While the U.S. Department of Labor is calling for increased wages for home care employees, a new report from Franchise Business Review found that home health care is one of the most profitable types of franchises to own.
USA Today is reporting that the potential return on investment is significantly higher than many other franchise business owner.
The company surveyed home care owners two years ago and found the fairly new industry was growing fast, but this report, company President Michelle Rowan said, shows it’s not just a trend. “It’s a very strong business,” she said. “It was neat to come back two years later and see that they’re still performing well.
The surveys also showed owner satisfaction was high.”In senior care, they’re more involved in the day-to-day operations,” Rowan said. “That’s opposed to someone who owns a fast-food franchise who might be dealing with lower-end employees who make $10 an hour.” Many home care givers are “doing what they want to do for the rest of their lives.
“The survey, released last week, showed top franchises grossed $1 million or more, with gross margins at 30% to 40%. As a comparison, opening a food or retail franchise can cost $500,000 in initial investments while operating with slim margins.
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