Home-Based Business is Booming in the Senior Care Services Sector
Unless you’ve been living under a rock, you know that the senior care services sector is booming in 2019, with a strong forecast for 2020 and beyond.
Back in 2016, Larry Myler published an article in Forbes magazine stating that “the Aging of America will create a $279B opportunity by 2020.” This claim was backed by the AARP’s 2016 Caregiving Innovation Frontiers study, which determined that by 2020, 117 million Americans would need senior care services of some kind.
Since then, the future’s only gotten brighter, thanks to some surprising senior trends.
Today’s post runs down a few reasons why it makes sense to launch a home-based senior care services company in 2020.
- More people demand home care solutions than ever before. According to a seminal survey by the AARP, 9 out of 10 seniors want to “age in place,” growing old in the comfort of their homes, rather than move into assisted living facilities or nursing homes.
And it’s not only seniors who want to age in place. Adult children responsible for the care of their aging parents want them to stay at home for as long as possible in order to control costs, stay close as a family, enjoy their childhood homes, and make mom and dad happy.
- Divorce rates are higher among seniors than in previous generations. According to the Population Reference Bureau’s Population Bulletin fact sheet, the share of divorced women aged 65 and older increased from 3% in 1980 to 14% in 2018. For men, the divorce rate increased from 4% to 11% during the same period. This has major implications for the future of senior care, as well as the demand for home-based businesses offering senior care services. As a result of these heightened divorce rates, over a quarter of women aged 65 to 74 lived alone in 2018. This share jumped to 55% among women aged 85 or older, according to data from the U.S. Census Bureau.
With so many seniors living alone, without a spouse to assist them with their day to day care needs and stave off the damaging effects of social isolation, older adults will rely on home-based businesses offering senior care services like never before.
- Senior care services home-based businesses are sleek and profitable. Aging and marital trends aside, home-based senior care services are thriving in 2020 because of smart business models. Broadly speaking, launching a home-based business that delivers senior care in the client’s home saves big money in start-up costs and overhead expenses associated with a brick-and-mortar location. And so long as you’ve got a great website, trusted reputation, and the skills to pay the bills, you can secure a big piece of the pie, even with big brands winning the lion’s share of clients in your area.
Better still, you can align yourself with a proven brand and build your home-based business using their proven formula. In this way, you can get access to nationally recognized training, support services, and big-brand advertising authority, while also tracking your expenses to the penny. Investing in the Executive Care franchise will cost between $99,650 and $161,900 which includes your franchise fee, recommended operating capital, and other startup costs.
Learn More About Starting A Home-based Senior Care Services Company
Visit the Executive Care Franchise website to learn more or call 1 (855) 393-2372 to book a free consultation with a member of our team!