As Baby Boomers hit their senior years, it creates plenty of new opportunities for businesses.
Lots of aging Americans don’t want to leave their homes as they get older. It’s become so commonplace, the trend actually has a name: Aging in Place. Since Baby Boomers are likely to want to hold on to their homes as long as possible, this trend is not going away anytime soon.
The good news about this is Aging in Place will likely have a big impact on a number of small businesses, including those in housing, health care, financial services and more.
A report on the Media Post Engage: Boomers blog notes many Boomers are opting to stay in their homes instead heading south for retirement. Part of this is driven, I think, by the fact Boomers feel and act younger than their years, and aren’t ready to hang it all up for a game of shuffleboard.
Apparently, Aging in Place does not necessarily mean aging in the home you’re currently living in. New neighborhoods are being constructed so Boomers can move into smaller homes without having to leave town. Of course, people who move into new homes generally need new things. Look for sales of furniture (sized to fit small homes) and home décor to rise.
Remodelers and contractors should also be poised for business growth. Particularly in demand are projects that make homes more senior-friendly, such as wider doorways, lower countertops, ramps (for those in wheelchairs) and bathroom re-dos featuring walk-in tubs.
We’ve written previously about health and fitness opportunities targeting Boomers (gyms for the 50+ set). Transportation services, which were a big hit years ago (mainly for kids), are making a comeback taking seniors shopping, to medical appointment or to run errands. (An errands-running or food delivery service might be a great part-time opportunity as well.)
Take a good look around your area, check the demographics (Census.gov) and see what ideas you can come up with to serve the Boomers (and seniors) in your communities.
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at firstname.lastname@example.org, follow her on Google+ and Twitter.com/Rieva and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.