According to the United States population census of 2010, the total population of citizens over the age of 65 was 35 million. And it is expected that this number doubles to about 70 million by the year 2030. And considering the rate at which children move far away from their parents, the result will likely be less or no care for their parents. And this is the point where astute business minded persons can cash in on the wonderful business opportunity that the elder care franchise has to offer.
Elder care franchise requires a relatively low start up cost. The seniors’ companion services have an estimated value of about $6.4 billion and this figure is expected to rise to over $8 billion. The fact is that, the ageing baby boomer generation is the major reason for the rise in value of these services.
Taking these figures into consideration, it is quite easy to see why elder care franchise is turning out to be a trend blazer in the investment world. Bearing in mind the foregoing analysis the million dollar question is, how do I choose the right elder care franchise to invest in?
Differences in Elder Care Franchises
There are basically just two types of senior care franchise. These include medical or non-medical senior care franchise.
Medical franchises offer nursing care and services to the ageing population. Since they offer medical care to the aged population, their workforce is usually made up of nurses, especially RNs (registered nurses) and also LPNs (licensed practical nurses). Reviewing the laws of the state is also very important in order for you to know the type of medical care that can be rendered by employees under your franchise.
While the non medical franchises renders an entirely different type of service to the aged. This franchise renders services like cooking, cleaning and other forms of daily assistance to the aged. Their workforce is made up of people with different educational background who are trained with the relevant skills needed to take proper care of the aged in their facility.
Choosing a Senior Franchise
Usually before choosing a senior care franchise, you ought to first make up your mind if you are going to provide medical care or non medical care. If your choice is the medical services franchise, you should bear in mind that the cost of setting it up is a lot more expensive compared to the non medical service franchise.
Choose at least three senior care franchise that you are interested in and also ensure that you make arrangements for talks with them. In summary investing in elder care franchises is a smart move for any astute business person out there.