Get to Know Nurse Next Door's Home Care Business, Part 1

The advantages and ëmust-knowsí of owning a home health care business

If youíre wondering, ìcould a †home health care business be right for meî, youíve come to the right place. ëGet to know Nurse Next Doorí is a three-part article series to set you up with information that should make your decision easier. In Part 1, weíll dive into the perks of the industry as a long-term business venture and share some details that may surprise you.

For many franchise candidates, Nurse Next Door is the perfect fit because weíre all about helping people. If the idea of making seniors feel more comfortable gives you the ëwarm fuzziesí, youíre in the right place.But the ësoftí part of owning a †home health care business is just one piece of the puzzle. As a business owner, you might also wonder if youíre going to be able to support yourself and your family. Is the effort, capital, and passion youíd like to invest into a franchise going to provide a return, both financially and emotionally?Hereís something you may have not heard about this industry...Itís about to blow up.Weíre not saying this just because we think home care is awesome. There are plenty of numbers to back this up, and we hope youíre as excited as we are about the opportunities.

The growing senior population in the US

Experts estimate that Americans spend between $211-306 billion annually on long-term care. In 2000, around 15 million Americans used nursing facilities or home care services. By 2050, this number is projected to hit 27 million--almost double what it was just 15 years ago. The number of those 85 and older who use these services is expected to triple.While these statistics include out-of-home facilities, studies have shown that more people want to stay at home as they age. The US home health care industry is currently valued at $84 billion, and as Boomers age, itís poised to grow exponentially. Fewer Americans are living in nursing homes, and more are choosing home care and assisted living options--just ask the 90% of adults over 50 whoíd prefer to stay in their own home as long as possible. By 2050, almost 21% of the population will be 65+, and most of the growth is going to happen between 2010 and 2030. As those seniors reach 85+, the need for long-term care is likely to increase dramatically.

Find out if a Nurse Next Door home health care business would be a perfect fit for you.

The growing senior population in Canada

As of 2011, Baby Boomers make up the largest generation in Canada. And according to statisticians, for the first time, the country has more people 65+ than children under 14. This 65+ age group consists of 5.8 million people--which is one in six (16%). By 2063, that group is projected to reach 24-28% of the population, more than doubling to 11-15 million.Need more numbers? The growth rate of the senior population was 3.5% in 2015--four times the rate of the total population. And Canadian seniors over 80 will peak between 2026 and 2045 as Boomers reach advanced ages. Thatíll be 10% of the total population!

The home care industry is on the cusp of massive growth

With Boomers soon to hit their 70s and 80s--and many of them preferring to age comfortably at home--you can imagine what this means for the home health care industry. And as a healthier population compared to seniors in the past, Boomers are expected to live longer and reach a more advanced age, which means home care providers will likely have the same clients, longer.

Want to learn more about owning a home health care business in an industry that's about to explode? Contact us about the opportunity here.

In Part 2 of this article series, youíll read about our three franchise models, and why we decided against the ëone-size-fits-allí approach.External resources:https://www.cdc.gov/nchs/data/nsltcp/long_term_care_services_2013.pdfhttps://assets.aarp.org/rgcenter/ppi/liv-com/aging-in-place-2011-full.pdfhttps://www.census.gov/content/dam/Census/library/publications/2014/demo/p23-212.pdfhttps://www.statcan.gc.ca/pub/91-215-x/91-215-x2015000-eng.htmhttps://www.statcan.gc.ca/pub/91-520-x/2014001/hi-fs-eng.htmhttps://www.statcan.gc.ca/pub/91-520-x/2014001/section02-eng.htmhttps://www.statcan.gc.ca/daily-quotidien/150929/dq150929b-eng.htmhttps://www.theglobeandmail.com/report-on-business/who-are-the-baby-boomers/article27124275/