Why you should choose the dynamic care services sector
Australia’s ageing population combined with our growing consumer appetite for in-home services presents a silver-lined business opportunity.
“It would be difficult at the moment to find a more dynamic sector than the aged care and disability support service industry,” said Alison Chandler, Chief Operating Officer at Just Better Care.
“Major social, demographic and economic factors combined with material policy reform are colliding rapidly to create a once-in-a-generational transformation of a traditionally established industry.”
Many factors are influencing this seismic change in the aged care sector: The population of older Australians is growing and there is greater diversity among older people (in terms of their care needs, preferences and affluence).
Our longer life expectancy, geographical distance within families and greater female participation in the workforce is also driving demand for professional support services to fill the care gaps once filled by family members (particularly women). On the social policy front, the Consumer Directed Care reforms in government funding will provide a major catalyst for development opportunity in the sector.
These reforms position the consumer at the centre, giving individuals more choice and control, and in turn dramatically altering the sector’s structure and service delivery models.
In the disability service sector, major reforms are reshaping the industry. The National Disability Insurance Scheme (NDIS) will take in 400,000 Australians by 2019, many of whom will receive support funding for the first time. The NDIS will double the current funding from $11 billion to $23 billion (or 1% of GDP). Currently the number of participants in NDIS trial sites is around 25,000. The shift towards individualised funding means there is space for non-traditional, innovative disability providers that cater for a person’s individual preferences, aspirations and goals.
As a result steep growth and expansion is expected for the in-home services sector.“To be successful in this market, businesses must execute with confidence and embrace change and innovative thinking,” advised Chandler.
“Success will come from nurturing and developing your workforce, leveraging and growing your community networks, and framing your decision making around sound business acumen, the customer service experience and adopting a proactive approach to spotting and executing on the right opportunities.”
The Just Better Care franchise model in this growth sector is a tested option to participate in this growth market.
“It’s an excellent way for business owners to fast-track entry into the community care sector under a proven business format and operating model. With the right franchise owner, system and supports a business can scale quickly and meet demand in both the aged care and disability sector,” Chandler explained.
When evaluating a suitable franchise opportunity, she advises due diligence is required to assess the right cultural match and performance-driven criteria.
“The Franchise brand reputation, size, support structures, and longevity in the market are key indicators of a credible, industry-relevant, and well-supported franchise system.”
Just Better Care is Australia’s largest franchised provider of in-home care, established for more than 10 years. Just Better Care delivers services Australia-wide through more than 30 territories and is part of the global Caring Brands International group.
Learn more about Just Better Care and how you can invest in the progressive community care industry.