When you begin your search for a business opportunity, one option to consider is franchise ownership. Becoming a franchisee is a great way to join an elite group of successful small business owners, with the added benefit of being supported by a large business network. With your investment – in both time and money – you will receive the training, business resources, and an entire business model to begin your journey.
Before you decide to join the world of franchise owners, you must first narrow down your options. The most important first question that you must answer is, which industry would you like to join?
Your search for the best franchise begins with the type of franchise industry you choose. The franchise industry includes everything ranging from tutoring services, home cleaning, fast food and frozen yogurt. But, the reality is that you are looking for an industry where you will be comfortable, while still being successful, so you want to choose an industry that has a promising and profitable future. Several franchise industries have positive outlooks, but one that has seen success and will continue to boom for the foreseeable future is the Senior Health Care industry.
The Need for Senior Health Care
What happens when you have a major demographic cohort who reaches the same age group right around the same time? Well, when that age is the 65-year mark, you have thousands of aging individuals who need health care as they enter retirement. And the major demographic cohort that is reaching the 65-year mark all at the same time are the baby boomers. In fact, according to CNBC, around 10,000 baby boomers are retiring each day.
With such a large number of people reaching retirement age, there is no doubt that baby boomers have exponentially driven the innovation in health care and the rise in the need for it. So, as more and more baby boomers are reaching the age of retirement, they are looking for alternative and affordable options for their longer-term health care.
There has been a recent, major public policy concern deemed the “2030 problem” which involves the challenge of providing sufficient resources and an effective service system to the elderly community, considering it is expected to be twice the population it is today.
In the year 2030, the aging baby boomers will range in age from 66 to 84. According to the NCBI, the “young old” will account for around 61 million people and the “oldest old” – which includes those born prior to 1946 – will account for around 9 million people in 2030. It is feared that we are on the brink of a true economic burden.
Opportunities in Senior Health Care
Senior health care is a hot niche right now, according to Forbes. The increasing elderly population, specifically the baby boomer’s generation, is on the hunt for more affordable senior health care options, convenience and comfort, and most of them prefer home care over the traditional health care facilities available. So, this means that franchise opportunities in senior health care are growing and there is a demand for new franchisees just like you!
Franchise opportunities in Senior Health Care give you the opportunity to give back to a generation that has given us so much and to our senior community who deserve our utmost respect. This great business opportunity truly allows you to make a difference in the lives of those who need it. The senior health care industry is an industry that will always have a demand for its services, and one that is clearly growing in demand, meaning it is an industry in which you have every opportunity to thrive.
Franchise opportunities in senior health care offer a relatively low investment with high revenue. However, as the years progress, the number of competitors will increase, and several new brands have already entered the competition, so start looking today to find the senior health care franchise opportunity that works best for you.
The bottom line is it takes time and strategy. Start by doing your research and determining which franchise opportunity is going to be the best and most beneficial for you and your situation. Let our team at Triton Franchise provide you with the seasoned experience you will need to properly find and finance the right franchise for you.
Take this short quiz and learn how financially ready you are to own a franchise: http://bit.ly/TritonFranchiseQuiz.
La Mancha Sims is Managing Director and Founding Partner of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in franchise and commercial finance, specializing in assisting entrepreneurs who want to enter the franchise industry as owners or consultants/advisors. You can reach La Mancha at 770-249-2357.
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