Today, over 69 million “baby boomers,” individuals born between 1946 and 1964, are 65 years old or older in the United States alone, making them the second-largest age group in the country. These figures can make big profits and thriving startups, and as a growing market, it’ll have increasing demands, making senior-based businesses an excellent investment. Plus, given the size and profit potential of this, it’s 100% recession-proof, meaning you have nothing to lose.
With that in mind, here are some of the best business ideas addressing the senior target market’s demands and needs.
Sell Hearing Aids
As people age, our capability of hearing and listening will deteriorate, making hearing aids a popular gadget to have amongst seniors. Plus, most doctors back the idea of seniors with these medical devices, making it a great product to sell. However, remember that hearing aids not only let older adults hear better by amplifying sounds, but they can also localize them. To make even more sales, you can partner with a clinic and sell your audiology practice alongside hearing aids.
With these two combined, you can help seniors hear better while receiving comprehensive treatment services for hearing disorders.
Most seniors require assistance with non-medical daily living activities, including housework and personal care, such as dress, washing, and eating. Meanwhile, other times, seniors, especially those without a family, may want a companion at home. You can start from scratch or buy an in-home care service franchise.
If you’re after doing menial tasks and want to help seniors out as much as possible, creating an in-home care business is ideal.
Be a Medical Assistant
If you’re knowledgeable about health insurance, you can launch a business to assist seniors and their families managing medical bills. The business entails reviewing hospital bills and medical records to ensure seniors aren’t paying what they need to do and don’t go overboard their budget—and that they get their entitled benefits wholly.
If you have a talent for fixing things or cleaning, there’s no better business than a handyman business. From cleaning garages to moving furniture, there will likely be all types of chores around the household that older individuals may not want to do or can’t do themselves—and that’s where you can step in and help. The best part about this business idea is that you can launch a handyman service firm with little to no costs if you have the supplies yourself and you’re working nearby.
Falling is the number cause of unintentional injury and death for seniors in the United States, making handyman services always in demand among older adults. If you have skill in building, you can also specialize in modifying homes to be safer and comfortable for individuals, including adding mobility features like front-walk ramps and shower bars.
Senior Transportation Services
Older adults that can’t drive or don’t want to will still inevitably need transportation to and from appointments, the shop, or social events. Since their children likely have families and jobs, they’ll less likely have the time and energy to tend to this particular need of their senior parents or guardians. That’s why offering private senior transportation services is a great business idea.
After all, even areas with decent public transportation are too risky for seniors to navigate alone.
Specialty Medical Services
As people become older, they’ll naturally have a more significant need for healthcare services beyond traditional medicinal practices, including massage therapy, orthotics, chiropractic, and physiotherapy. These require specialized training, certifications, and polished skills but are one of the most lucrative business opportunities given the demographic trends nowadays.
There are growing opportunities everywhere in alternative medicine. All you need to do is see where you’re most skilled and how you’re planning on helping seniors.
Become a Daily Money Manager
Older individuals often get overwhelmed by the daily money managing tasks they need to take care of because of their unstable physical and mental conditions, especially those suffering from age-related illnesses or disabilities—or the death of a spouse. You can help out those in this predicament by offering your services as a daily money manager, supervising clients with bill-paying tasks, balance checkbooks, sort finance-related emails, and refer clients to other professionals when necessary, including accountants or tax preparers.
Additionally, this involves helping clients stay ahead of their scheduled appointments and engagements.
The business ideas mentioned are some of the many ventures you can start based on offering products or services to older individuals, ensuring great profit over time. After all, seniors are one of the best target markets since most have similar needs and have the finances to fulfill them.