We’re seeing a boom. Senior care franchises are in high demand and for good reason. Many people will need long term care solutions in their life. By 2060, the Population Reference Bureau predicts the number of seniors living in the U.S. will more than double to 100 million thanks to the Baby Boomer generation (those born between the years 1946 and 1964). This generation is moving towards retirement and, eventually, senior care is projected to surpass the number of children by the year 2030 for the very first time in U.S. history. The explosive growth that we are seeing of the senior population means increased demand for senior services of all kinds, including senior assisted living homes.
There’s a huge positive in this growth for everyone involved — families and seniors alike — and that’s due to the availability of quality care thanks to franchising. These high-quality concepts (which we’ll jump into in a moment) are scaling with franchise models that work well and make for an incredible quality of life.
There are few certain things in life, but one thing is for sure — none of us are growing any younger, so it’s crucial to get the systems in place that will benefit us as we all move towards our golden years. With enough foresight, the comfortable, streamlined senior assisted living franchise model can be the long-term staple that will benefit us all.
What are Senior Assisted Living Homes?
This year has seen even more of a reason to move away from the industrial, hospital-like conditions that have been popularized by nursing homes. Senior assisted living facilities have differentiated themselves from nursing homes by creating home-like environments that provide for opportunities of normal activities, chores, and scheduling.
Imagine a home within a neighborhood — the school bus rolls through in the afternoons, people are walking their dogs and pushing strollers, music is coming from a driveway — this is the environment that senior assisted living homes are in. Places like Avendelle, a national senior assisted living home franchise, or Senior Retreat, a company that boasts a boutique residential atmosphere headquartered in Charlotte, North Carolina, have understood the power of family-like environments for the overall, well-rounded health of the residents. These homes are meant to mimic the look and feel of “normal” homelife, boosting quality of life for the residents and their families.
Why Invest in a Senior Care Franchise?
We already touched on the sheer numbers that make sense for this sort of investment. There is no shortage of aging people. To reiterate the stat from above, a senior population of 100 million is predicted by 2060. Oftentimes these facilities have memory-specific care, catering to the growth of Alzheimer sufferers, which is predicted to increase from 5 million in 2013 to nearly triple that number by 2050, 14 million people.
The profit margins within the senior care assisted living space are very attractive. Less employee turnover and long-term residents make for lower overhead. The utilities are for a 4- or 6-bedroom home, not an industrial-type facility. The staff and the residents form bonds and a home subculture that is second-to-none. Visitors — the families overseeing payment of such arrangements — can see this and will most likely keep their loved ones in these homes as well, which translates into dependable recurring monthly income. The dependable residential real estate investment is an added bonus.
Finally, we cannot go without saying that this is a positive, passion-driven career. Owning a senior care franchise, no matter the type, just feels good! There are a variety of types that we didn’t cover today. One is Mobility City, a company that brings wheelchairs and any needed repairs straight to the customer. This brand already has 40 franchises! Another, Always an Angel, is a senior homecare company that provides non-medical care within the comfort of their client’s home. A senior care franchise is an investment that goes beyond the dollars and cents bottomline — this is an investment in the emotional, mental, and physical care of the generations that come before us. We can feel good with our senior care franchise and know that we are making a positive impact on everyone involved in multiple ways!
For more information on a senior care franchise that is right for you or to learn more about franchising your own senior care business, visit my website at www.fmsfranchise.com.
Chris Conner has worked in the franchise development industry for almost 20 years and helped over 600 brands franchise their brand and develop franchise distribution channels. He works with small to mid-sized businesses in all industry segments including Professional Services, Food Service, Retail, Automotive, Fitness, Healthcare and Manufacturing. He founded Franchise Marketing Systems in 2009, focusing on strategic planning and franchise marketing for new and emerging franchise brands. Today, Franchise Marketing Systems is a team of 27 franchise consultants based in the U.S. and Canada supporting brands around the world to grow and scale through franchise expansion.