As the baby boomer generation has started moving into their senior years, so has the growth in demand for senior care franchises. The top franchises in this sector are expected to continue growing at a rapid rate do to the continued aging of the population.
As evidence of the potential within this market, consider the census projections out until 2060. In 2016 we had 49.2 million Americans who were 65 or older, accounting for 15% of the population. In 2060 we expect there to be 94.7 million people in this same demographic, accounting for 23% of the population.
These numbers, along with the growing desire of people to age in place, create the perfect formula for growth within the in-home senior care industry.
Other factors including improvements of technology and healthcare have made it increasingly possible for people to stay in their homes for longer periods of time. These advancements, along with the growth of senior care businesses has given people more options than ever.
Also, consider the cost of in-home care compared to that of nursing home. According to a Genworth Study, the cost of a private room in a nursing home facility is $9,034 and a semi-private room is $7,908. Contrast that to a home health aide costing $5,148 and other even less expensive options, and you have yet another driver incentivizing people to stay in their homes longer.
This all adds up to opportunity for the best senior care franchises and their franchisees. So if you’re considering a franchise in the home care industry, you’ll have lots of opportunity ahead.
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The best senior care franchises of 2022
Visiting Angels
Franchise Fee: $49,950 – $79,950 (dependent on territory population)
Initial Investment – $123,000 – $161,150
The visiting angels is one of the premier senior care franchises in the country and it’s been serving families since 1998. Their goal is to help people continue to live at home as they age. They have senior in home care professionals trained with all the skills you will need to help your loved one stay in their home and have their health and while being looked after.
Visiting angels are prepared to care for both temporary and long term care needs and provide hourly, overnight, and 24 hour care. Their service coordinators will create a personalized care plan that include the following:
- respite care
- Companionship
- Personal care
- Hygiene assistance
- Meal planning and preparation
- Light housekeeping
- Laundry assistance
- Medication reminders
- Assistance running errands
One of the best things about owning a visiting angels franchise is that you don’t just own a business, but you’re making an impact and community in peoples lives. With the growing number of seniors they want to continue living at home senior care franchise like visiting angels can be a great option.
Home Instead Senior Care
Total Investment: $125,000 – $135,000
Home instead is another leading senior care franchise in the United states with over 26 years of experience and more than 1200 franchises in 13 countries. Home instead is committed to being part of the overall solution of the rapidly growing population of people over 65 years old.
In 2021 home instead join with Honor, a home care service company providing human centric technology and operations platforms. This has allowed the two companies to change the way society cares for older adults and hope to expand the world capacity for this care parrot
Honors technology along with home instead’s global network will be the foundation for innovation and investment that will hopefully benefit professional caregivers and their clients.
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Right At Home
Franchise Fee: $49,500
Net Worth: $200,000
Liquid Capital: $70,000
Total Investment: $80,000 – $138,000
Right at home was founded in 1995 by Allen Hager whose background was in hospital administration. He saw through experience older patients leave the hospital and struggle to recover at home. It was these real life experiences that helped him formulate the model that now governs right at home and their franchises.
Right at home was the first senior care franchise to create a package of services that helped hospitals and other providers to reduce readmissions to hospitals and those associated costs.
Right at home provide multiple in home care options for both seniors and adults with disabilities. Their care plans or tailored to each individual and include things like helping with dressing and hygiene, providing medication reminders, or things as simple as transportation to medical appointments.
Other services include:
- companion care
- Personal care
- Nursing care
- Specialty care
Synergy HomeCare
Franchise Fee: $25,000 – $90,000 (dependent on territory size and population)
Liquid Capital: $50,000
Net Worth: $150,000
Total Initial Investment: $$45,000 – $173,000
Synergy home care as an in home senior care franchise that provides anything from personal assistance and companionship to live-in caregivers and Hospice care. Synergy home care is committed to only hiring caregivers with compassion and proven ability to give attentive care.
As with many of these senior care franchises synergy gives aspiring entrepreneurs the ability to operate their own business while also serving others.
Synergy has grown to over 380 territories across 39 states. They provide background checks and each and every caregiver and offer services to those in need regardless of their age.
Synergy is very committed to the growth of their people their franchisees and their businesses. Their goal Mr promote a culture of care that moves everyones life forward.
Interim HealthCare
Franchise Fee: $50,000
Liquid Capital: $150,000
Net Worth: $450,000
Total Investment: $125,000 – $198,500
Interim Healthcare was founded in 1966 and is the nation’s oldest health care franchise company. Interim relies on its franchisees and is committed to growing its network throughout the US.
Interim’s support team provides experience in sales, marketing, operations, training, human resources, and more. Interim covers all aspects of the continuum of care including personal care and support, health care staffing, Medicare and Medicaid reimbursement nursing, therapy and home health aid services, and Hospice.
Their franchisees employ nurses therapists, aides, companions, and other professionals who provide care to over 190,000 people each year.
With this level of experience, Interim is easily one of the best senior care franchises you should consider.
Assisting Hands
Franchise Fee: $55,000
Liquid Capital: $100,000
Net Worth: $300,000
Like the other senior care franchise is on this list assisting hands home care addresses an ever growing market of people looking to age in place as they get older.
Assisting hands offers a few differentiators from other companies in this space:
- a business model that includes medical equipment skilled nursing and temporary staffing as well as home health care and personal care
- 171 franchises sold 17 area representatives and 80 officesdispersed around the country
- A true familyatmosphere that knows how to have fun
- Tools and support to help owners be successful
Assisting hands is a member of the international franchise association giving them access to knowledge used by 75 different industries and allowing them to build relationships by networking with other members.
Assisting hands understands the importance of building strong relationships to gain referral sources in communicating with them successfully. This helps their new franchisees continue to grow and have a high rate of customer satisfaction.
BrightStar Care
Liquid Capital: $100,000
Total Investment: $105,735 – $170,457
Bright star is one of the premier names in the industry with extremely strong brand awareness and marketing support to help grow your business. They have a scalable business model with multiple revenue streams to help you maximize the opportunity of your business.
They utilize best in class technology and ensure franchisees receive operational support consultation in the necessary training.
Bright star care is committed to providing both medical and non medical assistance for families and individuals in need. They have over 10 years of experience and success we continue to grow as does the population of seniors.
Available revenue streams include companion care, personal care, skilled care, medical staffing, and national accounts.
With bright star care you can have a protected territory with a population between 200,000 and 300,000 people.
The bottom line
If you’re looking to buy a franchise that allows you to help people on a daily basis, then you should consider a senior care franchise.
The growing number of older people in the US, combined with the desire of people to age in place, provides a great opportunity for those in the senior care industry.
You also have an enormous number of options when it comes to the franchise family you join. That means you should closely consider your options and ensure you choose the right fit for you.
Talk to current franchisees, read reviews, and get a feel for the culture of each company you’re considering.
The best senior care franchises will have a proven track record, a solid business model, and a supportive network to help you succeed.
When you find the right company, you’ll be poised for success as this industry continues to grow.
If you’re looking for an opportunity to make a difference in people’s lives and build a successful business, then one of these franchises may be the perfect fit for you.
With the right franchise, you can be on your way to owning a business that makes a difference in people’s lives while also providing you with a good income.
