The generation of post-World War II-born Americans known as the Baby Boomers continues to shape much of our business and societal landscape heading into next year and the foreseeable future. Now that so many of them are reaching the age of retirement, the marketplace once again is adapting to meet their ever-increasing demand for a whole range of products and services.
And what demand it is. In fact, between now and 2050, the number of seniors is projected to reach close to 90 million, well over twice the number of seniors in 2000 and representing a full fifth of the entire U.S. population.
While the need for nursing home and other out-of-home care is growing and will continue to grow exponentially in the next two decades or so as a result of this seismic demographic shift, the demand for products and services that enable older Americans to “age in place” will be equally if not more prominent. It’s a trend that is already increasingly apparent, especially in the franchise opportunities industry.
Today, there are more than 17,000 providers of home healthcare of some kind, servicing close to 8 million people in a marketplace that is valued at well over $55 billion. That’s roughly 17 times as many providers as were operating 50 years ago. And given that as many as 8,000 people or more will turn 65 every day this year, the need for more services that allow them to remain in their homes while getting the support and assistance they want and need is growing by the day in communities nationwide.
Fortunately, the franchise business model has been a natural fit when it comes to home healthcare services. Companies that have the requisite expertise have developed very highly evolved and successful franchise business opportunities for individuals who have the necessary entrepreneurial spirit and know a good gamble when they see one. Furthermore, owning and operating a senior care franchise business opportunity does not necessarily require a medical or even a healthcare background, making successful business ownership in the senior care industry available to any number of ambitious prospective business owners.
To be sure, there are a nearly incalculable number of reputable and proven senior care franchise business opportunities out there, a number of which are represented here on BusinessOpportunity.com in our Senior Services category. However, twelve in particular featured here on our site have received notable recognition heading into the New Year, having been named as part of Entrepreneur magazine’s 34th Annual Franchise 500® list for 2013.
Comfort Keepers® (#59)
Griswold Home Care (#140)
Always Best Care Senior Services (#142)
Homewatch CareGivers (#149)
ComForcare Senior Services (#185)
CareMinders® Home Care, Inc. (#261)
Senior Helpers (#291)
HomeWell Senior Care (#310)
FirstLight HomeCare (#365)
Home Care Assistance (#410)
The Senior’s Choice, Inc. (#461)
More about the Top Franchise 500®:
Deemed to be the “best and most comprehensive franchise ranking in the world,” Entrepreneur’s annual Top 500 are selected from among only those franchise companies that supply verified full Franchise Disclosure Documents (FDDs) or Canadian Disclosure Documents and have at least ten units, with a minimum of one in the U.S. and growing. Regardless of size, candidates are judged by the same objective, quantifiable measures of the franchise operation, including financial strength and stability, growth rate and size of the system. The number of years a company has been in business as well as the length of time it has been franchising, its startup costs, litigation, percentage of terminations and whether the company provides financing are also taken into consideration.
Appropriate data are plugged into Entrepreneur’s exclusive Franchise 500® formula, whereupon each eligible company receives a cumulative score. The 500 franchises with the highest cumulative scores then become the Franchise 500®.
For more information on what companies made this year’s list, click here on Entrepreneur's Top 500® now!