Today’s Senior Care Franchise Owner
Owning your own franchise can be a wonderful business venture. From being your own boss to reaping the benefits of a successful business, getting into something like the senior care franchise industry can be a very attractive option for the smart entrepreneur. But what does the owner of a senior care franchise look like in today’s market? The demographics of these franchise owners may reflect a different vision than what you had in mind.
More Female Owners than Traditional Franchises
While the senior care franchise industry still has a majority of male owners in the business, 42% of these franchise owners are women. In the standard franchise industry, the typical business owner is traditionally male with females being the large minority. In fact, a Wall Street Journal article noted that only 28% of standard franchise owners are female.
Age of Franchise Owners
Around 83% of senior care franchise owners are between the ages of 45 and 64, with the break down of ranges being 42.4% between the ages of 45 and 54, and 40.9% between the ages of 55 and 54. Only 3% of owners are under the age of 44. Those smart entrepreneurs who enter this kind of industry are not only looking for a solid business investment but to make a difference in their communities as well.
As a result of the successful and in-demand industry, the numbers show that entrepreneurs are more inclined to own multiple senior care franchise locations. While the small majority of senior care franchise owners only own one location, 42% own more than one location or territory. With the ever-increasing demand for more senior care facilities and services due to a large aging baby boomer population, getting into this industry is not only a smart business investment but genuinely improving the lives of those in need.
Educated But Not Necessarily Wealthy
Of those who own senior care franchises, 82% have earned a bachelor’s degree or higher. That means the industry is full of smart people! One of the smartest things about opening your own healthcare franchise is that it doesn’t necessarily take a huge amount of capital, in comparison to a traditional franchise, to get off the ground. In fact, the minimum liquid capital required to open a senior care franchise is just $50K. Traditional franchises can cost hundreds of thousands to get running.
If any of these demographics look similar to you and you’re looking for a new business opportunity that makes a difference in the community, owning and operating a senior care franchise might be the perfect fit. Not only will you have the support of a recognizable franchise name to back your business endeavor but you’ll have the expertise and know-how to make the business work for you and your community.