Success Franchise AdvisorsSenior Care Franchises
Senior Care Franchises
With over 10,000 American’s turning 65 every day it’s no doubt that the senior care industry is one of the fastest growing sectors of the US economy today and senior care franchises are booming!
In 2016 the senior care industry was a $100 billion a year industry and expected to surpass $225 billion by 2024.
Sectors of Senior Care Franchising
When it comes to franchise models that focus on senior care there are basically 3 primary focuses.
In Home Care
The largest sector of senior care franchises provide in home assistance and companion care to seniors who wish to remain in their home yet require or desire personal assistance. This can range from simple companionship to help with day to day tasks ranging from meal prep and cooking, dressing, grooming, cleaning, doctor visits and more. These services can range from a few hours per week to 24-7 live in care. While most senior care franchises provide strictly non-medical care, there are several providers that also administer medical care. Those that do provide medical care can generate significantly more revenue but also come with greater investment, overhead and barriers to entry.
These types of senior care franchises can generate large revenues, often without having to maintain a huge client base. Key compenents of a successful senior care franchisee are business development, people management and a sincere commitment to serving their community.
Assisted Living Placement Services
Another large sector of the senior care franchise industry is focused on helping seniors and their families choose an assisted living facility when remaining in the home is no longer an option. The business model for these franchises is fairly simple… Franchisees will secure referral agreements with local assisted living communities, become experts on the various options and work with families to identify a suitable facility that meets their needs and budget. The assisted living facility pays the franchisee a finders fee for these referrals. An assisted living franchise is not only a very lucrative business but can make for an excellent lifestyle business as they tend to control their schedule and have minimal staffing requirements.
One of the newer yet booming sectors of senior care franchises focuses on estate sales. Quite commonly when a senior is planning to downsize and move into an assisted living facility or passes away there will be an estate sale. An industry that for decades has been highly fragemented and unfortunately not always eithical, estate sale franchises are bringing a high degree of integrity and well planned systems and processes thus offering high returns for both the estate and the franchisee while mantaining strong integrity.
Estate sales franchises can be very profitable and a great lifestyle business as they have little overhead and staffing but be prepared to work weekends as a large majority of estate sales are conducted on Saturdays and Sundays.
If you are interested in learning more about the senior care industry and the leading franchises in this space contact us to speak with a franchise expert who specializes in senior care franchise models.
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