For almost four decades, Entrepreneur.com has been announcing the Top 500 franchise brands across North America. In 2018 alone, more than 1000 companies applied to be a part of this notable list. Earning a top spot on the list is no easy task as Entrepreneur ranks certain criteria to determine the top franchisors, which include: cost and fees, size and growth, support systems, brand strength, financial strength and stability. If you take a look at Entrepreneur’s Franchise 500 list and zone in on the Top 50, you will notice a range of fast food, cleaning and health to real estate and senior care companies.
We are proud to share that Nurse Next Door has ranked #50 amongst the Top 500 franchises, and recently placed #70 for being the fastest-growing franchise brand. We are also the #1 fastest-growing home care franchise company in North America.
Senior home care is a booming industry, currently valued at $93 billion dollars in the United States. Studies show that 90% of seniors prefer to age in the comfort of their own home. Society is rapidly aging and the need for quality senior care is increasing. Starting your own franchise in senior home care is essentially becoming the supply to the demand. As one of the top ranking home care franchise brands, Nurse Next Door shares why home care is a great investment compared to other industry franchise businesses.
Here are the 3 reasons why:
1. Aging Population Boom
Home care is an emerging franchise industry. The opportunity is vast as 10,000 people turn 65 years old every single day in America. Seniors say they’d rather age at home than in a retirement or medical facility, and with the American senior population poised to double to 88.5 million by 2050, the demand for home care is going to keep growing over the next few decades.
A huge benefit of being a home care franchise owner is to make a difference in your local community. This industry and business’ mission is to improve the quality of life for seniors, ensuring that they receive the highest quality of care. It takes the burden off of clients’ family members and you and your caregivers are supporting them to lead a happier, less-stressful life. There aren’t many professions where employees develop an emotional and personal bond with clients where genuine friendships blossom.
The work you do and service you provide directly impacts people’s lives in a positive way. You’re empowering seniors to live confidently in the comfort of their own homes—that’s such a gratifying feeling to experience every single day.
You have to put yourself out there and educate people that it’s an option for seniors to stay at home! The industry is about providing comfort and improving people’s well-being. A big portion of your clients will come from word-of-mouth referrals, so it’s important to engage with the community!
3. Limitless Opportunity
Unlike a fitness gym or a fast food restaurant, home care has virtually limitless opportunity. What does this mean? Picture this: your gym can fit 40 people working out at full capacity. Even if there are more people that want to come in, they have to wait and you can’t service them because you’re limited by your real estate and equipment! Same goes for seating capacity in a fast food restaurant. On the other hand, home care is not limited by brick and mortar locations, which means there is no maximum service capacity. Nurse Next Door franchise partners have protected territories, so there is potential to reach all the seniors in that area, by working hard and building a team of great caregivers to support their client base.
Each industry is unique and it is really up to you to study up on what really suits your needs. Be sure to compare numbers, brand stories and learn throughout the process. Get a good grasp of the brand and how the franchisor operates. Research reviews from the consumers (Yelp, Google Reviews) and employees (Glassdoor, Indeed) to see what people have to say about your potential future company internally and externally! Some further reading from Entrepreneur.com might give you some more insight. It’s also crucial to reflect on your own background, skills and interests. With this growing business trend and so many options and opportunities, it may be challenging to decide what is best for you.
You don’t need experience in home care or even the healthcare industry to be a successful and fulfilled franchisee! Get in touch with us to find out about the business opportunity where changing other people’s lives can change yours. Download the free franchise report here