| Why the Aging Population is Great for Business

Posted in Small Business at 9:00 AM by Loftis Consulting

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It has been approximated that there will be more than 70 million over-65s living in the USA by 2030, and many of them will live on for decades after they reach retirement age. Although this could lead to some challenges, particularly when it comes to the extra resources needed, if you’re an entrepreneur, the aging population could be really good for business too.

Why? Older people tend to have more disposable income – they’ve built up their assets over many decades of hard work – and more free time. Many of them also need more support from day to day, which means there are lots of opportunities to make money from the older demographic.

Here are just some of the ways you could benefit from the increasingly large older population…

 

Care

Buying a home care franchise or setting up your own retirement home company could see your business booming pretty quickly. As more people live well past retirement age into their 80s and 90s, their need for help and assistance with their day to day care. Right now, there aren’t nearly enough care providers to adequately look after everyone who needs it, so carving out a niche in this area could really pay off.

 

Senior Travel Companies

Senior citizens who have lots of disposable income and lots of free time love to travel are great target customers.  They tend to spend on such things as cruises, road trips, vacations in the sun – they love them all – and what’s more, they love traveling with other people of their age. So, if you set up a travel company aimed solely at providing stimulating vacations for older people, where the trips are strictly for adults, you could do quite well.

 

Online Dating

Today’s retirees are just as internet savvy as the rest of us and many of them are looking for love. When people reach their 60s and beyond, many of them are divorced or widowed and many are looking for a second chance at love. Providing it to them by creating a really good online dating website for the over-60s is a great way to get your start in business, not least because the over-60s are the fastest growing demographic in the online dating game. Setting up a new site is pretty easy too.

 

The Fitness Industry

There was a time where you’d retire and then spend your days reading, knitting and maybe meeting up with friends a few times a week. Today’s seniors are much more active than that, and there is a burgeoning senior fitness industry. So, why not set up a gym for the over 60s, offer yoga classes for the older body or market fitness trackers that appeal to the grey dollar? They’ll love it.

 

Property

A lot of retirees have invested well in property, and many of them still live in large family homes too big for their needs, If you could set up a service that helps those seniors who are looking to downsize to do so with ease, you could make a pretty profit. You might also consider working as a property manager for those retirees who have a portfolio of properties to supplement their retirement fund.

As you can see, targeting the aging population could be quite lucrative no matter what industry you’re in!

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