People go into business every day, choosing to do so in any number of industries, but all of them hoping for the same thing: success. It can be elusive, which is why it’s important to perform your due diligence before deciding on which market you'd like to become part of. Senior care franchises have proven to be excellent investments over the years, especially when you partner with a brand like Executive Home Care. Our time-tested business model allows our franchisees to make the most of a recession-resistant industry, and our ongoing support assures them they'll have what they need to grow their bottom lines to get the most out of their investment.
But what makes home care franchise opportunities like ours such smart ones to take advantage of? Well, the fact is, there's a growing demand for the services that an Executive Home Care franchise provides, and here we'll look at a few reasons why.
A Preference for Aging in Place
Long-term care options for seniors outside the home can be prohibitively expensive for many Americans, which makes aging in place a highly desirable goal. But even if cost weren’t a factor, for most of us, home is where the heart is, and this is especially true for seniors, who likely have decades of memories made in their homes.
In fact, research suggests that many older adults want to remain in their homes for as long as possible:
- 90% of seniors say they plan to remain in their homes for the next 5 to 10 years.
- 87% of adults age 65+ want to stay in their current home and community as they age.
- 75% of people over age 50 want to stay in their homes or communities for as long as possible.
While aging in place can be a smart idea, it can also be complicated by factors like solitude, illness, physical challenges, and more; the number of seniors requiring additional care due to chronic illness and other issues is projected to increase from 14% in 2010 to 21% by 2050. Your Executive Home Care senior care franchise will be there for seniors who wish to remain safely at home and as independent as possible for as long as possible.
The Sandwich Generation
It’s not just that more Americans are getting older and living longer; our industry is also bolstered by the fact that many adult children are part of what’s referred to as the sandwich generation, those caught between caring for their elderly parents while raising their own family.
Moreover, the ratio of working-age adults to seniors, known as the old-age support ratio, is rapidly declining. This metric is used to determine stress on the working population and measures how many 18-to-64-year-olds there are for every person 65 or older.
In 2000, that ratio was five working-age individuals for every senior. Today, it’s predicted the ratio will decline to 2.8 by 2030 — a dwindling pool that means adult children will have to take on more senior caregiving responsibilities themselves—or hire outside help to do so.
As an Executive Home Care franchisee, you’ll be able to provide your community with a suite of important senior care services that will be relied upon over and over again. Best of all, you can count on our ongoing support to keep you up to speed on our industry and its best practices. We’re with you every step of the way!
To find out more about Executive Home Care’s franchise opportunities and making a difference in your community, get in touch today!