If you are looking for a franchise opportunity, then a senior care business could be the option for you. This is the ideal opportunity for people who wants their career to make an amazing difference in the lives of Australia’s older citizens.
It is an industry that takes in over $20bn in revenue in Australia and employs over 250,000 people across the country. Therefore, it is an industry where you can give back, but also pursue a financially rewarding career.
It can be deeply rewarding work, which allows families and the older person in question a level of comfort that wouldn’t be possible otherwise. It is also an industry that welcomes people from all walks of lives, with the range of entrepreneurs who succeeded in this industry coming from a variety of different backgrounds.
Here are some facts and trends about the Senior Care industry.
- According to analysis from KPMG, as of 30 June 2020, there was a total of 335,889 people living in residential aged care, 142,436 accessing home care services. It is an established industry, with senior care playing an important part in Australia’s care industry.
- Their research also showed that as of June 2021, there were 906 providers delivering home care services in Australia, a significant increase since 2016 when there were 487 providers.
- Many of the biggest players in this industry are franchises that have already established a brand and are known for their services.
- The report stated that “opportunities continue to exist for providers looking to grow their market share organically or inorganically in the aged care market, however the market remains competitive as the larger providers seek to assert their dominance”. Many of the larger players in the industry are franchises.
- They added: “Providers should seek to invest in technology solutions that enable the delivery of safe, high-quality care and create operational efficiencies through both delivery and reporting”. This is another area where franchisees can lean on the expertise of those already within the industry.
- New market entrants are offering innovative business and operating models, providing good customer experiences supported by enabling technology. Therefore, some of the newer franchises in the sector are showing their innovation and establishing themselves as excellent options for investors.
- Older people make up a considerable proportion of Australia’s population—in 2017, over 1 in 7 people were aged 65 and over. Thus, there is a large market for those within the industry.
- There are over 2,000 aged care facilities in Australia, with an average of around 75 beds per facility.
- In Australia, around 229,000 people entered residential care, home and transition care in 2017-18, according to a recent study. There are several franchises that have established a strong placement within the industry.
- Just under a quarter of admissions into aged care in 2017–18 was to home care. Meanwhile, two thirds of admissions into aged care in 2017–18 were to residential care.
- The population aged 70 and older is expected to rise at an annualised rate of 3.6 percent through 2024-25. Therefore, it is a rising market.
There is an abundance of reasons that people are choosing the franchise options when it comes to senior care businesses.
Below are just a few of them.
Franchises are established
Think about it; senior care is a sensitive subject and families are going to choose a brand that is established, that they know about. In this instance, senior care franchises have established standards and a reputation that all franchisees have to uphold. Thus, if you are joining a senior care franchise as a business owner, then it is likely that you will have to meet and surpass these standards. A knock-on effect of this is that your business will benefit from an already existing brand recognition.
A growing market
As mentioned above, senior care franchise businesses have the benefit of being part of a market that is constantly growing. There are more and more older people living in Australia at present. Senior care provides them and their families with the freedom to spend their aging years doing the things they love.
A rewarding career
There aren’t too many careers as rewarding as senior care. You are meeting interesting and wonderful people and making a genuine positive difference in their lives. If you are looking for a role that is far more interesting than the traditional 9-5, then this could definitely be the option for you.
Ongoing support
When you join a franchise, you are usually joining a team of people who have walked the same path as you did before. Therefore, you are never too far away from people who can offer you guidance and advice on the best possible solution for you and your team. When you join a franchise, you are in business for yourself, but not by yourself. Most systems offer help and advice to investors when they need it.
High returns
The senior care industry offers excellent financial returns for business owners. There is the possibility to make an excellent career for yourself in this business. Many franchises even offer the opportunity of a flexible working schedule. There are many other advantages to this industry too.