How Profitable Is The Home Health Care Business?
How profitable is the home health care business? In a word, very. Today’s post reviews the low start-up costs and favorable demand dynamics that support Executive Care’s unprecedented profitability.
The ‘Graying Of America’ Promises Home Health Care Business Boom
“In less than two decades, the graying of America will be inescapable,” writes the U.S. Census website. “Older adults are projected to outnumber kids for the first time in U.S. history. Already, the middle-aged outnumber children, but the country will reach a new milestone in 2034.”
As the number of seniors skyrockets, so too does the demand for qualified home health care businesses. After all, adults aged 65 and older are the heaviest users of home care support services.
Can you think of any other industries adding approximately 10,000 people to their target audience every day? This change is already underway, but there’s still time to get in on the ground floor with Executive Care.
Rising Need For Respite Care Supports Home Health Business Profit
According to the AARP’s Caregiving in the U.S. 2020 report, there are currently more than 1 in 5 Americans (21.3%) providing informal care for friends, spouses, and loved ones. This amounts to approximately 53-million adults, up from an estimated 43.5-million in 2015.
And while caregiving can be very fulfilling, sometimes even catalyzing deep family connections, it’s definitely a full-time job. When taken on in addition to full-time work and preexisting family obligations, caregiving can be extremely overwhelming and harmful to our mental and physical health, as well as that of our care recipient.
Indeed, while 51% of caregivers feel their role has “given them a sense of purpose or meaning,” these positive emotions often coexist with strain and chronic stress. When compared to statistics from 2015, fewer caregivers listed their health status as “good,” and a greater proportion reported being in poor health. Additionally, 25% reported finding it difficult to take care of their own health, and 21% reported feeling alone.
Ultimately, the AARP report reaffirms the need for respite services, which coordinate quality senior care for families to lift the “caregiver burden.” Indeed, the demand for respite services has never been higher, which is just one more reason to expect serious returns on your home health care business investment.
At Executive Care, we provide all levels of senior and adult care, which means we’re able to provide respite whenever and wherever it’s needed. As such, our franchise owners get practically endless opportunities to help their communities, and to build a bigger return on their investment.
Low Start-Up Costs Support Home Health Business Profit
The average Executive Care start-up cost ranges between $99,650 and $161,900, which includes the franchise fee, recommended operating capital, training costs, and everything else you need to build a successful business. When you consider our low start-up costs alongside the industry’s favorable supply-and-demand dynamics, it’s easy to see why our franchise owners are thriving.
Take A Look At Profit-And-Loss Statements From Executive Care
For a more detailed look at our financial performance, you can request access to the Franchise Disclosure Document by calling 1-855-393-2372 or booking a free consultation on the Executive Care Franchise website.