No one can look into a crystal ball and see the future (if so, there’d be an awful lot more lottery ticket winners!), and there aren’t many industries one can safely predict true growth for. But the senior care industry isn’t one of them, and an in-home care franchise is a good example of a business that’s positioned to take advantage of that. The fact is, our industry is extremely robust and getting more so due to an aging population that’s living longer and more family members who are unable to handle all of a senior loved one’s care.
Your Executive Home Care business is the answer. It will quickly become a valued resource in your community, with a suite of services that are tailored to meet needs and demand long into the future. But what does that future look like? What are some trends that are shaping it, and where does our senior care franchise opportunity fit in?
Years ago, generations—parents, children, and grandparents—very often lived under one roof, and today, this setup is seeing a resurgence. More American households are multi-generational, with dedicated au pair suites or “tiny houses” established as dedicated areas for senior family members to live. The difference is that their 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. It can be a stressful and demanding place to be.
Add to this the fact that the ratio of working-age adults to seniors, known as the old-age support ratio, is rapidly declining. This metric, used to determine stress on the working population, measures how many 18 to 64-year-olds there are for every person 65 or older.
In 2000, that ratio was 5 working-age individuals for every senior. Last year, it dropped to 3.7; today, it’s predicted the ratio will decline to 2.8 by 2030. For many adult children with senior parents, this dwindling pool means they’ll have to take on more senior caregiving responsibilities themselves—or hire outside help to do so.
With these facts in mind, taking advantage of an in-home care franchise opportunity makes a lot of sense. Surveys show that most seniors want to stay in their homes for as long as possible, particularly given the continued threat of Covid and its potential presence in assisted living facilities. Many seniors feel safer living at home, with family members feeling more relieved, too. Adult children would prefer letting their elders stay where they are and hiring in-house senior care services to augment the care loved ones can provide.
When members of your community turn to your Executive Home Care franchise, they’ll do so knowing they can count on compassionate and trained care providers to deliver on a suite of important services. As they age, many seniors need help with activities of daily living to keep themselves independent and safe. These include:
· Help with shopping and errands
· Help managing medications
· Overnight care
· Companionship care
· Help with personal hygiene
· Light housekeeping and laundry help
· And much more!
The ability to handle everyday tasks like these is taken for granted—until one can no longer do them safely. Then, it becomes essential for outside help, and more and more families are turning to in-home care providers like Executive Home Care franchisees to handle the responsibility—a trend that statistics suggest is not going away anytime soon.
To find out more about an Executive Home Care franchise investment, please reach out today!
If you’re ready to be your own boss and are looking for a way to add meaning to your life while building a meaningful career, look no further than Executive Home Care. We’re a leader in the senior home care industry, and when you partner with us to open your senior care services franchise, you’ll be helping senior citizens in your community live comfortably and safely in their own homes while providing peace of mind to their families.