Home health and senior care-related businesses are among the hottest franchises to own, joining the ranks of retail and even fast-food chains, according to the Forbes 2014 Best Franchises list.
The home health and senior care niche is growing at what Forbes calls an “amazing” rate, with three of the top-10 franchises in the list carrying home health brands: BrightStar Care, Right at Home and Synergy HomeCare.
“These three are the cream of a growing crop,” Forbes writes, citing data from industry research firm FRANdata that shows there were just 13 home health franchise brands in 2000, whereas today that number has shot to 56.
But why is home health care franchising on the rise? Forbes suggests a lower investment, a growing demand and the potential for international opportunity are some reasons fueling the sector’s franchise growth.
While opening a fast-food franchise can cost upwards of $500,000, home health care franchises can cost $150,000 or less to start up, according to Forbes.
Demographics also play a large role in the growth potential for both home health, as well as other senior care franchises, especially when considering the number of people over age 60 is set to triple to 2 billion by 2050, according to estimates from the UN.
“Most US franchises are just beginning to look overseas at opportunities,” the article states. “But the rest of the world is aging, too, so there is still plenty of growth opportunity in new markets.”
Read the Forbes article.
Written by Jason Oliva