Owning a Senior Care Business is Recession Proof
If you are considering a senior care business, now is the time. While franchises, in general, have historically done well under most economic conditions, health and senior services businesses are in the top six of the recession-proof industries, according to Franchise Business Review (FBR). The U.S. Census Bureau estimates there will be 57.8 million baby boomers by 2030, and the Bureau of Labor Statistics forecasts the “demand for in-home health aides and personal health aides is expected to grow by 70 percent.”
5 Reasons a Senior Care Business is so Resilient
Besides the need dictated by the demographics, a great deal of supporting evidence bodes well for an entrepreneur to launch a senior care business. Let’s take a deeper look at five reasons why senior care is a recession-proof business.
There are none to maintain. Unlike a restaurant or a business that sells goods, there is no concern for having enough or too much of anything in supply. While our Visiting Angels® offices coordinate with medical equipment suppliers to make certain seniors receive doctor-recommended items, we manage teams of compassionate providers. Ours is, therefore, a streamlined and cost-effective business model.
The aging population will need support no matter the status of the global economy. They will always require assistance to run errands, have meals prepared, keep up with household chores, and help with personal hygiene and other tasks of daily living. Many seniors are alone in the world or live away from family. Additionally, some no longer drive, so they need to be taken to their doctor appointments or have someone accompany them on outings. A senior care business is needed to support this community of people.
At Visiting Angels, we leverage the power of Amazon’s Echo Dot with our proprietary system to act as a voice-activated medical alert. Constant Caregiver is a breakthrough in senior care because it connects subscribers to urgent response agents 24×7. This device can be programmed to give medicine reminders, read audiobooks, and play games, along with an option to video chat. We’ve also instituted a program that helps seniors learn how to navigate Facebook and send email messages. With advanced technologies, plus the intervention of a caregiver, families gain peace of mind and their loved one maintains independence. This combination will never go out of style.
There was a time when seniors didn’t have many options. When they couldn’t care for themselves anymore, they either moved in with a relative or were “sent to a nursing home.” Now, with the robust offerings of a senior care business like Visiting Angels, seniors can be exactly where they want to be, living comfortably in the home they love. As the baby-boomer generation and their parents are living longer, they have already recognized the positive changes this type of in-home support has made in the lives of so many.
- Necessity vs. Luxury
When families have to keep a close grip on their financial situation, “needs” outweigh “wants.” The services a senior care business provides fall in the “needs” category, thereby having the economic endurance to stay the course through fiscally challenging times. Caregivers ease the stress families and their loved ones feel every day, from managing daily tasks to providing palliative care. Therefore, the need for caregivers is constant.
FBR asserts, “This industry is experiencing enormous growth and promises job-security, a very tempting offer for those striving to open their own businesses.”
If you want to make a significant difference in the lives of others and build a business with a solid future, join our senior care business as a franchise owner.
Learn more about a Visiting Angels’ senior care business by calling 800-365-4189 or by requesting information online.