of seniors in the US continues to grow, they will continue to need care. There is no better time to consider investing in a senior home care franchise.