Baby boomers are booming
The baby boomers (those born in the late 1940s -1950s or parents fought in WWII) are now approaching their retirement age, and thanks to advances in medicine and technology, they are living longer and healthier lives than ever before. For the next two decades, up to 12,000 people will turn 65 every day. By the year 2050, we expect the population of seniors to be double what it is now.
Even with longer and fuller lives, our seniors require assistance with their advancing age. We expect that 67% of them will need some form of long-term care. Senior care services are already starting to experience the boom. Predictions in the market are that the global home health care sector should see revenues of $300 billion in 2020, which is a significant increase from $180 billion in 2014. That comes to an annual growth rate of 8% compounded each year, and that’s just one of the many types of senior care businesses.
From senior residences to home care and beyond, our seniors still want to live their best lives, and they aren’t done yet. Some needs are particular and require expanded assistance, while other seniors just want to have fun. In any given area of the US, there is a minimum of 30,000 seniors in every territory. That’s plenty of opportunities to go around, and if you are in a mild climate popular with retirees – those opportunities just multiplied.
Rewards that money can’t buy
If you are seeking a way to give back to the community with your business, a senior care franchise might be just what you’re looking for. The franchise industry has an abundance of opportunities that haven’t even come to your mind yet, from placement services to skilled nursing and even senior tourism.
Your care and compassion are just the start. Seniors have much to share, including their stories, words of wisdom, lost skills, and personal histories and memories. Seeing life through their eyes reminds you about your own joy of giving back. You know you are in the right place to pay back all of the riches they provided to us for what we have today. The joy and appreciation go both ways.
Did I mention lucrative? It doesn’t take a lofty portfolio to taste success in this industry. Some senior care franchises require some of the smallest start-up costs. For other business models, new technologies have automated some of the tougher tasks, as well. There are plenty of businesses with a home office or remote work platform, and with a great team, a source of semi-absentee income.
With as few as 25 clients, a single office can yield $1 million in annual revenue with a net of 19% – 35% and new revenue streams continue developing. If you like the idea of giving back to those who gave so much, then we need to talk! Quick – write down as many senior care services as you can right now. Have them handy when we speak, and I’ll bet you I can find you a few you haven’t thought of yet. Hundred Acre Consulting is there to help you through every step of acquiring your franchise business.