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The Projected Growth of the Senior Care Industry: A 10 Year Outlook

With a population currently at 73 million, all baby boomers will be age 65 or older by 2030. The growth of this demographic will drive the already substantial elderly care market to an estimated $225 billion within the next three years. The growth of this demographic provides ample opportunities for compassionate and focused entrepreneurs to become a part of the senior care industry. 

A MULTIFACETED INDUSTRY

Some seniors require a level of care that only assisted living can provide. To suit their needs, assisted living facilities employ professionally trained healthcare specialists to provide round-the-clock assistance and support for seniors who are no longer able or willing to live on their own.

For seniors who do not require full-time care, in-home care is another viable option. Nurse practitioners or other qualified aides often live full time in their patients homes or tend to their daily needs on a part-time basis. 

Along with the overall growth of the senior population, there is also an increase in the number of older adults  who want to retain their independence and who will need to hire outside assistance to help them with some of  the tasks they can’t manage on their own.  

Sixty-seven percent of U.S. seniors own their homes, but many are faced with the need or desire to adjust their living situation.

In 2020, almost 400,000 retirement-aged Americans relocated, marking a 30% increase from the previous year. Seniors are moving for a variety of reasons, including proximity  to friends and family, more temperate climates, and a lower cost of living. As the senior demographic  grows, so does the demand for senior relocation, downsizing and estate sale services. 

The search for the right service provider  who  offers a combination of efficiency and compassion is an essential one for seniors and their families. Life transitions are stressful, especially for seniors, and the need for a business that offers both care and solution-oriented services is growing rapidly. 

THE TIME IS NOW

As the population of baby boomers reaching senior citizen status increases, the market for senior care services will continue to grow. There will be a growing need for more specialized businesses to address the unique demands of the senior demographic. Our growing senior population is digitally savvy and self-sufficient in a multitude of ways, but they still require specialized services that can be delivered by dedicated franchise owners who prioritize their needs. 

The U.S. home care market is expected to grow from $100 billion in 2016 to $225 billion by 2024, driven by an expanding elderly population. These projections point to a need for transformative solutions when it comes to senior care, making it an industry ripe for sustainable business potential. The idea that a successful business in the senior care and services industry requires a background in healthcare is a misconception. There are a variety of business concepts that cater to seniors that are not specifically in the healthcare industry.  A combination of the right attitude, drive, and a top-tier franchise training program is all you need to launch a successful business. For a relatively low startup investment, a Caring Transitions franchise business is positioned to meet the ongoing demand for specialized senior services in a booming segment.

FRANCHISING & SENIOR CARE

When you buy a Caring Transitions franchise, you are investing in the stellar reputation and proven methodologies of a national brand that provides a comprehensive service model for a growing demographic. Franchising is the best of both worlds; you get the fulfillment and independence of being your own boss while still benefiting from the support, training, marketing system, and network of peers

Caring Transitions offers customers a complete solution during a stressful phase in life. And, they offer franchise owners an experience that is both personally and professionally rewarding in an industry that centers around helping others. .

Happy Seniors

CONSIDER CARING TRANSITIONS

Caring Transitions is the nation’s preeminent all-in-one source for professional household management services, meeting a broad range of needs from simple relocation to downsizing,estate sales, and more, providing franchisees with multiple revenue streams.  

Caring Transitions takes pride in the  sensitive and professional handling of the challenges faced by those going through big transitions as they prepare to move into the next phase of their lives. 

Caring Transitions offers prospective franchisees a complete turn-key operation, meaning that your investment in the brand provides you with all the expert training and support you need to steer your business toward lasting success. Caring Transitions’ proven model will allow you to become an indispensable business in your community. 

New franchise owners earn their Certified Relocation Transitions Specialist (CRTS) designation, giving them an edge over the competition and an added credential to assure customers of the level of professionality from the dedicated owners. 

If you are in the market to start a business in the senior care industry, Caring Transitions offers you the opportunity to invest in a recession and pandemic-resistant concept while simultaneously making a difference in people’s lives. This is, after all, a people business. Owning a business that helps with the evolving needs of the seniors in your community can  be one of the most rewarding investments  you will ever make. If you would like to learn more about how to get started with Caring Transitions, please fill out this form to request more information.

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