Aging in the USA: Why Senior Care Franchises are Thriving in 2019
Today’s post looks at aging, population, and informal care trends to explain why senior care businesses are sitting pretty in 2019. Read on to learn what makes this industry so promising and how you can get in on the ground floor with Executive Care!
The Senior Care Industry Is Experiencing Record-setting Demand Spikes
Between 2012 and 2050, the United States senior population is going to skyrocket.
By 2050, the total senior population is projected to surpass 83.7-million, which is nearly double the number of seniors requiring care in 2012 (Ortman et al., 2014).
The Baby Boomers are largely responsible for this increase. This aging cohort started turning 65 in 2011, and have since been “going grey” en masse–more than 10,000 people per day, according to AARP research.
Can you think of any other industries adding more than 10,000 potential customers every single day? Most businesses can only dream of these supply-and-demand dynamics.
Starting a senior care business today guarantees you decades of booming business that no other industry can offer.
The Need For Respite Care Is Increasing
The growing demand for respite care is but one of many reasons why our senior care company is thriving in 2019.
There is a massive body of research available on the negative mental and physical health impacts of caregiver burnout, and it’s growing every day. Unfortunately, balancing the needs of our aging parents with the demands of career, family, and general life can be extremely difficult. Most informal caregivers never come close, and their health suffers as a result.
As the number of seniors requiring care continues to grow at breakneck speeds, so too does the demand for respite via professional senior care services. And that’s great news for us.
Executive Care offers a wide range of custom respite care services aimed at alleviating the caregiver burden while also improving the comfort, safety, and quality of life of seniors around the country.
Diverse Care Services Are More Important Than Ever
America’s aging population boom has greatly expanded the need for care, both in terms of care volume and care diversity. Savvy investors know it’s crucial to choose a senior care company that is capable of delivering on both.
By now, you know that general senior care services are in serious demand. The unprecedented growth of America’s senior population naturally caused historic growth in senior care service demand.
But longer life expectancies mean specialized care is needed more than ever. Today, people reaching at 65 will enjoy an average life expectancy of an additional 19 years, which shatters all historical records. Adults over age 80 are the heaviest users of specialized senior care services. Obviously, the demand for specialized care will continue to rise.
America’s unprecedented senior care need also impacts the demand for non-senior home care services. With the majority of America’s informal care workforce consumed by the needs of older adults, there are fewer friends and family free to provide home care for non-seniors. Quite often, the onus falls on professional home care companies like ours–but only those companies that offer more than senior care can take advantage of this demand spike.
Executive Care is more than a senior care franchise. We offer custom home care services for people of all ages and support needs. In doing so, we make the greatest impact on our communities, and maximize our franchisees’ potential profitability.
Learn More About How To Start A Senior Care Business With Executive Care
Call 1(855)-393-2372 or fill out a quick online contact form to request additional information about our franchise opportunity.
Ortman, J. M., Velkoff, V. A., & Hogan, H. (2014). An aging nation: the older population in the United States (pp. 25-1140). Washington, DC: United States Census Bureau, Economics and Statistics Administration, US Department of Commerce.