4 Takeaways from the WSJ Report on Senior Care Franchise Opportunities
Recently, the Wall Street Journal published an in-depth feature on the state of senior care franchise opportunities. The report helped confirm what we’ve known for some time: that senior care franchise opportunities are the best kept secret in the modern-day franchise market.
In their report, the Journal described the senior care market as a “fast-growing business” with “low entry costs” that is ready to benefit from America’s aging population.
Our team at Visiting Angels has put together what we feel are the four most important takeaways from the Journal’s report, which we’ve put together below for your benefit.
Senior Care is Growing at a Rapid Rate
It’s little surprise that the senior care industry is growing — but you may be surprised at just how fast it’s expanding. According to the Journal’s figures, the in-home senior care franchise market has grown at a resounding 6.6% annual rate over the past three years. That’s more than two-and-a-half times as much growth each year as the franchise market as a whole, which is holding steady at a 2.6% compound annual interest rate.
Things are Only Expected to Get Better for Senior Care Franchises
At Visiting Angels, we’ve known for some time that right now is the best time to get in on a senior care franchise opportunity. As the Journal reports, the market for senior care is continually expanding. The Journal cites statistics from the US census bureau that project a 38% growth in the number of American seniors from 2015 to 2025. Even more encouraging is the long-term view for senior care franchise opportunities, as America’s senior population is expected to experience steady growth over the next four decades.
More Entrepreneurs are Choosing Senior Care Franchise Opportunities
As the market for senior care grows, more and more entrepreneurs are turning to senior care franchise opportunities. In their report, the Journal cites figures from Home Care Pulse LLC, a market-research firm dedicated to the home care industry. Those figures show that while the market for home care is expanding quickly, the market for senior care franchise opportunities is expanding even faster. In fact, the percentage of senior care agencies that are part of a franchise has shot up from around 30% of the market in 2010 to approximately 50% in 2015.
Visiting Angels Senior Care Franchises Offer Exceptional Opportunity
According to the Journal’s reporting, senior home care franchise opportunities offer some of the lowest entry points and highest returns. The Journal says that the average home care franchise costs only $115,000 to purchase and produces $118,000 in yearly pretax income.
While those numbers are impressive for the franchise industry as a whole, they’re nothing compared to those offered by a Visiting Angels franchise. Our senior home care franchise opportunities cost between $37,950 and $61,950 (depending on the size of your territory) and produce almost $1 million dollars on average in gross annual income.
Ready to find out more about senior care franchise opportunities near you? Contact Visiting Angels today to get more information on our available franchises.