The 2020 United States Census found that the percentage of the population aged 65+ had increased by nearly 4%—going from 13.0% to 16.8% of the total population—since 2010. While 4% may not sound too significant, it’s worth noting that this 4% bump counts as the “fastest increase since 1880 to 1890.”
As our nation’s seniors continue to age, many will require help and support. For some, that means in-home care, while others opt to move into an assisted living facility. These are always difficult decisions, for seniors as well as their family members and caregivers—but, as the World Health Organization reminds us, “A society is measured by how it cares for its elderly citizens.”
If you’ve ever thought about opening your own senior services franchise but aren’t really sure where to start, keep reading. In this blog, we’ll help you to better understand how to open an assisted living facility, how long the process takes, and how to find the best assisted living franchises to invest in.
How Do I Start an Assisted Living Franchise?
While there are several distinct steps involved, the process of starting an assisted living franchise really consists of three stages:
- Deciding if franchising is right for you
- Evaluating available franchise opportunities
- Making the investment (not just money but also time, energy)
Let’s take a closer look at each of these considerations.
Is Franchising Right For Me?
There are several benefits of franchising, especially over starting a brand-new assisted living facility from scratch. These include the ability of the franchisee to:
- Reduce costs, as well as the amount of time it takes to get the business off the ground.
- Benefit from an established brand and business model.
- Receive initial and ongoing training and support from the franchisor/brand.
That being said, franchising might not be for everyone. For some people, the idea of leveraging an existing brand and resources might feel more like a drawback than a benefit. Unless you have a well-developed business plan in mind, professional connections to help you get it launched, and an incredible level of commitment, however, this route can prove to be beyond difficult.
Is Starting an Assisted Living Franchise for Me?
Even considering the advantages of franchising, not every franchise opportunity is going to be suited to your preferences. Before signing any sort of franchise agreement, you need to be absolutely certain that you are compassionate and resilient enough to make a difference in seniors’ lives—not just today but years into the future as well.
Please note, we don’t say this to scare you off! Many people find owning an assisted living franchise to be a life-enriching opportunity, and they relish the opportunity to make such a significant difference in the quality of life of one of our nation’s most vulnerable populations.
What Is the Best Assisted Living Franchise to Invest In?
Once you’ve determined that you want to open an assisted living franchise, you’ll need to do a little research by evaluating and comparing potential opportunities. At Franchise.com, you can browse available senior services franchises, filter them by factors like state or investment level, and request more information about specific franchises.
There, you’ll find many of the top franchises within the industry—including several that have been identified by Aging in Place as the best home care companies to franchise. At Franchise.com, you can learn more about starting…
- A Nurse Next Door franchise.
- A Home Instead senior care franchise.
- A Visiting Angels franchise.
- A FirstLight home care franchise.
- A Senior Helpers franchise.
How Long Does It Take to Get Started?
Starting a home care or assisted living franchise probably doesn’t take as long as you would expect—and it certainly doesn’t take as long as starting a brand-new business. And while there are several variables involved, you can generally expect the process to take around 1-3 months. For some perspective, here are some sample timelines from Franchise Business Review:
- FirstLight Home Care | “As little as 75 days” (if you’re in a state that doesn’t require special licensure).
- Visiting Angels | Again, it depends on state licensing requirements, but “typically 120-150 days.”
- Senior Care Authority | You can open a Senior Care Authority franchise “immediately after signing the franchise agreement.”
- Caring Senior Service | Typically, “60 days or less.”
- Right at Home | Depending on state licensing requirements, “90-120 days.”
Where Can I Review State Requirements for Assisted Living Facilities?
Since the requirements around state licensing for assisted living are set and enforced by individual states, this information can be difficult to pull together. You can often find state-specific resources by searching state government websites for this information—for example, searching “Indiana assisted living requirements” should surface information about licensure in the Hoosier State.
Alternatively, there are at least two reputable websites that have compiled the links for each state’s requirements. For example, AssistedLiving.org and APlaceforMom.com have put together excellent directories to state-specific insights and additional resources.
Start Your Journey to Becoming a Successful Franchise Owner at Franchise.com
If you’re passionate about compassionate care for our elderly, there’s no time like the present to take the first steps toward starting an assisted living franchise of your own. Every journey begins with a single step, and you can take the first step today by browsing our selection of senior services franchises.
