The Race to Place: How the Boomer Gen is Birthing More Business
From this year to 2030, the U.S. assisted living facility market is expected to grow at a CAGR of 5.48% says grandviewresearch.com. This population has an estimated 71.6 million people, only surpassed by the millennial generation. The need for better living conditions, in-home care, respite for caregivers and adult children and daily errand assistance is growing every day as the Baby Boomer generation ages. There are several different concepts that cater to this population and many flex to the resources or desires of a franchise owner.
Chris Conner has worked in the franchise development industry for almost 20 years and helped over 600 brands franchise their brand and develop franchise distribution channels. He founded Franchise Marketing Systems in 2009, which now includes a team of 27 franchise consultants based in and Canada and supports brands around the world to grow and scale through franchise expansion. Visit www.fmsfranchise.com for more information
There is not only a need for businesses in this segment — there is a staggering, unrelenting demand. A call is being sounded for people with business know-how and passion for caregiving to step up and serve this market. Bonus: it’s worth billions.
As a person who is seeking a business opportunity in this very fruitful industry, what concepts are out there for you?
Let’s start with an innovative concept that captures all segments of the senior living and assistance industry — the consultants. Placement Helpers is once such a consultation concept. The brand first connects a client with a senior care advisor who assesses a person’s physical, financial, and geographic needs. Next, the various options for care or living are discussed and a match is chosen. Finally, the company connects the clients with a pre-screened company. Complimentary tours are given and the senior care advisors stay in touch with the client to ensure satisfaction. All of the major senior living options are encompassed within the companies’ 3000+ network of senior care communities and home care providers — independent living, assisted living, memory care, and in-home care.
Are there concepts out there that are a fit for someone with no medical background?
Yes! Besides the aforementioned Placement Helpers, many businesses out there simply help with finding assistance or the transition to assistance. Another such concept is Organized Senior Moves — the name says it all. From a home-based office, an owner assists with the physical transition either to or from any assisted living, personal residence, or senior housing complex. Goshenite Senior Services is a company that takes it a few steps further, helping with estate content sales, driving services, and more.
What about those with a passion for hands-on assistance or who have a bend towards healthcare?
In-home care wears many faces and is ideal for someone who has a passion towards hands-on care and one-on-one communication. When a person is ready to go from an independent living situation to assisted living, it means they are in need of help with activities of daily living (ADLs). These include various non-medical activities, such as showering, dressing, or walking. There is no need to have medical licensing for this field — clear communication, great management, and compassion are all that are needed.
A step beyond the ADLs are medical services which involve specialized care from a qualified professional, such as a nurse. Although healthcare experience is not required, many concepts can get started with very low overhead as a single operator-employee business if the franchisee has the appropriate qualifications. One example of this is Compassionate Helpers which offers a span of services pertinent to the various living situations in which seniors may find themselves. Multiple highly necessary services for clients translate into multiple revenue streams for the franchisees. In-home care is also ripe with recurring revenue. These are daily or weekly services. Some short-term assistance services are available with concepts like these, such as hospital-to-home care or temporary care after an injury, but these franchises steadily see repeat clientele.
The senior population is growing. People don’t just want to age — they want to age gracefully and families crave peace of mind from quality companies. Feel great about your business with a senior-related business like the ones we discussed here. To find a franchise that fits you, reach out to the FMS Franchise team at www.fmsfranchise.com.