Senior care is about personal services for those who can’t look after themselves, but they want to stay at home.
The senior care franchise industry is bustling. Consider in-home care franchise opportunities in this space are growing at 10% annually. This according to IBISWorld research. These franchises are profitable. And you’re doing good at the same time.
Your Own Franchise
Thinking about your own senior care franchise? Start by looking at the numbers of senior citizens in America. By 2030, all baby boomers will be over 65 or older. Then consider the aging in place trend. That’s where more seniors are looking to live at home instead of retirement communities and/or nursing homes.
According to statistics, there’s a share of a $5 billion dollar franchise for the senior care market to be had. At least one state has another option. New Jersey has an Assistance for Community Caregiving (JACC) program. That’s where family members and friends can be paid for senior care.
Best Senior Care Franchises
We’ve put together a comprehensive list of home senior care options. These include the services you’ll be expected to provide with these franchises. And any fees and other costs along with the profits you can expect to make. We’ll cover other things like whether these franchise opportunities require full-time or part-time care.
Everything you need to know about getting involved with one of these services will be included. The following is a list of 15 senior care franchises.
1. Visiting Angels
You don’t need previous experience with Visiting Angels. They offer non-medical services. These home care franchises are owner-operated. You’ll need $59,950 as a franchise fee to start along with a net worth of $100,000.
The average home senior care franchisee makes $1.4 million. It takes 120-150 days to open one of these franchises.
2. FirstLight Home Care
This is a senior care franchise with a preexisting home care franchising model. That means there’s less for you to do to set things up. They offer meal preparations, assistance with personal hygiene and memory care support. Those are just a few of the services it offers.
An initial investment of 111K to $168K is needed. FirstLight Home Care offers pre-training and classroom training for their home helpers.
There is also a $48,000 franchise fee. Annual income is $1 million on average.
3. Home Instead Senior Care
Home Instead Senior Care offers end of life senior home care services. They also have light housework and companionship options. This is a good investment for entrepreneurs who don’t want to do everything for the seniors they help.
4. Right at Home
Most Right at Home franchises are sold to people with non-medical backgrounds. The assisted living options here offer some in-home nursing services.
The initial investment is between $80,150 – $147,150. The ongoing royalty is 5%. They also offer a 10% discount for veterans.
5. CarePatrol
CarePatrol franchises offer live in-person training sessions 9 times a year. There are also refresher sessions once every few months. Startup costs for one of these franchises range from $71,540 – $88,490.
They offer a unique marketing program that distributes referrals.
6. Amada Senior Care
Amada Senior Care offers home care services and unique consulting services for assisted living placement. The franchise fee is $48,000. Senior Care Accounts include a 5 % royalty.
7. BrightStar Care
BrightStar Care franchises offer multiple revenue streams. The franchise fee is $50,000. The average revenue model for the top franchises was $3,918,188 in 2019. The difference here is a registered nurse manages every case.
8. Homewatch CareGivers
The initial investment to get you set up with a Homewatch CareGivers franchise is $83,000. One of the big differences here is they manage medication. Caregivers keep a detailed list of doses and dosage time. They even use a special pill dispenser when needed.
9. Touching Heart At Home
If you’re looking for senior care franchises in New York, Touching Heart at Home is a franchise option. The franchise fee is lower than some others at $39,500. The total investment needed is between $53,000 and $75,000. These franchises are affordable and there’s no medical training required.
10. Qualicare Family Homecare
A husband-and-wife team started the Qualicare Family Homecare franchise. They were interested in the care services needed for a relative. The franchising fee here is $49,700. There’s a Quick Start program for owners of these franchises. The initial investment of $84,550 – $194,550 also includes ongoing coaching.
11. Senior Care Authority
Senior Care Authority offers exclusive eldercare consulting. It includes skilled nursing or the selection of caregivers. These senior care franchises also have a customized program for each senior. Franchisees here are compensated for their placement services by assisted-living organizations. The families of the seniors don’t pay. The liquid capital required for one of these franchises is $50,000.
12. Assisting Hand Home Care
Assisting Hand Home Care franchises offer skilled nursing and medical equipment as well as temporary staffing options. There is a startup requirement here of $300,000. This company also offers post surgery orthopedic care. They have veterans care services and hospice support too.
13. Assisted Living Locators
Assisted Living Locators franchises offer customized public relations with the investment. They also have a national lead generation program and customized CRM. The franchise fee is $49,500. There is also a $9,000 onboarding fee. Assisted Living Locators qualified for the 2019 top low-cost franchises list.
14. Executive Home Care
Executive Home Care franchises look after clients ranging from infants to seniors. If you’re interested in one of these franchises you’ll need an initial investment of $200,000. They have a variety of locations listed on their website for new opportunities. There is also a franchise fee of $44,900. The home office is in Hackensack New Jersey. New franchises are possible in other areas like New York.
15. Home Helpers
The franchises offered by Home Helpers include medical service options. The options are temporary or long-term and include conditions like heart failure and COPD. There are specialized services available. Franchises also offer an in-home care assessment. This leads to a customized care plan.
Senior Care Franchise FAQs
Aaron Blight, EdD, is the Founder of Caregiving Kinetics. He was a senior care franchisee who now consults in the industry. He supplied some FAQs common in the senior care franchising space.
Q: What is the philosophy and extent of support offered by the franchisor to franchisees?
A: Some senior care franchises offer initial training programs. Other’s offer conventions and webinars too.
Q: What are the fees and how are they calculated?
A: “Common fees from the franchisor may include new franchise fees, royalty fees and marketing fees,” Blight, writes. “There are also technology fees and transfer fees when you sell,.”
Other common questions for these senior assisted living services Include:
- What innovations are being developed by the franchisor to be rolled out to the network?
- How is technology shaping the franchise network’s approach to the business?
- What are the franchise’s standards and the consequences of a franchisee’s non-compliance?
What is Involved in a Senior Care Business?
There are a few things you need to know to start one of these franchises. First of all, there’s no medical training needed. However, you should be compassionate and organized if you want a franchise for senior care. You’ll need to meet some financial requirements (see below).
Here are a few other things about these franchises you should know.
- Along with an initial startup fee, there’s money for branding and promotion you need to set aside.
- These franchises need office equipment.
- You might need to lease or rent an office space.
Looking for other options to help older people? Granted, owning and operating franchises isn’t for everyone. If you’re looking for something else, check out: 25 Senior Service Businesses.
How Much Does it Cost to Buy a Senior Care Franchise?
Getting started with one of these franchises involves some finances. You’ll need to start out with an initial investment of anywhere from $39,500 to $168,000. And there’s usually a net worth and liquid cash requirement. These can be six figures depending on the franchises you are interested in.
There’s also a one-time franchising fee. And an ongoing royalty fee. Usually, franchisees need to pay some kind of marketing fee like one for ad royalties.
How Much Does the Owner Make?
At least one of the more popular franchises make over $1.4 million yearly. Still, that number varies. The average profit for one of these franchises is $98,723 per year. That’s on an initial investment of $100,000.
Matt Casperson, Director of Growth and Operations at SeniorLeaf explains:
‘Although rates will differ by state and region, you can expect most non-medical home care providers to charge $22 – $35 per hour.”
Image: Depositphotos.com
This article, "15 Senior Care Franchise Businesses" was first published on Small Business Trends
July 23, 2020 at 09:30AM
via https//www.brucedayne.com/
Rob Starr, Khareem Sudlow
