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Happy 2023! With the advent of the new year comes some exciting opportunities in the caregiving industry. If you’ve ever thought about being your own boss, getting away from that 9 to 5, and doing something that really makes a difference, this is your year. Take a look at these statistics and home care industry trends that demonstrate how this year is shaping up to be a great time to franchise a home care business.
Projected Opportunities By the Numbers
IBISWorld, a source of expert industry research, explains that the caregiving industry is one of the fastest-growing business sectors in the country, and those numbers are only expected to continue growing this upcoming year. Take a look at some of the specific highlights of their findings here to get a scope for how powerful of an opportunity this could be for you.
For example, “the market size of the In-Home Senior Care Franchises industry in the US has grown 7.1% per year on average between 2018 and 2023.” In addition to that steady growth, this year has a high projection on top of where the industry already is: “the market size of the In-Home Senior Care Franchises industry is expected to increase 1.5% in 2023.”
Putting that together means big opportunities for those who can jump into the caregiving industry. Let’s explore those truths about home care industry trends in more detail.
Understanding 2023’s Caregiving Industry
While healthcare services are wide-ranging across all age groups, older adults represent a major group involved in the caregiving industry. Recent and projected home care industry trends include less stays in the hospital with more people living longer. The number of adults over 65 has steadily increased each year, and the numbers are expected to rise further in 2023. That demonstrates a chance for a business owner to get into the caregiving industry now, when the demand is high, and find people to help right away.
It’s clear that the demand for home services is high: Globe Newswire found that “nearly 90% of Americans age 50 and older want to ‘age in place,’” meaning they want to be cared for at home as they age, rather than going to a nursing home or similar facility. This preference is more than just a temporary home care industry trend, but quickly becoming the established norm for older Americans.
Advantages of Franchising a Home Care Business
We’ve established that point to franchising a home care business as being a great choice for 2023. But what are the advantages of this type of foray into the caregiving industry? Let’s explore just a few:
- Built-in brand recognition
When you franchise, you start your own business with all those associated benefits, but you don’t have to start from the ground up; people will find you by virtue of your franchise’s built-in brand recognition.
- Key resources for starting and ongoing support
Franchisers aren’t alone. Instead, they join a network of support in a connected company. Training, marketing materials, and more are part and parcel of the franchising process.
- Established framework in place
Your franchise will be ready to go much faster than if you were going to build a business without help.
- Freedom of being your own boss
Though you’ll have great support in franchising, you also get a lot of control as compared to a traditional 9-5 job. You get to experience the joy of more directly helping people through your home care business when you franchise.
Franchise with 1Heart
Here at 1Heart Franchise, we are looking for those on top of the home care industry trends in 2023 to join us in growing the home care business. We strive to provide comfort and dignity for our seniors; just see the positive effect we’ve had on the senior care market. See if you align with our core values of excellence, integrity, and heart. Compassion is at the core of everything we do, and we provide a dedicated level of support to all those who franchise with us.
Are you ready to bring “care like family” to those in need with us? Contact us to get connected with the 1Heart community today.