After World War II, the US experienced a surge in population due to an increase in birth rate. Those children are now known as Baby Boomers—the second largest generation in the country. There are more than 70 million Baby Boomers in America today, and most of them are now heading into their retirement years.
Senior Care: A $300 Billion Industry
As Baby Boomers age, the demand for elderly care increases. In fact, senior care is currently a $300 billion industry, and that number is even projected to rise to $400 billion by 2018. The industry is, of course, expected to remain strong for the next 20 years or so. After all, according to the Social Security Administration, 10,000 Baby Boomers turn 65 every single day.
In-Home Care Revenues Drive the Industry Growth
Out of the many types of elderly care available, in-home healthcare services are the fastest growing segment. In 2013, nursing homes accounted for the largest share of senior care service revenues, covering 42% of the total. But, in the last two years or so, revenues from in-home healthcare agencies have been showing significant growth. In fact, these in-home healthcare revenues are projected to cover 35% of total elderly care revenues by 2018. The expected gains are rooted in the fact that, unlike their older counterparts, most Baby Boomers prefer to age in their own home, rather than in a nursing care facility.
Home Care Assistance—A Growing Market
Though they want to keep their independence at home, seniors over the age of 70 are at risk of injury. In fact, around 40% of them suffer from slip-and-fall accidents each year, according to a report by the World Health Organization. Also, the same report revealed that 30% of people over the age of 85 suffers, or will suffer, from cognitive decline and cognitive disorder such as Alzheimer’s disease and dementia. So, to put it simply, seniors, even when in their homes, require constant care to ensure their comfort and safety.
Some adult children choose to become full-time caregivers for their aging parents—but that’s not the case for everyone. Many people need to juggle their time between work, caring for their own children, and caring for their aging parents. Fortunately, the rise of in-home senior care companies has helped relieve the burden family members experience when caring for their older loved ones. To further expand their service coverage, these companies offer home care franchise opportunities to individuals and entrepreneurs alike.
In-Home Senior Care Franchise—Not Just a Business
By simply looking at the data above, you may immediately think that getting into the senior care industry by owning an in-home care franchise is a smart decision. Well, that’s true. But, that decision isn’t just a smart business move—by doing so, you can make a meaningful contribution to your community, as well.
When you provide in-home care assistance, you have a chance to positively affect other people’s lives—an elderly and his or her entire family. With your services, your clients no longer need to worry about their older loved ones while they are at work, for instance. They also gain more time to attend to the needs of their growing children. Plus, they can retain their good relationship with their aging parents, as well as with their siblings, as family conflicts often arise when the need for elderly parents’ care is not properly dealt with.
In addition, with an in-home senior care franchise, you create more jobs for the working generations in your area. Interestingly, the in-home care segment of the industry provides employment opportunities for women and minorities—demographics that are often get snubbed by other industries.
Indeed, by joining the senior care industry, you don’t help ensure that more seniors will receive much-needed care. Moreover, you gain the chance to make a significant impact on the nation’s economy and, of course, within your local community—a rewarding experience that transcends business gains.