The Silver Tsunami Has Led to a Spike In Demand For Senior Care Franchises

According to the U.S. Census, the number of people aged 65 and older increased by 50.9 million in 2020. As a result of our older population continuing to grow, there is a greater need for senior care franchises now more than ever before. 

Senior care franchises are a great investment not only because they are high in demand and recession proof, but also because they allow franchisees with an opportunity to do something meaningful and own a business in a very rewarding field. 

For entrepreneurs who are considering entering the senior care industry through franchising, there are three major business models to consider: in-home care, assisted living facilities and senior care referral concepts.

In-Home Care

In-home care brands are becoming increasingly popular for families looking out for aging loved ones. Many seniors prefer to stay in their homes but still benefit from professional care and assistance. In-home caregivers tend to help with personal care, small errands, light housekeeping and whatever else a client might need in their home. As caregivers are providing care in senior’s homes, there is no need for a facility, making initial investment costs lower than other models. 

An example of a franchise that follows this business model is Right at Home*. The brand was founded by hospital administrator Allen Hager, who has seen firsthand the impact proper, dignified care can have on longevity. The initial investment required to start a Right at Home franchise ranges from $88,719 to $157,669. 

Seniors Helping Seniors is another brand that provides in-home care. As the name implies, this franchise specializes in hiring active seniors to help provide for their less-active counterparts, prioritizing strong bonds as well as care. The initial investment required to start a Seniors Helping Seniors franchise ranges from $86,785 to $141,390.

Assisted Living 

Assisted living franchises offer care to seniors who are not able to live independently and offer a sense of community in placing multiple seniors within a care facility. This business model often requires construction of a new facility or a series of homes, as well as hiring qualified caregivers. This means that a large investment is typically required to start an assisted living facility franchise. 

BeeHive Homes is an example of this type of franchise model. This brand prioritizes a small-home model, with a ratio of one caregiver to every four or five residents, so that caregivers can form meaningful bonds with the residents and provide a high level of care. With ground-up construction required, the initial investment for this franchise is between $2 million and $4 million.

Avendelle Assisted Living is an example of another franchise brand that follows this type of model. The brand is set apart by its method of converting homes in residential neighborhoods into care facilities, with each home housing no more than six residents. The initial investment to start an Avendelle franchise ranges from $118K to $729K for a single home and $477K to $3.91 million for a package of five homes. 

Senior Care Referrals 

If you are interested in contributing to the well-being of our aging population by recommending specialized care professionals and services, then this franchise model is your best option. Recommendations tend to be free for clients, with franchise owners receiving compensation when patients are successfully paired with a facility. This franchise opportunity allows franchisees to help seniors and their families without the cost of building a facility or even paying for an office, as most referral models can be managed from home. The downside is that generating leads and finding the right match can be challenging.

Oasis Senior Advisors is an example of a brand that follows this model. The brand utilizes industry knowledge and networks to advise families and seniors on the best-care options available based on the individual’s circumstances. The initial investment required to start a franchise with this brand ranges from $59,290 to $93,490. 

CarePatrol specializes in finding the best senior living community for clients. The brand supports families in their search for a suitable care facility by touring the facilities with the families and answering questions along the way. The initial investment required to start a franchise with CarePatrol ranges from $51,120 to $110,970.

Meaningful Business Ownership 

When a loved one gets older and a family is required to seek care and assistance, it can lead to a lot of stress and uncertainty. By investing in a senior care franchise, you can help mitigate the stress and make a positive impact on your community. 

With 10K people turning 65 each day in the U.S., the demand for care will continue to increase over the coming years, meaning this is an investment that will continue to grow.