9. Visiting Angels
Description: Visiting Angels, established in 1991, provides in-home senior care, elder care, respite care, senior personal care, elderly care and companion services. Visiting Angels was the first national non-medical senior homecare provider in North America to offer formal training and qualification program to their caregivers who care for individuals with Alzheimer's disease, dementia and related illnesses.
Number of locations: 478 Visiting Angels private duty agencies in the U.S. There is opportunity for more than 250 additional franchises. Visiting Angels is looking to grow in secondary markets such as Iowa, Nebraska, Wyoming, Montana and other states. These secondary markets are an excellent opportunity with great need and less competition.
Start-up investment: Between $62,935 and $84,685
Specific franchisee requirements: A true passion for this industry. Visiting Angels' successful franchise owners all care about caring for others and at some point in their life, have felt a calling to care for seniors due to a family or friend.
Average annual sales per unit: On average, in 2013, Visiting Angels' franchise owners did $1 million in gross revenue.
Why should a franchisee invest? The senior care industry is booming and it's a service that families will continue to increasingly need as the population gets older and rapidly expands. Every 13 seconds, another American will turn 65 years old, and that will go on for the next two decades. As this happens, the U.S. is bracing for an extraordinary population shift.
Experts predict this mass aging trend will significantly affect economic and social dynamics for decades to come which will present major challenges for families and big opportunities for businesses in the senior care industry, such as in-home care. The demand for trained caregivers to help families care for their aging parents, many of whom have developed dementia, is at an all-time high.