The baby boomer generation controls the majority of the disposable income in the U.S. And as that generation ages, there’s an increasing need around the country for businesses that provide important senior services.
If you’re looking for a business opportunity to start in the next few years, jumping into the senior services industry could be both lucrative and helpful for others. Here are some of the top business ideas to consider in this industry.
Why You Should Start a Senior Service Business
Launching a business that caters specifically to the older demographic can be not only rewarding but also a smart financial move. Still wondering why you should venture into the senior service sector? Here are compelling reasons:
- Rising Senior Population: With advancements in healthcare, people are living longer, leading to an increased number of seniors. This demographic expansion presents a golden opportunity for businesses tailored to meet their specific needs.
- Increasing Demand for Personalized Services: Seniors often require specialized services that cater to their unique needs and lifestyles. From home care to personalized entertainment, there’s a plethora of opportunities waiting to be tapped.
- Fulfilling & Rewarding: Serving the elderly can be deeply satisfying. Hearing their stories, understanding their needs, and making their lives easier can be an enriching experience both personally and professionally.
- Recession-Resistant: Even during economic downturns, the need for senior care and other related services remains constant. This resilience makes senior service businesses a stable venture, insulating entrepreneurs from the harshest impacts of financial fluctuations.
- Diverse Opportunities: The senior service industry is vast. It spans from healthcare services, assisted living, and home modifications to leisure, travel, and education tailored for seniors. This diversity means entrepreneurs can find a niche that aligns with their passion and expertise.
Senior Service Business Ideas
Nursing Home
A nursing home is a facility that provides around-the-clock medical care to older residents. Some specialize in helping people with certain conditions like dementia, while others are more general.
Assisted Living Facility
Assisted living centers provide similar services to nursing homes, but on a slightly smaller scale. Residents enjoy a bit more independence, but still have access to people on site to help with medical care and certain tasks.
Retirement Community
Retirement communities are mainly residential facilities, not medical centers. They provide senior friendly living arrangements and might even set up unique activities to help residents stay active.
Adult Day Care
Adult day care centers are not residential communities, but instead provide a space and activities for seniors to enjoy during the day.
In-Home Medical Care
A lot of seniors want to stay in their own homes, but could still benefit from regular medical care. With this type of service, a nurse or medical professional would visit on a regular schedule to administer medication and similar types of care.
General In-Home Care
Many seniors could also benefit from having non-medical personnel visit regularly to help with various household chores like laundry, cooking and errand running.
Non-Emergency Medical Transportation
If you’re interested in starting a transportation business, many seniors could use assistance getting to regular doctor visits or appointments where they may not be able to drive themselves.
General Transportation
A lot of seniors also choose not to drive at all, or can’t due to certain medical conditions. So you could also start a general transportation service that targets seniors who need help running errands or getting out of the house.
Medical Claims Assistance
The health insurance claims process can be difficult for people of all ages to navigate. But it tends to be especially pertinent for seniors who may need a lot of care. By providing this service, you would help senior clients file claims and determine the best course of action when it comes to their health insurance.
Home Retrofitting
Some senior homeowners may benefit from changes to their homes as they age. If you’re a skilled home remodeler, you might offer a service where you install safety bars in the bathroom, change up hallways to accommodate wheelchairs or even install motorized lifts around staircases.
Ramp Installation
Ramps can also be quite handy around the exterior of seniors’ homes. This is a fairly simple service you can offer by working with ramp suppliers in your area.
House Cleaning
If you want to specialize in a particular home based service, you can offer weekly or monthly house cleaning appointments to seniors who aren’t able to get to certain tasks in their space.
Pet Care
For seniors who have pets, they may need some assistance walking them or grooming them on a regular basis.
Handyman Service
You can start a handyman service and provide assistance to people of all ages. But it may be especially lucrative to market to seniors who aren’t able to complete certain tasks around their home.
Landscaping
Landscaping is another area where many seniors could use assistance. Offer general lawn mowing, gardening or even more advanced landscape design so the seniors in your area can keep their outdoor space in great shape.
Technical Support
Lots of seniors are using social media, smartphones and streaming services. However, some can also struggle with brand new technology. So if you’re proficient in these areas, you can offer assistance for those who want to get new devices or accounts up and running.
Mobile Salon
For seniors who want help with their hair, nails or other salon services but don’t want to leave their homes, you can start a mobile salon and bring those services right to them.
Nutrition Consulting
Nutrition is important for people of all ages. But it’s especially vital for seniors. Offer consulting services where you helps senior clients create meal plans and stay healthy.
Senior Exercise Classes
If you’re interested in starting a fitness business, you can offer classes or personal training sessions specifically geared toward seniors.
Money Management
Many seniors are on a fixed income or preparing to retire, which means they could potentially use help with money management.
Delivery Service
For seniors who don’t want to run their own errands, you can offer a delivery service where you bring them things like food and groceries.
Senior Relocation
For seniors who are getting ready to move into retirement communities or simply downsize into a smaller space, you can provide moving assistance that covers everything from packing to selling or donating certain belongings.
Senior Care Consulting
You can also help families sort through all the different options that come with aging. You can help them find nursing homes or retirement communities, and navigate the process of getting the proper care.
Travel Group Service
Lots of seniors choose to spend their retirement years traveling. And many may want to do so in groups. You can set up a travel service that arranges group outings specifically geared toward seniors.
House Sitting
You can also help to give them peace of mind as they travel by watching over their home and/or pets while they’re away.
Types of Senior Service Business
| General Types | Examples |
|---|---|
| Residential Care Facilities | Nursing Home, Assisted Living Facility, Retirement Community |
| Day Services | Adult Day Care |
| In-Home Care | In-Home Medical Care, General In-Home Care |
| Transportation Services | Non-Emergency Medical Transportation, General Transportation |
| Health and Insurance Assistance | Medical Claims Assistance |
| Home Modification Services | Home Retrofitting, Ramp Installation |
| Household Services | House Cleaning, Landscaping |
| Technical and Professional Support | Technical Support, Money Management, Nutrition Consulting, Senior Care Consulting |
| Specialized Care Services | Pet Care, Mobile Salon, Senior Exercise Classes |
| Goods and Products Services | Home Delivery Service, Senior Relocation |
| Recreational Services | Travel Group Service, House Sitting |
Related reading: 51 small business ideas for beginners. And check out these 50 service business ideas.
Image: Depositphotos.com
Aira Bongco
It is nice that there are still plenty of opportunities for seniors. This means that they can continue working if they like to.
It’s really great that there are services that cater to the needs of our senior population. They really need all the help they can get.