WSJ Reports that Senior Care Holds Many of the Best Franchises to Own Best Franchises are in Senior Care
Low cost of entry, high rate of return, and a rapidly expanding market are setting the senior care market apart, according to a new in-depth story by the Wall Street Journal. What’s more, the Journal is reporting that the senior care industry is filled with many of the best franchises to own. Best Franchises are in Senior Care
While the Journal’s findings will come as no surprise to existing franchise owners, they’re a welcome confirmation of what many in the industry have known for some time: that America’s aging baby boomer population and a rising demand for in-home senior care have created a unique opportunity for entrepreneurs.
As one industry insider points out in the Journal’s report: “There is no way to lose with the demographics we see.” Best Franchises are in Senior Care
Easy Entry, Big Rewards for Senior Care Franchisees
According to conventional wisdom, fast-food and casual eating restaurants are the best franchises to own — but a lot has changed in the past few years to change that. In recent years, new opportunities have opened up for franchisees across the United States, upending conventional wisdom when it comes to the franchise industry.
According to the Journal’s report, a number of factors have come together to make senior care agencies some of the best franchises to own.
- Rapid Market Growth. The Journal reports that America’s elderly population is expected to grow by 38% from the period of 2015 to 2016. At the same time, Americans are increasingly turning away from nursing home residences and preferring in-home care.
- Steady Long-Term Opportunity. The senior care industry’s biggest growth period will occur in the next 10-15 years, but the Journal’s findings show that America’s senior population is projected to experience continual growth well into the coming decades.
- Low Cost of Entry. While many of the most popular franchises to own require over $1 million in capital to get started, the Journal reports that senior care franchises require only $115,000 on average, with some franchises costing less than $50,000.
- High Rate of Return. According to the Journal, the average senior care franchise produces $118,000 in pretax income — and the best franchises to own go well beyond that. (For instance, at Visiting Angels, our average gross annual income is just less than $1 million.)
Acquiring Your Own Senior Care Franchise
At Visiting Angels, we’ve been involved in the senior care franchising industry for nearly twenty years, and we’re consistently ranked one of the best franchises to own. Needless to say, we have plenty of experience getting entrepreneurs set up with their own senior care franchises.
If you’re thinking of acquiring a senior care franchise, you’ll want to consider the following:
- Should you acquire a brand new franchise and start from the ground up, or should you search for an existing franchise to purchase with a built-in customer base?
- What are the demographics in the area where you’re setting up shop? It should come as no surprise that the best franchises to own in the senior care industry are in areas with aging populations and upper-middle average incomes.
- How familiar are you with the industry? If you don’t have a background in the industry, you’ll want a franchise that helps you get trained and certified.
- What level of support are you looking for from your franchise’s head office? The best franchises to own offer strong support to budding entrepreneurs, but can sometimes cost more.
- How high are the franchise fees and franchise royalty rates for the franchise brands you are considering?
When it comes to senior care franchises, you’ll have plenty of options. To learn more about franchise opportunities from Visiting Angels — named the best franchise to own in the senior care industry by Franchise Business Review — simply contact us today.
