Top Caregiver Franchises To Invest In
Thinking about creating a product for older adults? Well, you have to first research your market before you finally venture into it. There won’t be any need though, because we have already done the job here. However, it depends on your location, but we will be using the United States population as a reference here to depict the statistics. The current report shows that the United States caregiver franchise is worth $5 billion, but you have to understand your market before you even think of investing in it. Caregiver franchises consists of those products and services used by those considered vulnerable, e.g., children, older adults, disabled, etc.
It might interest you to know that over 3.79 million babies were born in the United States in 2018 alone. This is even low, probably because of young adults’ growing culture of delaying married; even married ones delay having babies. But whatever the reason, the “new baby” market is still doing just fine. To prove that this market has a future, it has been shown that 50% of women at age 25-44 said they plan to have babies in the future. This is unlike the very small number who prefer to either stay single throughout their lives or have decided not to have babies even after marriage. So, investing in the caregiver franchise is certainly another type of future investment.
Statistics show that in 2019, the population of older people at age 65 grew by 16.5% and is expected to grow by 22% by 2050. This increase has been very significant since the 1950s when the elderly population was just 8%. With this brief analysis, you will understand that the caregiver franchise is a huge market that even has the propensity to survive till 2050. But unfortunately, it is not just the American population with such a reasonable number of older people. According to Statista, by 2020, the global workforce’s age is expected to be 39 years; thus, over 3 million people are expected to be 100 years old by 2050. And surprising enough, the market for older people’s product is worth over $5 billion.
Enough of the analysis now; let’s go over to giving you some caregiver franchise tips you must consider if you are planning on investing in one.
Caregiver Franchise Opportunities
Senior Care Franchise
This caregiving franchise doesn’t need you to have any experience in medical services before you get involved. Visiting Angels® is one of the world’s digital companions for older people. It is a home care franchise that can easily be operated by the owner. But to start with, you need a $59,950 franchise fee, but with a net worth of $100,000. An average franchisee makes up to $1.4 million, and it can take you 120-150 days to open this franchise.
FirstLight Home Care
Home Care Franchise
FirstLight is another caregiver service for older people. You might not necessarily want to join the company; you might as well choose to launch your brand. They specialize in Companion Care, Brain Health Services, Travel Companion, Dementia Care, etc. To get involved, an initial investment of $111K–$168K is needed.
Home Instead® Senior Care
In-Home Care Franchise
Home Instead® offers personalized home care services to older people who have chosen to age happily right in their homes. This is indeed a more convenient way for entrepreneurs to invest while still caring for their old ones.
Finally, it is indeed important to invest in caregiver franchises, if not for the money, but for the sake of supporting older people, helping this group of people who once preserved the world for us to enjoy their old age.
About Scott Milas, Franchise Consultant and Franchise Broker
Scott Milas is a franchise Top 15 consultant with The Franchise Consulting Company who works with many different people from all types of backgrounds who are interested in learning about owning their own business for the first time. He also works closely with multi-unit/brand owners who are looking to diversify their business portfolios. Contact Scott at 413-935-5111 or firstname.lastname@example.org. For more information on Scott, visit www.scottmilasfranchisehelp.com