The aging boomer population has opened up many opportunities for entreprenurs to help support their changing needs. Here are several business ideas and side hustle ideas for helping seniors during their retirement years.
Baby boomers have significant buying power in our society. In fact, a recent report posits that worldwide baby boomer spending will reach $15 trillion by the end of 2019. In light of these numbers, it’s no surprise that an increasing number of entrepreneurs are opting to start businesses that support the aging baby boomer population.
By the year 2030, every baby boomer will be over the age of 65, and many of them will be seeking specific products and services to support their changing needs and lifestyle. As a result, the business world will need to make changes to accommodate this demographic. Here are some businesses to start if you hope to earn a living while supporting America’s growing senior population.
Home Remodeling
An AARP study reveals that 90 percent of seniors want to remain in their current residences as long as possible. Still, staying at home during retirement often means making significant modifications to the current property. Along with widening doorways to accommodate wheelchairs and other mobility devices, families may opt to install shower grab bars, outfit tubs with safety strips, and even switch out slippery stone floors for vinyl and linoleum ones offering more traction. If you have contracting or construction expertise, you may want to start a business retrofitting and remodeling homes for local seniors.
Financial Planning
Planning for retirement is stressful, and the problem doesn’t go away when seniors leave the working world. Older Americans still have to make crucial decisions regarding their living expenses, healthcare, leisure spending, and investments. If you want to help seniors in your community, think about offering financial planning and education services to ensure they make smart decisions about their money moving forward.
Care Giving Services
Aging seniors often need help with many aspects of living. If you have the patience, skills, and willingness to deal with government paperwork, a business that provides in-home medical or non-medical care giving services to seniors is one you may want to consider.
Medical Claims Help
Just because seniors qualify for Medicare and Medicaid doesn’t mean they should take a backseat role with regard to their healthcare costs. After all, many seniors are on fixed incomes and can’t afford to spend extra cash on medical expenses that won’t be reimbursed. To that end, individuals with expertise in health insurance and billing may want to consider providing medical claims help for older Americans. By reviewing medical bills and records, claims specialists can ensure seniors are getting the health services they need at reasonable prices. Additionally, these experts can advocate for their clients and push back when a health insurance provider denies a claim.
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Cleaning
Depending on their health and mobility, seniors may need extra help keeping their homes in order. Along with regular tasks like vacuuming, mopping, washing dishes, and dusting, older adults may need assistance with more challenging jobs like cleaning out gutters. While starting a cleaning service does require some initial startup funding — you’ll likely need to purchase supplies and secure bonding and insurance — individuals in this field can generally count on steady employment if they’re good at what they do. Once someone finds a cleaner they like, the odds of them switching to another company or service are slim.
Transportation
Did you know that 25 percent of older Americans no longer drive? Recognizing that seniors still need to get to doctors’ offices, grocery stores, and other destinations, an increasing number of entrepreneurs are launching transportation businesses that cater to an older clientele. If you have a reliable car and a safe driving record, consider starting a company that provides personal or medical transportation services. While personal transportation includes trips to malls and social events, non-emergency medical transport services take seniors to doctors’ appointments, physical therapy, and dialysis. Note that medical transport drivers require special tools and training. You may also need a commercial driver’s license and liability insurance to take on this job. Don’t want to start your own transportation business? Consider contracting with an existing transport company like Caliber Patient Care.
Tech Support
Technology has changed dramatically in the last 65 years. So, it’s no surprise that some of today’s seniors lack the knowledge and expertise to operate modern technological innovations like iPhones and Apple TV. If you’re looking for a great way to utilize your knowledge of technology, consider starting a tech support company aimed at helping seniors. Empower elder Americans to stay in touch with family and friends in other parts of the world and pursue online hobbies while saving them a trip to the Genius Bar or Apple Store.
Mobile Beauty Services
Everyone wants to look their best, and seniors are no exception. If you have a talent for doing hair, makeup, or nails, think about starting a mobile company that provides boomers with beauty services in the comfort of their own homes. Even simple hair washing and styling assistance can be useful for elder Americans dealing with arthritis and other medical conditions that impact their dexterity. In addition to traditional treatments, you can offer other wellness-related services like facials and massage therapy. Along with earning a living, you’ll have the satisfaction of knowing you’re helping seniors live their best lives.
Fitness
Americans are living longer than ever, and many seniors are looking for ways to stay healthy and fit in retirement. Still, studies show that only a third of individuals over the age of 65 currently meet CDC physical activity guidelines. If you’re a certified personal trainer or exercise instructor, think about launching a fitness company that targets an older clientele. As a trainer, you can see clients at their homes or teach classes at your local nursing home, assisted living center, or fitness facility. While many gyms offer a regular roster of courses, few of them specifically target the needs of the senior population. For best results, create a few programs aimed at improving flexibility and strengthening muscles.
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