Thanks to an improved health care system, Americans are living longer. In fact, recent studies indicate that life expectancy in America currently stands at 78.6 years. At 81.1 years, women have a higher expectancy than men who now are expected to live up to 76.1 years.
In light of such developments, the senior care industry looks promising with experts anticipating growth for the foreseeable future. The booming population of senior citizen makes the senior care industry a lucrative investment destination. If you are looking to make a foray into the sector, consider buying a senior care franchise.
A growing client base
A staggering 10,000 people turn 65 years every day, and this is projected to happen until the year 2029, spelling good news for the sector. As of 2016, the sector was valued at $100 billion and projected to hit the $225 billion mark in the year 2024. An improved health care system has seen a significant portion of the baby boom generation living to ripe old age.
In fact, baby boomers, people born between 1946 and 1964, is the largest group of senior citizens to live in America. Fortunately, most people in this group are retirees and as such, are well off financially. Therefore, they can cater to their needs and time when living in a senior care facility.
A business in a box
Given their advanced ages, senior citizens are a delicate and fragile bunch who need to be handled with kids gloves. Therefore, running a home care facility calls for a staff of highly skilled professionals and exceptional management skills. Without the necessary skillset and experience, your enterprise might run into serious headwinds.
Luckily, buying into a franchise ensure that you have access to proven business models that have a proven track record. Therefore, you can hit the ground running and avoid making costly mistakes and can put a damper on the experience.
As Americans live longer, so does the demand for senior care facilities. If looking to cash in on the multibillion-dollar sector, you are better off starting with a franchise.