Entrepreneurs can Turn Silver into Gold in the Growing Senior Care Market
Senior care franchises offer the ultimate opportunity to do meaningful work and change lives. According to The Washington Post, 10,000 Americans will turn 65 every day until 2030, meaning that millions will need care as they grow older, opening vast business opportunities. Senior care is an important part of the U.S. economy, and the long-term care market is expected to generate over $1.74 trillion in revenue by 2030, according to SkyQuest.
If you’re looking for a new business opportunity, there are many reasons to consider investing in a senior care franchise. Not only can you own an in-demand recession-proof business, but you can do meaningful work that helps seniors feel independent and dignified as they age. Not to mention, their families will be thankful for the peace of mind.
Below is a deep dive into three ways to own a senior care franchise, including brands to consider and the benefits of ownership.
Assisted Living Franchise
- The Business Model: Assisted living franchises offer a home and help for seniors who can no longer live alone.
- What’s Involved: A facility or house needs to be constructed or retrofitted to shelter and care for seniors. Franchisees are responsible for oversite during the construction process and hiring a team of nurses and caregivers.
- The Market Size: The U.S. assisted living facility market size was $91.8 billion in 2022, according to Grand View Research.
- Who’s it for: Caring entrepreneurs who are driven by helping others.
- The Pros: Growing market, meaningful work.
- The Cons: Large investment. The responsibility of taking care of seniors poses challenges. Staffing can be an issue.
- Investment Range: The startup fees for an assisted living facility can be significant, ranging from $2 million – $10 million.
- Brands to Consider: Avendelle Assisted Living and BeeHive Homes Assisted Living are two leaders in this space.
In-Home Senior Care Franchise
- The Business Model: As the owner of an in-home senior care franchise, you work with families to establish care for their loved ones. You can offer personalized in-home care, Alzheimer’s and dementia care, private-duty nursing, non-medical care and more.
- What’s Involved: Caregivers provide help with light housework, personal care, errands, companionship and more at clients’ homes. Franchise owners can bring in business by marketing locally and building relationships with referral sources such as hospitals and rehab centers.
- The Market Size: The U.S. home healthcare services market is predicted to grow to $156.28 billion by 2030, according to Fortune Business Insights.
- Who’s it for: This type of business is for individuals who care about people and have an entrepreneurial mindset.
- The Pros: You do meaningful work that helps seniors age at home with dignity. The services are in demand.
- The Cons: Finding and retaining reliable caregivers can be challenging.
- Investment Range: An affordable investment range between $113,300 – $197,900 is typical.
- Brands to Consider: There are a number of reputable brands in this area, each with different services and business models. These include Home Instead Senior Care, Right at Home, Interim HealthCare, Visiting Angels, Right at Home, BrightStar Care, Comfort Keepers, Senior Helpers, ComForCare Home Care, Home Helpers Home Care, Homewatch CareGivers, FirstLight Home Care, Caring Senior Service, Amada Senior Care, 1Heart Caregiver Services, A Place at Home, In Home Personal Services, and Seniors Helping Seniors.
Senior Care Referral Franchise
- The Business Model: Your team researches and recommends various companies that specialize in in-home care, assisted living, and dementia care. While the recommendations are free to clients, you are compensated when a patient is successfully placed into a facility. This is a largely home-based model that you can run from anywhere.
- What’s Involved: You develop relationships with local facilities and join families in visiting them after learning what works best for them.
- The Market Size: Senior care referral franchises are part of the long-term care market, which is projected to be worth $1.74 trillion by 2030.
- Who’s it for: This type of business is for entrepreneurs who want to make a difference and care for people.
- The Pros: You assist families with finding quality senior care. This is work that you can feel great about.
- The Cons: Finding leads and converting them can be challenging.
- Investment Range: The investment range is affordable, starting under $100,000.
- Brands to Consider: CarePatrol, Assisted Living Locators, and Senior Care Authority are successful franchises in this space.