You might be under the impression that “Senior Care” is a narrow category. Actually, there are many subcategories within the senior care niche and numerous franchise opportunities available, based on your passion, skills and budget.
Divisions of Senior Care Franchise: by Location of Care
Senior care happens in a wide variety of settings. You can take care of your honored elders by arranging for them to end up:
- At home — either their own, or a family member’s — with health care aides that assist them in keeping themselves healthy and happy.
- At any of a number of ‘group homes’ for different levels of health and activity. Board-and-care homes, adult care homes, and adult foster care facilities all fall into this category of “low health needs, collaborative living arrangements” elder care.
- At an assisted living facility: much like being at home, but they’re renting a place in a complex full of other, similar seniors with a brigade of health care aides and a few registered nurses looking after them. Seniors who have health care needs beyond what their family or a ‘lower-level’ group home can offer do well here.
- At a residential care facility: again, a place where you’re expected to make your ‘residence.’ Nursing homes, long-term care facilities, and other hotel-like buildings that provide round-the-clock nursing support fall into this category.
The vast majority of franchises in the U.S. fall into the category of “home care,” but there are at least a few notable franchise opportunities in each of these four categories.
Divisions of Senior Care Franchise: By Medical Function
There are also three ways to break up the world of senior care franchises based on what they do for the seniors in question:
- Placement services franchises simply match up seniors with the facilities that will be the best for their circumstances; they perform no actual care themselves.
- Product services provide medical devices for specific needs to seniors. The most common devices available through franchises are inexpensive, high-volume devices such as diabetes supplies and cutting-edge, audience-seeking devices like the entire field of ‘home telehealth.’
- Non-medical care franchises offer basic housekeeping and homemaking services for seniors in need; cooking, light cleaning, companionship, transportation, and so on.
- Medical care franchises that require you to hire, at the minimum, home health care aides — most also require at least one RN on staff — and also require you to hold to a significantly higher level of legal detail (HIPAA, anyone?)
There are plenty of opportunities in each category of function, but by far the easiest to get into are the placement services franchises. On the other end of the spectrum, medical care franchises demand someone fueled by an unquenchable passion for caring for others as well as some level of medical expertise.
These sub-groups are further divided by the basic types of franchise agreement: there’s the single-unit, multi-unit, area/regional, and ‘master’ divisions as well as the Trade Name, Product Distribution, and Pure Franchise contract types. All told, there are nearly 200 different possible combinations of these categories, making “Senior Care” a wide umbrella when it comes to franchise opportunities.
The main reason there are so many ways to enter the senior care market is the sheer number of Americans entering retirement. The Baby Boomers just started turning 65 a couple years ago, and millions more will be entering retirement in the coming years. This gives entrepreneurs numerous possibilities for offering services to care for Boomers during their golden years; making senior care one of the fastest growing industries in the developed world.
Sifting through the long list of senior care Franchise Opportunities can take countless hours. To help narrow your search and decide which opportunity is right for you, it is best to work with a franchise consultant. Trinity Business Services offers free unlimited consulting and a unique multi-step process to help individuals find the senior care opportunity that is right for them. To learn more about how we can help you, fill out the contact form at the bottom of this page for further information.