Who Benefits from a Senior Care Franchise?
Buying a senior care franchise is more than just a savvy investment in a growing industry. It is also a unique opportunity to do good by others. By introducing an affordable senior care option, you can have a sizable impact on your community — even more so than you may think.
Let’s look at the many people who could be impacted by your decision to open a senior care franchise with Visiting Angels.
The Wide-Ranging Impact of a Senior Care Franchise
Cost-effective, reliable senior care can be transformative for your community. Let’s look at a few key areas where your business could provide immediate relief and long-term benefits:
The Personal Impact
When you think about who benefits from affordable senior care, the first answer is obviously the elderly community.
An AARP study revealed that up to 90% of older adults would choose to age in place for as long as possible. Unfortunately, many adults over 65 experience physical or cognitive decline making it more difficult for them to live safely at home. As the owner of a senior care franchise, you can help the elderly who are coping with these restrictions to continue living comfortably where they choose - at home.
In addition to the individuals you will support, don’t forget about the benefits your services will provide to their families. For the millions of overextended Americans caring for elderly parents while working or raising their kids, an affordable care option could be life-changing. Even a few hours of assistance each week may be enough to prevent burnout and provide the relief they need.
Additionally, your senior care franchise can provide ample peace of mind for adult children who can’t be there themselves. Given how much more mobile we’ve become as a society, many adult children are coordinating their parent’s care from hundreds of miles away.
The Medical and Financial Impact
For seniors who are struggling with cognitive or physical decline, consistent home care can help prevent unnecessary injuries and hospitalizations, thereby reducing the pressure on local health care systems as well.
Caregivers can ensure that local seniors are eating well, taking their medications, and avoiding riskier activities. They’re also in a position to spot changes in a client’s physical or mental state. This means that families can take action early on before their loved one needs more costly care.
As well as relieving some of the strain on health care facilities, this also places less stress on government programs and local resources devoted to elderly health and well-being. This will be invaluable as the elderly population continues to grow.
The Overall Economic Impact
Lastly, given the growing demand for care nationwide, a senior care franchise is an opportunity to introduce meaningful jobs into your community. In a benchmarking study on the home care industry by the Home Care Association of America and the tech firm Home Care Pulse, researchers projected the need for caregiver positions to hit 2.3 million by 2024.
Meanwhile, figures from the Bureau of Labor Statistics indicate that the rate of job creation is significantly higher for personal care aides (26%) than the average rate among all other professions (6.5%). Again, as the population continues to age, this trend is likely to hold, if not accelerate, in the decades to come.
Contact Visiting Angels Today to Learn More
With more than 600 franchise locations in operation, Visiting Angels® is one of the most trusted names in senior care for seniors, families, and franchise owners alike! We’ve helped many aspiring entrepreneurs discover a new passion for senior care — and a significant profit margin.
Interested in buying a senior care franchise? Just looking to learn more about the industry? Either way, we’re happy to help.
Call Visiting Angels today at 800-365-4189 to find out more about purchasing and running a senior care franchise, or request further information online.