Looking to start a profitable elderly care business? Read our list of the most profitable, untapped markets that you don’t want to miss out on. Read more here.
Behind the Boom in Senior Care Business
It’s no secret that the American population is aging. The Population Reference Bureau (PRB) finds that the number of Americans aged 65 or older will nearly double from 52 million in 2018 to 95 million by 2060. Additionally, the AARP reports that the number of seniors needing additional care due to chronic illness will increase from 14% of the senior population in 2010 to 21% in 2050. That will count more than 18.5 million seniors who need assistance.
In 2019 the elder care products and service market was worth $832.8 billion. Research and Markets predicts the industry to see a compound annual growth rate of 3.9% through 2025, making it a trillion-dollar industry. Homecare held the industry’s largest market share in 2019, a trend that is expected to continue as research from AARP finds that nearly 90% of people over the age of 65 prefer to be taken care of and age within the comforts of their own homes.
Elder Care Business Opportunities
You’ll find more than a dozen business ideas when searching for ways to tap into the industry. Here’s a look at the seven most profitable elder care businesses.
- Senior Care Consultant and Relocation Service: This type of business helps families find the best living arrangements for their aging loved ones, whether it be in-home care, daytime services, or a senior living facility. This business is an easy startup that you can run out of your office with minimal or no employees. Or, like A Place At Home franchisees, it can work as an additional service to partner with another senior care business.
- Home Remodeling or Retrofitting: This type of business has room to grow as more and more people look to stay in their homes as they age. Remodeling or retrofitting could include adding ramps, shower grab bars, or lifts to make the home more accessible and safer for seniors. You could also perform home safety checks to determine if families need to add safety features.
- Travel Company: This business venture targets active seniors looking to explore a new place in their retirement.
- Property Services: Since seniors are looking to stay in their homes longer, they will have to turn to someone for help with everyday house chores and maintenance as they age. These services include housecleaning, lawn care, and other handyman work to assist with daily household tasks.
- Non-Medical In-Home Care: It’s tough for family members to provide around-the-clock care for seniors in their homes while also tending to their own households. This business model can offer various services, from staying with someone for a few hours to having a caregiver at the home 24/7. It can also include helping the client with daily life tasks like cleaning, going to appointments, or grocery shopping. Providing this service like A Place At Home franchisees do is very rewarding as you ease the worries of loved ones about their senior.
- Senior Transportation Services: There comes a time when you will either not be capable of driving or simply don’t want to get behind the wheel. Plus, your children may not always be available to drive you, and taxis can be expensive. So, you’ll turn to transportation services. These businesses often have vehicles in their fleet that can handle wheelchairs.
- Mobile Service Providers: Have a background in giving manicures, cutting hair, or giving massages and facials? By offering a mobile option, you can visit seniors at their homes so they can still pamper themselves.
Is a Home Care Franchise a Profitable Investment?
More and more people are turning to home care services to help care for their aging loved ones, making it a profitable franchise investment. In fact, a Franchise Business Review Special Report found it to be the most profitable type of franchise business in 2021. Senior care outranked real estate, health, and personal services in this report.
A Place at Home: Capitalizing on More Than One Sector of the Industry
As you can see, there are many paths you can go down in the senior care industry. By investing in a senior care franchise like A Place At Home, you can benefit from multiple revenue streams within the most profitable elder care businesses. Franchisees with A Place At Home offer in-home care, care coordination, senior living alternatives, and staffing solutions for other caregiving businesses. Start the process today by submitting a form.