Senior Care Franchises Among the Fastest-Growing Systems

by Jason Daley, Entrepreneur

Our list of the 100 fastest-growing franchises is a diverse lot--everything from a floor refinishing company to tax preparation firms to pizza places and even doggie day care franchises are represented. Despite the assortment of concepts, the list, culled from Entrepreneur's 2011 Franchise 500® rankings, still lets us read the tea leaves of the economy and franchise sector.

Most notable this time around is the rise of senior home care, which seems to be reaching critical mass, with eight senior care concepts making our top 100. After a few years of kicking the tires and cautiously watching to see whether senior care franchises would catch on, franchisees are beginning to invest in proven senior care systems.

"According to the U.S. Census, there are roughly 40 million seniors in the United States right now, and that number is expected to double over the next 20 years or so," says Eric Stites, president and CEO of Franchise Business Review, which recently released a detailed assessment of the franchised senior care sector. "From both a short-term and long-term perspective, it's a market where there's a clear need that isn't going to go away. In-home care isn't something that can be replaced by technology. There's a strong need for the services today, and that need is continuing to grow."

BrightStar Care debuted at number 41 after adding 51 new units in the last year. Chuck Bailey, BrightStar's president, says several factors converged to prime the growth of in-home care companies, and BrightStar plans to open 90 locations this year, including units in England, Ireland and Australia.

Baby boomers, who are reaching the age of 65 at the rate of 7,000 a day, have lots of pent-up wealth, he notes, and are used to paying for services. They also have seen and rejected the nursing home model used by their grandparents and parents and want to stay independent as long as possible. "Baby boomers are using whatever means they can to stay in their home and live a meaningful life," Bailey says.

(Click here to read original article.)

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