Why You Should Start a Senior Care Business
The rapidly growing population of seniors is creating an enormous demand for senior care services
How Big is the Demand for Senior Care?
Nearly 50 million seniors make up 15 percent of the population in the U.S. today, according to the U.S. Census Bureau. As the baby boomers – those born just after World War II to the mid-1960s – continue to age, about 10,000 will turn 65 every day for the next 20 years.
As this generation ages, society is racing to keep up with an unprecedented number of senior citizens who will need elder care. The AARP reports that the number of seniors requiring additional care due to chronic illness will increase from 14% of the senior population to 21% by 2050. Because of this demand, the market for senior care will grow heavily in the coming years. According to a report from Business Insider Intelligence, the U.S. home care market is expected to grow from $100 billion in 2016 to $225 billion by 2024.
Furthermore, the life expectancy for seniors after turning 65 is 19 years. Of these seniors, about 67 percent own their own homes and 89 percent of them prefer to stay in them for the remainder of their lives, notes AARP. Despite these seniors’ struggles, they want to live independently for as long as possible, and familiar surroundings can contribute positively to their longevity and quality of life. For this reason, the demand for non-medical in-home senior care – often the step between self-sufficiency and more serious medical or nursing home care – is great.
How Does Touching Hearts at Home Deliver on Senior Care Solutions?
Founded in 1996, Touching Hearts at Home is a non-medical in-home senior care franchise that works to meet the needs of our nation’s consistently aging senior population. We provide our clients with myriad services, including companionship, light housekeeping, meal preparation, household chores, transportation services, medication services, house monitoring and Alzheimer’s and dementia care.
At Touching Hearts, our clients are No. 1. We understand that taking care of an aging loved one is paramount, especially in our current society where families often live apart. This is why we emphasize quality care and providing peace of mind to our clients as well as their families.
How do we deliver on this? By offering one-on-one, person-centered care to our clients.
“We give seniors stimulation and companionship,” says Renae Peterson, CEO and Founder of Touching Hearts at Home. “We ease loneliness and fight depression. Touching Hearts designs a care plan that’s unique to each person. We’ve literally added years to people’s lives, helping them maintain their quality of life.
Our client feedback speaks volumes. Many have called our caregivers “a gift to our entire family” or a “guardian angel.” Our expertise allows us to uphold a high standard for our services, and it shows when we receive consistent praise from clients. One client, Dale, shared, “I can’t begin to tell you how impressed I am at the services you provide. On only a moment’s notice you had great help in my home. It would be very hard for me to choose which caregiver you sent was the best. My thanks to all of you, along with my recommendation to anyone who asks my opinion.”
How Does Touching Hearts at Home Compare to the Competition?
Since our founding, our history and culture have set us apart from our competition. How so? Renae Peterson, our CEO and Founder, brings more than 30 years of franchising and senior care experience to our brand. This is notable because Peterson offers franchise owners unmatched leadership expertise that cannot be found anywhere else in the industry.
Even better, Peterson notes she has built her career on service and compassion, which she not only teaches our franchisees today, but also touts as the foundation for our culture and thriving nature in the home care industry. Touching Hearts is committed to helping our franchise owners thrive in business. This is why our proven business model eliminates the guesswork of opening and operating our home care franchise, which sets our franchise owners up for success from the start.
“To be truly successful in this industry and with Touching Hearts at Home, you really must genuinely care about the people,” Peterson says. “Our most successful owners are authentic, feel good about what they’re doing, want to make a difference and thrive on serving others. We have franchise owners from a variety of backgrounds, but there’s at least one commonality among them: a passion for their work.”
As a Touching Hearts at Home franchise owner, you will have access to world-class training and support. From the moment your franchise agreement is signed, our home care franchise will work to ensure your business gets up and running and thrives over the long term. This includes everything from helping you find office space to a comprehensive five-day training session, which teaches you how to run your business, to marketing and technology.
Ultimately, owning a Touching Hearts franchise is a best-bet investment for entrepreneurs looking for a rewarding career. Our unique franchise opportunity is easier to operate compared with other home-care businesses because we provide non-medical support, and no prior medical training is required for our franchisees or their employees. The best part is that it is one of the most affordable business opportunities. A Touching Hearts franchise startup cost ranges from $52,900 to $75,600 for the first six months of business. These costs cover office space and equipment, insurance, advertising and marketing, and miscellaneous business expenses.
Do I Need Experience to Start a Senior Care Business?
If you’ve never worked in the health care industry, don’t fret. You can still start a senior care business. According to IBISWorld, there are five areas of the home care industry:
- Traditional home health care and nursing care
- Home hospice care
- Homemaker and personal services
- Home therapy services
Each of these sub-groups represent particular areas of need, and deciding which area you want your business to fill is the first step. After all, each of these kinds of businesses provide distinct services, many of which require employees with specialized training or state licensure.
However, if you enjoy working with older adults and are looking to own a non-medical senior care business, an in-home senior care franchise would be best. Consider the fact that 40 percent of adults 65 and older need assistance with daily activities and the potential of family caregivers is decreasing from 7:1 in 2014 to 4:1 by 2030, according to AARP. Coupled with an aging senior population that wants to live in their own homes and a mobile society that lives farther and farther away from loved ones, it is very clear that there is a need for in-home care services.
Touching Hearts at Home is committed to making your senior care business successful.
If you’re ready to begin the journey to a successful senior care business, consider investing in Touching Hearts at Home. Our home senior care franchise is a best-bet investment in the booming senior care market.
For more than 30 years, we have helped dozens of franchise owners thrive in business, and the industry agrees. Touching Hearts at Home is truly a people and family-oriented business and our culture fosters strong relationships throughout our franchisee network. This support from fellow owners proves invaluable as franchise owners build their business.
As a Touching Hearts franchise owner, you will benefit from community connections. We rely on referrals because senior care is a highly personal business. Our franchise owners can generate revenue with our proven, affordable business model in a litany of ways, including through referrals from hospitals, skilled nursing facilities, assisted living communities, doctors, nurses and social workers. However, the No. 1 referral source in the non-medical senior health care industry is word-of-mouth from satisfied seniors and their families. This is most certainly true with Touching Hearts at Home. This is why we teach our franchise owners that building referral sources within their communities is the best way to grow their businesses.
The best part? Touching Hearts at Home is rapidly growing and has large, open territories in high demand markets. We will work alongside you to select the best territory for your business based on our demographic expertise and your knowledge of your local area. While competitors’ territories are oversaturated and plagued with competition, you can count on Touching Hearts’ territory selection process to offer you expansion opportunities in the future. We approach this selection with a collaborative, forward-thinking mindset, setting you up for long-term success.
Ready to start a senior care business?
If you’re ready to start a senior care business, Touching Hearts at Home may be a good fit for your needs. To learn more about how you can jump into the rewarding work of caregiving, you can request more information about Touching Hearts at Home. Become a part of a caregiving legacy of which you can be proud.