Have you heard that all 73 million Americans belonging to the baby boomer generation will turn 65 by 2030? This fact represents an incredible shift in both demographics and housing needs for the country. For anyone wondering how to start an in home care franchise, the answer begins with having an open heart for the millions of Americans requiring assisted living and support in the coming decade.
Why Open an In-Home Care Franchise?
Learning how to start an in home care franchise isn’t nearly as important as knowing why you want to start one.
The care facilities and assisted living options that people accepted decades prior are no longer good enough. The size, spending power, and access to reviews and research tools possessed by the baby boomer generation are creating a need for curated, intentional care that prioritizes quality of life.
Informed seniors and their families are seeking quality, compassionate care that serves “the whole person.” Many are at a crossroads requiring them to make important decisions about the well-being and safety of either themselves or a loved one. When learning how to start an in-home care franchise, it’s important to see things through the eyes of today’s seniors.
As anyone who has ever had to make decisions regarding parents, grandparents, and other dear ones knows, many families are hesitant to place aging relatives in large facilities. This is precisely why a home care franchise opportunity that caters to families seeking smaller residential homes within the community registers so deeply with the current market need. Just how big is that need?
Census data shows that 10,000 baby boomers are crossing the threshold into the 65-and-older crowd every single day.
The rapid growth of the 65-and-older population in the United States makes now an incredible time to own a home care franchise. How much growth is possible from a home care franchise opportunity? That’s exactly what we’re answering! If you’ve been thinking about how to start an in home care franchise, take a look at how the nation’s demographics are creating an immense need for quality care solutions for seniors.
The Aging Population Is Driving an Urgent Need for Home Care Franchise Owners
Much of the data on the growth in the home care franchise sector comes from the United States government. Recent estimates from the U.S. Census Bureau show that the nation’s 65-and-older population has grown rapidly since 2010. In fact, the number of Americans age 65 and older jumped 1.6 million to see a 3.2% increase between 2018 and 2019 alone. The impact of the baby boomers hitting their golden years is so powerful that it actually brought the national median age up from 37.2 in 2010 to 38.4 in 2019.
How Much Growth Is Possible in the Home Care Franchise Industry?
“The U.S. assisted living facility market size was valued at USD 91.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.53% from 2023 to 2030,” according to a market analysis report released by Grand View Research. The only thing impeding growth is a lack of access to senior living units.
“The U.S. will need nearly 1 million new senior living units by 2040,” according to an analysis on assisted living statistics published by Consumer Affairs. This same analysis shows that seven out of 10 people require assisted living care in their lifetime. Looking into how to start an in home care franchise is a great way to fill in the gap while also entering a growth-oriented industry where you can get revenue.
While it’s clear that the demand is there, many people struggle with the logistics and planning needed to open care facilities. Meraki Assisted Living franchisees step into an established business model that delivers what people are looking for from the assisted living experience.
Meraki Assisted Living continues to be a preferred option for people around the country because our focus is always on providing comfortable residential homes offering unmatched personalized services and amenities. Our system allows franchise owners to provide individualized 24/7 on-site care, chef-prepared meals, daily strength and balance exercises, pet therapy, in-home medical visits, and so much more!
Anyone seeking information on how to start an in-home care franchise should look at Meraki as the model for elevating assisted living.
How Meraki Assisted Living Helps Franchises Grow
Meraki Assisted Living supports franchise owners by walking them through the process of building a franchise while simultaneously learning a new industry. A team of experts commits to the health and growth of every franchise by offering guidance on residential home selection and renovations, training and support for operations, access to technology and marketing tools, and much more!
Next, learn how to start an in home care franchise under the Meraki banner.
How to Start an In Home Care Franchise With Meraki Assisted Living
The Merkari blueprint allows you to follow a predictable model that’s tailored to your niche market. Franchise owners follow a trajectory of completing a franchise request for consideration form, connecting with the Merkari franchise development team, reviewing franchise disclosure documents, meeting the Meraki Assisted Living Team for Discovery Day, signing a franchise agreement, attending training, purchasing and renovating a home, recruiting staff, marketing in the local community, and welcoming residents.
It’s natural to have questions about costs when learning how to start an in home care franchise. How much for home care franchise costs should a potential franchisee budget? Projected initial investment costs for a Meraki Assisted Living franchise range from either $129,060 to $222,010 or $369,060 to $627,010 based on whether you choose to lease or purchase a property.
With 73 million Americans hitting the age when the conversation about assisted living needs to happen, a new home care franchise is exactly what members of your community may be seeking. Contact Meraki Assisted Living now to learn more about how to start an in home care franchise!