Top 9 Senior Businesses to Start

Whoever coined the phrase "growing old gracefully" must have had a good idea of what today's senior demographic would look like. With available retirement income and a willingness to spend it on products and services that make them feel younger, more at ease and better equipped to stay at home longer, the 60-plus set is hardly content to check into a retirement home and play Bingo.

As of March 2002, there were nearly 45 million 60-and-older individuals in the United States, or 15.9 percent of the population, according to the U.S. Census Bureau. What's more, the Census Bureau predicts the number of seniors will rise to 70.3 million (20 percent of the population) between 2011 and 2030.

Let's not forget the 77 million baby boomers: In 2006, the oldest boomers will turn 60. And according to a May 2004 AARP study, people 45 and older spent $2.28 trillion in 2001-accounting for a whopping 52 percent of all consumer dollars spent in the United States.

Here are the top 9 senior businesses to start:

1. Senior Care Consultant.  When it comes time to move out of your home-perhaps the place where you've spent the better part of your life-the last thing you want to deal with is pesky details. Helping seniors find a quality environment in which to spend their golden years, and easing the transition into the new surroundings, can be an invaluable service to those who have a lifetime of memories to sort through.  The options are many in this sector, as you can also provide services like helping research new places to live, finding a realtor, selling the home, packing belongings, arranging for or performing the actual move, and unpacking at the new destination. If you go the moving-management route, expect to spend up to $10,000, plus the cost of a vehicle, on an initial supply of packing materials, a dolly, a toolkit and professional uniforms.

2. Nonmedical Home Care.  With today's seniors feeling younger than ever, more of them want live-at-home alternatives than out-of-home care.  The most common need for seniors is social interaction, many [seniors] have difficulty getting out of the house, either because they can no longer drive or because they are afraid of falling. These limitations intensify the sense of isolation they feel every day.  A service with an hourly or live-in caregiver providing meal preparation, light housekeeping, medication reminders, monitoring of ambulation, transportation to and from doctor's appointments, and companionship, keeps seniors from feeling alone. A compassionate caregiver can bring joy and purpose back into a senior's life.

3. Senior Meal Delivery.  Making sure seniors eat healthily and regularly is top-of-mind for caregivers, if not for seniors themselves.  Be sure to educate yourself about what seniors want and need in terms of fresh, nutritious meals.  To familiarize yourself with local restrictions on preparing food in your home; you'll likely need access to a commercial kitchen as well as refrigerated trucks. 

4. Senior Clothing & Products.  It is sometimes very hard for a senior to get clothes over their heads or to put their arms back to get into something that is front-opened.  Clothing designers are beginning to recognize this need and are specializing in apparel and accessories for those who need dressing assistance.  Back and side openings, elastic waists, soft yet durable fabrics, and modest jumpsuits are just a few suggestions.  

5. Senior Transportation.  The challenge in the senior transportation business, experts agree, is finding ways to provide seniors who can no longer drive with the ability to get where they want to be-and get there in style. Losing the ability to drive can be devastating, but entrepreneurs who find ways to make the ride enjoyable will cash in.  Thus far, the options for seniors have been slim, with transportation generally coming in the form of an impersonal ride in the back of a van provided by a senior center or a community-based service.  Car services that pick you up, drop you off and return you-after a party, a dinner, the symphony-are great for entrepreneurial endeavors.

6. Senior Concierge.  Here's another business idea where you're only limited by your imagination. A concierge service for seniors could both provide escorted transportation and bring services into the home, depending on what the client requests. Think beautician services, dry cleaning, mobile vets, domestic help-again, anything that makes seniors' lives easier and also makes use of their disposable income.

7. Adult Day Care.  Representing another idea still in its formative stages, adult day care is more often than not a service provided by existing senior communities.  Adult day care offers seniors the ability to socialize with their peers and engage in activities that they might not otherwise have an opportunity to do.  It also provides caregivers, who are usually the spouse or an adult child, with relief.  

8. Tech Training.  Surfing isn't just for young whippersnappers: The percentage of seniors online jumped by 47 percent between 2000 and 2004-that's 22 percent of 65-plusers-according to a 2004 Pew Internet & American Life Project study.  Helping seniors feel successful is key to luring the other 78 percent of seniors who, due to lack of access, lack of skills or intimidation, have yet to make use of Internet technology.  Tutorials in basic skills such as the Internet and e-mail are excellent ideas.

9. Online Dating.  Tech-savvy seniors aren't stopping at e-mail: Online dating is getting its share of attention, too.  Seniors, like the rest of society, are seeking a comfortable way to rediscover love and the Internet is able to provide this for many. 

Article chosen: 9 Senior Businesses to Start
Copyright: 2004 Entrepreneur.com, Inc.
Publication: Entrepreneur.com