The challenge of a graying US population – in which one in six Americans is over age 65 and senior housing occupancy surpasses 80 percent – calls for more resources and facilities that allow our older generations to age with dignity and adequate support.

For this reason, healthcare franchises specializing in elder care have steadily increased. These franchises are sustainable and profitable businesses for community-minded entrepreneurs interested in providing top-quality services through a trusted franchise network.  

What goes into a great elder care franchise? And what are the best network options for investors who are considering opening a care business for the elderly? 

In this blog post, we’ll look at:

• What makes elder care a great option for franchising
• What to look for in an elder care franchise
• Top elder care franchise options of 2024

First, let’s look more closely at the reasons to invest in elder care.

Why invest in an elder care franchise?

Growing market need: Individuals are living longer, and with advanced age comes the extended need for skilled care. It is estimated that by the year 2035, there will be more elderly people than children – so within that timeframe, the need for elder care facilities may eclipse even the need for childcare and enrichment options. This growing market requires entrepreneurs to invest in and scale high-quality care facilities to support a growing elderly population.

Strong returns: Health care is one of the best franchise options in terms of ROI. While every network and geographic location differs, healthcare franchises offer strong, consistent returns that may exceed those of other alternative investments.

Consistent revenue: As more Americans age, many will no longer be able to live on their own and will need some form of care. This could be assisted living, nursing care, or skilled nursing facilities such as memory care units for dementia and other cognitive challenges. The growing senior population means consistent revenue for elder care providers. The increasing need for new facilities also means there is room to expand a single location into a larger network of care centers. 

What to look for in an elder care franchise

When evaluating your options for investing in an elder care franchise, consider the following indicators of a strong opportunity:

1. Proven systems: The best franchises offer proven business systems, streamlined processes, proven marketing strategies, and detailed support and mentorship. These systems are designed to maximize success and help franchisees succeed in competitive industries.

2. Leadership: High-performing franchises are often led by business veterans passionate about the business and the industry. Their leadership teams have years of experience, offering the insight and expertise to help franchisees achieve their goals. Leadership is one of the central pillars of a great franchise opportunity.

3. Reputation: Reputation is everything in a healthcare franchise. Clients put considerable research into finding elder services and facilities they can trust. A strong reputation brings better reviews, more referrals, and a higher success rate. Choose a franchisor with a strong industry reputation and a clean client care and satisfaction record. 

4. Demonstrated growth: With so much growth opportunity in elder care and healthcare businesses, finding a franchise partner with strong potential to scale shouldn’t be difficult. Before deciding on a partner, consider the franchise’s growth numbers and available territory.

5. Return on investment: As a recession-resistant industry, health care offers the potential for healthy returns on investment and a consistent flow of clients. Look for a franchise partner with strong revenues, a reasonable up-front investment, and time to profitability.

Best elder care franchises of 2024

For those looking to enter the healthcare and elder services industry with a trusted franchise partner, these five top-performing franchises are worth a look. Some even offer home-based, lower overhead options for providing seniors care in the comfort of their own homes:

SAFE Homecare

For seniors who stay in their homes but find it challenging to complete activities of daily life, SAFE Homecare provides in-home services. Professional caregivers visit clients to assist with bathing and dressing, light housekeeping, memory care, cognitive stimulation activities, chronic condition support, and companionship. The company offers technology to help caregivers connect with family members and primary caregivers to schedule care, confer on tasks, and pay for services.

Fast facts

• Locations: 3
• Founded: 2014
• Franchised: 2016
• EBITDA: $316K
• Startup cost: $86K to $132K
• Franchise fee: $40,000

Options for Senior Americans

A leading provider of non-medical in-home care and assistance for seniors is Options for Senior Americans. Clients can receive services such as housekeeping, light maintenance, personal errands, meal planning and prep, transportation, safety supervision, and companionship within their homes or care facilities. The company also offers skilled nursing coverage for more in-depth care needs like medication set-up, insulin injections, skilled hospice support, and visiting nurse coverage.

Fast facts

• Locations: 17
• Founded: 1990
• Franchised: 2005
• EBITDA: $265K
• Startup cost: $86K to $110K
• Franchise fee: $47,500

Golden Heart Senior Care

An in-home care provider that specializes in personalized service with personal care, Golden Heart offers live-in services, housekeeping, meal prep, and companionship for seniors within a home or care facility environment. The service also offers respite care to watch over vulnerable seniors whose primary caregiver is away temporarily. Golden Heart offers both medical and non-medical senior services.  

Fast facts

• Locations: 22
• Founded: 2009
• Franchised: 2010
• EBITDA: Undisclosed
• Startup cost: $69K to $96K         
• Franchise fee: $45,000

Home Helpers Home Care

For seniors who need assistance in their homes, Home Helpers offers one-on-one home care services that help them live independently and in familiar surroundings. The trademark Cared-4 program provides care with the four primary areas of in-home living: care and companionship; wellness calls; safety and 24-hour monitoring; and nutrition/well-being. In addition to seniors, Home Helpers provides services to other demographics such as new mothers, working parents, and those who need temporary in-home convalescent care.

Fast facts

• Locations: 308
• Founded: 1997
• Franchised: 1997
• EBITDA: Undisclosed
• Startup cost: $96K to $139K
• Franchise fee: $48,900

SarahCare 

The SarahCare network provides a range of services to seniors within their own homes and communities. The company provides adult day centers with enrichment activities, social events, medical supervision, and assistance with activities of daily living. Seniors using SarahCare enjoy a secure and socially stimulating environment, with added features like memory care activities, music, crafts, pet therapy, and more. 

Fast facts

• Locations: 27
• Founded: 1995
• Franchised: 2000
• EBITDA: Undisclosed
• Startup cost: $392K to $850K
• Franchise fee: $34,900

Ready to add franchise investing to your portfolio?

Adding elder care franchises to your investment portfolio is possible without starting and scaling a franchise business directly. With FranShares, everyday investors can use the power and diversification of franchise investment to build wealth for as little as $500. 

To learn more about FranShares and this unique opportunity, visit our website and sign up for our platform.

Explore More Profitable Franchise Opportunities

If you’re considering expanding your business horizons, read on to learn about the most profitable franchise opportunities in each industry. Whether you’re a budding entrepreneur or a seasoned veteran in the franchise world, our curated selection will guide you toward making an informed decision. 

• The Best Sports-Related Franchises of 2024
• Best Low-Cost Franchise Opportunities in 2024
• The Best Franchise Opportunities for Veterans in 2024
• The Best Restaurant Franchises of 2024
• The Best Tutoring Franchises of 2024
• The Best Burger Franchises of 2024
• The Best Gym Franchises of 2024
• The Best Child Care Franchises of 2024
• The Best Home-Based Franchises of 2024