5 Successful Senior Care Franchises
1. Home Instead Senior Care
Franchises open: 940; another 25 franchises will open worldwide this year
Revenue last year: $786 million, up 12.5% over 2009; $894 million expected this year
Lori and Paul Hogan founded Home Instead in 1994 to provide nonmedical in-home care services for seniors.
The company is the largest senior care franchise, according to FranchiseHelp, a resource for entrepreneurship and franchise opportunities. It operates more than 900 franchises in the U.S. and internationally, with more than 65,000 caregivers in its network.
The caregivers provide basic support services -- personal care, medication reminders, meal preparation, light housekeeping, errands, incidental transportation and shopping -- to allow seniors to live in their own homes as long as possible.Home Instead expects that its domestic unit base will continue to grow by 10% per year. Internationally, annual revenue growth is jumping by 30%. The company expects that to continue as master franchise rights are awarded in multiple developed countries, it says. "Our goal is to change the face of aging," says Tim Connelly, Home Instead's director of franchise development. "Our opportunity is to help not only those clients who don't have any family, but the family caregivers as well, so the seniors can stay in their home." An all-in investment for a new Home Instead franchise is between $100,000 and $120,000. Franchisees are responsibly for hiring and training caregivers as well as doing the networking within each of their territories. "We go to great lengths to find the right people," Connelly says. "My job is the vetting of new franchisees. I turn away three times more people than we will actually award a franchise to. We are in it to help seniors."
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