Baby Boomer Business

Baby Boomer Business

It’s called the “Graying of America”.

As of November 2016 there were more than 50 million seniors living in the U.S. and according to AARP (American Association of Retired Persons), more than 90% of them want to remain in their homes or “age in place”.

But, as senior homeowners begin to experience reduced eyesight, poorer balance, reduced flexibility, etc. home modifications need to be made in order for them to live safely and comfortably.

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The most widely requested home features that are especially important to seniors are:

  • Safety features such as non-slip floor surfaces (80%)
  • Bathroom aides such as grab bars (79 percent)
  • A personal alert system that allows people to call for help in emergencies (79%)
  • Entrance without steps (77%)
  • Wider doorways (65%)
  • Lever-handled doorknobs (54%)
  • Higher electrical outlets (46%)
  • Lower electrical switches (38%)

The majority of these features do not currently exist in most seniors’ homes:

– The National Association of Home Builders (NAHB) reports that 75% of remodelers report an increase in inquiries related to aging in place.

– The NAHB also predicts that the aging in place remodeling market to be $20-$25 billion which is 10% of the $214 billion home improvement industry.

Most importantly, senior homeowners and their caregivers need to find contractors they can trust which is why Aging in Place Referrals has evolved from my existing Homeowner Referral Network (HRN) business. I personally saw the need to modify the homes of many of my clients and their families who I started working with 20+ years ago.

If you’d like to learn more about the senior housing market in your area, check out https://www.seniorcare.com/directory

This Stay-at-Home Mom Turned a Simple Idea into a $4 Million Business

This Stay-at-Home Mom Turned a Simple Idea into a $4 Million Business

by Dana Sitar

Debra Cohen had a killer job.

She was vice president of a Spanish-language aviation magazine in Manhattan, which sent her all over the world — an “amazing adventure.”

She was on a business trip to Paris when she found out she was pregnant with her first daughter.

Cohen was faced with the working mother’s dilemma: Could she keep her corporate career and have the kind of family life she valued?

That was 20 years ago.

Cohen’s response to this common dilemma ultimately led to her version of “having it all” — the chance to raise her (now, two) daughters and grow a home-based business that’s grossed almost $4 million.
Leaving a Successful Career

“My husband and I had a heartfelt conversation one night about how I was missing out,” Cohen explains.

“He said, ‘quit your job.’ [It was about] quality of life over quantity of money.”

Cohen’s company accommodated motherhood as best it could. After maternity leave, she was even able to work at home some days.

Click Here To View Full Article

Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She also writes about writing, life, comedy and love and attempts humor wherever it’s allowed (and sometimes where it’s not).

Celebrating 20 years!

Celebrating 20 years!

This summer marks the 20th anniversary of my Homeowner Referral Network (HRN) business. 20 years! It’s hard to believe.

So much has changed since 1996. Back then, I worked from an old farm table in my basement with my two daughters at my feet. I purchased my first computer with a $5000 loan from my husband’s retirement savings plan and I didn’t have a website because the internet didn’t even exist back then! I started with just 5 contractors in my network—a pest control specialist, painter, handyman, floor refinisher and a plumber–and printed my direct mail cards to homeowners on a refurbished printer. My first commission check was a whopping $30!

Once my business became profitable, I decided to give myself a gift and hired a few of the incredible contractors in my network to renovate our front porch and convert it into my home office:

This is a clip of the first news article that was written about my business in 1997 in a local newspaper. After this article, my phone didn’t stop ringing with calls from contractors, homeowners and other entrepreneurs who were all interested in my business:

By year two, my income had almost doubled and gained the attention of homeowners and contractors nationwide, not to mention the media:

Now, 20 years later, I have worked with almost 100 contractors and am proud to say that 80% of the ones who first started with me are still in my network (including the contractor who paid me my first $30 commission)! I still work alone but am now connected with 300 other incredible business owners who are operating HRN businesses like mine all across the country.

Over the years, I’ve seen the start of companies like Improvenet, Angie’s List and Home Advisor to name a few—all of whom attempt to satisfy the universal need for homeowners to find trustworthy contractors. I started Home Remedies before all of them and have been able to compete and survive for two basic reasons:

  1. I kept my business personal and local.
  2. I remained true to my commitment 20 years ago which was to be a “trustworthy resource for local homeowners and an outsourced sales and marketing force for local contractors”.

I never dreamed that the simple home based business I launched from my basement would have grown into a cottage industry nationwide. The rewards have been tremendous and I am grateful for my clients, my contractors and all of my fellow HRN owners who have helped me achieve this extraordinary milestone!

Happy Father’s Day!

Happy Father’s Day!

My father was my role model, mentor and best friend for 47 years. 292.ScottJonesPhotography I credit his sage advice for many of the blessings in my life including a happy marriage, wonderful children and yes, my successful business. I learned some of the most important lessons from my father just by watching how he lived his own life. He was on his own from the age of 13 and his life experience made him resourceful, street smart and self-sufficient. Sadly, my father passed away 2 ½ years ago, and, as anyone who has lost a parent knows, the loss is unimaginable.

Over the years as my father grew older, his lessons became even more valuable to me because I knew that my time with him was limited. His mind remained sharp but it was clear to him (and to me) that his body wasn’t as strong as it used to be and safety was becoming an issue. He was living alone in a house in Florida and I spent many sleepless nights worrying about potential hazards, accidents, etc.

My father wasn’t one to ask for help so, on every birthday and holiday, I gave him a gift that would make his life more manageable-an automatic garage door opener, carts to wheel out his recyclables, new appliances, shower grab bars, large print books and eventually an aide to stay with him on the weekends. He was proud and accepted my gifts with humility because I think he knew they would help him remain in the home he loved for as long as possible which thankfully, he did.

As I prepare to muddle through another Father’s Day without him, it occurs to me that although he’s not here, my father continues to teach and guide me. Watching him live out his years in his home was the brainchild for the newest chapter in my business, www.aginginplacereferrals.com. Keeping him safe was a priority and finding contractors and service providers who could help me do that made me realize first-hand the value that my business can offer to senior homeowners and their caregivers who are in the same position as I was.

My father was my biggest fan and I was his. I know that he’s looking down on me and is proud of the business I built, the mother and wife I am and the person I’ve become. It’s all a testament to him and for that I am blessed.

Happy Father’s Day, Dad!

How long will it take for my HRN business to turn a profit?

How long will it take for my HRN business to turn a profit?

It makes sense that this is one the questions most frequently asked by new Homeowner Referral Network (HRN) business owners. After all, you want to launch a home-based business for flexibility and independence but ultimately, the goal is to generate more income for your family or possibly transition out of a full time job.

The short answer is that most new HRN business owners turn a profit within the first 6 months of operation. That’s pretty appealing since most new businesses can take up to 3 years to turn a profit! The reason HRN owners are able to make money so soon is that the start-up expenses to launch a contractor referral business are minimal.

To give you an idea, I’ve outlined the major expenses below:*

  • Computer
  • Printer
  • Fax and/or Scanner
  • Telephone Line
  • Answering Machine/Service
  • Direct Mail Printing
  • Mailing List Subscription (1 year)
  • Promotional items
  • Postage
  • Fees for Establishing Legal Structure

The expenses listed above will vary based on a few factors. For example, fees to set up a legal structure (LLC, Corporation or Sole Proprietorship) are different from state-to-state, you may currently have an office set up in your home, outsourcing printing or doing it in-house, etc. Each start-up is different but the average HRN business owner can launch with a budget of approximately $750 to start over the first 3 months.

And, the monthly operating costs for an HRN business are minimal as well. This is a word-of-mouth business that doesn’t require expensive advertising, there’s no merchandise or production costs and best of all, operating a business from home can be tax deductible!

Below are few of the monthly HRN business expenses:

  • Telephone
  • Direct Mail
  • Printing Expenses
  • Association Membership Fees
  • Office Supplies
  • Postage

On average, monthly expenses for HRN owners are no more than $300/month.

Those are the expenses, now let’s discuss income. Contractor commissions vary based on the dollar value of the job and type of service. Also, in some cases material costs will be considered. (Complete commission tables are outlined in the HRN Business Manual.) So, let’s say an average commission paid by a contractor to your HRN business is 10%. If you refer one job for $5000-$10,000, that’s a pretty good profit with no overhead!

So, if you’re still thinking about starting an HRN or Aging-in-Place Referral Network in your area, don’t let the cost deter you. Not only is this a rewarding business personally, but it can be a very rewarding business financially as well!

 

*Based on HRN owners who start with the Best Value Business Package which includes a website, forms, management software and graphics.