All Posts in Category: Senior Care Franchises
Nursing homes are no longer the only option for seniors who need assistance with basic living needs like cooking, cleaning and taking medication. The in-home senior care industry is booming as more baby boomer parents- and baby boomers themselves- are reaching retirement age. There’s no better time to get started with a senior care franchise, so check out these top five businesses:
Comfort Keepers seeks to “maintain independence and quality of life” for seniors and disabled individuals by providing in-home care like bathing, feeding and mobility assistance as well as companionship, meal preparation and light housekeeping. Steadily rising on Entrepreneur Magazine’s list of top 500 franchises for the past five years, Comfort Keepers is also ranked on the magazine’s list of fastest-growing franchises in the US and Canada. The franchise fee is $45,000 and the total investment ranges from $83,060 to $114,390. A net worth of $300,000 and $75,000 in liquid assets are required. The term of franchise agreement is 10 years with an ongoing royalty fee of five percent. Only two employees are needed to run a single franchised unit, and 100 percent of franchisees are owner/operators.
Home Helpers/Direct Link
Home Helpers offers in-home assistance to seniors, new and expectant mothers, working parents, and recuperating individuals. To serve their mission of “making life easier,” this franchise works with Direct Link, a medical alert and medication management program. The initial fee falls between $44,900 and $50,900. As such, the total investment ranges from $64,500 to $104,900 with an ongoing royalty fee of six percent. Franchisees must have at least $44,500 in liquid cash; however, they can run operations from their own home.
Home Instead Senior Care
Home Instead Senior Care is dedicated to “enhancing the quality of life for both seniors and their families” through part-time, full-time and live-in elderly assistance. With an initial fee of $45,000, the total investment of opening a franchise varies between $99,020 to $114,910. The term of franchise agreement is 10 years and renewable with an ongoing royalty fee of five percent. Home Instead also requires $45,000 in available liquid cash and 9-12 employees to run a franchised unit.
Visiting Angels creates a personalized plan of in-home, non-medical living assistance services for each senior. Ranked inside the top 100 of Entrepreneur Magazine’s Franchise 500 for five consecutive years, Visiting Angels has expanded throughout the US and Canada and now has international units; however, the franchisor is still seeking to grow both domestically and internationally. The startup cost fluctuates between $37,950 and $60,950; the total investment runs between $65,750 and $100,000 with an ongoing royalty fee of 3.5 to 2 percent. Visiting Angels requires a $100,000 net worth and $40,000 to $50,000 in available liquid assets, but only one employee is needed to run a franchised unit.
Franchising since 2007, Acti-Kare Inc. is a newer non-medical home care service, but it has consistently been ranked on Entrepreneur Magazine’s list of best low cost franchises as well as top 500 franchises. The company provides care to seniors, mothers, children and pets. The initial fee ranges between $24,750 and $39,750; the total investment between $32,600 and $51,550. Acti-Kare requests a three to five percent ongoing royalty fee, a $100,000 net worth and $30,000 in liquid cash. A franchised unit can be run from home but absentee ownership is not allowed.
If you’re considering a franchise investment or just have questions, feel free to contact one of our franchise specialists to learn more about the process and all the different franchise opportunities by completing our request form or calling 1-877-650-5551.
By Erin Cizek