Why the Senior Care Sector Is Booming Right Now

The senior population is increasing rapidly in the United States — a so-called “silver tsunami” of Baby Boomers is already hitting retirement age. By 2030, AARP reports around 20% of the population will be 65 years old or older. As the population grows, the need for high-quality senior care has been exploding in the U.S., exacerbated by the COVID-19 pandemic, which further emphasized the importance of keeping the older population safe and healthy.

When it comes to the senior care sector of the franchise industry, there are many different types of franchise businesses, including everything from medical care to handyman services. Perhaps one of the industry's most increasingly popular types of concepts is the home care segment.

According to the National Council on Aging, 90% of seniors say they plan to remain in their homes for the next 5–10 years, and the Family Caregiver Alliance (FCA) has reported there will be 27 million people in need of long-term care by the year 2050, double the number who required these services in 2000. Following the COVID-19 pandemic, this need has only become more and more relevant, with experts predicting the home care industry will be worth a whopping ??$225 billion by 2024.

“As a country, we are experiencing a change in how and where people want to grow old,” said Sean Fitzgerald, president of senior-focused home maintenance franchise TruBlue Total House Care. “Plenty of companies have identified the growing desire from seniors to remain at home and, as a result, these companies have started offering more advanced in-home care services that address the medical needs that come with aging at home. But there are also several non-medical franchise concepts that help seniors age in place as well.”

TruBlue, for example, helps seniors remain at home by performing safety assessments before modifying the space accordingly. The modifications made to the home create a safer and more comfortable space for seniors, reducing the risk of falls and other health hazards, whether that means changing a lightbulb, raking leaves or making large-scale adjustments to the home to ensure senior safety.

Other senior care brands, like Griswold Home Care, provide non-medical home care services, with caregivers trained to look at clients’ health and wellness needs and their lifestyle and emotional needs. Those services include homemaking, personal care, companion care, hospice care, respite care, live-in overnight care and more.

Regarding the business benefits for franchisees, Fitzgerald says there are several advantages to joining the senior care segment, specifically the non-medical space.

“The senior care industry is highly regulated with medical care, so it requires more complex operations,” said Fitzgerald. “Non-medical concepts, such as TruBlue, are not difficult to run. It requires passion and determination, but you don’t need to know how to build a wheelchair ramp to run the company, making it one of the few entryways into the massive senior care industry that doesn’t require a medical background or specialized training. We also require fewer employees because we are not there eight hours a day, seven days a week. We need far fewer employees to generate that same revenue, which means higher margins. It is a simple business to operate and manage compared to others in the senior care industry. That is why many franchisees already in the senior care industry are moving to TruBlue. It is also a scalable concept, with relatively low overhead.”

In general, senior care concepts tend to be low-cost and simple from an operational standpoint while also providing entrepreneurs with a uniquely meaningful and fulfilling opportunity.

“I really believe everyone should look into the senior care business,” said Fitzgerald. “Once you look at the metrics and lifestyle benefits, it is really exciting.”