New Business Opportunities Emerge as Aging Population Shift Continues
According to the ACL Administration for Community Living, almost 70% of adults over 65 can expect to need long-term care services in their senior years. This staggering statistic reflects a looming crisis in America—more people than ever will soon need senior care but won’t know what type of services they need or where to find them.
The good news is, there is a way for enterprising entrepreneurs to be a part of the solution to this problem. Senior Care Advisors can help create a comfortable life for elders in their communities and make a comfortable living for themselves while doing so. Let’s take a look at how the aging population is creating lucrative and much-needed business opportunities across the nation.
Senior Living Advisor: A Business Opportunity Rooted in Compassion
First of all, what is a Senior Care Advisor? It’s someone who has a deep understanding of all the senior care services available in their area, and who can help community members find the perfect fit . Families are often not equipped to make ideal choices when searching for senior care placement, burdened as they are with stress and emotional challenges. A Senior Care Advisor is an expert in evaluating ideal care conditions and helping families navigate this transition with compassion and insight.
The “Silver Tsunami”: America’s Aging Population
“The Silver Tsunami” is a common phrase used by economists, demographers and senior care providers to describe the growing number of seniors around the world. It’s often used negatively to talk about the many problems society’s aging population could pose to the workforce, housing market, healthcare system and senior housing.
At CarePatrol, we prefer to take a more positive approach to this trend. It’s true that our population is aging rapidly—by 2030, all Baby Boomers in the U.S. will be 65 or older. The senior population is projected to grow from 54.1 million in 2019 to over 71 million in that time. That means more people than ever will need care services—up to 27 million by 2050. This will also bring forth huge opportunities for business owners to step up, fill the gaps and make a great living for themselves while doing so.
Smaller Families, Bigger Need for Care
Between 1960 and 2020, the size of families started decreasing noticeably. In 1970, 56% of all households had children, compared to 40% in 2020. While it may not seem like much to drop from an average of 3.7 to 3.13 household members, today’s seniors have fewer children to rely on for care. Combine that with the trend for more households to contain two working parents, and that leaves a shortage of family care for the growing senior population.
That also means that children of older adults will need help making decisions, navigating the complexities of healthcare, and finding an option they can afford. They’ll need trusted Senior Care Advisors to guide them through this difficult transition.
Disabilities On the Rise
According to the Family Caregiver Alliance, 69% of the senior population will develop disabilities before the end of their lives and 35% will need to enter a nursing home. As longevity increases, the likelihood of health complications requiring long-term care increases as well. Rising obesity rates also contribute to this statistic, complicating the type and amount of care older adults need.
Senior Care Advisors can help families find the exact type of assistance their loved ones need, from in-home care to nursing home placement. As more people need specialty and skilled services, the need for guidance and recommendations will surge nationwide.
Be Part of the Solution with a Senior Care Advising Franchise
Complex healthcare decisions require experts to navigate, and there is a huge demand for these services throughout the country. As a Senior Care Advisor franchisee with CarePatrol, you can capitalize on this growing need while making a positive impact in your community and country. The Silver Tsunami can have a silver lining for compassionate, driven entrepreneurs looking for a smart investment with heart.
CarePatrol: Business with Purpose
Are you interested in creating a better life for yourself while connecting with your community? Learn more about starting a CarePatrol franchise in your area! With low investment costs, robust training and support, and significant earning potential, CarePatrol is your chance to make a meaningful impact and leave the corporate world behind. Call 248-781-8821 or contact us online to start a conversation.