Senior Care Franchising Continues To Outperform Other Market Sectors
Written by Tim Morral
New report identifies senior home care as one of the fastest growing franchise industries in the nation.
Although it has historically been considered a stable investment option, senior care franchising is now one of the hottest business trends in the U.S., according to new data released by market research firm, Franchise Business Review.
The report was based on a review of 35 senior home care franchise companies as well as interviews with CEOs and more than 1,300 franchisees. In 2012, senior care franchisee satisfaction outpaced benchmarks in every category ((Training & Support, Franchise System, Leadership, Financial Opportunity, Core Values, and Franchise Community). Additionally, senior care franchisees' overall satisfaction was 11% higher than Franchise Business Review's general business satisfaction benchmark.
"In the past two years, the number of senior care companies on our annual list of top franchises has increased, and franchisee satisfaction in the sector as a whole just continues to go up," said Franchise Business Review president Michelle Rowan.
Based on the data, the list of top senior care companies (those with above average franchisee satisfaction) includes: Home Instead Senior Care, Visiting Angels, Homewatch CareGivers, Right at Home, BrightStar, FirstLight HomeCare, Caring Senior Service, Home Care Assistance, Nurse Next Door, and CarePatrol.
Demographically, the most successful senior home care franchisees tend to be newer business owners (76% have owned their companies less than 5 years), located in markets with at least 250,000 resident and female. They are also better educated than other types of franchisees with at least 74% holding a bachelor's degree, compared to 57% in all other franchising industries.
But despite the popularity of senior home care franchising, there is evidence that high franchisee satisfaction levels come at a cost. Senior home care franchisees ranks their work-life balance significantly lower than franchisees located in all other industries and sectors, largely due to the fact that franchisees are required to work long hours on nights and weekends.
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