Senior Care is the Big Opportunity in the coming years. It is no secret of course, there have been dozens or hundreds of articles proclaiming this, but it is always good to remind one’s self of where the opportunities lie.
What is driving this explosion of course is the aging baby-boomer set. This generation is reasonably wealthy and is also the healthiest generation the world has ever seen. You easily research the improvement in longevity by searching for “life expectancy graph” in Google. As you can see Japanese and Australians can now expect to live into their 80’s and there is no sign yet that the line in the graph is going to dip.
One of the great things about Senior Care is the wide range of services which a senior care franchise can provide. OK, wide range within the industry, I mean. I don’t necessarily mean that each Senior Care franchise business must provide a wide range of services.
As an example of what I mean, a minimum type of Senior Care business could have you, or one of your employees, dropping in to visit a client every second day to check on them and spending a half-hour or so to chat with them. Perhaps there would be a simple task they need done, but mostly the objective is to make sure they are OK, brighten up their day a little and make them feel secure.
At the other end of the scale, a client might need full-time live-in care and so you could be providing personnel around the clock to a few of your clients.
So-far we have been talking about personal care, but the industry is much more diverse than that. There are franchises for full-service retirement homes and franchises for providing staffing services to Senior Care institutions and more…
There is also the homes for the aged industry. While this involves considerably more investment than the other types of businesses we have been talking about, it can be an especially lucrative field. If you have some middle to upper management experience in dealing with people and facilities, you may find that a loan to start-up an old folks home in your area is not too hard to arrange. The franchisers in this segment of the industry will be able to help you compose a professional and realistic business plan.
One of the great things about Senior Care franchises is that most of them do not require previous experience. Running a Senior Care business is mostly about managing your staff efficiently and the franchisor will have a well worked-out system for your business to follow. Franchisers are also there to help out with any unforeseen problems which may crop up in the normal course of running your business. They may even be able to help with staffing difficulties as they have other franchisees from whom they can draw resources.
Although Senior Home Care franchises represent a good business opportunity please be aware that not all franchises are created equally so it is very important to do your due diligence thoroughly before making your selection. This should involve contacting at least five franchisees and if possible some of their clients, too. The franchisor should not hesitate to provide you with contact details. If they seem reluctant, move on!