Populations across the globe have been growing exponentially since the end of World War II. The baby boomer generation, born between 1946 and 1965, are now reaching or approaching pension age. According to the Office for National Statistics there were 901 million people aged 60 years and over worldwide in 2015, with this set to rise to 1.4 billion by 2030.
While life expectancy is in decline in certain demographics, in general people are living longer than the previously did. The introduction of essential healthcare services in more economically developed countries and improvements to nutrition and exercise over the last few decades are aiding people in living healthier lives and staying alive.
As a growing demographic, businesses that cater to the very specific needs of mature people are a viable and potentially recession-proof idea for entrepreneurs. With the size of this market set to explode over the next decade, profit potentials are huge.
Perhaps you are looking to tailor your current business offering to suit your customers as they age or have a new idea for a business to serve older communities. Whatever the case, have a read through some of our best business ideas to serve ageing populations.
Starting a care home
It can be a big investment to start a care home, but with the aging population growing care homes will be vital over the next few years.
Check the government regulations about starting a care home before you make any initial outlays. Choose an area where the population is older to boost potential income.
Running a private transport service
As we age our eyesight and other senses can deteriorate. Many people at the upper end of the ageing population are no longer able to hold drivers licenses and need a way to get around.
Investing in a minibus could help you set up a private transportation service for senior citizens. You can fit minibuses with disabled access for seniors who need wheelchairs and build a business that helps older people feel independent again.
Private care business
While the majority of over 65s like to retain their independence and stay living at home, there can be age-related care that they require from time to time.
For registered carers and ex nurses, an in-home care service could be a great way to serve an ageing population. You will need to be registered and regulated by government bodies but can carry on serving people in the community.
House and pet sitting services
Many people over 65 have pets. Some for companionship, some as working animals, but all are loved as members of the family.
As older people enjoy their retirement travelling and seeing the world, many require the services of house and pet sitters to guard their homes and precious pets. Building a reputable house and pet sitting service could be worth while for future proofing your business.