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By Mike Clark
Are you looking for the next big thing to invest in? Well here is a great idea, start a senior home care business. If you like caring for people and have a love for seniors, then this could be the business for you.
The baby boomer generation is turning 65 at an alarming rate. Right now, more than 10,000 people turn 65 each and every day. In the next 10 years, one-fifth of the American population will be over 65. Starting a business that caters to one-fifth of the population is a no-brainer, if you also have a good enough “why” inspiring you along the way that is. The why is the reason some people fail at business and others are highly successful. If you have a strong enough why, then you can succeed at anything. Getting into a business simply because it has the potential to be extremely profitable in the current market is not enough. Here are some more reasons why it is the best time ever to start an in-home senior care business.
Thanks to the era of prosperity that these baby boomers lived in during their working years, they have more money to spend than many seniors have in the past. Thus, more seniors nowadays are able to help pay for in-home care services. More than 80% of older folks own their homes, and 90% of them plan on aging in place as long as possible.
Another reason starting a senior home care business is a good idea is because with age comes many chronic health conditions and temporary medical emergencies. Sometimes these temporary conditions are brought on by falls, accidents, or disease. Providing care for this rapidly growing population will require an army of caregivers for them to remain at home like they wish to be. These caregivers will need to provide care for the chronically ill but some will just need to provide companionship, meal preparation, medication reminders, light housekeeping, shopping, and errands. Sometimes as little as 3 or 4 hours a day is all a senior adult needs to remain safe in their home. When a senior is able to remain at home as they age then they can maintain their privacy, dignity, and independence.
Next, let’s talk about the “sandwich generation”,a.k.a, the children of the baby boomer generation. These people have to work, raise a family, and help with their parents’ care. They are busy with their lives as well as trying to take good care of their senior parent/parents. With help from a senior care provider that could visit their parents a few times a week, they could visit their parents with less stress knowing that someone else is helping care for them. Therefore, providing care for seniors to remain in their homes as they age is more than just a business, it’s a service to the family.
Increasing health care costs and the rapid growth of the senior population make senior home care services the fastest-growing segment of the entire healthcare industry in this country. Having home care services to assist the seniors with daily activities will enable them to leave the hospital sooner and avoid full-time nursing care longer, which makes it a more cost-effective solution to care for seniors.
Now that we have given you several reasons why it’s a great business opportunity to start a non-medical home care business, we will explore the “how”, in the next blog.
Dwell at Home is bringing in-home senior care into the palm of your hand with a mobile application that values convenience, personalized mentorship, and trust. You can download the app in the Apple App store today by clicking here!
Dwell at Home is not a licensed medical professional and all information provided is provided “as is” with no warranties. You should consult a licensed physician for any questions related to your health. Dwell at Home makes no guarantee about any application or third-party website mentioned in any article on this website.