Baby boomers aged 52 to 70 are one of the largest groups of American adults. But this sizable population remains underserved in many respects. This makes the senior care market a thriving one for entrepreneurs. The key is to hone in on an ageless business idea.
That being said, keep reading for five of the best business ideas for seniors.
A 2012 AARP study found that 90 percent of seniors plan to live in their own homes for the next five to 10 years. But not all seniors have family members whom they can rely on for care. Home healthcare businesses have helped fill this gap in senior care.
These businesses provide care for people with chronic diseases, disabilities or other ailments. They do so by providing day-to-day care. A home health care worker might help dress or clothe a senior. The staff you hire might include nurses or physical therapists. Medicare and Medicaid often cover the services of these businesses. This means you will need to register your business with the state. You will need to get Medicare and Medicaid certifications.
The same AARP study found that one in five seniors has made major home modifications to allow them to age in place. This has given way to the niche of remodeling for accessibility. This includes adding roll-in showers, grab bars or no-step entries.
You should know construction techniques. Understand various materials as well. You should also know how to make a home safe and suitable for seniors. This means you’ll need to keep up with changing safety standards. If necessary, you can hire skilled crew members to carry out the remodeling projects.
Many seniors are not content cooped up in their homes. They need to get around from place to place for health, leisure and social reasons. But less than a third who participated in the AARP survey said there was quality public transit in their area. One of the best business ideas for seniors is an elderly transportation business.
You might drive a senior to and from a doctor’s office, grocery store or bank. Other common destinations include taking them to recreation centers or the homes of family members. To get started, you will need a reliable car and a valid driver’s and business license. Above all, have a good vehicle insurance policy in place.
A lack of wages and the costs of long-term medical care place a financial burden on seniors. Fifteen percent of retirees told AARP they were unsure their money would last. Financial advisers who help seniors with financial planning can help ease these concerns. They can help their clients’ nest eggs go further. They can also steer them away from missteps in estate planning.
But you must make sure that your client is competent enough to make key decisions. Keeping detailed memos can help in this regard. You can also boost your credibility with a CFP or CPA certification.
Diseases such as arthritis or can restrict the movement of the older generation. This can prevent those who live alone from maintaining their lawn and garden. Lawn care business ideas for seniors can be of mutual benefit to you and your clients.
You can make money on tasks like mowing, weeding, planting and pruning. Seniors can use the energy they save on these tasks on other activities. Plus, a beautiful landscape can benefit their home and quality of life.
MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.