Care Franchises Booming Thanks to an Ageing Population
Care Franchises Booming Thanks to an Ageing Population Senior health care services are increasing. This isn’t unexpected. Actually, the in home health care industry was likely to become the number 1 job originator in the U.S. through 2020, and perhaps beyond. That’s essentially due to a growing aging population.
According for some quotes by the Wall Street Journal, the ratio of Us residents aged 65 and over in 2015 was 14.9%. By 2060, it’s likely to balloon to 23.6%, practically one-quarter of the entire population of the united states. That increase, in conjunction with potentially much longer life-expectancies for these elderly people, is increasing the demand for in-home health care services.
Franchising is becoming ever more popular within the industry, with some more developed firms offering franchising opportunities. This enables people to enter on the ‘surface floor,’ as they say, within the industry with an organization that’s already set up operations within confirmed point out or locality.
Ruth Simon, of the Wall Street Journal, writes in the article, Senior-Care Business Booms for Franchisers:
“Ms. Halpern and her husband, Jack, decided two years ago to expand his eight-year-old New York City business, which helps senior citizens and their families navigate the world of elder care. The couple have sold two franchises for $39,500 each this year.
The Halperns aren’t alone. Over the past three years alone, the senior home-care sector has grown by 6.6% annually, faster than the overall franchise industry’s 2.6% compound annual growth rate, according to market researcher FRANdata. About half of home-care agencies are now franchises, up from about one-third five years ago, according to Home Care Pulse LLC, a market-research firm.”
With this explosion in franchise home care agencies, more opportunities exist for seniors to get the sort and quality of care they could want. However, it also causes lots of questions, such as what quality level or experience with the caregivers have or offer, which kind of rules or oversight will each organization receive, and what certification would a person have to have to get and operate a franchise?
A franchise within the house health care industry generally include low startup costs, about $115,000 to begin with. Within the restaurant industry, a franchise could feature a $1 million startup price, so for those enthusiastic about getting their own business ready to go, doing so in the house care industry is obviously appealing.
Franchises do face lots of issues, including high personnel turnover, which leads to questions about the quality of employees and the care their clients receive. Yet, with the continued growth of the aging population in the country, there doesn’t seem to be an end in sight for franchises in the home care industry.