Invest in Home Care Franchises That Stand Out From the Rest

The senior care industry is seen by many as one of the highest potential markets in 2012, having already grown into a $55 billion industry. As a result, more companies have opened their doors to franchising. But given this increase in home care franchises, prospective entrepreneurs will need to be more discriminating in their choice of investment opportunity to gain an edge over the competition.

Experts say that by 2030, the country's senior population is expected to double to a staggering 70 million. With developments in technology and medicine, a growing number of seniors are expected to live longer - and many of them will want remain in the comfort of their homes for as long as possible. Staying home also poses many benefits for seniors, including lower costs than moving to a nursing or assisted living facility, the ability to remain independent in a familiar and comfortable environment, and for some, close proximity to family and friends.

The combination of these circumstances has brought about the growth of the senior care franchise industry. Each company has something to offer, so how will budding entrepreneurs determine the best one to invest in?

The answer lies in three words: unique selling proposition. Entrepreneurs need to find out what a particular franchise offers that can differentiate it from the rest.

Companies that offer home care franchises will generally offer the service of caregivers. However, only a select few offer comprehensive care management. Care management involves assessing a senior's lifestyle, condition, needs, and preferences, and tailoring a care plan to suit all these factors. This goes beyond traditional caregiving in the sense that it gives caregivers a more comprehensive view of what will best meet the client's needs, enabling them to provide the services or obtain the resources necessary to not only maintain, but enhance the client's quality of life.

Care management is best handled by a professional care manager - someone with expertise in areas such as geriatrics, nursing, social work, or similar fields. Care mangers not only develop the care plan, but also update it to adapt to the changing needs of the senior. They also oversee the caregiver to ensure the plan is carried out properly.

A company with this type of approach can give entrepreneurs a distinct edge over other home care franchises. This careful attention to detail with deference to the big picture allows them to grant the seniors they serve as well as their families not just the care they need, but also peace of mind.