How Much Do Senior Care Franchises Make In 2024?

How much do senior care franchises make?

While your potential earnings depend on many factors, your location and effort being two of them, senior care franchises can earn over $400,000 like our top earners have in the past. Here are some reasons why investing in senior care franchises is profitable and why CarePatrol is your best option.

Why are senior care franchises a smart investment?

Selecting the right franchise involves more than just evaluating potential gross revenue and profit margins. It’s also crucial to consider initial investment, equity potential, and industry growth forecasts. Moreover, aligning your franchise choice with your personal and professional aspirations adds meaningful value to your venture.

Here’s why franchise opportunities in the senior care sector represent a wise choice across several critical dimensions.

1. Affordable Initial Investment: Starting an elderly care franchise typically involves much lower upfront costs compared to other franchise types. For instance, launching a CarePatrol franchise usually requires an investment under or just above $100,000. This amount is just a fraction — about 10% to 20% — of what you might invest in a traditional brick-and-mortar business like a restaurant, gym, or retail store.

These manageable initial costs make senior care franchises particularly appealing to prospective franchise owners who are new to owning their own businesses. It’s possible to enter the senior care franchise market with a net worth of as little as $200,000.

2. High Return on Investment: Senior care franchises not only benefit from low initial investment but also promise significant returns both in terms of annual revenue and long-term equity gains. Historically, these franchises have yielded some of the highest earnings among franchise businesses.

Additionally, a well-run senior care franchise can become a highly valuable asset, potentially selling for seven figures in the future. This prospect offers franchise owners a pathway to financial independence, whether they choose to retire or seek new business opportunities.

3. Dynamic and Stable Industry: The senior care industry is on an impressive growth trajectory, especially with the aging population in the U.S. In the next decade, the younger segment of the Baby Boomer generation will be entering retirement, while the older segment will move into their late 70s and early 80s, significantly increasing the demand for in-home senior care services.

Projected to expand by 62% within the next seven years, the senior care industry is not only growing but also demonstrating remarkable resilience against economic downturns. This stability was evident as senior care services continued to thrive even during the recent major recessions, making it a smart investment for those looking into franchise opportunities.

The franchise industry, particularly within the senior care sector, showcases significant growth and resilience, highlighting the increasing demand for in-home care and the recession-resistant nature of these businesses.

CarePatrol is a proven business model that attracts entrepreneurs with various business backgrounds.

Are you ready for a career change? CarePatrol is your chance to turn your passion for helping seniors into a business with unlimited growth and earning potential. CarePatrol is the largest senior placement franchise, and since our founding in 1993, we have helped hundreds of entrepreneurs realize their dreams of owning a business that is capable of both financial rewards and personal fulfillment.

"The timing to get into CarePatrol has never been better,” says Becky Bongiovanni, Brand President and Co-Founder. “Not only are demographics increasing the demand for our services, but we also believe that the competition in the home placement industry is a healthy sign of the strength of the industry as whole. Not all brands are equal, however, and CarePatrol really is the leader in this segment — and not just because we created it. Over the past 25 years, CarePatrol has done an exceptional job in helping families find the right choice of care for their loved ones. Our emphasis on finding the right franchisees who share our values, as well as on initial and ongoing training, truly sets us apart in the level of expertise we provide to those we serve."

Growth and earning potential

There is no question that the CarePatrol senior care business model is capable of financial success, although that success is dependent on how closely you follow our business model. In 2022, our top-performing franchisee earned more than $1,289,806 in revenue, and our overall franchisees earned, on average, $318,363 in revenue per territory.

The role of a CarePatrol senior care franchise owner

Our franchisees serve as the CEOs of their own companies, working to build meaningful relationships with the businesses and organizations that need their help. Our business model is all action-based: to generate interest in your business in the crucial months after you open, you need to go out in your community and network extensively. Assisted living facilities will pay you a commission for referring your clients to their facilities.

Get Referrals

Once an organization refers you to a senior in need, you will use a personalized approach to help families in need. You will review their financial condition to determine what they can afford, as well as take into account what type of care their loved ones need and where they can place their loved one in their local area.

This means that you will lead families on tours of facilities. You will provide them with in-depth insight into how the facilities function, as well as the facilities’ history, in order to help the families make the best decision for their loved ones.

Most importantly, you do not get paid by the families you help or seniors you help place. This allows you to be a trusted helper in one of the most difficult decisions families ever have to make.

You will not do this alone.

CarePatrol has national contracts with companies that help you grow your business and earn trust in your community. As part of our training process, members of our executive team fly into your area to introduce you to these companies. Another advantage is our proprietary software, which helps you quickly gather data on local facilities, which is especially important when families need to make the right decision fast.

"Our leadership position in this space makes it very advantageous to be a business owner in our model,” LeBlanc says. “We have opened several doors for them, and we have national contractual relationships that help them win business. The primary role of the franchise owner, however, and these are things that we look for, is that they must build the business. They need to be the voice and the face of their CarePatrol franchise in the community. This means they’re out a lot, they’re meeting people, and they may be involved in a number of activities for their referral sources. And then, of course, they’re very involved with families and those elderly folks that they’re dealing with."