3 Senior Care Business Opportunities Entrepreneurs Can’t Ignore
Today’s post spotlights 3 senior care business opportunities whose rewards entrepreneurs cannot afford to ignore.
In Home Care Demand Spikes Can’t Be Ignored
You’ve heard all about the “Greying of America” and the “senior boom.” Americans are aging past 65 in record numbers as the Baby Boomer generation grows older. By 2050, most experts agree that seniors will outnumber children.
Obviously, that has big implications for the senior care industry. All kinds of senior care business opportunities arise from this unprecedented population shift. Take the in-home care industry, for instance.
AARP research reports that 90% of seniors plan to retire and age in the comfort of their own homes. There are roughly 48-million Americans over 65 today, and 98-million expected by 2060. That means about 43.2-million seniors are currently planning to age in place, and many will be relying on in-home care services to make that possible.
Few other industries can claim market growth stats like these!
Senior-Specific Housekeeping Opportunities are Lucrative and Resilient
The cleaning and housekeeping industry is huge–back in 2015, it generated $51 billion in revenue, and demand for senior-specific services has greatly increased since then.
Most experts argue that the cleaning industry is highly susceptible to economic downturns, particularly those businesses focused on housekeeping for the general public. After all, most of the general public is perfectly capable of cleaning their own home; since it’s not a skilled or specialty service, it can be hard to justify the cost of a professional house cleaning during recessionary periods. Accordingly, cleaning industry revenue fell 5.3% in 2008 and another 6.1% in 2009 as the reverberations of the Great Recession continued.
So housekeeping companies that target the general population aren’t exactly a hot ticket.
Back in 2014, nearly half of all seniors needed help with the activities of daily living (ADLs), which includes housekeeping as well as more mundane tasks like dressing and meal preparation. For these people, housekeeping is not a luxury to enjoy during lucrative periods–it’s an essential service that seniors rely on to keep their homes safe, comfortable, and conducive to good mental health.
Since 2014, the numbers of seniors in need of help with housekeeping have only grown. As mentioned above, by 2030, 1 in 5 Americans will be over the age of 65. And according to AARP research, 90% of these seniors plan to “age in place,” enjoying retiring in the comfort of their homes rather than relocating to assisted living or nursing facilities. That means a huge percentage of the senior population will need businesses like ours to keep their homes safe and tidy. And those that offer other senior care services in conjunction with housekeeping will have a categorical edge over single-service competitors. There’s money to be made and people to help.
Non Medical Senior Care Business Opportunities Abound in America
As the “Greying of America” continues, the demand for both general and specialized long-term medical care services grows rapidly.
For a huge percentage of the senior population, non-medical help with the activities of daily living (ADLs) will make all the difference for their safety, independence, and quality of life.
Providing non medical dementia care will be particularly important. Good news: the share of the population with dementia may have fallen over the past 25 years—likely the result of better brain health related to more schooling and aggressive treatment of high blood pressure and diabetes, according to Population Reference Bureau research on aging trends. However, though the prevalence rating has dropped, the senior population boom means that the actual number of dementia patients will be higher than ever. As such, non medical care services will be in high demand for the foreseeable future.
Executive Care offers a complete continuum of both general and specialized non medical senior care services, which allows us to truly make a difference, while also maximizing the number of revenue streams for our investors.