One of the questions we are frequently asked at Meraki Assisted Living is “how much can you make starting a senior care franchise?” The answer is quite surprising.
Senior care franchise profitability is one of the highest of any franchise opportunities. It is also one of the fastest-growing industries. One that gives a high return on investment and has a high demand for future services. The combination is exactly what to look for when thinking about short-term profitability and long-term investment.
The investment itself generates profit in three ways:
- Monthly income generated from ongoing senior care
- An appreciable tangible property, and
- A successful franchise that can be sold if the franchisee is ready to move on or retire.
The silver lining is being able to provide quality care for seniors in their golden years.
Profitability and Quality Senior Care Come Together
Senior care franchise profitability might seem like a sensitive subject, but it really shouldn’t be. Quality care and profitability are closely aligned. To have enough care for our seniors in their time of greatest need, we must think of senior care franchise profitability. Profitable endeavors last longer, have less staff turnover, and are healthier environments for those being cared for.
Of course, Meraki Assisted Living franchises are much more than the high profitability they provide a franchisee. They give back to seniors at a crucial stage in their life. They do this with respect, individualized care, and safety. Care is provided in shared homes rather than a large facility and at half the cost of large facilities.
How Much Money Can You Make as an Owner of a Senior Care Franchise?
What we are about to tell you may come as a surprise. Senior care franchises are the most profitable franchises on the market. Yes, you read that right. Senior care franchise profitability is the highest among franchise opportunities.
According to a 2021 Special Report by Franchise Business Review (FBR), senior care franchises report the highest annual income after two years in operation. Real estate franchises report the second highest annual income.
The average annual income of senior care franchise owners, after two years in operation, is $155,132. The more homes in your portfolio the higher the annual income. At Meraki Assisted Living we help you open three senior care homes in two years. How many more you choose to open is up to you and we will be there to help.
Not only is this level of annual income much higher than other franchise opportunities, but it is also in an industry predicted to keep growing rapidly.
The Meraki Assisted Living franchise model is a combination of senior care and real estate. Meaning the top two rated franchise opportunities are bundled together in one package. This acts as a buffer over traditional real estate investment. If there is a downturn in the economy the senior care model is providing consistent and stable income on an ongoing basis.
Once a franchisee wants to move on or retire, they have a real estate investment or a thriving franchise to sell.
Senior Care Franchise Cost
It’s important to break down the costs that are involved when looking at senior care franchise profitability. Senior care franchise cost varies based on whether a franchisee will be leasing or purchasing property. Projected initial investment on leasing a property is from $92,000 to $182,000. If purchasing a property, the initial investment is between $336,000 and $512,000 (initial franchise fee of $45,000 included). Then there is a development fee of $20,000 once the second home is secured, and $10,000 when the third home opens.
Corporate headquarters provides initial training for two weeks, for both the franchise owner and their director. Corporate employees spend two days assisting you and your staff on-site within 60 days of launching. Initial assisted living franchise cost includes these trainings as well as ongoing support for any questions or future support a franchisee needs.
Are Senior Care Franchises in a Recession Proof Industry?
While no investment is 100% guaranteed, many consider senior care to be recession resistant, if not recession proof. More and more seniors are coming to the age where they will need care, which increases the need for senior care services, and as a result, positively affects senior care franchise profitability.
The baby boomer generation will need more assisted living care in the next few decades as they enter and surpass retirement age.
Families are demanding a different level of care for those they love. One that is more personal and attentive. Rather than the larger impersonal facilities, Meraki Assisted Living provides care in smaller houses in residential neighborhoods. The ratio of staff to each resident is much better, adding more individualized care for each senior at a higher profit to the franchisee.
The demand for something different in the senior care sector, combined with our experience with senior care in smaller homes, means higher and more consistent profits for our franchisees.
Meraki Assisted Living Means Quality Care and Profit
Having decades of combined experience in the senior care sector we have come to realize one very important thing when it comes to senior care franchise profitability: the healthiest senior care facilities are profitable ones. They can afford to pay their workers fair living wages ensuring the workforce is experienced, continues to grow and learn, and is focused on the seniors in their care.
We focus on helping our franchisees with the information and training they need to open three senior care homes within 24 months. Each home provides care for around 6 residents. Comprehensive training is provided for franchisees to be well equipped to start and operate the homes with the highest quality of care expected.
The senior care industry is predicted to grow rapidly over the coming decades. Meraki Assisted Living offers the opportunity to provide quality care while maximizing profits to ensure that seniors receive the personal care they deserve.
Are you looking for a profitable real estate endeavor? Are you drawn to help others, make your community a healthier place, and give back to those who’ve given so much to us? A Meraki Assisted Living franchise could be the perfect opportunity for you.