Good news for current and prospective franchise owners: the franchise industry continues to grow, despite the economic slump of recent years. The International Franchise Association (IFA) recently released a report indicating that the franchise sector has added 184,000 jobs over the last 12 months, according to a recent Forbes article.
The franchise industry supports 18 million jobs, both directly and indirectly, according to the IFA report. While franchises are often associated with fast food restaurants, the franchise model includes dozens of industries. In more recent years, especially, this has begun to include assisted living and home care for seniors. The Baby Boomers are aging, and the number of people aged 65 and older is expected to increase dramatically by the year 2030, to around 72 million in the United States. According to the Pew Research Center, more than 10,000 Americans turn 65 every day.
With our aging population will come increasing demand for non-medical in-home care for seniors, who overwhelmingly opt to stay in their homes when given the choice.
The IFA report indicates several trends, including increasing numbers of women and minorities in franchising. This is good news, as while women and minorities have traditionally played a major role as caregivers in industries like nursing and elder care, they have not played as integral a role as business owners in these industries. Among the obstacles they have faced is lack of access to start-up capital. Franchising opens new opportunities for these individuals, and many franchisors offer financing for franchise costs. Always Best Care is one of the top franchises for minorities, as featured in USA Today.
The IFA report sends a clear message: the franchise industry continues to grow and offer excellent opportunities for individuals from all walks of life to start a business.
Always Best Care is one of the nation’s largest and most reputable senior in-home care franchises. Learn what it takes to start your own home care franchise for seniors.
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Please refer to our most recent Franchise Disclosure Document for important details.