Elderly Home Care Business Tips: Threats and Opportunities in 2017
In today’s post, we look back at findings from Public Health Nursing and the International Business & Economics Research Journal to foreground threats and opportunities for elderly home care business owners in 2017.
The Elderly Population Continues To Boom, Creating At-Home Senior Care Business Opportunities
Nuñez et al. (2003) reports that the number of persons 65 and older was estimated at 35-million in 2000 (p. 25). By 2030, projections indicate that this number will surge to the point where 1 in 5 Americans falls within this demographic (p. 25). This is largely to do with the aging of the Baby Boomer generation.
As the senior population continues to increase, opportunities for elderly home care business owners will grow along with it. Aside from the expected growth in demand for recreational products and smaller, more comfortable homes that this demographic wants, Chang et al. (2011) highlight an anticipated shortage of senior care services. Quite simply, the growth of the over-65 population is outpacing that of the senior care industry, which is creating highly profitable investment opportunities for prospective business owners.
Specifically, at-home senior care services will be seeing the largest demand. This is due to the fact that the majority of Americans prefer to “age in place” in the homes where they raised families, forged lasting memories, and feel most comfortable. While assisted living centers and nursing homes will continue to fill an important role in local communities, the majority of aging Americans will be seeking at-home care options like those offered at Executive Care.
Multiple Generations Of Seniors Are Emerging, Increasing The Demand For Dynamic Care Suites
While many prospective business owners have identified the growing demand for senior care, some have overlooked the variable care needs of aging Americans. Chang et al. (2011) note how multiple generations are emerging, and stress the difference between care needs for 65, 75, and 85-year old Americans. Though it’s true that elderly home care businesses specializing in certain forms of care will find adequate demand, franchises that offer multiple care services will enjoy a distinct competitive advantage in this increasingly crowded market.
Executive Care offers a dynamic service suite that can accommodate any care need, from housekeeping to specialized care for sufferers of serious mental illnesses. In this way, we position ourselves to help the maximum amount of people in our communities, and also give our franchisees multiple revenue streams simultaneously.
Baby Boomers Frequently Possess High Incomes, Making Specialized Care Services Practical
Consumer spending among the Baby Boomer population has been tracked at an all-time high, which means this demographic has the means to support their improved aging and independence via at-home senior care services (Chang et al., 2011, p. 120). This growth in disposable income will increase the number of prospects and potential clients for senior care franchisees in all US territories.
Senior Populations Are More Health-Conscious Than Ever
Pressure for elder annuity is decreasing while the demand for senior-care products and services continues to increase (Chang et al., 2011, p. 120). Consequently, elderly home care businesses offering health-promoting services like ours will enjoy a surge in demand in 2017.
Want to learn more about the threats and opportunities this industry offers in 2017? Visit http://www.executivehomecarefranchise.com today!
-Chang, H. Y., Lin, C. P., Tsou, M. Y., & Chen, C. T. (2011). Determinants of customer-perceived service quality in senior-care industry and their relationship to customer satisfaction and behavioral intentions: research findings from Taiwan. International Business & Economics Research Journal (IBER), 7(12).
-Nuñez, D. E., Armbruster, C., Phillips, W. T., & Gale, B. J. (2003). Community‐Based Senior Health Promotion Program Using a Collaborative Practice Model: The Escalante Health Partnerships. Public Health Nursing, 20(1), 25-32.