With more than 10,000 people turning 65 every day for the next 10-20 years, and most of those people hoping to stay living at home for as long as they can, it’s no wonder businesses catering to the senior market are booming.
A report in USA Today lists in-home care as one of the top five most profitable franchises in the United States.
Franchise Business Review, a market research firm, found that the median amount paid for a new in-home care franchise in 2012 was about $66,000, and the "potential return on investment is significantly higher than many other franchise businesses."
The company found the fairly new industry of in-home care was growing fast. Michelle Rowan, President of Franchise Business, says despite the newness, their research indicates it's not just a fad. "It's a very strong business," said Rowan. "It was neat to come back two years later and see that they're still performing well."
Research also showed owner satisfaction was high. "In senior care, they're more involved in the day-to-day operations," Rowan said. "That's opposed to someone who owns a fast-food franchise who might be dealing with lower-end employees who make $10 an hour." Many in-home caregivers are "doing what they want to do for the rest of their lives."
According to Franchise Business Review, the top franchises grossed $1 million or more, with gross margins between 30% and 40%. As a comparison, opening a food or retail franchise can cost $500,000 in initial investments while operating with slim margins.
The report also found in-home care is recession resistant because the number of seniors needing care continues to grow. Rowan said more families have adults who both are employed, so there's no one to stay home with an aging parent.
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