The Staff of Entrepreneur Media - Senior Services Business: Step-by-Step Startup Guide

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Senior Services Business: Entrepreneurs Step-by-Step Startup Guide, 3rd Edition, ISBN: 978-1-59918-552-1 eISBN: 978-1-61308-289-8

Previously published as

Start Your Own Senior Services Business, Third Edition, ISBN: 978-1-61308-541-5, 2014 by Entrepreneur Media, Inc., All rights reserved.

Start Your Own Business, 5th Edition, ISBN: 978-1-59918-387-9, 2009 Entrepreneur Media, Inc., All rights reserved.

Contents

D uring the next 25 years, the senior population in America is expected to double from 35 million to 71.5 million, creating an ever-growing need for quality senior services.

There has never been a better time to target the 65+ demographic, which is a large, lucrative, and quickly growing market. This need is producing tremendous opportunities for savvy entrepreneurs who are recognizing that now is the time to carve a niche in the senior market.

Businesses that focus on senior services can range from small homebased operations to large commercial enterprises, and can be started with an investment of as little as a few hundred dollars. Your business can remain a small, one-person operation or grow into a significantly larger enterprise bringing in potentially millions of dollars in revenue.

One of the neat things about owning your own business is that you are the boss (aka head honcho, top dog, big cheese). The good news is that you get to sign the checks. The bad news is that you have to sign the checks. You also cant call in sick or defer to someone to a higher authority. But its all good because were going to help you get on top of your game with sage advice from successful entrepreneurs, worksheets to help estimate expenses and operating costs, nitty-gritty details about the senior industry, and much more.

Lets start with some standard business advice which is to define and know your market. If you enjoy working with older people, that could well be the easiest part of starting a business serving seniors, because this is a market that is easy to identify and reach and much in need of your services.

This guide also explores some of more prevalent lifestyle options members of the older generation will want to have as they move through their retirement years. Were going to look at senior business ventures involving concierge services, transportation, travel, relocation services, homecare and home health-care, and senior adult day-care operations.

So relax, start reading, and explore all of the options that will soon get you on the fast track to success.

T he trends reveal an abundance of new opportunities for entrepreneurs who want to combine caring with nurturing. Baby boomersmembers of the generation born between 1946 and 1964have already started receiving Social Security retirement benefits, and the U.S. Census Bureau estimates the 65 and older demographic will grow faster than the total population in every state. The National Association of Area Agencies on Aging estimates by the year 2030, one in five people in the United States will be over the age of 65. The elderly population is increasing at nearly twice the rate of the general populationthe 85-plus segment is projected to swell to about 19 million by 2050.

The evolving needs of older generations are having a major influence on what resources are necessary to prepare for the social and economic impact of the senior boom. Considering starting a business serving this market? Then you must know how urgent the need is for senior services. Jacqueline (Jacke) S. Dollar of Easy Aging, Geriatric Case Management Services, says that national demographics demonstrate the need for a variety of senior services. Most seniors want to age-in-place in their own homes, she says. Todays boomers are interested in engaging in their own retirement and are willing to pay for a professional to assist their parents.

As people grow older, their needs and lifestyles change. There comes a time when even healthy, able-bodied seniors want to move from their larger homes into smaller ones that are easier to care for, or they may consider retirement communities. As their physical abilities naturally decline, seniors who want to stay in their own homes look for outside assistance with daily tasks, such as preparing meals, housekeeping, and managing personal hygiene. Seniors who are no longer able to drive may seek out reliable transportation to medical appointments, social functions, or shopping expeditions. And when seniors are no longer able to live alone, they may move in with family members or relocate to assisted living facilities. Almost 6.5 million seniors currently need assistance with their daily activities, and this number is expected to double by 2020.

On the other hand, seniors are healthier now than people of the same age were 30 years ago. Wellness for seniors has become an important issue in our society. As human longevity increases, there is a keen desire to remain healthy and independent for as long as possible. These active seniors have time on their hands and disposable income in the bank, and many want to travel to interesting and exotic places.

Tom Mann of TR Mann Consulting (TRMann.com), a full-service marketing and advertising agency that specializes in the senior market says the opportunities for working with the mature market are staggering. Between 2012 and 2060, the population aged 65 and older is expected to more than double from 43.1 million to 92.0 million. When you consider these are the people who hold the bulk of the countrys money and are undergoing significant life changes, it becomes clear that they will drive the lions share of our economy, he says.

All these trends mean opportunity for savvy entrepreneurs who want to start businesses serving this lucrative and growing market. Senior relocation specialists help their older clients with moving and downsizing. Home care, home health-care, and senior day-care operations all provide services to help people live at home for as long as possible. And a travel agent who specializes in making arrangements for seniors is just the ticket to send them off on a fun-filled adventure.