The Advantages of Owning a Senior Care Business

The last six decades have seen strong growth in the franchise market. In fact, franchises have surpassed every other type of business in the marketplace. Out of all the categories of franchises, one superstar is the fastest growing of them all. It is the Home Care or Senior Care niche. Each year, Forbes lists the top ten best franchises to buy into and this year three of those numbers were in the senior home care niche.

This franchise niche has not merely grown, but it has also experienced phenomenal growth. Only 13 home care brands existed in 2000 and today there are over 60. Only 300 locations existed in 2001 and today there are approximately 6,000 nationwide. The home care industry is certainly a growth industry.

What has contributed to this impressive growth? There are three key factors:

• Lower franchise costs to start a business
• High revenue potential
• Growing demand for senior care services

While some franchises cost as much as $450,000 to buy into, many of the home care franchises cost less than $150,000. This is very appealing to many people trying to start a business in today's economy. In addition to this low initial investment, a senior care franchise has high revenue potential. High volume for a low investment just makes good business sense.

Studies indicate that home care franchises consistently bring in more business every year than do non-franchise home care businesses (independents). Franchises offer their owners aggressive marketing strategies and networking support. They also provide them with large territories. Franchises have help with all the government regulations (local, state and federal) that are constantly changing and can have better insurance through their franchise for covering their caregivers when on duty in a client's home.

The demand for health services and home services for senior citizens will only grow in the coming years. By the year 2050, the number of people over the age of 65 in the United States is projected to triple. For the owner of a non-medical home care franchise, that means you are assured a growing customer base until your own retirement.

There are multiple home care franchises from which to select. Study them carefully, ask lots of questions and read all their literature and contracts very carefully. Purchasing a franchise is somewhat like beginning a marriage. You will be together for a long time and you want the partnership to be successful.