Do you have passion for catering for elderly people or seniors? Do you want to profit off this passion of yours? Then below are ten lucrative small business ideas aimed at baby boomers and seniors.
Last year (2012), the oldest set of baby boomers; those born between 1946 and 1964 celebrated their 66th birthday. And in the next few years, they will begin to retire, and we will see a significant boost in the number of seniors and retirees. Also, according to the Pew Research Center, about 18% of the American population will be above 65 years old in 2030.
Now, what do these statements suggest? They suggest that one of the smartest moves you can make right now is to start a business that caters to baby boomers, seniors or elderly people. This segment of the population is really worth targeting due to the following reasons:
- They have more money, more savings, and more disposable income than their parents
- They are healthier, more active, and fitness oriented
- They prefer being independent and living in their own homes rather than live in nursing homes
- They want to continue working even after their retirement years
So if you want to take advantage of this baby-boomer trend, here are ten profitable business ideas that you should consider starting:
Top 10 Lucrative Small Business Ideas Aimed at Baby Boomers
1. Adult day care
If you love taking care of the elderly, then you can turn this passion into a profitable business by starting an adult day service business (formerly known as adult day care center). This business is getting more popular because most seniors now dislike the idea of nursing homes. The children of most baby boomers would be glad to hire your services because this will give them the chance to concentrate on their jobs while being assured of their parents’ safety and welfare.
2. Investment adviser
Baby boomers living on fixed incomes often need help in managing their finances in order to make every single dollar count. If you are a good financial adviser, you can help them come up with great ideas and strategies to maximize their pension, IRA, 401K, and Social Security payments. To start this business, you will need a good grasp of finance and investment matters. Having a Certified Financial Planner certification can boost your expertise and credibility.
If you are a creative writer or editor, you can make money off of the growing baby boomer population by starting a magazine tailored specifically to baby boomers, retirees, and seniors.
4. Computer training
As they approach retirement, baby boomers will now have more free time, which means more time to spend on their computer as well as the internet. You can start a business that teaches them basic computer tasks, such as surfing the internet, sending emails, and preparing Word documents and presentations. To capture potential clients, you can organize a free seminar. Keep in mind that this business requires patience and motivational skills, as you will most likely be teaching novices with tired brains.
5. Property maintenance service
Because they are no longer strong enough, baby boomers may need assistance in caring for their properties. You can help them by providing maintenance services such as lawn mowing, gardening, and petty repairs. For baby boomers that travel frequently, you can offer to take care of their properties while they are away. To capture potential clients, consider conducting seminars and home repair clinics at local home and garden stores.
6. Taxi service
Baby boomers who are finding it difficult to get out and about can benefit from a taxi service that picks and drops them when they need to go for grocery shopping, dry cleaning, medical checkup, veterinary visits for pets, and so on. All you need to start this business is a van, station wagon or pick-up truck, especially if you plan to transport larger items or pets. You can gain clients by leaving your business cards at senior centers or by door-to-door marketing.
7. Fitness center / program
Health clubs and fitness programs are presently seeing a surge in the number of baby boomers that are joining them. Because they are very much health-conscious, baby boomers are now actively participating in sports and related activities in order to keep physically fit and mentally younger.
To tap from this growing number of health-conscious baby boomers, you can start a fitness club and offer health and fitness programs. You can convert a large room in your house or rent a large room in your neighborhood for this purpose.
8. Errand service
If you are looking to start a business that requires zero skills and capital, this is a good option for you. Most baby boomers need help with certain chores and errands and they, or their children would gladly pay you to help them with these tasks.
9. Online dating or interaction
Tech-savvy baby boomers spend a lot of time online. But most of them do more than sending emails and surfing through online communities, they engage in online dating. The reason for this is that baby boomers have a craving for companionship; new companionship from remote sources, preferably. So, if you are a skilled webmaster, consider setting up dating site or online community for baby boomers, seniors, and retirees.
10. Medical service
If you are a registered nurse or other healthcare professional, you can make extra profit by rendering custom healthcare services to baby boomers and seniors. This business entails giving them regular health checkups and valuable advice on how to stay healthy.