Start Your Own Senior Services Business

Adult Day-Care, Relocation Service, Home-Care, Transportation Service, Concierge, Travel Service

Charlene Davis

• Publisher: Entrepreneur Press
• Year: 2014
• Print ISBN:
  9781599185415
• eBook ISBN:
  9781613082799
• Topic: Business
• Subtopic: Entrepreneurship
• Index: Business

The senior population is multiplying by the millions! In fact, during the next 25 years, the senior population in America is expected to double — growing faster than the total population in every state. This means one thing: a tremendous opportunity for aspiring and compassionate entrepreneurs. From providing adult daycare or homecare to transportation or concierge needs, this guide covers today’s most requested services within the 65-and-older market. Readers learn, step by step, how to choose the right opportunity for them, legally and financially establish their business, acquire licenses and certifications, set policies and procedures, and much more! Priceless insight, advice, and tips from practicing senior care professionals help aspiring entrepreneurs to discover their specialty from within one of six growing areas of interest — adult daycare, relocation services, homecare, transportation services, concierge, and travel service; design a business to suit customers’ demographics and special needs; set rates; create a support staff who will facilitate success; use effective marketing and advertising to get the word out; build valuable business partnerships that lead to referrals; and plan for future growth. A record number of seniors are seeking help, and this guide is the key to starting a senior care service today!

1

Serving

Seniors

The trends reveal an abundance of new opportunities for entrepreneurs who want to combine caring with nurturing. Baby boomers—members of the generation born between 1946 and 1964—have already started receiving Social Security retirement benefits, and the U.S. Census Bureau estimates the 65 and older demographic will grow faster than the total population in every state. The National Association of Area Agencies on Aging estimates by the year 2030, one in five people in the United States will be over the age of 65. The elderly population is increasing at nearly twice the rate of the general population—the 85-plus segment is projected to swell to about 19 million by 2050.

The evolving needs of older generations are having a major influence on what resources are necessary to prepare for the social and economic impact of the “senior boom.” Considering starting a business serving this market? Then you must know how urgent the need is for senior services. Jacqueline (Jacke) S. Dollar of Easy Aging, Geriatric Case Management Services, says that national demographics demonstrate the need for a variety of senior services. “Most seniors want to age-in-place in their own homes,” she says. “Today’s boomers are interested in engaging in their own retirement and are willing to pay for a professional to assist their parents.”

As people grow older, their needs and lifestyles change. There comes a time when even healthy, able-bodied seniors want to move from their larger homes into smaller ones that are easier to care for, or they may consider retirement communities. As their physical abilities naturally decline, seniors who want to stay in their own homes look for outside assistance with daily tasks, such as preparing meals, housekeeping, and managing personal hygiene. Seniors who are no longer able to drive may seek out reliable transportation to medical appointments, social functions, or shopping expeditions. And when seniors are no longer able to live alone, they may move in with family members or relocate to assisted living facilities. Almost 6.5 million seniors currently need assistance with their daily activities, and this number is expected to double by 2020.

On the other hand, seniors are healthier now than people of the same age were 30 years ago. Wellness for seniors has become an important issue in our society. As human longevity increases, there is a keen desire to remain healthy and independent for as long as possible. These active seniors have time on their hands and disposable income in the bank, and many want to travel to interesting and exotic places.

Tom Mann of TR Mann Consulting (TRMann.com), a full-service marketing and advertising agency that specializes in the senior market says the opportunities for working with the mature market are staggering. Between 2012 and 2060, the population aged 65 and older is expected to more than double from 43.1 million to 92.0 million. “When you consider these are the people who hold the bulk of the country’s money and are undergoing significant life changes, it becomes clear that they will drive the lion’s share of our economy,” he says.

All these trends mean opportunity for savvy entrepreneurs who want to start businesses serving this lucrative and growing market. Senior relocation specialists help their older clients with moving and downsizing. Home care, home health-care, and senior day-care operations all provide services to help people live at home for as long as possible. And a travel agent who specializes in making arrangements for seniors is just the ticket to send them off on a fun-filled adventure.

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Stat Fact

According to the Administration on Aging (aoa.gov), the older population—persons 65 years or older—numbered 35.6 million in 2009, representing 12.9 percent of the U.S. population, or about one in every eight Americans. By 2030, there will be about 72.1 million older persons, more than twice their number in 2000.

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Dollar advises entrepreneurs to research what’s already available in the community and decide how you and your senior service will be better, different, and provide a niche not already met. “Start slowly,” she says. “Have a mentor who’s been in practice for several years and keep your day job until you’re profitable.”

When you serve seniors, you typically wear many hats—and often more than one at a time. We’ll help you discover the ones that fit the best by showing you how to design a business that complements your talents and your demographics.

You may already know what type of senior services business you want to start, or you may still be exploring your options. In this guide you’ll find the information and tools you need to start a senior adult day-care center, a senior relocation business, a home care or home health-care business, a senior concierge service, a senior transportation service, or a senior travel service.

We’ll start with an overview of the market, look at the specific services you’ll want to consider offering, and then go through the step-by-step process of setting up and running your new venture. You’ll learn about basic requirements and startup costs, daily operations, and what to do when things don’t go according to plan. We’ll discuss how to find, hire, and keep good employees. Plus, you’ll gain a solid understanding of the sales and marketing process, as well as how to track and manage the financial side of your business.

The best way to ...

Table of contents

• Cover
• Title Page
• Copyright
• Contents
• Preface
• Chapter 1: Serving Seniors
• Chapter 2: Running Your Senior Care Service
• Chapter 3: Developing Your Plan
• Chapter 4: Adult Day-Care Service
• Chapter 5: Relocation Service
• Chapter 6: Home Care and Home Health-Care Services
• Chapter 7: Concierge Service
• Chapter 8: Transportation Service
• Chapter 9: Travel Service
• Chapter 10: Structuring Your Business
• Chapter 11: Locating and Setting Up
• Chapter 12: Assembling Your Team
• Chapter 13: Equipping Your Business
• Chapter 14: Building Your Online Presence
• Chapter 15: Essentials of E-Marketing
• Chapter 16: Marketing Offline for Success
• Chapter 17: Financial Matters
• Chapter 18: When Things Go Wrong
• Chapter 19: Tales from the Trenches
• Appendix: Senior Care Resources
• Glossary
• Index