For budding entrepreneurs, there is an advantage to the wave of baby boomers that is entering its winter years. Catering to the needs of the elderly has never been more lucrative than it is now with close to 40 million seniors in the U.S. No pun intended but it’s not a field that will die out quickly. Based on the present statistics business trend experts calculate that over the next 20 years the population of elderly citizens will make up about 20% of the total population.
You may wonder how we as a society will handle this many people requiring special attention but here’s the great thing – they have plenty of disposable cash, to the tune of $1 trillion. You can see why if you are thinking of starting a business that will grow over the next few decades anything to do with caring for or servicing seniors has a fighting chance.
While any unemployed are bemoaning the loss of their high-paying jobs and lack of new jobs, others are looking at things from a whole new perspective. Once you get out of the rat race, even by means of company downsizing there is an element of relief that comes from having a little more time at home.
One way to capitalize on this feeling is to provide an assisted living facility right in your own home for folk that are not ready for a nursing home but are beyond total independence. Unfortunately, many of our elderly parents need more attention than we legitimately have time to offer them when we have careers and families to consider. Yet we want our moms and dads to be in good, loving hands we can trust.
If you are thinking of starting a business and you are the kind of a caring person that loves elderly people, starting an assisted living home may be the right of business for you. You will need to know what the applicable laws and regulations are for the state where you intend to do business. Next you will need to determine the costs involved and whether or not you need financing to get things going. If you do not personally have the skills required to care for the elderly then you will need to look into what it will take to hire qualified personnel.
By calculating all of the factors you can determine the viability of your facility and compare what you would need to charge for each client. Does your fee bear the current market price? We already know the need for your service is there and will continue to increase in demand. With everything falling into place you can start up a small business on the right foot, work from home and have the satisfaction of providing a needed service.