A recent report released by the U.S. Census Bureau says the nation’s older population now has a significantly older age profile compared with that of 16 years ago.
The agency’s estimates show that the nation’s median age rose from 35.3 years to 37.9 years on April 1, 2000 to July 1, 2016, respectively. According to Population Division demographer Peter Borsella, Baby Boomers brought about the shift; as many of the members of the generation started turning 65 in 2011.
The number of seniors aged 65 and above spiked from 35 million in 2000 to 49.2 million in 2016. Residents from this age bracket now account for 15.2% of the nation’s total population, and the Census Bureau estimates that the figure will hit 19.6% by 2030.
With the spike in numbers, savvy entrepreneurs are starting to rush in to provide non-medical services. Many older people wish to remain in their home for as long as possible, and venturing in a senior care franchise is a sound investment decision.
Senior Business a Hot Market
The main responsibility of assisted living or non-medical home care service providers is to help elderly members of the family age gracefully in place. According to Val Halamandaris, President of the National Association for Home Care & Hospice, the job mainly involves helping seniors perform functions of daily living, primarily to make their life easier and keep them from exerting themselves.
The biggest setbacks to breaking into the home care business, however, can be the seniors themselves who may sometimes be reluctant to acknowledge that they need assistance. Industry experts say, however, that a senior care business must onboard trained professionals who are passionate about helping seniors become comfortable with receiving assistance and other services you offer. Still, this is not the be-all and end-all of starting a business in this industry.
Below are other things to consider when investing in a senior care franchise:
- Have a strong start.
As the business involves dealing with human lives, you need to make sure you have everything in place before opening your business. Make proper investments – do not scrimp on your staff, technology, or infrastructure and choose to collaborate with a reputable senior care brand.
- Build connections.
Most of your business will be from referrals of health care providers such as hospital systems and assisted living facilities. The goal of these providers is to get patients out of the hospital, so they can get into rehab and regain their lifestyle quickly. If your business gains a reputation for quick and professional service, they will be the ones to champion your brand.
- Employ the right people.
An essential part of home care is the people that attend to the seniors in their home. You want someone who is compassionate, hardworking, and solution oriented in your team.
- Know your target market.
Aim your marketing strategies on adult children, as many seniors are unable to acknowledge their need for in-home assistance. Come up with “thoughtful marketing” strategies with adult children in mind. Educate them and help them navigate around often-daunting long-term care considerations.
The most important consideration is to invest in a senior care franchise that families in the area easily recognize. Choose a brand that families in your area recognize as a leader in the industry and as an organization that they can trust with their loved ones.