The International Franchise Association says senior care is among the industry’s highest-growth sectors. Further, it’s often a case of seniors helping seniors, as many new franchise investors are themselves older.
Local senior-care franchisees provide fee-based care services in clients’ homes, ranging from a few hours a week of companionship, cleaning, and meal preparation to 24/7 support. Ideally, seniors get to stay safely at home and family members have confidence that their loved ones are receiving top-notch care. And franchise owners are often driven by their caregiving genes as well as their desire to make money.
Franchise investments begin as low as $10,000 and can go into the millions for larger opportunities. A lot of people think they have to have a very high net worth, but that’s not the case. There are a lot of opportunities in the $100,000 to $350,000 range.
If you can follow the system and you’re not a maverick, then franchising may be a great opportunity for you, since the franchise brings about 80 percent of the discipline to be successful. The other 20 percent is what the person brings to it to develop the business.
“The kinds of franchisees that we see second-career people being drawn to are ones involving something they care deeply about,” says Matthew Haller, a spokesman for the International Franchise Association. This often involves people-intensive service industries, including business consulting, education, gyms, and senior care. Franchises that help animals have also become very appealing, the IFA says.