Top Advantages of Senior Care Franchising for Young People
The senior care franchise market is booming as Baby Boomers reach retirement age. By 2031, even the youngest Boomers will have turned 65, meaning around 75 million people will be retiring, and many more will require long-term care. Not only do these shifting demographics create a need for senior care entrepreneurs to provide senior living solutions—they also signal a sea-change in the average age of the entrepreneurs themselves.
It’s been all too easy to dismiss Millennials and Gen Z as too young and inexperienced to handle the complexities of running a business. But while the average age of a franchisee in the U.S. is 44, 36% of franchise owners today are in their 20s or 30s. Young people are proving to be resilient, eager, and capable.
That may be especially true in senior living advising because the work offers a sense of purpose, simultaneous stability and growth opportunities, and the perfect balance of independence and support. Let’s dive into what makes franchising a great move for Millennials and why becoming a senior living advisor is particularly attractive.
Franchising Under 40: Everything You Need to Know
Why Young People Are Flocking to Franchises
Student Debt Has People Considering Other Paths
As the student loan debt crisis shows no signs of slowing down, more and more people are choosing entrepreneurship over traditional academic career paths. After all, business debt may come with a much higher return on investment than grad school. When weighing the near-certainty of lifelong debt versus the opportunity to build a valuable asset early in life, many young people see a clear winner: going into business for yourself.
More Young People Have Business Aspirations
In 2020, 60% of teenagers said they were more interested in starting their own business than pursuing a traditional job in the corporate world. At the same time, many said their biggest concern was that starting a business was “too risky.” Franchising offers a way for young people to reach their goals while benefiting from a proven business model and established brand identity.
Millennials & Gen Z Want Work-Life Balance
The pandemic shifted many younger peoples’ mindsets about work-life balance. In the Great Resignation—or what Franchisewire calls “the YOLO (you only live once) economy”—employees decided to do something about burnout. Franchising offers a way for people to discover flexibility, autonomy, and truly rewarding challenges.
What Makes CarePatrol One of the Best Franchises for Millennials & Gen Z
Be Rewarded for Doing Rewarding Work
Aside from the burnout, inflexibility, and less-than-impressive compensation that comes with some corporate jobs, there’s also the missing sense of purpose. Ninety percent of Millennials in a 2019 study said that it was “somewhat important” or “very important” for the work they do to have a positive impact on the world. With CarePatrol, you can do just that.
As a senior living advisor, you will help families in numerous ways as they navigate their senior living options. You’ll be a guiding light for members of your community who are feeling overwhelmed by the decision to find senior care for their loved ones, often in stressful situations. And you provide these services free of charge to them, earning money instead through meaningful relationships you forge with local senior care communities.
Learn more about the role of a senior living advisor today!
Grow a Successful Business Backed by a Proven Business Model
Starting out young means that you have enormous potential to grow your business, and with CarePatrol, your only limit is the work you’re willing to put into your success. Our franchisees not only have significant earning potential—they also have a proven business model and a thriving market to provide stability as they grow.
By 2050, 27 million people will need long-term care, and with CarePatrol, you can help them find it. You’ll be filling a much-needed gap as more and more families seek help understanding their options and finding the perfect fit for their needs.
Be Your Own Boss & Work From Home
CarePatrol is a home-based franchise, meaning that you don’t have to worry about securing an office space and you have the flexibility of working from home. Until your business scales up significantly, you won’t have to worry about payroll, overhead, or staffing challenges. By that time, you’ll be a seasoned pro ready to take on the newest challenges.
Take Advantage of Generous Support & Training
Just because you have a great deal of latitude in how you run your business doesn’t mean you have to go it alone. CarePatrol offers the most robust training program in the industry, as well as unmatched ongoing support. Each franchisee is paired with a Regional Performance Coach early in the process, as well as access to a wide network of fellow franchisees for extra support, guidance, and advice.
You have a wealth of resources available to you, which you can use as much or as little as you need. For young people just starting out in the business world, the value of this community can’t be understated.
Are You a Good Fit? Make a Difference With CarePatrol Today
The major challenges for franchising under 40 are experience and access to capital. At CarePatrol, we don’t require prior experience in the senior care industry or medical industry, though a demonstrated ability to lead and manage is a great place to start. And because CarePatrol has low startup costs, young people may find that with help from family or other financing options, franchising is an attainable goal.
The core attributes that make for a great CarePatrol franchisee are:
- The desire to help others like they are your own family
- An outgoing personality and the ability to communicate effectively with others
- The desire to build relationships and network in your community
- The ability to speak in front of groups
- The need to own a business that makes a difference
- The desire to learn
Choose CarePatrol: The Largest Home Placement Franchise in the U.S.
A new generation of entrepreneurs is poised to shape the future of senior living solutions. If you’re serious about business ownership, helping people, and are ready to launch your bright future, contact CarePatrol today. We welcome you to request a no-obligation conversation to see if we could be a good match.