Business Beat: Tap Into the Senior Market

If you want to grow a successful business, start with big numbers. Consider Boomers, especially those heading towards the senior years. (Remember the Clapper?)

Bill Geist, columnist and author of City Slickers (1990) as well as The Big 5-Oh: Facing, Fearing, and Fighting Fifty (1997), noted that in that category known as Baby Boomers (loosely those born 1946-1960), someone turns age 50 every 7 seconds. Why shouldn't you grab a piece of that business market?

Need Some Ideas? Once you start brainstorming, you won't be able to stop. Think about the people you know and what they need.

In Home Care. Many families refuse to put their families in what they consider "sterile facilities" --- institutionalize them, as they believe. Their loved ones need round-the-clock-care however. If you have an entrepreneurial spirit, that just means being in the home while the person is sleeping. It's all about care, and it requires a certain personality.

Medical Claims Auditor. (You go over medical bills, and if they are incorrect---and they are OFTEN incorrect)---you get a percentage of any money the client gets back. For example, in a multiple page hospital bill, a man was charged for a specialist's visit. What the auditor determined that the patient had already been released and no such visit was made. When you are sick, it's overwhelming to go over every line of every bill.

The insurance company would pay its part, but the patient would have been responsible for the other part, in this case, a part in which the patient wasn't even at the hospital. The auditor saved the man money, and it cost the man nothing. For seniors, especially those who came through the Depression, that's a major windfall. Money for nothing.

Adult Day Care. As people live longer, we live in a world where a person may have an aging parent in need of extra care, as well as a child in college. Adult Day Care can provide sanity and respite for the person, even for the person who doesn't hold a day job.

Errands. Make a business out of grocery shopping, dog walking, trips to the library, laundry, even doctors' visits. One Baltimore woman interviewed took two buses to make a doctor's visit, only to find he was running late, she would miss the connecting bus, so the return would mean another two-bus trip.

Grunt Work. Things don't work the way they used to as we age. Businesses that involve moving, hauling, lifting are good bets if you're targeting the senior market. More than that, seniors often start to pare down "possessions" as they age. Be the person to do the heavy lifting, toting and moving and make some money in the process. Do a "clean out" of the attic or basement, and perhaps you can resell some things to antiques dealers for added income.

Normal Pleasures. We all have things that make life worth living. Think of very normal things that bring pleasure but can't be done by a senior due to physical limitations. Gardening and fireplaces come to mind immediately. The senior may be able to putter in the garden, but may not be able to do the maintenance work. That's where your business comes in.

Gardening can be a lot of work. When the ground gets dry, weeding can be impossible. Part of your business can be doing all of the ugly parts of gardening, while leaving the fun part for the client. The client ends up with plump strawberries and a beautiful lawn, and you end up with a business.

Fireplaces. Make a business out of keeping a good supply of dry firewood (cut to manageable sizes) available so the person can enjoy a cozy fire in the winter. It also cuts down on stress as the senior may worry about losing heat and power (critical as we age).

Cooking. If cooking is your thing, turn that into a business (making note of the various health code laws). You may be dealing with people who have to watch sodium, for example. Cook in bulk and make homemade, tasty meals. Supply a week's worth of meals that taste good and offer variety.

Tech Training. Many seniors are embarrassed that they don't know the lingo of the computer. And they won't ask a loved one for help. With laptops with cameras, the senior is missing a great opportunity to stay in touch with loved ones. Your business would fall into the "teach a man to fish..." category. Imagine the joy on the grandmother's face as she logs into her computer and sees her grandchild who may live thousands of miles away. You are providing the invaluable service of keeping families together.

Creativity. Everyone has a story to tell. In my family, we have cassette tapes with relatives long gone. Perhaps a person writes but has things scribbled here and there. Or, they have great stories from when they were younger. Use your imagination and put it together in a booklet form for them to give people for the holidays. You have a business, the person gives a great gift, and the giver will have lots of questions answered.

Photography/Scrapbooking. How many of us know seniors with stacks of photos kept in shoebox or tin? There will come a point when no one knows who the people in the photo are. Use Post It Notes and build a business out of documenting the information. It will be a business to you, and it will bring a lot of joy to the person looking at the photos again.

The senior market provides lots of opportunity for new business. You just need to learn to think how you can provide a service while allowing your client to maintain his or her dignity. You have a built in, huge market to deal with in the senior population. Just as a new parent has to often crawl around on the floor to figure out what sort of things the child might see or obstacles he'll have, if you want to tap into the senior market, start to think of the things you would miss the most if you developed physical limitations. Then, fill that need.