A Booming Industry: Examining the Growth of Home Care Franchises
By Jeff Bevis, President and CEO of FirstLight HomeCare 
It’s no surprise that our nation’s elderly population is growing rapidly, and with the first group of Baby Boomers having turned 65 this year, the numbers will continue to increase. In 2011 alone, more than 8,000 people will turn 65 every day. By 2025, the U.S. senior population is projected to reach 72 million, according to the Dept. of Health and Human Services. Though shocking in numbers, the shifting demographics, known as the “silver tsunami,” have created multiple opportunities for entrepreneurs across hundreds of industries and service sectors that cater to the elderly. Specifically, in-home care companies such as Midwest based FirstLight HomeCare, have experienced the effects of this surge full-force.
The growth and success of the home care industry can be attributed largely to the rise in the number of seniors desiring to age in place, the affordability of home care compared to other long-term care options, and the Sandwich Generation seeking respite care for elderly family members.
Research by the American Association of Retired Persons (AARP) reports that nearly 90 percent of seniors want to stay in their own homes as they age, often referred to as “aging in place.” The majority of people prefer to spend their elder years living independently in a familiar and secure environment, and in-home care allows them that choice. However, remaining at home is not void of safety concerns. Almost 70 percent of people over age 65 require some care services and this likelihood only increases as people age. Hiring a professional caregiver to assist with activities of daily living (ADLs) is a great way to ensure the safety and well-being of an elderly loved one. FirstLight’s caregivers can be hired on an hourly, daily, or weekly basis, depending on the needs of the elder.
As the economy continues to recover, many people are still left wondering how they will finance long-term care for themselves or family members. Other long-term care options, such as nursing homes or assisted living facilities, can often result in higher costs. In the state of Illinois, for example, a private room in a nursing home can run upwards of $196 per day whereas a professional caregiver ranges from $17-$23 per hour. With long-term care facility costs continuing to rise, many seniors find in-home care to be a more cost effective option.
Adult children of elderly parents are also feeling the pressure of rising care costs as they find themselves “sandwiched” between two generations—struggling to raise their kids while caring for an aging loved one. Nearly 20 million Americans find themselves in this situation; juggling the competing needs of aging parents and children, which can often times be a 24/7 job. Respite care, or short-term, temporary relief for unpaid family caregivers, is a home care service often requested and is crucial for relieving the stress and exhaustion often associated with caregiving. 
As the demand for these services continues to increase, franchises and independents alike are in a prime position for rapid expansion. With our team of industry veterans in place and innovative “best practices” – that result in reliable, compassionate and professional services to clients – at the realm, FirstLight is in the perfect position to obtain market leadership and become the go-to senior care company of choice for many years to come.
About the Author:
With a business career that has stretched over 28 years, including 25 years in franchise and entrepreneurial environments, Jeff Bevis has a unique and aggressive perspective for what it takes to build successful franchise systems. Jeff is now the President and CEO of FirstLight HomeCare Franchising LLC, a new and innovative offering for non-medical in-home care. He has led major growth initiatives in several franchise companies such as Express Personnel Services, Thrifty Rent-A-Car and INTERIORS by Decorating Den. In 2001, Jeff received his Certified Franchise Executive designation from the International Franchise Association in recognition of his completion of a rigorous certification program sponsored by the Association’s Educational Foundation.