Rising Senior Population Opens Doors for Businesses

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Close to 20 percent of Americans are over 65 years of age. The US senior population is constantly growing, and senior-centric businesses are booming.

Independent Practitioners

Doctors and other medical practitioners are setting up individual practices away from hospitals and other medical institutions. An independent clinic or medical facility will immediately garner seniors’ patronage, especially if it is located within or near the community. Most seniors are also more likely to visit small clinics rather than go through the trouble of heading to a hospital.

Seniors that want to hold on to their independence also rely on frequent home care services or visits. If you are in the medical field, you can start your own clinic, physical therapy practice, LASIK center, or any other practice within medicine and immediately have a dedicated market. Of course, independent practices are not void of risk, so it might be better to partner with existing brands through the many senior-centric franchises.

House Renovations

house renovationIn the US, 4 out of 5 seniors own their homes. Senior homes require extensive renovations to prevent accidents. Slips and falls are among the leading causes of injury and death among seniors, and a few renovations around the house can minimize or eliminate their occurrence. Most renovations are done in the bathroom, but they merely involve installing support rails and safety fixtures. You don’t need to worry about existing plumbing unless you’re setting up a walk-in bathtub.

You can also set up automatic lights (motion-activated), change doorknobs to lever-types, and install additional railings around the house. Making a house accessible for wheelchair-use involves major renovations. Bathroom and kitchen remodels are essential and minor fixes around the house to make switches and devices more accessible. Build your network of contacts by offering your services to senior groups or just by maintaining a visible online presence. You can either deal with potential clients directly or go through their loved ones and offer suggestions.

Miscellaneous Assistance/Services

Most seniors require some form of assistance in their daily life. Some seniors prefer to be driven to their medical appointments, especially if medication or minor surgery is involved. Most seniors prefer to be driven by someone they know instead of the total strangers they encounter through ride-sharing services. Medical claims are also a sour spot, and seniors can lose a bit of money by failing to file or having a few mistakes in their claims.

While a single client probably won’t get you enough revenue, catering to a group will certainly put you in the black while also making sure the system doesn’t take advantage of them. You can also focus on group activities that seniors may enjoy, like field trips, dance classes, art classes, exercise programs, and the like. Seniors want and need a bit of assistance. You only need to focus on one or two and build on them.

By 2030, seniors will make up more than 20 percent of the US population. Businesses that cater to their needs will have a huge market of people with expendable income and a lot of time in their hands.

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