There are thousands of potential franchise opportunities out there, and while there are many different factors that come into play when deciding which one is right for you, long-term outlook and expected ROI are probably at the top of that list. You are, after all, looking to build a business that is sustainable and profitable. That’s why an in-home care franchise can be a great investment, and it deserves a place on your short list of franchise candidates.
Expected outlook for the in-home care industry
The in-home care industry has experienced enormous growth over the past several years, as more and more Baby Boomers require senior care services. According to the Census Bureau, the number of Americans who are 65 or older will more than double over the coming decades, reaching 92 million by 2060. While the number of seniors 85+ will triple, topping 18 million.
Estimates by the Department of Health and Human Services predict that around 60% of these seniors will require long-term care at some point. In-home is typically more affordable than live-in facilities, and it is the preferred choice for the majority of seniors and their families. Therefore, the in-home care industry will continue to see increased demand for the foreseeable future.
Cost of entry for an in-home care business
In addition to the excellent profit potential for an in-home care business, franchisees can also benefit from the lower cost of entry. Unlike restaurant or retail franchises, senior care does not require an extensive infrastructure or stock investment, keeping initial start-up expenses low. Franchise fees also tend to be much more affordable than in other industries.
Is in-home care recession-proof?
With the recent economic ups and downs, franchisees are frequently searching for opportunities that can withstand recessions, and the senior care industry has shown that it can do just that. In-home care spending actually increased by 15% during the 2008-2010 recession and demand more than doubled during 2020 alone. Evidence shows that senior care is one of the last things families are willing to cut during poor economic periods.
Benefits of an in-home care franchise
In addition to these financial factors, in-home care has another significant benefit: it allows business owners to make a real difference in their communities. By offering this valuable and much-needed service, senior care providers help foster compassion, empathy, and independence for the most vulnerable members of our society.
If you’re looking for a franchise opportunity with an excellent outlook, that also offers the potential for you to make a genuine difference in the lives of the people around you, Right Hand Senior Care wants to hear from you.
So what are you waiting for? Get in touch today and change your future with a Right Hand Senior Care franchise.