Home care services have emerged as one of the most popular industries for franchises, according to a new report released by Franchise Business Review.
The report, Senior Care Franchises, explores the fast-growing, multi-billion dollar home care industry and assesses franchise investment opportunities. Franchise Business Review first looked at the senior home care industry in 2010 when it was still emerging as a “promising” franchise sector, and it has “only grown” in popularity and stability since then, the report says.
“Senior care is a natural fit for franchising. It’s a business that’s highly regulated and systems- oriented, while, at the same time, highly personal,” said Franchise Business Review.
The report encompasses more than 30 senior care franchise companies, including interviews with CEOs at some of the top franchise brands, along with a survey of more than 1,300 franchisees.
In the survey, franchisees were asked to rank their franchise systems in several areas: financial opportunity, training and support, leadership, operations and product development, core values, general satisfaction, and the franchisee community.
Additionally, respondents provided information about their market area, demographics, business lifestyle, overall enjoyment running their franchise, and role in the franchisee community.
Home Instead Senior Care, Visiting Angels, Homewatch CareGivers, Synergy HomeCare, Right at Home, BrightStar, FirstLight HomeCare, and Interim HealthCare are among the top senior care companies Franchise Business Reviews identify through the survey data.
“Senior care is a highly competitive industry, which means franchisors need to work twice as hard to make their franchise brands stand out to prospective franchisees,” said Franchise Business Review president Michelle Rowan. “We see some of the best practices in franchise operations and leadership demonstrated in our top senior care companies.”
Home care franchise businesses rated their 2014 satisfaction higher than the benchmark in every category of their annual survey. Overall satisfaction in the senior care space was five points higher than Franchise Business Review’s benchmark.
However, when it comes to work-life balance, senior care franchisees ranked lower than franchises in other sectors, as they tend to work more hours—including nights and weekends—compared to other business sectors.
Access the full Senior Care Franchises 2014 report.
Written by Alyssa Gerace