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From 2018 to 2060, the number of Americans aged 65 or older will double to 95 million. They will make up 23% of our population. So, it’s no wonder people are looking into the senior care services industry. According to a Franchise Business Review survey, the senior care services industry has the second-highest average pre-tax income of all industries.

There are several types of senior care service businesses. They include in-home medical and non-medical care, housing placement services, assisted living facilities, and senior mobility product businesses.

So, should you buy into an assisted living franchise? Weigh the pros and cons in our guide and find out what you can expect with this franchise opportunity.

Benefits of an Assisted Living Business

If you want to have a significant presence and impact in your community, an assisted living facility will put you on the map. They are extensive facilities that typically house dozens of older adult…

While you can’t control the economy, you can control what business you open. Recession-resistant franchises can thrive and adapt easier than other businesses during economic slumps.

So, how do you find a franchise opportunity that is less volatile in a recession? Here are the signs you should look for that hint at a strong recession-resistant franchise.

The Product or Service is a Necessity

When money becomes tight, people cut out the “luxuries.” That typically includes entertainment, clothing, and travel. Meanwhile, businesses that perform specialized services or provide necessary products, like food, do well during tough economic times. Those businesses include repair services for cars, plumbing, roofing or HVAC systems, in-home senior care, grocery and convenience stores, hair salons, or restoration services.

Repair Services: Cars and air conditioning units break without warning, no matter the state of the economy. In tough times peopl…

Thinking about starting an assisted living business? Get insights on profitability and what to expect when running a business in the assisted living space. Read more.

What Can I Expect?

An assisted living facility can be a massive undertaking. Consumer Affairs notes that, on average, assisted living facilities accommodate 27 to 33 patients. As an owner, you provide caregivers for those patients to help with daily activities like going to the bathroom and getting dressed, medication management, house cleaning, laundry, meals, and social programs and activities.

You’ll need an assisted living certification to get started. This requires you have at least one staff member for every six residents. In addition, state and federal regulators require multiple types of insurance to operate, including workers’ compensation insurance, general liability insurance, property/casualty insurance, and umbrella insurance.

You’ll need to find and acquire a prop…

According to Forbes, 90% of all startups fail. As for those in the healthcare and social assistance field, only about 57% make it past five years. Meanwhile, in the medical technology sector, upwards of 75% of U.S.-based, early-stage medtech companies never find success, according to TTi Health Research & Economics.

Learn the top reasons why healthcare startups fail so you can be prepared for the challenges that lie ahead when running your healthcare business. Get the insights. 

1. Running Out of Cash

Mismanagement of funds or failure to raise enough capital is the most common reason for any business, not just healthcare startups, to fold. A CB Insights study found that 38% of unsuccessful startups ran out of cash or failed to raise new capital. The healthcare industry is especially tough. Managing cash flow is challenging because the sales cycle in healthcare is particularly long.

One area where medical businesses lose funds is put…

Deciding between a BrightStar Care franchise opportunity or another franchise, like A Place At Home, in the home care industry? We don’t blame you, as 10,000 people turn 65 every day. So, let us help you compare two franchises in this growing senior home care industry.

Side-By-Side Comparison

While many of BrightStar Care’s services overlap with A Place At Home, the main difference is that BrightStar Care uses a Registered Nurse (RN) for every client, even when the state doesn’t require it. This element is important to note because RNs cost more to employ.

Here’s a look at how the startup costs compare for the two franchises. BrightStar CareA Place At HomeFranchise Fee$50,000$49,500Initial Investment$111,008 – $191,108$84,185 to $148,517Liquid Capital Requirement$100,000 – $150,000$50,000Royalty Fee5.25%4.5% -5.5%Ad Royalty FeeThe greater of $500 or 2.5%1%Franchise Growth2020: 325 units2022: 365 units2020: 13 units2022: 20 unitsA Place At Home Franchi…