Industry focus: why there is opportunity for growth in the care and elderly sector
Not only is working within the care and elderly sector incredibly rewarding, franchise experts are predicting it’s excellent opportunity for business growth. With an increasing demand for care and carers, a need for essential purchases and new technology, it’s not hard to see why there’s a scope for growth within this industry.
This is ‘You Can Care Week’ which aims to highlight the amazing job opportunities available in the care and elderly industry. To honour this week and to help encourage careers within this sector, we’re highlighting reasons why there is excellent opportunity for growth and success.
Increasing demand for care
A report by the Personal Social Services Research Unit estimates that the number of disabled older people who will need help with at least one daily living task will increase by 67 per cent from 2015 to 2040. The UK population is increasing at an incredible rate, so it makes sense for the research to estimate this. At the moment, the UK population is sitting at over 67 million and it’s expected that the number of inhabitants will reach over 74 million by 2039. It’s thought that the elderly population will make up around one fourth of this by 2035.
Home care services are not the only option for entrepreneurs who wish to aim a business at the elderly. There are mobility services too! The mobility sector is currently valued at around 1.5 billion annually and this number is expected to dramatically grow over the next few years. With the elderly population also expected to increase over the next ten years, sales for products like mobility scooters, stairlifts, adjustable beds and wheelchairs will increase too as these are essential purchases for many people.
Our client, Ableworld is the UK’s largest mobility retailer and is a prime example of a growing franchise within this sector. Ableworld’s strategy from the beginning was to build a trustworthy brand and it has grown significantly with just over 30 company owned and franchise stores. Ableworld are targeting a national coverage of 60-70 stores in five years’ time with at least 60% of the total being franchise-owned outlets, some of which are already turning over more than £2m per annum.
New technology is being introduced in the UK among some care franchises which could help franchisees. Some care homes are trailing monitoring technology such as sensors in clients’ homes to check they are up and getting around, whilst others are developing new technology that digitalises all care documentation on cloud-based software. Rather than replacing care services, new technology can enhance the services offered by care and elderly franchises, thus promoting business growth.
Challenges in the public sector
The need for care and elderly services is demanding, but sadly, the ability to provide decent care is under pressure as most domiciliary care is still provided by local councils. According to a report by Age UK, 10 local councils have seen a 26 per cent reduction in their real-term budget since 2009, leading to a six per cent real-terms cut in direct council spending on domiciliary care.
Considering these challenges, venturing into the care and elderly sector with a proven and established franchise may seem like the best option. By joining an already established franchise, you can help to manage the current public sector funding crisis.
Established care franchises will help you with everything, from initial training and recruiting staff to marketing your business and, of course, providing ongoing support. A wonderful example of blending an unwavering commitment to providing the highest quality of care with a profitable business model, is the multi-award winning and top CQC rated Right at Home UK. See here for more details
Are you looking to kickstart your franchising career in the care and elderly sector? Franchise Moves can help! We work with a variety of franchises within this sector, including Right at Home and Ableworld. Whether you’re looking to find the next best step in your own career or looking to find the best people for key roles in your business, Franchise Moves Careers provides a professional service that puts you first.
Do not hesitate to get in contact with us here.