If you are interested in owning a franchise, there are several senior services franchises being offered today. The following will give you some information on the senior services sector and why it would benefit you to include it in your search for a franchise…
Do I Need Healthcare Experience?
You do not need any professional background in healthcare in order to become a successful senior service sector business owner. You cannot fill every role in a business so you can hire people with the appropriate experience as needed. The biggest thing you would be wise to do is get information from people who are in the senior service business you are attempting to learn about. Or who just know about franchising, in general. If you did work in the medical field and are now looking for a senior care franchise, you may have the leverage of connections to help you grow in the business. However, as a franchiser you will probably not be the one directly working with patients daily. It is not necessary to have had experience in working closely with seniors, but it is a valued background. The most important thing you need to bring to the franchise table is your business ability to grow and run an operation.
The Need Is Out There For Many Senior Services Businesses
In 2020, there are more than 46 million older adults aged 65 and older living in the U.S.; by 2050, that number is expected to grow to almost 90 million. Between 2020 and 2030 alone, the time the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million. There is a growing demand for the senior service that you could provide as the owner of a senior services franchise business. Older Americana are one of the fastest growing demographics in the country. A large percentage of them live in a home, condo or apartment. There are 61 million people with disabilities in the U.S., that’s one in four adults in the U.S. living with some type of disability that also need services. Those numbers tell you there is a need and will be a need in the future for senior services. You just need to decide what type of senior services franchise you want to own. Elder care in the United States is estimated to be a $400 billion industry.
Opportunities For Franchising In The Senior Service Sector
- In-Home Care Aids: Only about 3% of senior citizens live in nursing homes. Because of this desire to age in place, there is a projected 26% increase in need for in-home care aides through 2024.
- Services For Seniors: Maintaining a good quality of life while aging at home is a driving force behind industry growth. Franchises that provide services for move management, home organizing, estate sales, or housing placement.
- Physical Therapy: Physical therapy helps to balance training and fall prevention guidance for the aging population.
- Mobility Businesses: This includes safety bars, stair lifts, wheelchair ramps, scooters, and more.
- Wellness: Examples of wellness include massages, clinics, spas. skincare studios, and more.
- In-Home Help: Just a few of the services offered are meal preparations, assistance with personal hygiene, and memory care support.
- In-Home Health Care: These can include skilled nursing and medical equipment, post-surgery orthopedic care, veterans care services, and hospice support.
These are just a few suggestions as there are hundreds of options to consider. We are sure that brilliant entrepreneurs will continue coming up with new and innovative franchise concepts that focus on the senior market as the senior care franchise industry is bustling.
Trust Aaron Bakken for your professional service needs including owning a franchise of your own.
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About Aaron Bakken
Franchise Consultant for The Franchise Consulting Company
Aaron has 20+ years of franchise and independent business ownership experience. He also spent 5 years as the VP of Franchise Development for an international franchise group, growing the franchise to the advent of a private equity buyout. Whether you are looking to buy a franchise opportunity or franchise your business, Aaron knows how to guide you.
No Cost To You
Aaron is paid by franchisors and development companies for bringing them viable franchise investors. So frankly, his clients have nothing to lose by engaging with him but a bit of their time. Aaron helps his clients navigate the complex world of franchise ownership and development and provides long term guidance to help his clients achieve their entrepreneurship goals.