So, you’ve done the research and determined that a senior care franchise is the right business opportunity for you. Now you’re wondering where to open your business in order to help the right people and have success.
Many venture capitalists are moving into the senior care business. The United States Census Bureau estimates that by the year 2030 all current baby boomers will be aged 65 and above, and one out of five Americans will be of retirement age. While it’s clear that senior care is on the rise, it’s important to choose your location wisely when considering a senior care business.
Here is what we look for when deciding on the territory location for each franchise owner:
A Community of Aging Population
Starting your elderly care business in a senior-friendly state is essential. You will be better able to find clients in a community with a large population of seniors. These locations have easy access to health care, advantageous tax structures, and a friendly climate. For a substantial return on investment, the senior population should be above 35,000 in your potential area (people who are age 65+).
As mentioned before, seniors like to live in places with easy access to medical care, particularly centers that accept Medicare. By starting your elderly care business in such locations, you can develop connections and referrals from medical centers—thereby growing the number of your clients.
Recreational & Leisure Activities
States like California, Texas, and Florida rank higher on the senior-friendly list because they have one thing in common—there is plenty for seniors to do and see. According to the American Association of Retired Persons, senior baby boomers plan for an average of two to four trip in a year.
Higher Household Income
Although seniors may partially rely on long-term care insurance or veteran’s benefits, they or their family will likely pay for most of their care services out of pocket. For that reason, you will want to place your senior care business in a location where people can afford your services.
Having roots and a network in the location you are considering to start your business can be very helpful in the initial building stages. Although you can later employ marketing techniques to grow the popularity of your business, you first need to have an understanding of the community for your business to grow. While the care you offer is delivered where it is needed, territory location still matters when it comes to running a profitable senior care business today.
Considering a Senior Care Franchise?
When you join our group of dynamic business owners, as franchisees of A Place at Home, you’ll have strong support, thorough training and valuable business resources to help you succeed. Contact us to learn more.