If you are considering opening your own business, one concern will be how the current market atmosphere will affect your success. Business markets shift, sometimes on a daily basis, affecting success and profits. Entrepreneurs who choose a senior care business are less affected by changing market conditions as their industry is less affected by changing economic tides.

According to the Franchise Business Review (FBR), franchise businesses tend to perform well in most economic situations. Within the greater franchising industry, senior care franchises are among the leading recession-proof options. Visiting Angels^® specifically has been recognized by FBR as one of the franchise brands with the greatest potential for success in the midst of a volatile market.

Exploring the Resilient Nature of Senior Care Businesses

One of the main reasons for the successful performance of senior care businesses in all market conditions is the expanding population of senior citizens combined with the growing popularity of aging in place. According to the National Library of Medicine, the number of seniors aged 60 and older is projected to rise by 30% within the next three decades.

Starting from the age of 65, these individuals have a nearly 70% chance of requiring some type of care and support as they age. These factors are behind the rising need for at-home caregivers, which is expected to increase by nearly 40% by the year 2028.

Of course, demographic factors aren’t the only reasons why senior care businesses are known to survive and even thrive during periods of economic recession. Here’s a closer look at other aspects of this business model that promote stability in uncertain times.

The absence of inventory

WIth no inventory to maintain, there is no risk of having an excess or lack of supplies. Rather than dealing with material goods, the senior care business model manages teams of at-home care providers. This makes the structure of the business more streamlined, practical, and cost-effective than many other business types, especially during moments of economic hardship.

The practicality of care

Senior care is a practical investment for families. At home care is desirable no matter what state the global economy is in.

Elderly adults will always require help to complete their daily routines, from running errands to preparing meals and keeping up with household chores. Since so many seniors live far from their family members, many require the help of professional caregivers to maintain an independent lifestyle as they grow older.

Changing preferences

Until recently, seniors had fewer options when it came to their care. Many would move in with a family member who could support them, while others moved into nursing home facilities.

Baby Boomers who watched as their parents were required to significantly change their lifestyles in order to stay safe while growing older want to avoid such a move for themselves. This change in preferences and first-hand understanding of the positive impact aging in place can have on seniors’ quality of life has led to a shift in priorities and a greater demand for home care.

The essential nature of senior care businesses

When families have to keep a close eye on their finances, needs will always come before wants. Because the services offered by senior care businesses fall squarely in the category of needs, these businesses are often able to maintain the sales volume necessary to survive the ups and downs of the economy. The COVID-19 pandemic has given many Americans a new understanding of the term “essential services,” and few would question the classification of senior care under this heading.

If you want to make a difference for families in your community while building a business that can thrive in different economic climates, consider opening a senior care business with Visiting Angels. You can call 800-365-4189 today to learn more about the business opportunities we offer, or request information about our franchise online.