Are Senior Care Franchises Profitable?
Senior care franchises are continuously in high demand as Baby Boomers are growing older and want to age in place. By owning a senior care franchise, you can turn a profit thanks to a lean business model and constant demand for your services. Most importantly, you can enjoy your earnings while also doing work that enhances the quality of life of people in your community.
Among the many franchising options available, senior care franchises offer some of the most promising profit margins. However, reaching your full potential in this business is only possible when you select the right franchisor – one that can connect you with clients right away, support your growth, and offer a franchisee-friendly royalty system.
At Visiting Angels®, we want to make it easier for hard working and compassionate entrepreneurs to turn a profit while giving back to families in need of support. Our franchise opportunities can set the stage for you to invest in your local community and in your future. Learn more about what makes senior care franchises profitable below!
Understanding the Success of Senior Care Franchises
There are a number of factors that contribute to the profitability and ultimate success of franchises in the senior care industry. Here are some of the many reasons why potential franchisees can feel confident about investing in this business type.
Low Barrier to Entry
You don't need to have experience in the field of health or senior care in order to operate a thriving caregiving business. Instead, you simply need to have a heart for helping others, a business mindset, and a partnership with a reputable franchisor that has plenty of experience in the field.
Ease of Start Up
You can get your senior care franchise up and running relatively quickly, especially compared with other franchising options that require site selection, facility construction, and other time-consuming start-up steps. In addition, the business model for a caregiving agency has few equipment requirements and no need for inventory maintenance or storage. As long as you choose a franchisor with a launch process that has proven to be efficient, you can look forward to becoming a business owner without wasting time or resources.
One of the best things about the senior care franchise model is it provides a high return on your investment as a franchisee. To start off with, upfront costs are much lower than with other franchise types, such as those in the hospitality industry. Furthermore, the territory sizes of this business type allow individual locations to take on a high volume of sales. Taking into account that royalty rates can be as low as 3% when you purchase a franchise from Visiting Angels, profits can add up fast.
Senior care services are essential services, meaning there is a continual need for these services regardless of other factors. However, as time goes on, the market for these services will continue to expand. According to the Urban Institute, the number of American seniors 65 years old and older will reach 80 million in less than two decades. This means in 2040, one in every five Americans will fall into this age group.
As the Baby Boomer generation enters their golden years, they are expressing a preference for aging in place. In order to make this desire a reality, many will rely on in-home senior care services offered by local agencies.
Enjoy More Than Profits With a Visiting Angels Senior Care Franchise
As a nationwide franchisor with many years of experience in the industry, our team at Visiting Angels can show you the path to a successful business in senior care. We aim to give franchisees all the resources and support they need to operate their business to its full potential while enjoying the road to success. We have even developed a royalty system that incentivizes growth. Our sliding scale royalty rates ensure the more you earn, the less you have to pay for each dollar of those earnings.
As a franchisee with Visiting Angels, you can also experience the rewards of owning a business that is focused on more than making a profit. Our franchisees have the opportunity to enjoy satisfying careers doing work that makes a difference, both for others and for themselves.
Take advantage of the profitable business model of our senior care franchises. Call Visiting Angels today at (800) 365-4189 or ask for more information about our franchise opportunities online!