Best Senior Care Business Ideas
As of 2020, approximately 73 million baby boomers, people born between 1946 and 1964, are over the age of 65. In another 10 years, by 2030, all of them will be over 65, making it the second-largest age group.
As a growing market that will have increasing needs, starting a senior care business makes sense for those looking for a viable, recession-proof business idea, given the size and profit potential of this market.
Below are some of the anticipated needs of the senior target market that offer insights into potential business ideas.
A 2018 survey of adults found that 76% of them age 50 and older wanted to continue to live in their current residence as long as possible, but 46% of them didn't think it would be possible. Seventy-seven percent wanted at least to stay in their community, but only 59% thought they'd achieve that.
A variety of factors impact a senior's ability to age at home, including disability, lack of mobility, or chronic health conditions that often inhibit their ability to live alone.
In addition to physical ailments many seniors, particularly those living without a spouse or family in the vicinity, have a need for companionship. Research suggests there is a strong link between loneliness and cognitive decline, serious health problems, and death in the elderly.
Seniors who want to age at home require a variety of services including, house cleaning, personal care assistance, meal prep, money management, and pet care.
House and Pet Sitting
After retirement, many seniors enjoy traveling, but can't take Fido or Kitty with them, making pet sitting and house sitting viable business options.
Many seniors with mobility issues have dogs and due to age or illness cannot exercise them properly, so dog walking services are also in demand.
Beyond care, pet owners love to dote on their pets, so other pet-related businesses include mobile grooming, pet food, pet accessories, and pet photography.
In Home Care
Many seniors require help with daily living activities such as housework and personal care activities, like washing, dressing, or eating. Other times, they just want a friend or transportation to an appointment. Other care is more intensive, such as live-in or hospice care.
When it comes to providing in-home care, you can start from scratch or buy a franchise. For example, you can open a green home cleaning service catering to the elderly on your own, or, there are franchises that offer training and support in a variety of in-home care services.
Gardening and Lawn Care Services
Gardening can be physically demanding for seniors. Arthritis can make gardening chores such as weeding, putting in a vegetable garden, or mowing the lawn difficult.
Many locales are banning pesticide use and pushing homeowners to reduce water usage, so offering services such as green weed control and drought-tolerant landscape design can be attractive to customers.
Lawn care services can be turned into an all-season business idea by adding snow removal in winter where applicable.
Mobile Esthetic and Concierge Services
Many seniors prefer to have services provided in their homes, creating opportunities for mobile service providers such as:
- Aesthetic treatments such as massage and facial
Other personal services business ideas include concierge activities such as:
- Pickup and delivery of items such as dry cleaning and packages
- Personal shopping
- Providing companionship and respite for family members
- Arranging and assisting with appointments
- Regularly checking in by phone
- Organizing home repairs, yard maintenance, etc.
- Personal training to build or maintain functional movement
Odd Job/Handyman Services
From cleaning out a garage to putting up blinds or moving furniture, there are all kinds of chores around the home that older folk may not want or be able to do for themselves. You can start a handyman service to help with these little maintenance needs.
Falling is the leading cause of unintentional injury for seniors, so any activity that might involve climbing on ladders is not a good idea for the elderly. Business ideas that help seniors avoid falling include window, siding, and gutter cleaning.
Or, if your skills include renovations, you can help seniors modify their homes for easier mobility such as front-walk ramps, bathroom tub renovations, installing grab bars and other support equipment.
Many seniors have a history of decorating their homes inside and out during the holidays but can no longer manage it. A holiday decorating business allows you to make extra money for the holidays and helps a senior stay festive.
Many seniors aren’t able to drive themselves and require transportation to and from medical appointments, social events, and errands. Lift-equipped vehicles are especially in demand.
Check the vehicle licensing requirements in your jurisdiction as you may need a chauffeur's license. You will also need a commercial auto insurance policy as well as liability insurance to cover the possibility of a client being injured during transport.
Products That Make Make Life Easier
Technological tools can be activated with a poke of a button, or a click, swipe or voice command. But often, people (and especially seniors) need help setting up and learning how to use these devices, providing a business opportunity for you.
Another idea is creating hand-crafted canes or operating a retail store that sells and/or rents medical equipment such as wheelchairs, oxygen delivery systems, and mobility assist devices. Electric scooters sales and service is another possibility.
Products such as walk-in baths and furniture with lift-assist built-in are also in ever-increasing demand.
Specialty Medical Services
As people age, they have a greater need for healthcare services such as physiotherapy, massage therapy, and orthotics. These require specialized skills and training but are excellent business opportunities given the demographic trends of today.
There are growing opportunities in alternative medical services such as acupuncture, Chinese medicine, aromatherapy, and naturopathic medicine.
Technical Support for Computers, Smartphones, iPads, Televisions
Beyond using smart home gadgets, seniors may need help with setting up cell phones, computers, and tablets or fixing them when something goes wrong.
Consider starting a computer repair or technology-related business to show clients how to do things from getting WiFi working on their tablets to getting their streaming TV device configured.
The business ideas above are only a few that you could start based on providing products and/or services to those aged 65 and over. Seniors are a great target market because so many of them have the same needs, and many of them have the money to fulfill them.
Or maybe you're a senior looking for ideas on how to start a business in the second half of life. With vast experience, there are many great business ideas for retirees to supplement their retirement from home or while they travel.