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If you’re thinking about buying a franchise, there are thousands of concepts available in just about every industry. All require specific and unique skills depending on the nature of the business. The good news is there’s a concept available for just about anyone provided you’re willing to work hard and follow the system. If you’re seriously thinking about investing in a franchise, the senior care industry may be an option to consider. The US and world populations are getting older. According to the US Census Bureau, people aged 65 years or older is the fastest growing segment of our population. By 2025, it’s estimated the world’s population of people 65 and older will be over 1.2 billion. As this trend continues, a senior living franchise presents an opportunity to own recession resistant business in a growing sector of the economy.
An Attractive Value Proposition
Senior living franchises provide an important service. Your primary offer is both companionship and non-medical services to people who don’t need to be in a nursing home, but need a little help. It can be as simple as assisting with shopping, or getting in and out of bed. These services are in high demand that’s expected to steadily increase. A significant component of your service provides with the benefit of improving the lives of the elderly. People today are living longer, your offer a chance live a better more fulfilling life.
A Unique Balance of Skills Required
The investment range for a senior living franchise typically starts around $80,000 to $100,000. Some concepts require a higher level of investment depending on the types of services provided. The nice thing about a senior living franchise is the initial capital outlay is typically lower than the traditional food or retail franchises. Your investment covers the cost of renting a small office, marketing, training and software to manage your client database. Your office is a place to meet with new clients and interview service providers. A vast majority of your time is spent networking. Senior care franchises require owners with strong sales, networking skills and management skills.
A Great Opportunity
Like any franchise, it’s important to do your research. Review earnings claims, get comfortable with the business model, and be sure to speak with existing franchisees. Prior healthcare experience is not required, however, the ideal candidate has strong sales and management skills along with a special affinity in working with people. The senior care industry will be a growing component of the world economy. If you have the drive, motivation and the ability to sell and manage, it’s a great opportunity to consider.