More than 900,000 Older Americans currently reside in assisted living facilities across the US, which is only growing. With this kind of growth, it’s no wonder more entrepreneurs have expressed interest in starting a home care franchise.
If you want to get in on the senior care industry, it helps to know a few facts. Keep reading for the ultimate home and senior care franchise industry guide.
Facts About the Senior Home Care Industry
Over the next seven years, 10,000 people will turn 65 every day. This trend will continue through 2029. In just a few short years, the US will need millions of new healthcare workers to manage the needs of the aging senior population.
By 2035, analysts expect the senior population to outnumber children.
Now, most aging adults prefer to age in place. Furthermore, nearly 40% of individuals use home healthcare services for seniors. These facts make it a wonderful time to enter the senior care franchise industry.
Understanding the Home and Senior Care Franchise Industry
The nation’s senior care franchise industry provides medical and non-medical aid for families and individuals. The bulk of these services include:
• Companion care
• Personal care
• Skilled nursing care
Companion care encompasses visits to seniors’ homes to maintain socialization. Personal care includes aiding with transportation, meal preparation, and mobility therapy. Meanwhile, skilled nursing care involves services patients might receive in a healthcare facility or hospital.
Growth in the Home Care Franchise Industry
Over the last decade, the home healthcare franchise industry has exploded. It’s grown drastically for one simple reason.
People now want to age where they feel comfortable. Opinions have changed in terms of senior care options. As a result, many seniors stay at home rather than enter long-term care.
Some families struggle with sending loved ones to nursing homes for rehab. However, others find it challenging to take on an aging family member with many existing responsibilities.
There’s a Bright Future in the Field
With the growing senior population, senior businesses are booming. People need straightforward solutions to new issues.
These issues might include rightsizing or aging in place. They could also include estate cleanouts.
No matter the need, the demand for senior-oriented businesses is at an all-time high. What’s more, that demand is growing at a remarkable pace.
More Opportunities for Growth
Seniors make up a considerable portion of the home care market. However, they aren’t the only ones who need the services of home care franchises.
About 40% of individuals who access homecare services have yet to reach retirement age. These individuals fall under the scope of non-senior home care.
Non-senior home care services are for adults aged 18 to 64. In these instances, a home care franchise may help these individuals with the support and non-medical services.
For example, a senior care service might aid non-senior individuals with chronic conditions such as ALS or paraplegia. Non-senior home care may also include assistance with learning or physical disabilities.
The Home Care Industry: Thinking Ahead
Soon enough, the senior population will nearly double. By 2060, analysts forecast the group to reach 52 million in number. This segment of the population will jump from 16% to 23%.
The desire of seniors to age in place has expanded to other industries. For example, there’s an increased need for home-improvement services. By collaborating with these indirect verticals, your franchise can help seniors find peace of mind and live worry-free in their homes.
Making a Difference With the Right Partnerships
By advocating with your health care franchise, you can do an exceptional job of caring for seniors and clients with disabilities. You can ensure your clients receive the in-home care they require as their needs change.
Over time, your clients may need home modifications, ongoing maintenance, and repairs. You can work with them to make sure their homes stay safe.
The growth of aging in place has become remarkably significant. As a franchisee, you can help to meet the increasing demand of seniors for barrier-free homes.
Home Care Today
The recent pandemic has accelerated growth in the senior care franchise industry. Families used to move their aging loved ones to long-term care facilities because it was convenient.
These kinds of facilities relieved families from the responsibility of direct care. They also eliminated considerable stress.
Typically, it costs just as much to care for a senior family member at home as it does to place them in a facility. Now, however, the risks involved with long-term care have compelled many families to keep aging loved ones at home.
Senior Care and Technology
The pandemic shifted families’ sentiment about where to care for seniors. It also changed the internal workings of the senior care franchise industry in just one short year. Now, technology plays a crucial role in the industry.
Technology has superseded many of the tasks service providers used to do in person. These tasks might include:
• Administrative functions
• Caregiver recruitment
• Client assessments
• Referral source networking
Today, the fading pandemic has also accelerated equity gaps between skilled and non-skilled healthcare workers.
StackCare by Briggs Home Care
One such emerging technology in the homecare industry is StackCare. It’s a passive monitoring technology offered by Briggs Home Care.
The ratio of older to younger adults is increasing. Successful homecare franchises must leverage technology to keep up with demand. StackCare is a value-added service that enables homecare franchises to help clients—even when they’re not there.
How StackCare Works
StackCare works using discrete motion sensors. The technology observes behavior and activity patterns. It enables care providers to check on each client more than 80,000 times daily.
The StackCare app sends notifications to designated recipients. The notifications enable caregivers to easily see if anything has changed or if they need to provide attention to their loved ones.
For example, the technology watches out for changes in activity levels or potential falls. It might also monitor for unusual sleep patterns, excessive time spent in the bathroom, and other potential signs of trouble.
Senior Care From the Client’s Perspective
In some cases, people need more help as they age. However, they also don’t want to feel coddled.
For some seniors, long-term care facilities can feel restricting. As an in-home senior care franchise owner, you can allay this feeling.
The senior care market has changed considerably over the last two decades. There’s a substantial opportunity within this change in demand.
Delivering Exceptional Care With Technology
As a Briggs Home Care franchisee, you’ll have access to our web-based StackCare portal for monitoring and analytics. It will allow you to watch multiple clients simultaneously.
Meanwhile, family members receive notifications only for their loved ones. The technology will make it easier for you to maintain our continuing high satisfaction ratings.
StackCare works using small infrared motion detectors. There are no cameras or microphones to make clients uncomfortable. Your senior clients must do nothing more than live their lives to take advantage of the technology.
Getting Started in the Senior Healthcare Industry
Before investing in a franchise opportunity, it’s critical to perform due diligence. You must research a potential franchise.
It’s essential to review the Franchise Disclosure Document (FDD). This document will provide you with detailed information. It will explain all costs, procedures, and systems associated with the franchise.
The FDD will explain many of a franchise’s startup and continuing costs. However, it’s also important to recognize that costs that aren’t disclosed in FDD are inherent to owning a business. These costs might include employee wages and utilities, for example.
Insuring Your Franchise
You must also recognize that the senior care industry is an extreme exposure field. Your franchise may require a similar insurance policy used by most industries.
However, the limits for your senior care franchise could vary drastically. Likewise, your coverage or extreme exposure exclusions could also vary substantially.
Based on the exposure of your business, you may require a higher relative limit. You may also need errors and omissions insurance for your franchise. With this in mind, it’s critical to choose an opportunity that can help you navigate the complexities of a given senior care franchise.
There’s Help Available
It’s vital to work with a franchisor that can help you ensure your coverage and limits are adequate. You must work with an organization that will serve as a knowledgeable agent and advocates for your business interests.
An exceptional franchisor will help you understand the special risks inherent to its opportunity. They’ll also help you to understand your particular circumstances and needs.
The brand you choose should have familiarity with industry rules and regulations. Also, a good franchise opportunity will provide you with an upfront estimate of how much it will cost you to secure licensing and insurance.
Choosing a Great Franchise
When searching for a good senior home care franchise opportunity, ensure that you select a franchise with a streamlined startup process. Also, make sure the franchisor offers a reliable support system. They should answer any questions you may have about launching your franchise.
Your senior care franchisor should offer all the support a first-time franchisee needs. This support should provide you with everything you require for a successful pre-launch.
You can incur considerable expenses during pre-launch. At the same time, you’re not yet able to generate revenue. It’s critical to have a well-established plan for this reason.
Staking Your Territory
An excellent franchisor will also establish a well-drafted and stringent territory policy. They’ll ensure you can focus on enhancing the sales and services of your business. A good territory policy will enable you to focus on building your brand instead of worrying about outside competition.
An exceptional homecare franchisor will guide your operation from the start. They’ll help you set up your business and grant exclusive access to a specific territory.
When choosing a franchise opportunity, ensure you fully understand its territorial system. Also, make sure the franchise aligns with your business goals.
Training Is Everything
Running any business is complex, even a franchise. Although the franchisor provides the blueprint, a franchise is just as challenging as any other business.
Still, you can do it with assistance from the right franchise opportunity. When you find a good franchise opportunity, you can work through every challenge.
A great homecare franchise will give you the guidance and tools you need to succeed. They’ll help you achieve both your short and long-term business goals.
Making the Right Choice
Now, you can see the importance of weighing your home care options for a senior care franchise. The quality of service you can offer clients will directly correlate to your brand’s track record and reputation.
A proven franchise opportunity can give you the support you need to train your caregivers. They’ll also help you to manage your employees. Most importantly, they’ll help you deliver exceptional service to your clients.
Look for a senior care franchise opportunity that offers ongoing education and skill development. These tools are critical for your business growth.
Get Started With a Home Care Franchise Today
Now, you know more about starting a home care franchise in today’s market.
Briggs Home Care Franchising can offer you an exceptional franchise opportunity that’s satisfying on many levels. We’re an in-home care franchise you’ll be proud to call your partner.
Our franchise allows you to serve others in the rapidly expanding in-home care franchise industry. We have decades of experience to support your success. Please contact us today to learn more about becoming a home care franchise owner with Briggs Home Care.