Smart entrepreneurs keep track of emerging trends and watch for profitable business opportunities. The retirement of the baby boomer generation is creating a lucrative older market for your business start up.
Facts: The Fast Growing Senior Market
By 2030, the US Census Bureau reports that over 20% of the population will be an elder citizens age 65 and over – that’s twice as many senior citizens as there were in 2010 – totaling over 65 million people.
By starting your business now in 2017, you are in a position to capture the significant opportunities in the senior market coming in the next 15 years.
Divided into two market segments, the senior population is based on physical needs:
- Healthy Bodies – those whose bodies do not require specialized products or services
- Limited Bodies – those whose bodies have changed and now require specialized goods and services to help them maintain their lifestyle.
Senior citizens will spend a sizeable, $5,000 estimated, annual disposable income on specialized products and services.
Seniors represent the fastest-growing population of online users – up 47%. A total of 22% of our 65+ residents use computers and the Internet regularly. Older Americans are intellectually curious and want to be independent and see the Internet as a way to accomplish that lifestyle. They want to know how to use their devices without having to call their children or grandchildren. Also, the joy of learning new and hip skills is highly satisfying to seniors. Also, it helps them be successful in online dating (see the next business idea on the list below)
Age does not diminish the desire to connect with partners for friendship and romance. The demand for over 65 dating is being answered by online entrepreneurs with senior dating sites, such as senior friend finder http://seniorfriendfinder.com/ and matchmaking services. Many seniors are widows or widowers who seek to rediscover love.
Seniors who can no longer drive require transportation services. The loss of one’s ability to drive dramatically diminishes their freedom and lifestyle enjoyment. As such, there is a tremendous opportunity to solve this ongoing transportation problem for senior citizens. While there are some options such as taxis, and then services, these tend to be impersonal and uncomfortable. The growth market is for both individual and group transportation services that are pleasant and comfortable for wealthy seniors. Some of the most profitable markets will be those services that operate after business hours for evening and weekend activities.
This business idea can be far reaching and very innovative. Your service could provide transportation, or to bring specialized services into the senior’s home or exactly what the individual requests. Entrepreneurial firms have succeeded in beauty services, haircuts, and styling, laundry and dry cleaning, mobile veterinary service, animal daycare, house cleaning, and meal preparation. Many seniors do not have family nearby and have lost the ability to drive, and now are reliant on help for daily chores and errands.
Adult Day Care
Senior centers and communities have provided adult day care in the past, however, they are both overburdened and understaffed. As her seniors live longer, there’s more need for day care to give their caregivers. The ability to either work in or outside of the home on the occasional a regular basis. The market for adult daycare has revenues of over $30 million and is growing rapidly.
This service offers more than just a safe place. It gives stimulating activities and social interaction that is vital to maintaining good physical and mental health. Some successful startups have offered senior field trips and entertainment as part of their day care services.
Startups Serving Seniors
There’s plenty of green to be made in the graying of America. As the generation of baby boomers get older, their needs, and your entrepreneurial opportunities increase. Start a business serving the senior citizens of your community, do good and profit.