Entrepreneurial Goldmine

The population is aging and senior services are at the beginning of a hockey stick growth path that will last at least through the next two decades.  In 2006, the oldest of the baby boomers, the generation born between 1946 and 1964, turned 60 years old. By 2030, the number of adults age 65 and older will double to 70 million.  So what does this mean for the entrepreneurs?  Before we assess the opportunities, let’s assess the facts.  The following facts are compliments of your tax dollars (US Census Bureau): 

• 78.2 million
  Estimated number of baby boomers, as of July 1, 2005. <http://www.census.gov/popest/national/>

• 7,918
  Number of people turning 60 each day in 2006, according to projections. That amounts to 330 every hour. <http://www.census.gov/ipc/www/usinterimproj/>

• $2,695
  Average annual expenditures on health care in 2004 for people ages 45 to 54 — the age group that is the heart of the baby boom generation. When budgeting medical expenses, baby boomers should expect increased health-care spending as they age; for instance, those age 55 to 64 spent $3,262 and those 65 and over, $3,899.(Source: Bureau of Labor Statistics at <http://www.bls.gov/cex/2004/Standard/age.pdf>)

• 57.8 million
  Number of baby boomers living in 2030, according to projections; 54.9 percent would be female. That year, boomers would be between ages 66 and 84. <http://www.census.gov/ipc/www/usinterimproj/>

• 4,041
  Number of continuing care retirement facilities in 2003. Many boomers could have parents in need of such facilities or may have to move into such a facility themselves in the future. <http://www.census.gov/prod/www/abs/cbptotal.html>

• Staying Young and Fit
  27,813
  Number of fitness and recreation centers nationwide in 2003. These are good places to visit on a regular basis for boomers who are trying to become or stay physically fit. <http://www.census.gov/prod/www/abs/cbptotal.html>

• 11,938
  Number of cosmetics, beauty supply and perfume stores in 2003. These stores carry numerous antiaging skin care products aimed at people in this age group. <http://www.census.gov/prod/www/abs/cbptotal.html>

Four Baby Boomer Opportunities to Consider

1. Adult Day Care: Adult day care is still in the early stages, as a lot of senior living facilities are adding this service to expand their offerings.  The primary market for this opportunity is the primary care giver, usually the spouse or adult child.  http://www.msnbc.msn.com/id/23918540/

2. Concierge Services: Seniors are going to need a number of non-medical care and help in the coming years including financial assistance, escorted transportation, groceries picked up, laundry done, mobile vets and anything that makes senior living comfortable and enjoyable.  http://www.entrepreneur.com/startingabusiness/businessideas/startupkits/article37930.html

3. Staffing Services: As the highly talented, educated and hard working baby-boomers look to continue working past the traditional retirement age of 65, speciality staffing companies will have a tremendous opportunity to make a perfect match.  http://www.125aday.com/books/68/start-staffing-agency.cfm

4. Senior Products: Product development experts can leverage the continued technology innovation to provide this group with products that help to make life more simple and more enjoyable.  http://designcatapult.com/

As always, good luck & stay tuned!

-hb