My Elder Advocate: Rise of senior care franchises and sharing economy among elderly

Selling a franchise is an easy way for companies to grow quickly. Buying a franchise provides a quick entrance into a new business. In the U.S., one of the hottest franchise businesses right now is senior care.With the global population set to triple in the next 25 years, demand for elder care is set to explode.

Claudine Halpern co-owns a senior care advisory company called My Elder Advocate. This year she and her husband started franchising their business.
"In a growth situation there's a couple of different ways to move ahead," Halpern said. "One of the ways to move ahead is to create branches across the country, and the other way is to franchise."Halpern and her husband sold two franchises for just under $40,000 apiece.Franchising among the senior care industry is booming.
According to market research firm Home Care Pulse, roughly half of the home care agencies in U.S. are now franchises. Five years ago, only a third of them were.One reason the industry is so attractive is the low cost of entry. The average senior care franchise costs $115,000. To buy a sit-down restaurant franchise will set you back around $1 million.The biggest selling point is its growth potential.
The number of Americans aged 65 and older is projected to balloon to 66 million by 2025. That's up 38 percent from 2015. And people are also living longer."There's a silver tsunami of people coming who need our services," Albert Eshoo, In-Home Care Franchise Owner said. He thinks the trickiest part of his business is finding enough qualified care workers to keep up with demand, but to him, the challenges are outweighed by the rewards."We're helping other people. We're helping out clients. We're helping ourselves and there's a lot of self-satisfaction in that," said Eshoo.

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