The population of the U.S. is growing older. By 2020, an estimated 56 million Americans will be 65 years old or older. That is expected to grow to almost 84 million in 2050. The $70 billion question is how will we care for them all?
Aging in Place
Most seniors would prefer to live out the rest of their lives in their own homes. According to AARP research, 90 percent of seniors want to stay in their homes as long as possible, but how can they do so safely? Adult children are finding themselves squeezed by increasing demands to care aging parents and loved ones. Community resources are being stretched thin, too.
The private sector has an opportunity to respond to the growing demand. The non-medical home care services sector is already estimated to be a $70 billion market opportunity that is generally served by small, independent businesses or stressed-out family caregivers.
What is Non-Medical Home Care?
Many seniors are blessed with relatively good health. Not everyone needs in-home skilled medical care. This creates a niche for non-medical home care providers that can help seniors remain independent through companion and personal care services.
These services can include:
- Conversation and companionship
- Basic help around the house, such as light housekeeping, laundry service or meal preparation
- Transportation to and from appointments
- Reminders to take medication
- Assistance with eating, bathing or mobility
Although there might be an assumption that medical home care would provide greater profit opportunities, that’s not a given. Labor and insurance costs for non-medical home care are much lower compared to skilled medical care. The lower overhead means profit margins for non-medical care business can be just as good or even better than for medical home care companies.
Before starting a standalone non-medical home care business, entrepreneurs should consider the advantages of joining an established franchise system, which can offer greater potential for long-term growth than going it alone.
Joining a franchise system like FirstLight Home Care can offer benefits such as:
- Established brand recognition.
- Proven tools and programs to increase growth.
- Back-office support systems for everything from finance to marketing to human resources.
- Marketing support and prowess.
As We Grow
Nobody is growing any younger, and as the home care industry matures, business opportunities will only increase. Contact FirstLight Home Care today for more information on how joining a franchise system can give entrepreneurs an opportunity to serve a growing market.