When you’re seeking the best franchise to invest in, you have many factors to consider. If you’re like many aspiring entrepreneurs, you want not only a lucrative opportunity but also one that will satisfy your desire to do something good for the world. If this seems like a pipedream, it certainly isn’t—the home healthcare industry for seniors is one place where you can fulfill your financial and personal dreams.
In the U.S., an estimated 2.3 million new healthcare workers will be needed by 2025 to care for the aging population. You have the power to fill that need with your own home healthcare franchise—and build your own wealth simultaneously. Read on to discover the top 5 reasons why investing in a senior care franchise is a smart choice in 2022 and beyond.
The most recent U.S. Census data shows us that the number of senior citizens is rapidly rising. The number of Americans 65 or older expanded from 40.3 million in 2010 to approximately 54 million in 2020. By 2030, that number will rise to at least 70 million, creating an unprecedented need for senior care providers.
The market is already swelling to meet this demand, expected to grow at a compound annual growth rate of 7.88% between 2021 and 2028. The multibillion-dollar home healthcare market will only continue to grow in response to baby boomers’ desire to age in their current home and community. That means more and more opportunities are becoming available for enterprising franchisees.
When choosing a franchise to invest in, you have a lot of options. One of your main considerations should be the startup cost, especially compared to your potential profits. While some franchises, such as fast-food restaurants, can require an initial investment of $500,000 or more, home healthcare franchises typically require a fraction of that cost.
Plus, senior care franchising drives a lot of volume, which translates to high revenue. Home Care Pulse’s Benchmarking Study found that average home healthcare revenue for individual franchises was roughly $2 million. Working with a top franchise business model, you can bank on high success rates to grow your business far above and beyond your initial investment.
The same Home Care Pulse study revealed that senior care franchisees bring in more revenue than independent operators. The tried-and-true business model that franchises like Boost Home Healthcare provides has been proven effective throughout a range of locations and local markets. When you have this kind of industry knowledge at your fingertips, you can focus on attracting clients, supporting your community, and optimizing your operations.
Boost Home Healthcare also provides a network of successful franchisees you can talk to for further insights. You can learn from their successes and avoid pitfalls before they happen, providing a safety net for your new senior care business.
The home healthcare industry is robust and has thrived in both stable and struggling economies. In fact, the Bureau of Labor Statistics put the healthcare and social assistance sector in the number one spot for fastest job growth for 2014–2024. This rapid industry growth paired with the growing demand for home healthcare promises not only job security for franchisees and their communities, but also nearly unshakeable earning potential.
Plus, as expanding senior care coverage from Medicare continues to experience federal support, uncertainties in the economy will have less of an impact on the stability of revenue.
More people are looking for ways to invest ethically, and senior care franchises can answer that call as well. In the home healthcare industry, you can make a significant difference in a community while also generating wealth. Franchisees with Boost Home Healthcare love that they can become pillars of their communities. This network of passionate entrepreneurs helps make Boost Home Healthcare one of the most profitable senior care franchises out there today.
When you franchise with Boost Home Healthcare, you’re making an incredible investment in your career and your community. Providing top-tier, in-home healthcare to seniors is rewarding in more ways than one—and the opportunities for growth are only multiplying. Best of all, taking this powerful step toward success doesn’t require extensive medical knowledge or business experience. Interested in learning more? Start a conversation with us today!
Investing in a lucrative business opportunity is one of the most important decisions you can make for your future. When you’re seeking the best franchise opportunity, look no further than Boost Home Healthcare. We provide extensive training, marketing resources, and ongoing support to our franchisees, and it all begins with one phone call. Start your journey by calling 248-665-8085 today.