The senior business market is growing because the number of seniors is growing. By 2020 there will be over 56 million people over 65 and 7 million people over age 85. By 2050 those numbers will be 84 million over 65 will be 19 million over 85! And many of thee people want to stay in their homes as they age.
These seniors will need specialized services. And there are franchises that are answering the needs of this market. Some are obvious, some are a little less so. Let’s take a look at a few categories.
Home Care Franchises
Over 40% of people over 65 need some assistance with daily living. The Home Care market provides unskilled care (bathing, assistance with dressing, making meals, companionship) or even skilled care (nurses) in some cases.
Though it may appear that there are a lot of agencies out there, you can see that there is a great need for increased numbers of care takers. And a successful business can be built with as few as 30 regular clients.
Why not do it on your own? Technology is going at a rapid pace and the best Home Care/Senior Care companies are keeping up with it and offering their clients technology that can “check on” the client even when no one is there with them.
Aging in Place Franchises
There are now some franchises that are helping people to age in place by retrofitting their homes or providing mobility devices and even repairs on those devices.
From widening doorways to building ramps and selling and servicing scooters, there is a great deal of opportunity to help people enjoy their homes for much longer. Some of these businesses require contractors licenses, but many do not. They may just add safety bars or help make bathtubs more accessible or add ramps that are modular in design.
No matter how you look at it, these are much needed services.
Handyman and Home Services
As people stay in their homes, it may become more difficult for them to take care of their most important asset. Their home.
That is where home service franchises and handyman franchises can come in. They can offer services to aging home owners. Painting, landscaping, small home repairs, christmas lighting and plumbing and appliance services are all businesses that can help all homeowners, but especially those who are aging.
People live an average of over 250 miles from their nearest relative. That means that small tasks like putting up a ceiling fan, changing out a light switch or fixing a toilet have to be performed by a professional.
As the population ages, the trend is also that seniors are taking better care of themselves. They are exercising more than in the past. But that exercise changes. There are franchises that work with seniors to help them get the most out of their exercise, while helping them stay injury free.
If you have an interest in fitness, this could be an area for you.
If you are thinking about working in the Senior market, remember that there are more options than you may think. If you want to talk about specific brands in the market, let’s connect. I have some great franchisors that I work with who are in these markets. Reach out at firstname.lastname@example.org or schedule a call with me.
Mariruth Kennedy is a franchise consultant who works with over 300 brands to help prospective franchisees find the right franchisor.