Choosing a business demands a careful and well-thought-out decision. That’s why it can take months or even years for others to start one. For those who are looking for a more stable, secure, and lucrative opportunity, they can consider a home healthcare franchise. Here’s why:
1. Americans Are Spending More on Health
Many people in the United States now consider their health and well-being as worthy of their expenses. In a 2019 survey by the Bureau of Labor Statistics (BLS), a household spent around $5,000 on it in 2018. It was over 100% increase compared to a similar data in 1984.
Although medical services and drugs account for a significant percentage of this expenditure, much of the increase is due to insurance costs. In 2018, people spent over $3,000 on it. Americans are also buying organic food. According to Statista, food sales for such products reached almost $50 billion in 2018. It represented a 5.9% increase than in the previous year.
In 2016, Mintel revealed that more Americans were trying to be healthy. Over 50% were either eating better food or exercising. However, around 43% also agreed that they struggled to practice healthy habits. Home healthcare companions can help them in this area.
2. People Are Also Living Longer
The life expectancy in the United States dipped slightly from 78.94 in 2015 to 78.81 in 2020. However, these figures are already way higher than they did back in 1860. According to Statista, Americans during this time lived until 39 years old on average!
Many factors contribute to a longer lifespan, especially in this country. One is the healthcare system. It’s one of the top 40 nations with the best type of medical care in the world, based on World Population Review.
Disposable income is also higher than in previous years. The OECD Better Life Index revealed that in the United States, this type of income is already over $45,000 a year. The average for other OECD countries is $33,000. Americans, therefore, have the highest disposable income among the group.
When this income increases, people might then have more money to spend on other health-related products. These can include supplements, gym memberships, or private healthcare. All these can help boost a person’s life expectancy.
3. But the Risks of Getting Sick Also Go Up
On the downside, a longer life expectancy can mean a higher risk of developing a chronic disease or suffering from a debilitating injury. Aging is one of the most common risk factors for conditions like diabetes, cancer, hypertension, and heart disease.
Studies also showed that aging causes many changes in the body’s biochemical processes. One of these is a weaker immune system. Older people are, therefore, more likely to develop severe complications for common diseases, such as the flu.
A home healthcare franchise provides an attractive proposition to these growing adults. They need more personalized attention and care from professionals to help reduce the impact of these risks and diseases on their lives. These include assisting them in remembering their medications, watching out for diseases, or monitoring their health consistently.
According to the Small Business Administration (SBA), only 50% of the businesses will survive after five years. Companies can fail for a lot of reasons, and no strategies can offer guarantees.
However, one can significantly reduce the odds of failing by choosing their business well. Engaging in home healthcare can offer them a profitable endeavor that helps saves lives.