Why home care franchise opportunities are a safe investment
Domiciliary care is a growing sector. With more and more people unable to fully care for themselves, but still wishing to enjoy a quality lifestyle in their own homes, purchasing a care franchise is a solid investment for now and the future. Here’s why.
Huge and growing demand
The fact is that 10 million people in the UK today are over the age of 65 and classified as elderly. That is close to one in six, and alarmingly is set to almost double to 19 million by 2050. While advances in medicine are prolonging the quality of life for longer, more and more people are going to be living into their late 80s, 90s and even beyond 100, and they will become increasingly immobile with the advancing years, even while their brains are till sharp. Others will develop conditions affecting the mind, like Alzheimer’s. The opportunity is there to help give these people a great quality of life in their own home, as the owner of a care franchise in a management role, and be paid well for doing it.
Right at Home Managing Director and Master Franchisor, Ken Deary, recently commented: “The increase in age of the population means potential franchisees’ core customer base is likely to grow by 60 per cent over the next 15 years. What other sectors can say that?”
A wealth of choice
Competition in the home care market is fierce, and there are many established players and rising stars, all offering something a little different. Home Instead Senior Care, Caremark, Right at Home, Bluebird, Kare Plus and Clarriots are just a few examples. The good news for a prospective franchisee is that they can take the time to analyse the fine details of where these brands differ, and make a choice based on which aligns best with their own goals values and budget.
While some services or products perform strongly or are in demand for a specific period of time and then fall away as the market changes or people lose interest, care is one of those evergreen business sectors that will always be necessary and in demand for the lifespan of your working life: guaranteed. There is no fear of a customer base shrinking or work being hard to find, indeed, as we have already established, quite the opposite.
Good support networks
The established care franchises all have a relatively large network of franchisees, meaning advice and support is there from peers in the same position. Since care is such a competitive sector, the various brands do their utmost to trump the competition and are always on the lookout for new ways to improve their service and boost their reach. Nearly all place a high emphasis on idea sharing at dedicated conferences and some offer their own dedicated internet forums, solely for networking between franchisees. Knowing you have the ear of others in the same industry and with the same or greater experience is a huge help, particularly at the beginning of your franchisee journey.
As your business and its customer-base grows, so to can your ambitions and profits. Within your territory, there is always the potential to take on more staff and clients and grow organically at your own pace.