Best Senior Care Franchises to Start in 2018
What are the best senior care franchises to start in 2018? Let’s find out!
Pointing to new research on America’s changing senior population and long-term care needs, today’s post explores what the “best senior care franchises” do to earn their title.
A Look at America’s Aging Population
Older adults are the fastest growing segment of the population, and have been for some time. This phenomenon is attributed to a number of different factors, including the aging of the Baby Boom population and the general increases in lifespan that have been linked to improvements in diet, lifestyle, and medical science.
Researchers have alternatively dubbed this unprecedented population growth “the Gray Tide,” the “Silver Tsunami,” and the “Graying of America.” But whatever you call it, understand that it’s real, and it’s great news for those interested in starting senior care franchises.
Data from the National Center for Health Statistics shows that from 1950 to 2004, the population of adults aged 65 or older grew twice as fast as the total resident population, skyrocketing from 12-million to more than 36-million in that time (Mitzner et al., 2009). In that same period, the population of adults aged 75 or older grew at almost three times the rate of the general population, from 4-million to 18-million in total.
These population trends show no signs of stopping. Recent projections indicate that the rate of population growth for older individuals will more than double that of the general population from now until 2050 (Mitzner et al., 2009, p. 718).
America’s Changing Long-Term Care Needs
As the population continues to age rapidly, new long-term care needs emerge.
According to Vincent & Velkoff (2010), co-authors of The Next Four Decades: The Older Population in the United States, the majority of the United States’ older population will fall within this 65-74 range until around 2034. That means an unprecedented number of seniors will be requiring specialized care for a variety of chronic illnesses, disabilities, and physical limitations that disproportionately affect older adults, including:
- Heart disease
- Dementia and Alzheimer’s, and much more.
Further, many seniors will be at risk of social isolation and depression, particularly those living at home without a spouse.
Given this surge of new ailments and physical/mental limitations, the current spike in demand for all kinds of long-term care services will continue for the foreseeable future.
Accordingly, the best senior care franchises will offer:
- Personal care;
- Live-in care;
- Skilled care;
- Dementia care;
- Transportation services.
The Best Senior Care Franchises Do It All
While any business owner can do well by offering 1-2 of the aforementioned services, the best senior care franchises to own combine them all under one roof. In doing so, owners not only maximize their potential profitability by creating more revenue streams and appealing to a broader range of clients, but also position themselves to make the greatest impact in local communities who badly need more long-term care options.
Offering all of these long-term care services under one roof also allows the owner to maintain a relationship with the client as their care needs change. Many Executive Care clients start with light assistance, housekeeping, or companionship, then branch into skilled care and live-in support as they grow older and require more help.
While listing the ‘best senior care franchises” is an exercise in subjectivity, it’s undeniable that “full-service” care companies have a serious competitive advantage.
Ready to start a business with one of the best senior care franchises in America? You can learn more about Executive Care’s business model and franchise costs at https://www.executivehomecarefranchise.com
Mitzner, T. L., Beer, J. M., McBride, S. E., Rogers, W. A., & Fisk, A. D. (2009, October). Older adults’ needs for home health care and the potential for human factors interventions. In Proceedings of the Human Factors and Ergonomics Society Annual Meeting (Vol. 53, No. 11, pp. 718-722). Sage CA: Los Angeles, CA: SAGE Publications.
Vincent, G. K., &Velkoff, V. A. (2010). The next four decades: The older population in the United States: 2010 to 2050 (No. 1138). US Department of Commerce, Economics and Statistics Administration, US Census Bureau.