Franchising in the Senior Market
The statistics are enough to make any business-minded person drool. The over 65 population is growing every year by over 3.3 percent annually compared to the under 65 market at .3 percent annual growth. The incredible growth in this market segment has given meteoric rise to a wide range of senior focused services and products. The franchise market has benefited directly from this growing market and the euphoric expansion has driven innovation and creative ways to serve this market.
The senior care market is what originally broke ground in the senior franchise market with an enormous variety of in-home senior care franchises starting with brands like Visiting Angels. The in-home senior care market continues to thrive today with newer brands such as Ideal Homecare and Caring Matters Homecare. These models focus on delivering professional care to seniors from the comfort of their own residence. This market alone has exceeded 440 billion in annual sales by some accounts and shows few signs of slowing down.
New models that have been created out of demand to serve this senior market also have entered the senior franchise market with high levels of success. Avendelle Senior Homes, a franchise with locations in Dallas, Texas and Raleigh, North Carolina converts residential properties into smaller, cozier nursing homes with the ability to provide better care. Avendelle in the last year has opened 6 new homes in Dallas alone.
55 Plus Fitness is a senior focused fitness and gym model that offers a comfortable environment for seniors to exercise and socialize with one another. Traditional gym models full of young, lightly clothed people create an unwelcoming place to work out for someone in their 60’s and 55 Plus was designed to address just this need.
Regardless of the business segment, there is opportunity in the senior market and franchisees are reinforcing this with their dollars and investment. The great part about doing business in this market segment is the goodwill that accompanies the profitability. Most senior businesses are models that you can make money and feel good about what you do every day.
Christopher Conner is the President of Franchise Marketing Systems and has spent the last decade in the franchise industry working with several hundred different franchise systems in management, franchise sales and franchise development work. His experience ranges across all fields of franchise expertise with a focus in franchise marketing and franchise sales but includes work in franchise strategic planning, franchise research and franchise operations consulting. For more information on how to choose the right food service franchise, contact Chris Conner at Chris.Conner@FMSFranchise.com