Learn about the Home-Based Senior Care Franchises.
This article describes a market that is blooming in the US and tends to grow significantly over the next many years. That’s the Senior Care market!
Below are some statistics related to the Senior care market, from the Home Care Association of America:
- The American population is aging, and it is estimated that by 2020 there will be over 56 million people over the age of 65. From this number, 40% will need daily assistance and 70% will need assistance at some point.
- 9 out of 10 seniors, even though need some type of assistance, do prefer to continue living in their homes, rather than going to a Senior care institution.
- At the same time, the geographical distance between parents and their children is increasing (the average distance is 280 miles), which results in need for professional care.
- The fastest growing market in the Senior Care space is the home care market, which involves offering assistance to the elderly in their own homes. In 2011, the home care for seniors market was estimated in U$70Billions/year! This number continuous to grow significantly year over year.
Companies specialized in home care offer a series of services, that can be categorized as medical or non-medical. The non-medical space is growing significantly due to its high demand and easy setup from a company’s standpoint (for example, insurance and licenses are much simpler and cheaper to get when your business is categorized as non-medical). Some examples of non-medical services are: help with personal hygiene, prepare meals, do the laundry, coordinate medication schedule, help with errands, accompany the senior during doctor visits, and provide companionship.
Due to the fact the caregivers spend significant time with the elderly, they can be extremely helpful during doctor’s appointments or family reunions, providing valuable information about the senior condition.In fact, statistics show that when elderly people are receiving proper care, and their caregivers are actively involved in doctor’s visits, their health tends to improve. For example, 75% of the elderly forget to take their prescription drugs, and caregivers help guarantee they will take their medicines in the right times and according to the dose prescribed. As the caregiver can also provide much more detailed information about the health state of the senior during a physician appointment, this results in better diagnostics and treatment – and due to that it is estimated that the positive impact of home based senior care results in a U$12 Billion economy per year, in hospital expenses.
In summary, due to all facts described above, the demand for home-based senior care is growing significantly. There are already 1.8 million jobs generated by this industry, and this number should increase by 26%, to 2.3 million jobs by 2024.
At this point you probably agree that this is a market that generates significant opportunities. For someone considering a job opportunity as a caregiver, the good news is that in general no previous experience is required. The main factors taken into consideration for qualifying are:
- Be willing to treat the enderly with dignity and respect;
- Communicate with clients in a cordial and respectful manner
- Pass a background check
- Possess a driver’s license and auto insurance
For the entrepreneurs, there are a series of opportunities to open a business in the Senior care space. There are at least 2 business models to be considered:
- Open a Senior Care agency franchise: there are many great Senior Care companies that are looking for new franchisees in their network. The franchisee will open an agency that provides home based senior care services in a given territory. He will focus on hiring qualified caregivers, establishing relationships with families, and building his local network. The franchise companies in general provide great training and ongoing support, including HR support. Many also provide systems to help with the back-office administrative work. The initial investment and royalties charged do vary between companies, but there are nice options starting at U$50,000 total initial investment and 0% royalties!
- Open a caregiver placement agency: through this model you can become affiliated with a company that does all the work of hiring caregivers as well as all the back-office work. Your job is to interact with the leads you will receive, establish local network, and profile what each client is looking for when it comes to the ideal caregiver for their relatives. Then you will use the main company’s database to identify a few caregivers that qualify according to the family’s criteria and will introduce them to the family members. Once they decide to hire one of the caregivers you receive a placement fee. This model is a profit sharing model in which you share the placement fee profit with the company you are affiliated with.This is a very affordable option, with initial investment around U$35,000. In addition, it allows great lifestyle as you can work from home, part time or full time, and don’t need to deal with the overhead of running a full service agency, though still making good revenues!
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