Maximize Your Earnings: The Most Profitable Franchises to Own This Year
The senior care industry is rapidly expanding as more Americans approach the age of 65, making it one of the fastest-growing sectors in the economy. It is currently valued at over $80 billion. The landscape is shifting as more and more seniors are turning away from senior care homes and assisted living facilities and opting for the autonomy of aging in the comfort of their homes. This has increased the demand and widened the market for in-home senior care. This booming industry offers a unique opportunity to invest in some of the most profitable franchises in the senior care industry.
As an in-home senior care franchise owner, you will be able to provide a crucial service to the community. Not only will you be supporting workers who care for our most vulnerable citizens, but you’ll also be running a profitable business. If you’re an entrepreneur who is passionate about making a difference, consider investing in a senior care franchise. Let’s take a look at some of the most profitable franchises to own.
What are the most profitable franchises to own this 2024 for maximizing your earnings?
There are numerous senior-care franchises for sale on the market, but how do you determine which ones are the most profitable franchises to own and which ones are right for you? Here is a breakdown of some of the most profitable senior care franchises available.
Most Profitable Franchises: Senior Care Investment, Services, and Growth Opportunities
Why Home Matters Caregiving?
A Top Contender Among Most Profitable Franchises. Established in 2007, this franchise has 12 units and is still growing. Home Matters Caregiving provides seniors with the following:
- non-medical personalized and companion care
- Specialized care for hospice/end-of-life needs
- Alzheimer’s and dementia care
- Chronic disease and post-hospital care.
Caregivers can also offer 24/7 virtual care, respite care, and hospital-to-home transition services. Home Matters Caregiving has a scalable business model. In 2023, It was awarded the Best of Senior Living Award for the second year in a row. The initial investment required to purchase a Home Matters Caregiving franchise is $74,975 to $122,150.
ComForCare Senior Services: Established in 1996, ComForCare is a non-medical home care provider that assists seniors over the age of 65. It has more than 200 operational locations throughout the U.S. and Canada. Its caregivers help with daily activities, including companion care and hands-on personal care services. To purchase a ComForCare franchise, you’ll need to make an initial investment of $50,000 to $100,000.
Assisting Hands Home Care: Assisting Hands was founded in 2006 and has 193 units. This in-home senior care service provides an expanded range of services that includes non-medical home care, skilled nursing, and temporary staffing options. Sessions and times can be scheduled up to 24 hours per day. This franchise offers a scalable business model, and the initial investment required to purchase an Assisting Hands senior franchise is $88,000 to $160,000.
Home Instead Senior Care: Home Instead has been franchising since 1995 and has more than 1,2000 units. The franchise offers non-medical in-home care as needed, including overnight or 24-hour assistance. Services include companion care, hygiene assistance, personal care, meal preps, light housekeeping, and help with running errands. The initial investment for a Home Instead senior franchise is $115,000 to $125,000.
Synergy Homecare: Synergy was founded in 2001 and has been franchised since 2005. The company has 417 units. Caregivers provide in-home, non-medical care including personal assistance, transfer assistance, help with bathing, restroom use, and dressing. They also assist with planning and preparing meals, incidental transport, and running errands. Live-in and 24-hour care options are available. Franchisees are expected to make an initial investment of $50,000 to $100,000.
Bright Star: Brightstar was founded in 2002, began franchising in 2005, and has 373 units. Though senior care is their focus, the company provides medical and non-medical in-home care services to any individuals who need it. Available services include:
- Personal care.
- Personal home safety.
- Meal planning and preparation.
- Pre- and post-operation assistance.
- Light housekeeping.
- Outside support services.
To become a Bright Star franchise owner, you will need an initial investment of $93,048 to $154,307.
Senior Helpers: Founded in 2001, Senior Helpers has been franchising since 2005. The company currently has 361 units in the U.S. and Canada. Services offered include non-medical personal services including companion care, hygiene, light housekeeping, and specialized care for Alzheimer’s and dementia. Senior Helpers has a proprietary LIFE (Life, Independence, Function, Evaluation) Profile tool to help families assess their loved one’s care needs and plan how to meet them. Prospective franchise owners will need an investment of $127,800 to $171,800.
Home Helpers Home Care: Home Helpers was founded in 1997 and has been franchising since then. It has a proprietary Cared-4 program that offers a holistic approach to care and companionship, safety and 24-hour monitoring, nutrition and well-being, and wellness calls. In addition to seniors, Home Helpers provides care for individuals with illnesses and disabilities or those recovering from surgery or injury. As one of the most profitable franchises, prospective Home Helpers franchise owners must invest $100,000 to $150,000.
If you are interested in owning one of the most profitable franchises in the senior care industry, call us at (800) 298-5140 for more details. Our franchise team will provide information on total costs, including franchise fees, available protected territories, and steps to begin your journey as a franchise owner.
You can also visit our website here to learn more about our franchise opportunities.