It makes sense that the majority of the disposable income in our country is controlled by the baby boomer generation right now. Not only is this a wise business decision, but it is a great need. Seniors need access to more services than ever before. With growing medical care, people are living longer than ever, and as the population ages, the population will need more care services. The following are a few business ideas to consider based on the needs of the elderly.
There are many reasons why the elderly choose to leave their homes. Sometimes it is due to physical or cognitive decline. Other times it is a desire to not have as many responsibilities or chores and maybe too large of a house to car for. For some it is a desire for more social interaction with others at the same stage of life. Whatever the reason, assisted living is growing ever more competitive and the need is not going away anytime soon. To see a good example of what this type of facility should provide check out The Gables of Idaho Falls. The Gables of Idaho Falls is a highly rated assisted living facility in the southeast Idaho area.
Most senior citizens still hold a valid driver’s license, however, many of them do not feel comfortable driving. This could be because of delayed reflexes and response time, vision impairments or physical limitations. And, while our world is shifting to technology and many transportation or ride share services already exist, seniors do not know how or necessarily have a desire to mess with technology. Seniors need rides to appointments, to the grocery store, etc. A subscription to a ride service that only requires a phone call or could be scheduled for a certain day and time could be very lucrative and beneficial for seniors.
Going along with the previous comment about seniors not wanting to mess with technology or not having the understanding to do what they need to be able to do leaves a huge opportunity to be seized. A business that specializes in helping seniors with technology is growing ever more necessary as our world shifts online. Many companies are requiring online payment, soon all of the major grocery stores will only offer self-checkout lines and or grocery pickup, and not to mention cell phones. All of these make up just a small fraction of the examples of technology shift in our daily lives. If seniors are to survive, they need to have access to technical support.
Seniors that choose to remain in their homes will most likely need to do some refitting work. Especially if their home was built a long time ago, the doorways and hallways are probably too small for a wheelchair if that ever became necessary. Bathrooms are a huge risk to seniors as their fall risk increases with age. Bathrooms are dangerous because they are wet and slippery. A bathroom fix could be as easy as installing some safety grab bars, but it’s not likely that a senior will be doing any of that installation on their own. A company that caters to remodels specific to making senior living easier will surely be advantageous.
Seniors need to stay active and it is no secret that the gyms we see today are not catered to the senior population. Seniors should have access to a pool. Aquatic therapy is great for achy joints and is a very low risk for injury. Certain machines, lighter dumbbells, and group exercise classes that are proven to be a healthy part of a senior citizen’s fitness regimen should be a good selling point. They may also feel more comfortable simply being surrounded by people that are closer to their age and level of fitness.
How many frumpy unkempt elderly looking women have you seen out and about? Probably not very many. This generation takes pride in their outward appearance especially if they are going to be leaving the house. Because of limited range of motion, hair care specifically can be difficult for senior women. Having someone come to their home to wash, style and even dye their hair could be of interest. Having someone to do nail painting, skin facials, etc might also be a good selling point for a gift for the grandma that has everything but deserves to be pampered.
Senior Cash Flow
Hopefully this sparks an idea for you. The best business opportunities are those that present a strong need in the area and can benefit the population while also being a lucrative investment for you. Although it may seem wise to get in on the ground level of something new and upcoming, hopefully you see now that the older generation contributes to much of the spending that goes on.