Purchasing a senior services franchise for sale is a great way to enter the business world. While buying any franchise carries inherent risks, senior services companies will continue to grow over the next few decades. That is because millions of baby boomers around the country are getting to the age where they require additional care. As a result, studies say the elder care industry is expected to bring in nearly $400 billion in revenue this year. That number should only increase in the coming years. The 2014 U.S. Census concluded that there will be 83.7 million Americans ages 65 and older in 2050.
These retirees will require specific needs. That is where senior care franchises come into play. Companies such as Golden Heart Senior Care provide a variety of non-medical services, from cleaning and cooking to meal planning and personal hygiene. Others, including Right at Home or Flextime Nurses, offer trained nurses who can administer certain medications. Many senior services businesses even include respite care for full-time caregivers who need a break from their daily duties. These are all valuable services that make owning a senior care franchise particularly rewarding.
Before you buy a senior services franchise, there are certain things you should know. Purchasing a franchise is not like starting a business on your own. The franchisor has specific policies that you will have to follow. Still, this is a small price to pay for the assistance you will get from that corporation. The company will help you get your business up and running and may even provide training or financing. The franchisor also is usually willing to give out tips or suggestions whenever you need them. In addition, franchisors have a proven brand with a built-in customer base. So you will not have to spend much of your budget on advertising. Instead, you will have more money for other aspects of your business.
Sources: www.freedoniagroup.com/industry-study/elder-care-services-3214.htm, www.census.gov/prod/2014pubs/p25-1140.pdf, http://smallbusiness.chron.com/advantages-disadvantages-owning-franchise-3886.html