November 13, 2017
Working With Seniors: Business ideas
Seniors are a popular market target for new and growing businesses, so how come companies in which provide goods or services to seniors, are such potential money makers? Due to the demographics, baby boomers started turning 65 in 2011. In Canada, seniors are expected to include a quarter of the populace by 2041. In The U.S., the amount of seniors will more than double between now and the year 2050, to 80 million — and the majority of the growth will occur between 2010 and 2030, when the baby boom generation enters their senior years. The U.S. Census Bureau forecasts that the amount of seniors will increase by an average of 2.8 percent per year during this time.
So this is a marketplace that is only going to get larger, providing ever more business opportunities for those able and willing to satisfy their requirements. So let us examine the requirements of the mature target market and see what services and products they might be most interested in.
Most people age 65 or over live at home, either with a partner or alone. According to study by the American Association of Retired Persons (AARP) almost 90 percent of seniors wish to continue to live independently by remaining in their own homes and communities.
Unfortunately, many seniors have a disability or activity restriction that requires them to seek help with a variety of activities. Chronic health conditions are widespread among seniors, with four out of five seniors living at home with a chronic health condition of some sort. The most common of these conditions are arthritis or rheumatism, hypertension, (non-arthritic) back pain, cardiovascular disease and cataracts. Disabilities, medical conditions and only plain disinterest creates all sorts of business opportunities for caring for things inside and outside the house.
House and pet sitting
House or pet sitting are popular requirements for seniors and others who travel regularly, and given that new cat and dog ownership continues to expand at almost 4% annually, house/pet sitting companies are popular companies to begin. House owners who traveling must have someone house sit (or at least see the home on a daily basis) to maintain insurance policy. Many seniors with mobility problems have dogs and because of age or illness can’t exercise them correctly, so dog walking services are also in demand. Be aware that frequently busy working people also have a need for dog walkers because of time constraints.
In home care
One-quarter of older seniors require assistance with housework and everyday activites, while one in ten need help with personal care tasks, such as fall prevention, washing, dressing or eating, that is the reason why the home health care market is exploding. Seniors like having a clean looked after home, but it is not just that – they also love their cars to be clean. Seniors will pay top dollar for their leather car seats to be maintained and looked after. After all, it is their pride and joy. To keep their cars in prestige condition is all they are after!
You might want to start a company from scratch providing in-home care services to the aged care. However, you may also buy into a franchise that offers such services; there are several available today as the in-home medical care sector is a very important job.
Gardening and lawn care services
Gardening is something that lots of individuals like but may be physically demanding for seniors. Arthritis can make gardening chores like weeding, putting in a vegetable garden, or mowing the yard very difficult, making the need to have somebody else do all these things and much more. Even younger, busy people do not necessarily have the time to perform basic lawn maintenance. Many locals are banning pesticide use and forcing homeowners to decrease water use, so offering services like green weed management and drought-tolerant landscape design can be appealing to clients. Lawn maintenance services can be turned into an all-season business idea with the addition of snow removal in the winter where applicable.
Housecleaning providers are also popular with seniors and younger people with mobility issues. Like pet and house sitting companies, if you intend to start a housecleaning business it will have to be bonded and insured. Maid businesses are simple to expand as the customer demand develops.
Window and gutter cleaning
Falling is the leading cause of unintentional injury for seniors, so any action which may involve climbing on ladders isn’t a fantastic idea for the older. Most individuals don’t need to do these chores, so why would seniors?
Odd job and handyman services
From cleaning outside a garage through putting up blinds or moving furniture, there are all types of chores around the house that elderly folk might not desire or be able to do for themselves.
It doesn’t stop here
The ideas presented above are truly just a few suggestions for businesses that you could start predicated on providing services or products to all those age 65 and over.
Seniors are a great target market because as a group, so many have the exact needs, and many of them have the money to fulfill them. Pick the ideal business idea, and some of the money could be flowing into your pockets.