If I had only 1 choice to pick the best business category to start a small business in today’s economic environment it would be health care. According to Wikipedia, in 2009, the US federal, state and local governments, corporations and individuals spent $2.5 trillion on health care. And though we are still arguably in the tail end of the worst economic downturn since the great depression according to employment statistics the overall health care industry in the US has grown every quarter since the downturn started back in 2008. A lot of this robust and obviously recession proof growth can be attributed to powerful demographic shifts occurring in our aging population. The U.S. Census Bureau predicts by 2030 Individuals over the age of 65 will make up 20% of our population (over 70 million people) compared to only about 13% today! This inevitable aging population trend should continue to create plenty of new businesses and business opportunities to start up in the health care services industry particularly in the senior care category.
The Franchising Option: Looking to start a health care business now but are concerned about the costs and potential risks? Although there will always be some risk the franchising business model offers a proven way to start a new business that historically has much better rate of success vs. doing a start-up business from scratch.