The late comedian Jerry Lewis hit the nail on the head when he said, “You think about getting old, but when you get there, it’s not what you thought it would be.”
Isn’t that the truth?
Now in their 50s, 60s and 70s, the 76 million people born from 1946 to 1964 – a.k.a. baby boomers, are currently dealing with the challenges of aging, as well as chronic conditions like diabetes, cancer, heart disease and Alzheimer’s disease, according to the U.S. Department of Health and Human Services National Center for Health Statistics.
Despite the issues that come with aging, AARP found 86-percent of the 50-plus population in the U.S. wants to remain in their home as they age. Thankfully, the increasing number of in-home care service providers, which help seniors with daily activities like cooking, cleaning and errands, as well as medical needs, allow them to do so.
The 2018 Senior Care Industry Analysis reports that home health care – either medical, non-medical or a combination – is the primary franchising opportunity within the senior care industry. And it doesn’t show any signs of slowing down.
Population projections by the U.S. Census Bureau now say millennials (born between 1981-1996) are on the cusp of surpassing baby boomers as the nation’s largest living adult generation.
According to market research firm IBISWorld, there are more than 60 senior care franchise brands, and the firm predicts growth to continue to rise through at least 2022.
Let’s take a closer look at the three categories of in-home senior care: medical, non-medical and transitional.
Non-medical franchises allow seniors to stay in their home by offering them a little help around the home with cooking, grooming and bathing, transportation, simple companionship and much more. The care is customized to the client’s needs.
Medical franchises help families deal with the challenges that come with aging and disease by designing individualized care plans and in-home medical services, such as catheter care, injections, IV infusions, tracheotomy care, ventilator patient care, etc.) provided by a nurse, home health aide, certified nurse assistant, licensed vocational nurse, or doctor. In-home ca also is a way to help reduce the rising costs associated with health care.
Franchises have also expanded into the area of transition services, which focus on helping people move, organize their home and estate sales when a higher level of care is needed. Other senior transition services help seniors and their families through the process of making the right choice in regards to choosing a live-in facility when the time arises.
When evaluating and determining if Senior Care is the right path for those that I consult with, we have several pretty in depth conversations. In my opinion, senior care is an excellent business model and there’s MANY reputable companies with several successful franchisees and proven systems. If my candidate is looking for a business they can scale and grow and really build a BIG business, senior care meets that goal. If they want to be involved in the community and know in the back of their minds that Amazon isn’t going to take over this industry and customers won’t be hard to find, senior care meets that goal. If they want a “simple” business without a lot of moving parts – I don’t think senior care is for them. As a senior care franchisee you are managing schedules and employees and customers, and the larger that business scales, the more you need. Most successful franchisees will have sales and business development backgrounds. The owner will usually be the front person, going out and building relationships of trust with hospitals, skilled nursing facilities, insurance agencies, trust attorneys, financial planners, social workers and other professionals in the space. As the business grows, the owner will hire a staff to help with hiring caregivers, scheduling, billing, and payroll. Eventually they’ll hire a sales team to start supplementing their sales efforts, too. Again, it’s big business with potential of big revenue. If executed, looks like it will create great dividends, too. It’s for the owner who would get bored doing the same thing every day. In my humble opinion, this owner will need to keep several plates spinning and ENJOY the challenge that brings.