While there has been plenty of focus on entrepreneurship focused on millennials, baby boomers aren’t as recognized. Millennials are the future, no doubt, but to overlook the baby boomers could be a major oversight. They’re still making their influence felt, particularly in the growing senior market; a report by Nielsen estimates that they’ll control some 70 percent of US disposable income by 2017. With baby boomers ranging in age from 52 to 70, they’re in a unique position where they’re both seniors themselves and buying products and services for their own parents. That’s why it’s so important to not overlook them as a potential business opportunity. I recently came across an article with 7 ideas for senior businesses to start, listed below:
Senior care consultant: These professionals help to find the best living arrangements for seniors. This work brings you in with community services and local government agencies that help seniors get referrals to clients.
Home remodeling: Seniors who want to stay home have been getting their homes retrofitted with things like wider doorways, shower grab bars and other changes to make their homes safer and more accessible.
Travel company: Active seniors are always eager to travel, making a travel business focused on seniors or families a major potential cash cow. Seniors often plan multi-generation vacations.
Home services: Nearly three-fourths of seniors own their own homes, although many will prefer to have others handle maintenance as they get older. Home-related services aren’t just for seniors, but targeting them can help you build a successful business.
Nutrition/exercise consultant: You can work with the likes of physical therapists and fitness centers to provide fitness and nutrition programs for their patients and/or customers, as well as market your services to individuals.
Non-medical in-home care: Adult children are often concerned about their parents living at home, so such a service can ease their worries. You can help senior clients with tasks of daily life, such as getting to and from appointments, cooking, cleaning and shopping. This should be marketed to adult children, since few seniors will admit they need this kind of care.
Medical claims assistance: If you’re familiar with health insurance and the healthcare industry, you can start a business helping seniors and their families manage medical bills. Review medical records and bills to ensure that seniors are getting all of the benefits they’re entitled to and aren’t paying too much money. Market your services to senior centers, medical offices and financial professionals who can refer you to potential clients.