Joel Libava
Talk about filling an unmet need. Yes..it's still an unmet need. Just because there are over 30 different franchises offering various medical and non-medical senior care services, it doesn't necessarily mean that our senior population is being taken care of. There are just so many folks getting to "that age." They don't want to end up in a nursing home, either.People really want to stay home instead.
Add to it the utter confusion about insurance..what's covered, what's not, etc., and you have lots of headaches. And..this is important; lots of opportunity.
You've been hearing about the huge demographic changes that are taking place today.
Frank Hobbs from the US Census Bureau says that the elderly population increased elevenfold between 1900 and 1994; the nonelderly increased only threefold.
According to the US Census Bureau;
Stop scrolling—this is the one worth your time.
Most pet franchise opportunities are overpriced or overhyped. This one offers low investment, serious support, real upside.
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In this century, the rate of growth of the elderly population (persons 65 years old and over) has greatly exceeded the growth rate of the population of the country as a whole. The elderly increased by a factor of 11, from 3 million in 1900 to 33 million in 1994. In comparison, the total population, as well as the population under 65 years old, tripled. Under the Census Bureau's middle series projections, the number of persons 65 years old and over would more than double by the middle of the next century to 80 million. About 1 in 8 Americans were elderly in 1994, but about 1 in 5 would be elderly by the year 2030.
Read the short US Census report.
So, in about 20 years, 1 in 5 of us will be elderly. That's a sobering statistic. Could this be the main reason that the number of senior care service franchises are increasing?
I'm not a mathematician, (and, I'll never even pretend to be) but if let's say that next year, there are 40, or even 50 franchises that are offering senior-care related services-not just home health care, but other niche services like this one, will the senior care sector of franchising be too crowded? Or, will there be a need for even more new franchises to come into the picture?
Technology And Accreditation Make The Difference
In a well-read post I wrote over at Small Business Trends, Shelley Sun, the CEO of Brightstar Healthcare, said;
“With 30 million more people expected to enter the health care system in 2013-2014, the care of adults with disabilities and the care of children with medical needs will significantly increase. Franchise companies that are making large investments today in technology, quality of care and care outcomes as well as accreditation will be ready for this surge. The impact on the revenue potential for franchisees could be huge.”
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If you're in the market for a franchise, is this a sector you should be looking into?
Or, will there be too many franchises offering lots of the same services?
Read "Will The Numbers Keep Adding Up For Senior Care Franchise Owners."
What do you think?
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Have you met My Uncle Mort?
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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