SENIOR CARE FRANCHISING FEATURE
With the increasingly aging population, it is important to consider the options and living situations for the future of a vast majority of the population.
Seniors are dependent on quality care, especially in a later age. They want to be comfortable and satisfied, and they are willing to invest in quality treatment.
As someone interested in franchising, the senior care business has a lot of options and different variations. It has a sleuth of guaranteed customers, with 14.5 per cent of the US population being 65 years or older in 2014. The number is expected to double by the year 2060, meaning it is a constantly growing customer base.
There are many different housing units for seniors within the US. This field of business may have a lot of competition but being a franchisee can provide a leg up. Franchises provide investors with branding, marketing and advertising. A well established and creditable name can carry a lot of weight when it comes to senior care. This is the type of sale that will take a lot of consideration and time from customers; it is a large purchase that they do not take lightly. Therefore, if they are greeted with the confidence of a well reviewed and strong standing brand, it will help influence their decision.
Residential care can offer different types of services including skilled care or custodial care. Skilled care would offer nursing experience and medical support, while custodial care provides support for daily living activities. Both options are well regarded, and some residential franchises offer both. Though medical procedures would involve a lot of red tape and protocol, a franchise would provide support and a clear understanding of the necessities vital to running a skilled residential senior care unit properly. Staffing these units would likely have support from franchisees and it would be important to research individual franchises and confirm the supports available.
Some residences provide palliative or hospice care. Palliative Care provides relief from pain, while a hospice provide comfort to terminally ill patients. Sometimes both options coexist within a residence, or parallel to skilled and custodial care.
Retirement Communities are now a franchise option. This calls for a focus on in the real estate and rental sector, but its main clientele is seniors.
Though it is not necessary, it would be helpful to have a passion for this field of work. Those highly interested in senior care would contribute to the success of this type of business. Most families in retirement communities care for themselves. However, this is a great opportunity for those who enjoy working with seniors, as well as real estate. It would involve less work and a better schedule.
A lot of people would like to remain in their own home, but need assistance in certain areas to get by with daily activities. This type of business can be offered through a reliable franchise for those interested in home care. Again, this type of investment has different levels of care, including medical options.
A downside to this type of business is the high turnover rate. Due to inconsistent schedules, a lot of home care workers move on from their jobs quickly. Though the talent fraction of this type of franchise may be difficulty, some franchises offer training and support and should be considered before investing.
A Home Care Franchise would allow for a flexible and comfortable schedule for the franchisee. There may be the option to work from home, and it could be considered a mobile business. Though some Home Care options are situated within a building, different franchises have different criteria. If you’re interested in a flexible and less involved schedule, consider a mobile business.
Both residential care and home care may be competing with the public sectors but the marketing and branding of a franchise will appeal to higher paying consumers. It’s not a tough competition or worthy of worry, but rather consideration.
Another form of Home Care is Blood and Medical Services. Some facilities offer services to the senior population on a one stop visit. Some people need their blood taken, the medication checked or they have a question that only requires a short home visit, but it is difficult for them to leave the house. This type of service could easily expand to other patients and clientele, not only the older population, but it is a vital part of the aging population.
There are franchises specializing in medical equipment and some of these pieces are specific to senior care. This is a profitable business because it is constantly in need and it has a high mark up. A lot of patients will have coverage through insurance and therefore take advantage, while the franchisee receives the payments.
Some senior care products offer franchises in shipping and receiving field, on a production level that sells many pieces to outlets while some franchises are retail stores specializing in senior care. Of course senior care products branch over to medical care products, which can produce a lot of profit and a guaranteed clientele. In the shipping and receiving sector, a franchisor may already have a list of well recognized businesses interested or contracted to receive the product.
A benefit for a lot of senior care is a guaranteed customer base that is forever growing. The US population is aging and make up for a high portion of spenders in the country. Not only that, the senior population was aware of their retirement and a need to provide for their future, a lot of them are prepared to invest in their care and stability. Though this field of business is competitive, a franchise will allow for strength and support to gain progress within a competitive field. A franchise provides branding, reputation, support and clientele. A franchise is the best option to insure that you are providing a business that follows all the protocols and legalities. Most senior care facilities and products require some medical standard and a franchise offers a safety net and insurance to any investor.
Those passionate about the betterment of the community, the care of the population and senior care in general would be best suited for a franchise in any of the field mentioned above. Though a franchisee could remain at a distance, a compassionate person would create a successful outcome.
LOOK OUT FOR OUR NEXT SPECIAL FEATURE: BUSINESS SERVICES FRANCHISING
ABOUT THE AUTHOR: After receiving an English Degree, followed by a Journalism Diploma, Gina Gill became a freelance journalist in 2008. She has worked as a reporter and in communications, focusing on social media. She currently works as a community information officer with Epilepsy Society, while pursuing her writing career at the same time.