According to a recent United Nations Study, the older population is growing at a faster rate than the world’s total population. It is predicted that by 2050, older persons will make up more that 50% of the populations in western, developed nations, including The United States. As our beloved seniors leave the work force, there are not enough younger replacements. In addition, our need for elder care and senior services is rising faster than we can come up with solutions. Older women outnumber older men by a landslide.
This is not meant to be a doom and gloom report. On the contrary, what I am saying is that where there is a tremendous need, there is also tremendous opportunity for creating new services. Not only are the seniors themselves going to need help; their loved ones will need help and support too.
It’s only going to get bigger.
Right now, a senior and/or their concerned family members have to navigate through a myriad of agencies and referral services to find housing, medical care and ancillary services. Navigating Medicare, Part B can be a real trip down Alice’s Rabbit hole! The adult children of seniors often live far away and/or can’t help.
The opportunity lies in creating a one stop service that will address all the needs of seniors and their families. Companies that create a one stop shopping service where seniors and their families can get all their needs met will be tapping in to an ever growing client base.
What do Seniors need now and what will they need later?
1. Help deciding if they can remain safely in their own home.
2. Knowledge of home safety products available
3. Help finding senior services of all kinds
4. Protection from Elder Care Abuse
5. Help finding affordable housing
6. Someone to help navigate through the government bureaucracy of Medicare and Social Security.
7. Help disposing of unwanted property
8. Social Interaction
9. Protecting their legacy
10. Protecting their finances
11. Keeping in touch with family
13. Good Health
14. Home Care
There are so many opportunities in the Senior Service industry. While answering the call to help Seniors, we can also create amazing business opportunities too. Ask anyone who works with seniors and they will tell you that it is a truly rewarding experience.
Anyone who works with seniors has realized that many of their needs are just now being acknowledged. Industry has not yet caught up with the market opportunities of this rapidly growing population.
Those already in the senior care industry need to look beyond what they currently offer and expand their services to meet the needs of their clients. Opportunities abound.