Check out this great article in Business News Daily about the growing demand for businesses that cater to the growing senior market:
As baby boomers approach retirement, the growing market of seniors and retirees offers great opportunities for savvy businesspeople. As of 2012, 13.7 percent of the population was over the age of 65, and by 2030 this figure will grow to 19 percent, according to U.S. census figures.
Want to seize the opportunity these consumers represent? Here are some new, niche business ideas for entrepreneurs hoping to capitalize on this growing market.
For the elderly who prefer to stay in their own homes instead of moving to an assisted living facility or retirement residence, maintenance and housekeeping may become more difficult as they age. These challenges represent many opportunities for service businesses that help the elderly around the house, including those who do specialized renovation and contracting work.
“Most homeowners can relate to the difficulty in finding reliable contractors to work in their home, but for senior homeowners in particular, this can be a tremendous challenge,” said Debra Cohen, owner of homeowner referral agency, Aging in Place Referrals.
Cohen said that unscrupulous contractors may prey on seniors, and many of this population’s homes need safety modifications.
“After my own experience trying to take care of my elderly parents in their home several states away, I personally realized the value a contractor referral business offers to senior homeowners who want to age in place,” she said.
This led Cohen to launch her business, which serves the needs of senior homeowners by pre-screening contractors to ensure they have the appropriate licenses and insurance.