One of the Hottest Markets For Your Idea To Start A Home Business: The Senior Market
I am sure there will be thousands of articles about predictions for 2008, but that is not going to stop me from adding my two cents. I am going to talk a lot about having multiple streams of income as I guide you along your path of entrepreneurial success. You need to have a main business, sure, but you must also have multiple source of “passive income”. These are little ventures or projects, that take some work in the beginning, but then generate income over time with no more work on your part. A How To book or e-book, sold through a website, is a great example of passive income. This is that, “Make money in your sleep,” thing you hear so much about. So from time to time, I will suggest a Hot Market that you should consider starting a business, or at least a sideline in.
Today, I am going to talk about the Senior Market. For an in depth look at statistics for the aging population in the U.S., see the website for the Department of Health and Human Services Administration on Aging. Here is a quick snapshot of what you will find:
- Of the approximately 300,000,000 people in The United States, 12-15% (about 37,000,000) are 65 and over.
- Over 50,000,000 are 60 and over.
- So it is expected that by 2030, 20% of the population be 65+
Is that a big enough market for you? You may have heard the term, “Sandwich Generation.” This describes the millions of people that find themselves responsible for the care of both their children and parents at the same time. Expect an explosion of businesses that provide assistance to these people. Will you be one of the businesses that are already established when this explosion hits? You better be. This is not a generation that grants its trust easily. Creatively providing services to make life for seniors more satisfying, comfortable, stimulating, and fun can make you rich. Making life easier for the “Sandwich Generation” can also make you rich.
- Health Care, Medical, and Fitness Services
- Home delivery of everything from groceries to prescriptions
- Social and Educational Activity Services
- Distance Learning
These are just a few examples of businesses that will experience growth.
Senior housing, and businesses that provide ways for seniors to stay in their own homes longer, already are, and will continue to be in great demand.
It has been my experience that the best Home Businesses are service businesses. No stock, or inventory, far better hours than retail, less labor concerns, and far less tax and regulatory concerns than product businesses. Have a good, creative way to provide a needed service to the senior community, and you will be rewarded with loyalty, word of mouth advertising, and a fulfilling way to earn money.