Best Franchise Opportunities in 2024: ‘Silver Tsunami’ Puts Home Care in High Demand

There is no better time to start a home care franchise than right now. With the ‘Silver Tsunami’ creating exceptionally high demand for care, this situation presents the perfect opportunity for you to bring a home care agency to your community. Read on to learn more about the growing need for home care and how starting a HomeWell franchise can be how you accomplish your dreams of business ownership.  

The Silver Tsunami

The term ‘Silver Tsunami’ refers to the rapidly growing number of adults aged 65 or older, which is led by the baby boomer generation. According to the U.S. Census Bureau, 10,000 baby boomers will enter retirement age every day for the next 15 years. That means by 2030, all baby boomers will be 65+, and by 2050, 1 out of every 5 Americans will be over the age of 65. 

Although the ‘Silver Tsunami’ may cause concerns for some, this demographic puts the home care and senior care industry in an excellent position for growth. Whether they plan to stay in their well-loved home or move to a warmer, more senior-friendly environment, people over the age of 65 are taking steps to ensure they reside somewhere that allows them to age gracefully.  

American Families Need Assistance

As the 65+ population increases, so does the demand for compassionate home care services. Research shows that 1 in 4 adults 65+ fall every year, and that 1 in 5 falls cause serious injury. Studies also show that 40% of adults over the age of 65 need assistance with activities of daily living. And about 1 in 9 have Alzheimer’s disease. Aging in place can allow seniors to continue living in a familiar and affordable environment while still receiving the necessary support and quality of care of an inpatient facility, depending on the level of care needed.  

Although family members may take on the role as the main caregiver, many families choose to hire in-home caregivers to help bridge schedule gaps, keep their loved ones safe, and avoid burnout as the sole caregiver for their loved one. There’s already a large number of families in need of assistance, and with the ‘Silver Tsunami’ continuing to build momentum, that demand is only expected to grow. 

Reasons to Start a Home Care Franchise

There are several reasons why home care is one of the best franchise options for 2024: 

• The demand is growing: As mentioned above, the 65+ population is skyrocketing, and it isn’t expected to slow down for the next five years. Starting a franchise now allows you time to learn the industry, make adjustments as needed, and scale your business over time. 

• It’s an opportunity to help others: If you’ve been looking for ways to make an impact on others’ lives and to give back to the community, a home care franchise can help you do just that. Not only are you helping local seniors find the compassionate care they need, but you’re also helping families support their loved ones and giving your employees a meaningful career. 

• Home care will always be needed: With the senior population on the rise and now with a longer life expectancy, the need for home care is here to stay for the foreseeable future. There will always be seniors, homebound individuals, and people with disabilities who will need assistance in their home. 

Contact Us to Learn More About Starting a Home Care Franchise

At HomeWell Care Services, we are ready to help you get involved in your community by starting your own home care franchise. Our system makes the process simpler by providing you with the support and training you need to achieve your goals.  

Contact us today to learn more about opening a home care franchise with us. For more information about our discovery process, you can download our franchise kit.