Maybe it’s time to consider purchasing a franchise that caters to this market.
By 2020, nearly 14 million people in the United States will be over the age of 65, and 84 percent of them will want to continue living at home. To do that, more than half will need assistance with daily living activities.
Seniors and family members of older relatives are looking at alternatives to assisted living and nursing homes which can be much more costly.
According to the Administration on Aging, some average costs for long-term care in the United States (in 2010) were:
- $205 per day or $6,235 per month for a semi-private room in a nursing home
- $229 per day or $6,965 per month for a private room in a nursing home
- $3,293 per month for care in an assisted living facility (for a one-bedroom unit)
- $21 per hour for a home health aide
- $19 per hour for homemaker services
The best option for most is home care or home health care, where a professional caregiver goes to the home to personally look after a loved one. This may include doing laundry, picking up around the house, transportation and preparing meals. Most important, this service includes companionship–someone who adds conversation and friendship to the life of an elderly person who is homebound, physically impaired, has difficulty getting around or just lonely.
Depending on the level of care the individual needs, a licensed medical professional may be required to administer medications, offer rehabilitative therapy or provide other skilled nursing care. With these factors top of mind and knowing the silver tsunami has hit why not purchase a franchise that meets the needs of the 65 plus market.
Senior franchise companies are booming as a result of this trend. So, what are some tips for selecting the right one?
Analyze the demographics of your desired locations. Ask lots of questions. Franchise contracts vary widely, so read carefully. Remember a franchise contract is a firm commitment and you have to have a thorough understanding of the commitment on your part and the franchise organization. Not all franchises are created alike — some offer skilled nursing services and others do not so make certain you understand the differences and the regulations that are imposed on each
One great way to learn about a franchise opportunity is to ask current franchise owners how satisfied they are with their business. They are the ones who have actually operated the business so their input can be very valuable. You should also analyze the franchisor to make certain they provide the necessary support in the areas of finance, marketing, sales, operations and training. Lastly, make certain that the brand is strong with a long-standing history of serving the end consumer in a positive manner.
The healthcare franchise market is not a new trend, many companies offer these services but it is still one of the most attractive franchises in the United States.