Senior Care Franchising Feature

Feature Cover-page-0_11.jpgWith an aging population in the US, senior care has been an important issue in the economy. Seniors account for 16 percent of the country’s population in 2011 and the number is rising to 20 percent by 2060.

Seniors are living longer and therefore expecting a wide range of care, from facilities to health care to general daily living. There is a plethora of amenities that are specific to seniors, while other areas of businesses cater specifically to certain age groups.

The franchise industry has prepared itself for the aging population and cashed in on services that appeal to the elderly.

Children want the best facilities for their parents as they age, and there is a lot of buying power within the hands of the baby boomers.

It’s a safe investment from a franchisee’s perspective because people are constantly aging and it’s an ongoing need.

A better understanding of how to accommodate seniors has created many new business opportunities to consider.

Home Care

A lot of seniors find difficulty in certain tasks as they get older and leaving them at home alone can be a worry for their family members. While their extended family continues to work, they cannot be available constantly to their loved ones.

Home Care workers are a perfect balance that allows seniors to remain within the comforts of their own home, while someone can assist them in their day-to-day activities. Family members can rest at ease knowing their parents are safe and healthy, while also happy that they are not removed from their house.

People now turn to businesses that have a staff of reliable trainees to care for their loved ones. Franchises have an established name and reputation that customers can trust. It’s important to consider a franchise for this type of senior care because there are a lot of legalities and red tape to follow when it comes to home care. A franchise would insure that all your tracks are covered, while also creating a brand that is well-recognized, advertised and dependable.

A down side to a home care franchise is there may be competition with health care facilities that run on a lower budget. The upkeep of a facility can be expensive and the buy in can run high. This type of business has a high turnover rate, which means that a franchisee may have to step in and take over the menial tasks. Otherwise, when a secured and reliable staff is set in place, it can usually run itself.

It has one of the biggest returns on investment, as one of the top five most profitable businesses in the US in 2012.

Senior Homes

Some seniors prefer to leave their own homes and move into a complex that performs most of the day-to-day duties.  These facilities usually have a health care staff for emergencies, but the tenant has a personal room that allows some control and comfort. Senior homes could be full apartments that charge extra for emergency services and home care work, including snow removal, garbage and general upkeep. While some other facilities are similar to a hotel with bedrooms and common eating areas.

There are pros and cons to each option.  A lot of research is needed to determine what is the best option and it depends on what an investor would prefer. A common eating area might cost more due to food prices and staff costs, but personalized kitchens might be an insurance liability. Either way, a franchise is the best bet because it covers all the bases without risk.

Those interested in senior care homes, but are not sure which route to pursue would benefit from visiting local homes and speaking with other franchisees. They can explain first hand how involved they are in the process and how easy their franchisor has made it for them.

Respite Care

This type of franchise is for those who need medical attention and care as they age. This is a more specific type of health care facility and it’s home to some persons with disabilities, as well as those who are ill.

A franchise is a safe investment as there is a lot of insurance and legalities involved in the ownership of a health care facility. Research into the policies and procedures would be the best first step from this type of senior care. A look at the health care coverage within the state could determine whether or not your competing with covered health care providers at a lower budget.

Though no previous experience is necessary, someone who is well versed in health care, senior care or health care management would be well suited for this franchise.

Blood Collection

Though a blood collection or sample collection franchise would not specialize in senior care specifically, it would cater to mainly the aging population. This is a largely mobile franchise that collects blood and samples from clients within their own homes. People like to pay for convenience more than anything. Avoiding long wait times and busy hospitals for a blood sample can be a very tiring and time-consuming effort. Some seniors may risk their health for such an endeavor and paying for the service can help alleviate such a worry.

These types of facilities and services are more common and work on the road from client to client. As a franchisee, this type of investment is low in costs because there is no permanent location and it’s really simple to run. In fact, one would barely have any involvement and it tends to run itself.

A franchise would be a wise investment because a lot of collection agencies have to work directly with laboratories and within the health care system. A franchise would cover all the legalities and insure a safely run business.

Though this type of mobile service has been around for sometime, it has become much more popular with consumers having a more immediate purchasing desire and more people willing to pay out of convenience.

Senior care franchise options cover a lot of bases and include very different types of facilities that caters to a variety of senior’s needs. Nowadays, families are willing to pay for a safe and healthy environment for their loved ones, with a guaranteed reputation. A franchise in this field would have a hefty star up fee and require a lot of research including comparing franchises and discussing options with current franchisees in your area. However the legwork pays off.

It has a guaranteed clientele with over 6.5 million seniors in the US needing assistance, which is expected to double by the year 2020. As the aging population grows, there will be more money to invest in the field of senior care.

Senior Care is a fulfilling career choice that can be an expensive but it’s safe investment with a quick return that is guaranteed, especially with an aging population increase with more money to spend.

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