Starting a Senior Service Business
As we all know, older people are the most affected population in terms of self-service capacity. Older people also have difficulties in providing food and medicine.
List of different service businesses here
Similar to babysitting, supervision/care services for the elderly can be permanent or temporary (where family members perform different activities, and cannot care for the elderly).
Within this market niche a profitable business can be developed based on a number of services such as:
care or supervision in your home or elsewhere.
The administration of medical treatment.
companionship for walks or various occasions.
Start up service for the elderly
To start its activity of service to the elderly requires a market study to identify the areas inhabited by older people with higher than average income and with different needs that can be solved by giving this service.
Depending on your background or experience in a certain field of the ones described above you can focus on
supervision in the home.
medical services if you are a nurse or doctor.
cooking, if you are passionate about cooking.
This business can be run from home, seeking to favorably reduce rental and utility expenses.
When you want to hire staff, contact a recruitment agency so that your future employees fit the profile required for this job. To avoid paying high taxes, you can negotiate a fee for each action performed by a member of your team.
Promotion is very simple, with the help of family doctors through state or private hospitals or clinics and various pensioner organizations.
The legislative framework of a senior service business
A number of documents are required to establish a business in the area, so you will need to consult the authorities in the county where you live
Benefits of a Senior Service Business
The investment for this business idea is very small, maximum 1,000 euros.
To start the activity you do not need to ask for necessary bank loans or other methods of financing.
Many people refuse the entry of family members in a nursing home, so through you, the problems generated can be solved.
The business pays for itself quickly.
It is a business that can be started by anyone, the difference with the competition is composed of the quality of the staff, the services and last but not least, the prices.
Requirements to start a business serving the elderly
The service of the elderly is an area of the market in which important needs are demanded that to a great extent cannot be met by the relatives due to lack of time and other reasons, therefore it can represent a wide opportunity for the entrepreneurs.
However, a service for the elderly must meet specific requirements in order to operate one of them are the facilities, which must pass the architectural controls of security for the elderly such as ramps, handrails, wheelchair corridors, security systems in the bathrooms, among others.
Another requirement that must be met by the center is that, older people almost always need alternatives to maintain health, related to physical activity or gymnastics. For this reason, physical spaces must be fitted out with equipment and human resources specialized in exercise and therapies for the elderly.
Tips for starting a business serving the elderly
One of the ways that you can make large profits in this business is by diversifying the service. By offering other value-added services different from those of the competition.
Such is the case of help with formalities and errands that can be a variant without the need to transport the person, which consists of carrying out urgent procedures that either because of physical limitations, the elderly cannot carry out, such as payment of services, sending mail, courier, bank procedures, among others. Taking into account that discretion and reliability are key elements for this type of business.
Problems that may arise in the Elder Service Business
One of the problems that the entrepreneur may encounter, once the senior center is opened, is that the spaces destined for the housing units do not have the key elements such as non-slip floor, wider doors and corridors, bathrooms and showers with more space, preventing the use of a walker and wheelchair, good lighting and ventilation, accessible temperature control and that the center is close to a hospital area.
Another problem is that of older adults with pathologies for which even more special conditions are needed, such is the case of hiring personnel specialized in geriatrics, psychiatrists for older adults, and nursing personnel, among others.
Another aspect that can be considered a problem, can be the mix of services in the same space, confusing or masking the objectives of each model. If you open a day centre in a nursing home thinking that you will have many clients who will then nurture the permanent home, believing that by going to the centre the elder will lose his fear of institutionalisation, you are on the wrong track.
It is also a mistake to think that the day centre will be an independent care unit, which will mean that the definitive resource will never be necessary. Because there are important differences in both models that must be considered, ranging from different care provided to the intensity of care, as well as different schedules, different services and, above all, different objectives.
One company considered successful is Belmont Village Senior Living in the United States, a retirement home operator, which continually plans to build a series of scheduled residences.
Another successful center is the Humanitas Residential Center, in the city of Deventer, in eastern Holland, which has achieved the ideal formula to improve the quality of life of its residents.
University students live at the centre for free, and in return for their accommodation they interact with the elderly in a variety of ways, from teaching them how to take a selfie to tips on how to use a pad to shop online.
In this residence everyone wins, the students don’t worry about the money for the rent, and the residents benefit from the humour, the presence of the young people who help and accompany them.
Disadvantages of an elderly service business
Experience in caring for the elderly is preferable. You may request assistance from an acquaintance who works in the field.
You will have trouble finding employees you can trust.
The image of the business should inspire confidence in your customers. Consequently, it will be necessary to build a professional image.
In Spain, due to lower birth rates, older people represent an increasing percentage of the total population, so through an elderly care agency they can also offer help to those in need, and generate money.