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I'll never forget the day in 2002 when the founders of Home Care Assistance called me for a meeting.
I was in Las Vegas, on a short semi-retirement after the first dot com bubble burst. I golfed every day (badly) and had a wonderful time enjoying the nightlife in Las Vegas; becoming involved with another company was not on my agenda. But I attended the meeting and ate the free dinner anyhow.
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Instead of the usual new-tech pitch, these entrepreneurs had a different idea in mind for their next business. In home senior care. I didn't think their business idea was good at first, but I listened to what they had to say. After a while, I started to see the vision and how it could work. A few months later, I agreed to help sell franchises for them - when the company was ready.
That company was called Home Care Assistance (HCA). And 13 years later we sold it to a private equity firm for hundreds of millions of dollars. And I'm happy to report that many of our old franchisees are still with the company today - doing great!
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How did we get there?
First, Senior care is quite resilient, and it doesn't matter what the economy is like. We all get older and need assistance in aging in place happily and healthily.
Second, cash is often the method of payment for senior care. Our average client at Home Care Assistance paid us approximately $1,100 per week and just under $30,000 throughout their lifetime with us (on average). Many HCA clients paid in excess of $1,000,000 (lifetime) to be secure and content at home.
Third, in the home care business, clients pay cash every week, usually via EFT. It's very predictable and dependable. Clients pay or their caregivers don't report to work - and no one is going to do that to their mother, right?!?
Fast forward to today.
Our franchise consulting firm has relationships with all of the major senior care companies. From Always Best Care to Nurse Next Door, we've got customers who have become successful franchise owners by investing in virtually all of these senior care brands. Despite the difficulties of running these firms during COVID, it seems that every client we speak with these days is breaking records in terms of revenue.
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What Are The Best Senior Care Franchises?
While Home Care Assistance will always hold a special place in my heart, there are many other great franchises prospective franchise owners will want to consider as well. If you're looking for a low cost investment with very high potential returns, the in home senior care franchise market has some tremendous opportunities coming up in 2022 and well beyond. And you really can't go wrong with any of the franchise brands below:
Always Best Care Services
Amada Senior Care
Brightstar
CareBuilders At Home
ComForCare Home Care
Comfort Keepers
Executive Home Care
FirstLight HomeCare
Home Helpers
Homewatch Caregivers
Homewell
Interim Healthcare
Nurse Next Door
Right at Home
Senior Helpers
Seniors Helping Seniors
The Senior's Choice
Touching Hearts Senior Care
Visiting Angels
Save $10K or more on your senior care franchise. Contact us today!
What's great about these franchises is they all can be built to profitability on a relatively low investment. They are easily funded by a 401k rollover or SBA loan and all present a real opportunity to become a millionaire all while providing a service that really helps families.
If you're looking to invest in in home care services opportunities that provide non medical assistance to seniors, there is real potential to make a fortune while also helping others live happier healthier lives at home.
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2023 is going to be a great year for senior care franchise investors!
Want another view of the senior care franchise industry? Check out this article by Franchise Business Review.
Some of the newer home care services franchises in this field include:
Talem Home Care services
Wisdom Senior Care
A Place at Home
They may provide larger areas and greater potential for expansion, but without the larger name and network. This is undoubtedly appealing to many investors. I recall it was for us at HCA when we signed our first franchisees.
Overall, if you're searching for a chance to get into the expanding senior care industry, a franchise in this sector might be the right fit. Whether you pick a big franchise with lots of name recognition or a smaller start-up company, you'll have the assistance and knowledge of seasoned franchisees to help guide your success.
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How Much Do Senior Home Care Franchises Cost?
And How Much Can You Make?
Non medical services - In Home health care franchises are what we consider to be "low investment franchises."
Senior Helpers for example has a total investment of $113,300 - $152,300. Their franchise fee is $52,500, royalties: 5%, and cash investment needed to be approved is $52,500. Senior Helpers has over 340 franchise units in operation with $1,000,000+ in average revenue per location (according to their Item 19).
BrightStar Care has a total investment of $105,735 - $170,457, franchise fee of $50,000, royalties are 5.25% - 6.25% and their cash investment needed to be approved is $150,000.
The Visiting Angels Item 19 show 2 locations grossing $4m+ that have been open 13-24 Months. Of all their franchise locations, 3 are grossing $8m or more annually.
Amada Senior Care boasts an average of $2.9M per location by their 6th full calendar year.
Indeed, Investing in a senior care franchise can be highly lucrative.
The best franchises have Item 19 earnings data in their Franchise Disclosure Document - that will provide the investor with information on what's possible and what they can make. A top franchise consulting firm like The Franchise Insiders can help point you in the right direction for the highest earning senior care franchises with the best reputation.
Why Prospective Franchise Owners Should Consider The Senior Care Franchise Industry
Aging population – 20% of population will be 65+ by 2030.
Desire to remain at home – 89% of seniors want to remain at home.
Opportunity – Health care reform places more emphasis on continuous care for patients, making in-home care a more essential part of the health care system and providing a great opportunity for franchise businesses.
10,000 people turn 65 every day and that will continue for the next 40 years
The senior care industry is already larger than the GDP of all countries not on the top 40 and growing!
Who Is The Ideal Senior Care Franchise owner?
People who love to serve others.
Community Connection.
Relationship Builders, Nurturers.
Strong sales background.
Outgoing personality - loves networking.
What Services Do Caregivers Provide? Are They Hard To Manage?
Caregivers offer non medical in home care services, and their responsibilities will vary based on the needs of each individual client. In general, caregivers focus on activities of daily living (ADL), such as bathing, personal hygiene, clothing, going to the toilet, meal preparation, and physical mobility (walking).
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Some caregivers may go beyond this scope and cover more fundamental self-care activities, while others will stick to basic ADL assistance.
The best way to determine what type of assistance a caregiver can provide is to look at their training and certifications. In the United States, there are three main types of caregivers: certified nursing assistants (CNAs), home health aides (HHAs), and personal care aides (PCAs).
CNAs are the most highly trained caregivers and are certified to work in hospitals, nursing homes, and other medical facilities. They provide basic patient care and may also help with meals, bathing, and other activities of daily living.
HHAs are typically certified through a state-approved training program and must pass an exam before they can begin working. They provide non-medical care in clients' homes and can help with a range of tasks, including meal preparation, transportation, light housekeeping, medication reminders, and more.
PCAs are not typically certified through a training program but may receive on-the-job training instead. They provide the most basic care and assistance with activities of daily living, such as transferring patients to and from beds and wheelchair, bathing, and toileting.
When choosing a caregiver, it's important to consider their training, certifications, and experience to make sure they're able to provide the level of care you or your loved one needs. Pay close attention to the qualifications of each individual caregiver when making your selection.
This is why there is such a high demand for in-home care franchises, as the majority of families require assistance with their aging loved one's changing demands.
Franchisors provide franchisees with all of the skills they'll need to run their company efficiently. The majority of franchisees have no prior experience in senior care, but they are educated by the franchisor to be competent owner/operators.
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Senior Care Franchise FAQs
What is the typical level of training that senior care franchisees receive?
Senior care franchisees typically go through a variety of programs as part of their training, which is dependent on the specific franchisor and their education policies. Many franchisors provide comprehensive hands-on and online training, as well as continuous assistance and resources to assist franchisees in succeeding.
What services do senior care franchises typically provide?
Franchises in the senior care industry provide a wide range of services, which may differ depending on the franchisor and its clientele. These may include help with daily chores (such as bathing and toileting), transportation, light housekeeping, and meal preparation and companionship.
What are the benefits of investing in a senior care franchise?
Access to an established brand, assistance and resources from seasoned franchisors, and cost savings compared to starting your own firm are just a few of the major perks of investing in a senior care franchise. There is frequently high demand for services such as these owing to the huge aging population and a great chance to make money.
Are senior care franchises worth it?
For certain investors, the benefits of investing in a senior care franchise may outweigh the associated risks. These include access to well-known brand recognition, assistance and resources from experienced franchisors, and cost savings over starting a business from scratch, as well as an incredible chance to own a very lucrative company in a recession-proof sector.
Which senior care franchise business is best?
There is no clear answer to this question since the ideal senior care franchise for one investor may not be suitable for another. The scope and quality of training provided by different franchisors, as well as their track record in terms of profitability and development, are among the factors that you should consider. Finally, you'll want to evaluate several brands based on their culture and available territory opportunities, and select the best fit. A franchise consultant can assist you with this task.
What is the cheapest senior care franchise to start?
There is no definitive answer to this question since the cost of starting a senior care franchise depends on various factors, such as the size of the territory and the required initial investment. However, some franchisors offer financing options or discounts to help offset these costs. You should also keep in mind that while a low-cost option may appear to be more attractive at first, it may not provide the same level of brand recognition, support, or profitability as a more expensive option.
Total Investment for The Senior's Choice was the lowest we found at: $54,000 - $71,000
How much does a senior care franchise make?
The answer to this question depends on numerous factors, such as the size and location of the business, the services offered, and the franchisor's support system and track record. However, senior care is a potentially very profitable industry, with some franchises generating millions of dollars in annual revenues. Before investing in a franchise, you'll want to evaluate the potential earnings based on historical data as well as your own goals and expectations for the business.
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Investing in a senior care franchise can be highly lucrative.
Top Senior Care Franchises of 2022
(alphabetical List)
Always Best Care Services
Amada Senior Care
Brightstar
CareBuilders At Home
ComForCare Home Care
Comfort Keepers
Executive Home Care
FirstLight HomeCare
Home Helpers
Homewatch Caregivers
Homewell
Interim Healthcare
Nurse Next Door
Right at Home
Senior Helpers
Seniors Helping Seniors
The Senior's Choice
Touching Hearts Senior Care
Visiting Angels
What's great about these franchises is they all can be built to profitability on a relatively low investment fairly quickly. They are easily funded by a 401k rollover or SBA loan and all present a real opportunity to become a millionaire over time - all while providing a service that really helps families in need.
Can you run a home care franchise completely from home?
Here are some of the top home care franchises that will permit you to run your business from home.
FirstLight HomeCare (first 12 months)
Home Helpers
Talem Home Care
Nurse Next Door
Seniors Helping Seniors
The Senior's Choice
In conclusion, senior care franchises are an excellent investment in any economy. They're recession-proof and have a bright future, with numerous perks for franchisees. When you operate a senior care franchise, you can genuinely assist those in need.
If you enjoy making money and providing a good service, this is a franchise industry to investigate. It has positively impacted my life as well as that of my family.
If you're interested in building generational wealth, click the link below to get started browsing for and getting connected to today's top senior care companies. Some of the best franchise opportunities that exist in this author's opinion.
Jack Johnson
CEO - The Franchise Insiders
About the author:
Jack Johnson is a leading franchise consultant. Jack founded The Franchise Insiders in 2017, and together with his wife Jill, has assisted hundreds of individuals in realizing their goal of becoming a franchise owner over the last two decades by advising them on today's top franchises. The Franchise Insiders specializes in matching clients with the best franchise options across a variety of sectors, including senior care, where they are regarded experts.
Click here to explore some of today's top in home senior care franchises.
When you "buy" a Chick-fil-A franchise you are buying yourself a job.
You don't own it. They do.
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*Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences.
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