The home care industry is predicted to continue growing at a time when many industries are contracting. In light of the opportunities presented from a business standpoint, a U.S. News report this week focuses on a population that is particularly positioned to gain: Older entrepreneurs.
Through franchise opportunities offered by organizations like Home Instead, people who are 60-plus are seeking the benefits of running such a franchise later in life. Several owners shared their stories with U.S. News.
U.S. News reports:
Ray Corkran bought an existing Home Instead senior-care franchise in Houston nearly 18 months ago as he was approaching his 60th birthday. With 20 years of experience owning fast-food franchises, Corkran knew the business metrics of what it took to be successful. But in plunking down roughly half a million dollars for a venture that was already established, he was making an investment that went well beyond dollars.
…Home Instead is one of a growing number of national franchises that help to provide in-home care to seniors. The International Franchise Association says senior care is among the industry’s highest-growth sectors. Further, it’s often a case of seniors helping seniors, as many new franchise investors are themselves older.
Local senior-care franchisees provide fee-based care services in clients’ homes, ranging from a few hours a week of companionship, cleaning, and meal preparation to 24/7 support. Ideally, seniors get to stay safely at home and family members have confidence that their loved ones are receiving top-notch care. And franchise owners are often driven by their caregiving genes as well as their desire to make money.
Michele Bonneville bought her Home Instead franchise north of Tampa last year at age 61. She had spent more than a dozen years as an account manager for a healthcare company, following a similar period as a nurse. She was retired but decided the opportunity “was the perfect blend of both of my careers…”
Written by Elizabeth Ecker