With an aging senior population growing, America is facing a significant caregiver shortage, paving the way for aspiring entrepreneurs to make money while making a difference.
Within 10 years, according to the U.S. Census, one in five Americans are projected to be 65 years old or older. It will mark the first time in our nation’s history that seniors outnumber children. An estimated seven in 10 will eventually require long-term care. The majority of seniors, whether they need assistance or not, want to continue living in their own homes as they grow older.
As a result, the demand for home care services is expected to increase by 46 percent over the next decade. Of course, that demand will need a steady supply of caregivers. All indications suggest we won’t be able to keep up. There is already a caregiver shortage in the United States — a shortage expected to get worse. The AARP suggests we will experience a nationwide shortfall of more than 150,000 caregivers in less than 10 years.
Despite the vital service they provide, caregivers are undervalued and underpaid. Many caregivers earn barely enough to cover their rent, let alone food and utilities. In fact, the median annual pay for home care workers is around $13,000 annually. Few caregivers have benefits. More than half of all home care workers rely on some form of public assistance to support their families. This leads to higher turnover rates as care workers jump companies in search of higher wages or leave the profession altogether.
From Obstacle to Opportunity
The caregiver shortage is a problem. However, it presents a significant opportunity for smart and savvy entrepreneurs who seek to join the lucrative home care industry. By refocusing resources to turn caregiver jobs into better jobs, a home care company can succeed where others may struggle.
One such company is CareBuilders at Home. The core of any home care business is the care provided. CareBuilders at Home understands this better than most of its competitors. Therefore, we focus on the people who provide the care. At CareBuilders, caregivers are W-2 employees, not contractors. They receive a competitive living wage and benefits. Because of this differentiator, we have a competitive advantage and can attract quality employees and fill the void left by other home care companies who can’t provide the necessary care to the seniors who need it.
Unprecedented in the home care industry, CareBuilders provides franchise owners with payroll support, tax preparation, and insurance assistance — all of which will help retain caregiver staff.
CareBuilders at Home seeks passionate entrepreneurs who want to make a difference with a rewarding business. If you’re curious about how to start a home care business, and how we can begin building a lasting partnership, contact us today.