Healthcare Franchise: Why Home Care Is a Lucrative & In-Demand Opportunity
A healthcare franchise is a great investment, and home care may be your best bet within that industry. Learn more about healthcare franchise opportunities in the home care industry.
What is Home Care?
In short, home care is a type of care service provided in a client’s home so they may continue to age in place while living safely. It’s important to note that home care isn’t just for the elderly. Those who are injured, recovering from surgery, or living with a disability can also greatly benefit from home care, which may include a fall risk assessment to ensure their safety. Most home healthcare franchises provide a diverse range of services to best meet the needs of all clients. At Always Best Care, we provide five different types of services: in-home care, skilled home health care, special care services, respite care, and senior living referral services.
Why Invest in Home Care?
Home care is already in high demand. In a recent Forbes article, it’s recorded that 67 million people 60 and older currently need or will need care. By 2050, it’s projected that 15 million seniors will need long-term care. Research shows the global senior care market expanding at a compound annual growth rate (CAGR) of 6.8% – reaching a value of $2,366.4 billion by 2028.
This increase in demand for home care is directly correlated to the aging population. According to the World Health Organization, in 2020, the number of people who were 60 years and older actually outnumbered children five years and younger. It’s estimated that by 2050, the world’s 60+ population will almost double from 12% to 22%. This creates a major opportunity for those within the home care industry.
Additionally, a home care franchise is relatively inexpensive to get running. Since your caregivers will work on site in a client’s home, there isn’t a need for a large office space – reducing overhead costs. To open an Always Best Care franchise, you can expect to invest between $74,725 to $125,400*, which includes our franchise fee of $49,900*. With startup costs under $150,000, franchisees have ample opportunity to capitalize on their investment. In fact, Always Best Care had an impressive 2021 with a systemwide revenue of $188,539,553.18** – a 10.11% increase from 2020. The majority of our franchisees had revenues over $2,000,000** the same year.
More Than Just Home Care
While the home care market is seeing incredible growth, it’s worth mentioning that senior living facilities are also becoming more popular. In 2021, the U.S. assisted living facility market was valued at $87.4 billion. Experts predict the market will grow at a CAGR of 5.48% from now until 2030.
With life expectancies increasing due to healthcare advancements, having a wide array of services will only help those who are interested in owning a home healthcare franchise. At Always Best Care, we have our Continuum of Care, which allows our franchisees to be present for multiple life stages. If a client needs to be moved into a facility, we have a referral program already in place. Our clients get to continue working with a brand they trust, and our franchisees are able to build multiple revenue streams. Plus, our assisted-living referral is a no-cost service. Our franchisees receive payment from the facilities after placement, meaning clients only get placed when a facility is the best fit.
Franchise with Always Best Care
If you’re curious about how to open a home care agency, consider joining a brand that’s been leading the industry for almost 30 years. We have more than 225 locations across the U.S. with plenty of available territory to continue growing.
We require all franchise candidates to have a minimum net worth of $200,000 and at least $100,000 in liquid capital. As proud members of the IFA’s MinorityFran and VetFran, we offer qualified candidates a discounted franchise fee.
Multiple revenue streams, protected referral sources, comprehensive training and support, and low startup costs in a booming industry. There’s never been a better time to join a brand like Always Best Care. To learn more about our franchise opportunity, request information today.
*Please refer to Item 7 of our latest FDD
**Please refer to Item 19 of our latest FDD