The Aging Population and its Business Opportunities

Recognizing the Need and Getting Involved in the Solution

In 2010, an estimated 524 million people were aged 65 or older – 8% of the world’s population. By 2050, that number is expected to nearly triple to about 1.5 billion, representing 16% of the world’s projected population of 9.6 billion people.

In Canada, in particular, the population continues to age at an unprecedented rate. The estimate of citizens aged 65 years and older is more than five million and by 2051 that number is expected to increase by 33 per cent.
People want to remain at home as they age versus living in specialized seniorliving environments. In fact, according to a United Nations global study, 40 per cent of people age 60 or older choose to live independently. The reason is simple—living at home offers seniors a sense of familiarity and independence.

While most seniors want to remain at home, many are not able to meet all of their personal and medical needs there. Private companion care and/or skilled inhome medical care providers can provide the necessary services to extend the time that seniors can live where they feel most comfortable—in their own homes.

With so many more people living longer—and wanting to remain in their own homes as long as possible—it’s no wonder that senior home care has become one of the fastest growing segments in franchising on a global level. The aging trend has created a multitude of opportunities for businesses that offer unique solutions to serve seniors, particularly those with a desire to age in place in their own homes.

All of these factors lead to a strong demand for franchised businesses that provide reliable, quality in-home medical care.

The Business Opportunities within the Industry

The aging issue can be seen as a success story for public health policies and for socioeconomic development because of the longevity of life, but it also challenges society to adapt to maximize the health and functional capacity of older people. While aging trends present challenges,they also present tremendous business opportunities for those seeking business ownership in a booming segment. Even more, it offers a tremendous opportunity to raise the standards of homecare for older adults.

After conducting an in-depth analysis of various countries across the world, BrightStar Care identified a significant need for its range of services and commitment to high standards of care in Canada. The BrightStar Care proven track record of growing franchise businesses that provide expert, compassionate care in the United States, coupled with our solid infrastructure and resources, make us the ideal franchise to be at the forefront of filling demand for in-home care needs in Canada. The company is focusing efforts on securing deals with Area Developers in Canada to own and operate multiple locations at a time, or Master Franchisees, who can sub-franchise after opening two to five of their own locations. In the Toronto area alone there is the potential for 38 locations based on the population.

The ideal candidates to lead BrightStar Care development in Canada would be sophisticated operators who have experience in managing their own organizations and who clearly understand the franchisor/franchisee relationship and the training and support process for franchisees.

BrightStar Care is equipped to serve the needs of the aging population worldwide because the business model features the full continuum of care, including companion care, personal care and skilled medical care. The franchise also focuses on a collaborative, person-centered approach with Registered Nurse Directors of Nursing at each location that tailor care plans to the unique companionship and medical needs of each individual.

The extreme global aging trends, along with an increased desire among seniors across the world to stay in the comfort of their own homes as they age, is causing a great demand for the high-quality services that BrightStar Care provides.

For more information on how to get involved, visit franchise.brighstarcare.com/international Anthony Padulo is the Executive Vice President of International and Domestic Franchise Development for BrightStar Care, the full-service home care franchise that provides both medical and non-medical care for seniors, with more than 270 locations in the United States.

To learn more about BrightStar Care International, visit franchise.brightstarcare.com/international or email Padulo at Anthony.Padulo@brightstarcare.com.

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