There are plenty of ways to invest in the field of franchising, but if you’re looking for a fruitful venture in terms of finances and social responsibility, the senior care industry is waiting for you.
With thousands of people turning 65 annually, and more families now understanding the value of allowing their aging loved ones to age with dignity in their homes, the need for quality in-home senior care has never been greater.
If you’re considering taking advantage of opportunities from the in-home senior care industry, here are some things to expect.
A Promising Industry
While the success of franchise owners is mainly due to their willingness to learn, level of dedication, and skills within the industry, the factor of a thriving senior care industry also can’t be ignored.
By 2020, there will be an addition of approximately 1.3 million jobs within the senior care industry. People filling home care positions will also see a 69 percent growth in the same year. Furthermore, there will be a 70 percent growth in personal care aide positions.
According to the World Health Organization (WHO), the population of people aged 60 years old and above will soon reach 2 billion. This means that the already thriving senior care market will only grow larger in the years to come, and the need for professional in-home caregivers will expand.
Addressing the Growing Need
Apart from the potential business growth, taking advantage of the senior care industry also means that you are playing a role in helping others.
The rate of injuries among the aging loved ones expresses the growing need. The WHO’s Department of Aging and Life Course reports that up to 42 percent of seniors over the age of 70 years old suffer from fall injuries.
In-home care is important to keep the aging population safe in their homes, as well as preventing more accidents from occurring. In-home caregivers can monitor these seniors and help them improve their life quality within the comforts of their home.
How You Can Succeed
If you are interested in this business venture, start by partnering with a trusted franchisor. Look for a company that can give you all the support for your business and patients.
It also helps to build a referral network by making everyone within your community aware of your service. Reach out to doctors, hospitals, nursing homes, community centers, insurance agents, and more.
You’ll also need to find people with the right skills to meet the demands of caring for seniors. Fortunately, most franchisors will provide the training needed to hire high-quality staff.
Giving Back through Franchising
There’s more to the in-home senior care industry than just being a good economical investment. Most franchisees find that one of the best parts of their job is the ability to extend a helping hand to their community, particularly to the elderly population.
Also, more families will appreciate the services of caregivers, as they offer peace of mind and confidence that their loved ones are in good hands.
Make a difference in the lives of others and enjoy a thriving industry by investing in the senior care industry today.