The ageing population is changing our economy. Franchise owners can seize this opportunity to thrive.
In the 1970s, there were roughly eight people of working age for every person over 65. However, that ratio has declined to almost four and will continue the decline to roughly two by 2050.
As a result, fewer workers drive economic activity and fund social programs. In addition, current immigration is not enough to balance the declining birth rates and longer life expectancy.
Labour Shortages:
Many companies are struggling to find qualified employees. Most importantly, older workers will be too old to continue full time work. The older worker certainly cannot do heavy physical work.
Therefore, the hardest hit companies will experience slowed growth and be less competitive. Above all, they will struggle to meet demand. In response, we will need to embrace more automation.
As a result, employers will need to develop incentives that go beyond monetary compensation to attract employees.
Therefore, we should expect to see a greater value of under appreciated segments of the workforce. This will likely be managed with flex hours and a side hustle mentality.
Consumption Patterns:
Many business sectors will thrive and others will struggle to survive.
Winning franchise concepts will include health care, home care, medical billing, senior wellness, workplace wellness, mobility, education, home renovations and business coaching.
In addition, franchises catering to bucket list experiences such as Travel and Leisure will also do well.
Similarly, educational franchises catering to older adults will flourish. Some child education and tutoring franchises will adapt their programs to embrace older learners and post secondary institutions will roll out new programs focused on seniors.
Consumable goods retail will likely see a decline as seniors purchase less but better quality items and keep them longer. As a result, franchises for repair services will do well.
Housing Markets:
In wealthier countries, such as Canada and the US, the increasing trend is for the elderly to stay in their homes longer. This eliminates the stress of moving and downsizing.
As a result, home renovations franchises will see increased sales. These franchises will lay new floors, replace all the window screens, interior and exterior painting, build a sun room or upgrade the deck. Franchises in these fields will do well with targeted marketing.
Opportunities:
There are many franchises that cater specifically to the changing demands or our ageing population:
In-Home Healthcare Solutions
Medical Billing Management
Senior Wellness Programs
Workplace Wellness
Medical Profession Staffing Agency
Perm and Temp Staffing Agency
Hospitality Industry Staffing Agency
Mobility Services
Home Improvements
The COVID crisis highlighted the poor care in our senior care centres. As a result, many families are rapidly re-thinking their current placement strategy.
In-home service franchises are enjoying increased demand over recent years.
Furthermore, In-Home Senior care franchises are seeing increased demand and the workers in those fields are enjoying improvements in their compensation, working conditions and career opportunities.
Therefore, consumers will see better choices and and as a result, competition will bring in better quality, improved services and the caliber of the workers will rise.
Senior care franchises offer affordable options. Sales, management skills and a genuine passion for senor care will drive success for franchisees.
Some senior care franchises can be run effectively from a home-based office. Many provide real potential to earn an income over $100K / year.
Mobility service franchises are learning to reach beyond seniors. Athletes, and individuals with handicaps require similar services. In addition, there is growing demand for short term rentals at recreation and convention centers, government buildings, hotels and tourist attractions
In-home senior care, mobility services, such as lifts and walkers, can help keep seniors stay in their homes longer.
Bottom Line:
In conclusion, an ageing population represents risks and opportunities for home care franchises. Let’s discuss your career transition plans.
Andrew Hoffman +1.647.991.2282 [email protected]
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