Senior Care Franchise Opportunities: A Rewarding Business Investment

Senior care is about personal services for those who can’t look after themselves, but they want to stay at home.

The senior care franchise industry is bustling. Consider in-home care franchise opportunities in this space are growing at 10% annually. This according to IBISWorld research. These franchises are profitable. And you’re doing good at the same time.

Your Own Franchise

Thinking about your own senior care franchise? Start by looking at the numbers of senior citizens in America. By 2030, all baby boomers will be over 65 or older. Then, consider the aging-in-place trend. That’s why more seniors are looking to live at home instead of in retirement communities and/or nursing homes.

According to statistics, there’s a share of a $5 billion dollar franchise for the senior care market to be had. At least one state has another option. New Jersey has an Assistance for Community Caregiving (JACC) program. That’s where family members and friends can be paid for senior care.

Why Start a Senior Care Franchise?

As the world’s population ages, the demand for senior care services continues to grow. Starting a senior care franchise can be both a financially rewarding and personally fulfilling endeavor. Here are some compelling reasons to consider entering this sector:

• Rising Demand for Senior Care Services: With the baby boomer generation entering their senior years, there’s an increasing number of older adults who need assistance. This creates a steady and growing clientele base for businesses focused on elder care.
• Meaningful and Fulfilling Work: Providing care and assistance to the elderly can be extremely rewarding. Not only are you offering a vital service, but you’re also making a direct positive impact on individuals’ lives, fostering a sense of purpose in your work.
• Recession-Resistant Industry: The need for senior care doesn’t wane during economic downturns. In fact, as health care advances and lifespans increase, the senior population will only continue to grow, making this a stable business venture.
• Multiple Revenue Streams: Senior care franchises can offer a variety of services including home care, assisted living placements, specialized care for conditions like Alzheimer’s, and more. This diversification can lead to multiple revenue opportunities.
• Ongoing Training and Support: When you invest in a franchise, you’re often provided with comprehensive training, marketing materials, and ongoing support, reducing the typical challenges faced by independent startups.

Evaluating Senior Care Franchises: Our Key Considerations

Choosing a senior care franchise requires careful consideration due to the sensitive and vital nature of the services provided. Here are the essential criteria that we used to compile the following list:

1. Reputation and Brand Strength (Importance Scale: 10/10)
   • Assess the franchise’s reputation in the senior care sector.
   • A strong brand can lead to higher trust and client retention.
2. Initial and Ongoing Costs (Importance Scale: 10/10)
   • Evaluate all costs, including initial franchise fees, setup costs, and ongoing royalties.
   • Consider any additional investments for equipment or facility modifications.
3. Training and Support (Importance Scale: 10/10)
   • Ensure comprehensive training in senior care and business management.
   • Ongoing support should include operational, marketing, and compliance assistance.
4. Regulatory Compliance (Importance Scale: 10/10)
   • Understand the regulatory environment, including licensing and certifications.
   • Ensure the franchise has a strong track record of compliance.
5. Market Demand and Demographics (Importance Scale: 9/10)
   • Research the local demand for senior care services.
   • Analyze demographic trends that may impact your business.
6. Quality of Care Standards (Importance Scale: 10/10)
   • The franchise should have high standards for care and service.
   • Review their policies on staff training, client care, and safety protocols.
7. Territory and Location (Importance Scale: 8/10)
   • Clarify your exclusive operating area and its potential for growth.
   • Consider the accessibility and visibility of your potential location.
8. Franchise Community and Peer Support (Importance Scale: 7/10)
   • Connect with current franchisees to understand their experiences and challenges.
   • Assess the strength and helpfulness of the franchise community.
9. Growth and Expansion Opportunities (Importance Scale: 7/10)
   • Investigate the potential for expanding services or scaling the business.
   • Look for a franchise with a clear path for growth.

Best Senior Care Franchises

We’ve put together a comprehensive list of home senior care options. These include the services you’ll be expected to provide with these franchises. And any fees and other costs along with the profits you can expect to make. We’ll cover other things like whether these franchise opportunities require full-time or part-time care.

Everything you need to know about getting involved with one of these services will be included. The following is a list of the best senior care franchises.

Visiting Angels

You don’t need previous experience with Visiting Angels. They offer non-medical services. These home care franchises are owner-operated. You’ll need $59,950 as a franchise fee to start along with a net worth of $100,000.

The average home senior care franchisee makes $1.4 million. It takes 120-150 days to open one of these franchises.

FirstLight Home Care

This is a senior care franchise with a preexisting home care franchising model. That means there’s less for you to do to set things up. They offer meal preparations, assistance with personal hygiene and memory care support. Those are just a few of the services it offers.

An initial investment of 111K to $168K is needed. FirstLight Home Care offers pre-training and classroom training for their home helpers.

There is also a $48,000 franchise fee. Annual income is $1 million on average.

Home Instead Senior Care

Home Instead Senior Care offers end of life senior home care services. They also have light housework and companionship options. This is a good investment for entrepreneurs who don’t want to do everything for the seniors they help.

Right at Home

Most Right at Home franchises are sold to people with non-medical backgrounds. The assisted living options here offer some in-home nursing services.

The initial investment is between $80,150 – $147,150. The ongoing royalty is 5%. They also offer a 10% discount for veterans.

CarePatrol

CarePatrol franchises offer live in-person training sessions 9 times a year. There are also refresher sessions once every few months. Startup costs for one of these franchises range from $71,540 – $88,490.

They offer a unique marketing program that distributes referrals.

Amada Senior Care

Amada Senior Care offers home care services and unique consulting services for assisted living placement. The franchise fee is $48,000. Senior Care Accounts include a 5 % royalty.

BrightStar Care

BrightStar Care franchises offer multiple revenue streams. The franchise fee is $50,000. The average revenue model for the top franchises was $3,918,188 in 2019. The difference here is a registered nurse manages every case.

Homewatch CareGivers

The initial investment to get you set up with a Homewatch CareGivers franchise is $83,000. One of the big differences here is they manage medication. Caregivers keep a detailed list of doses and dosage time. They even use a special pill dispenser when needed.

Touching Heart At Home

If you’re looking for senior care franchises in New York, Touching Heart at Home is a franchise option. The franchise fee is lower than some others at $39,500. The total investment needed is between $53,000 and $75,000. These franchises are affordable and there’s no medical training required.

Qualicare Family Homecare

A husband-and-wife team started the Qualicare Family Homecare franchise. They were interested in the care services needed for a relative. The franchising fee here is $49,700. There’s a Quick Start program for owners of these franchises. The initial investment of $84,550 – $194,550 also includes ongoing coaching.

Senior Care Authority

Senior Care Authority offers exclusive eldercare consulting. It includes skilled nursing or the selection of caregivers. These senior care franchises also have a customized program for each senior. Franchisees here are compensated for their placement services by assisted-living organizations. The families of the seniors don’t pay. The liquid capital required for one of these franchises is $50,000.

Assisting Hand Home Care

Assisting Hand Home Care franchises offer skilled nursing and medical equipment as well as temporary staffing options. There is a startup requirement here of $300,000. This company also offers post surgery orthopedic care. They have veterans care services and hospice support too.

Assisted Living Locators

Assisted Living Locators franchises offer customized public relations with the investment. They also have a national lead generation program and customized CRM. The franchise fee is $49,500. There is also a $9,000 onboarding fee. Assisted Living Locators qualified for the 2019 top low-cost franchises list.

Executive Home Care

Executive Home Care franchises look after clients ranging from infants to seniors. If you’re interested in one of these franchises, you’ll need an initial investment of $200,000. They have a variety of locations listed on their website for new opportunities. There is also a franchise fee of $44,900. The home office is in Hackensack, New Jersey. New franchises are possible in other areas like New York.

Home Helpers

The franchises offered by Home Helpers include medical service options. The options are temporary or long-term and include conditions like heart failure and COPD. There are specialized services available. Franchises also offer an in-home care assessment. This leads to a customized care plan.

Senior Care Franchises Summary

Senior Care Franchise FAQs

Aaron Blight, EdD, is the Founder of Caregiving Kinetics. He was a senior care franchisee who now consults in the industry. He supplied some FAQs common in the senior care franchising space.

Q: What is the philosophy and extent of support offered by the franchisor to franchisees?

A: Some senior care franchises offer initial training programs. Others offer conventions and webinars, too.

Q: What are the fees, and how are they calculated?

A: “Common fees from the franchisor may include new franchise fees, royalty fees, and marketing fees,” Blight writes. “There are also technology fees and transfer fees when you sell,.”

Other common questions for these senior assisted living services Include:

• What innovations are being developed by the franchisor to be rolled out to the network?
• How is technology shaping the franchise network’s approach to the business?
• What are the franchise’s standards and the consequences of a franchisee’s non-compliance?

What is Involved in a Senior Care Business?

There are a few things you need to know to start one of these franchises. First of all, no medical training is needed. However, you should be compassionate and organized if you want a franchise for senior care. You’ll need to meet some financial requirements (see below).

Here are a few other things about these franchises you should know.

• Along with an initial startup fee, there’s money for branding and promotion you need to set aside.
• These franchises need office equipment.
• You might need to lease or rent an office space.

How Much Does it Cost to Buy a Senior Care Franchise?

Getting started with one of these franchises involves some finances. You’ll need to start out with an initial investment of anywhere from $39,500 to $168,000. And there’s usually a net worth and liquid cash requirement. These can be six figures, depending on the franchises you are interested in.

There’s also a one-time franchising fee. And an ongoing royalty fee. Usually, franchisees need to pay some kind of marketing fee like one for ad royalties.

How Much Does the Owner Make?

At least one of the more popular franchises make over $1.4 million yearly. Still, that number varies. The average profit for one of these franchises is $98,723 per year. That’s on an initial investment of $100,000.

Matt Casperson, Director of Growth and Operations at SeniorLeaf, explains:

‘Although rates will differ by state and region, you can expect most non-medical home care providers to charge $22 – $35 per hour.”

Image: Depositphotos.com

This article, "Senior Care Franchise Opportunities: A Rewarding Business Investment" was first published on Small Business Trends