The Hidden Rewards of Starting a Home Healthcare Agency
Starting a home healthcare agency in 2018 is the best decision you’ll ever make. Today’s post covers the incredible money-making opportunities that lie in senior care, along with the hidden rewards of Executive Care franchise ownership.
Starting a Home Healthcare Agency during the “Greying of America”
Let’s get the more obvious benefits of starting a home healthcare agency in 2018 out of the way.
Simply put, there has never been a more exciting time to launch a senior care business. That may sound like marketing hyperbole, but it’s not. Here’s why:
- America is going grey. Way back in 1987, the journal of Physical Therapy published a report projecting a major increase in our elderly population, along with changes in longevity patterns, both of which would have major implications for healthcare.Their research started in the early 20th century, when high fertility and immigration rates, in addition to substantial adult mortality rates, left the US population pyramid looking “fairly broad at its base with a very narrow apex” (Jette&Bottomley, 1987, p. 1537). In layman’s terms, that means there was a huge amount of infants, adolescents, and young adults, and only a very small percentage of seniors; only about 4% of the US population was 65 or older at the turn of the century (p. 1537).Fast-forward to the 1980s, and the senior population swelled to 25.5 million, comprising just over 11% of the US population (p. 1537). Further, it was around this time that researchers first began taking note of major longevity pattern changes. In 1900, the life expectancy at birth was around 47; but by 1978, it had climbed to 78 (p. 1538).With this newfound longevity, and a glut of “Baby Boomers” slowly going grey, contemporary estimates of America’s US population are astounding. It is currently estimated that by 2030, more than 20% of the population will consist of seniors 65 or older – this is what Spitzer et al. (2004) refer to as the “Greying of America.” 50 years after the 1980 senior estimates were published, this population size will have tripled. By 2050, researchers expect 88.5-million seniors.
- As senior care demand rises, the supply keeps dwindling. A recent article by the Atlantic reports a huge shortage of nurses in the near future. According to their research, 1.2-million job vacancies will emerge for registered nurses between 2014 and 2022, which makes starting a home healthcare agency in your community more valuable than ever.
So what’s the bottom-line takeaway?
There’s a historically unprecedented surge of demand for senior care services happening now, and it’s only going to keep growing. Moreover, there’s a shortage of senior care services from both public and private institutions. No other business offers this kind of supply-and-demand scenario.
The Hidden Benefits of Starting a Home Healthcare Agency
There are plenty of reasons to get started in this industry beyond the incredible ROI potential, including:
- Gaining the trust and admiration of your community. Your customers and their families will have immense gratitude for the service you provide. And since this is a trust-based business, you will quickly distinguish yourself as a trustworthy, compassionate, and admirable community member.
- Networking. You will develop rewarding relationships with other businesses and individuals in your community as you visit hospitals and care centers, coordinate with Lyft, and work with various professionals to deliver quality care.
- Job satisfaction. There is no feeling like coming home from a good day’s work in the senior care industry. Our 9-to-5 duties center on improving quality of life and independence for the most vulnerable, interesting, admirable members of our community.
- Franchise family. After starting a home healthcare agency with us, you’ll get the support and encouragement of the Executive Care franchise family.
- Preparing for the future. Being involved on the frontlines of senior care has helped dozens of franchise owners come to terms with their own aging, and get more comfortable with the idea of aging in place.
Learn more about starting a home healthcare agency with Executive Care at https://executivehomecarefranchise.com
Jette, A. M., &Bottomley, J. M. (1987). The graying of America: opportunities for physical therapy. Physical Therapy, 67(10), 1537-1542.
Spitzer, W. J., Neuman, K., & Holden, G. (2004). The coming of age for assisted living care: New options for senior housing and social work practice. Social Work in Health Care, 38(3), 21-45.