The average person in the United States will spend over 11,000 hours caring for their elderly parents. That’s a lot of time that could be spent on developing skills and advancing careers.
This is where your business comes in. You can provide caregivers with assistance so they can focus on their work or family life instead of worrying about their parents’ care 24/7. From home care services to groceries delivery, there are multiple business opportunities.
When You’re Thinking About Starting a Care Business
First, you need to know the needs of the caregivers. You may offer them something that they can’t get from other people in their life.
Second, you need to know what kind of support they are looking for and how much money they can spend on it. Knowing this will help you create a sustainable business model and avoid any unexpected financial problems down the line.
Third, it is important to be aware of your competition since there are already many businesses out there providing caregiver support.
Why This is Such an Important Business Model
The demand for elder care services is increasing with the growing population of senior citizens. With the shortage of caregivers and a growing population, there is a need for more businesses that provide support and services to family caregivers.
Below are some factors that contribute to the need for such businesses:
- The number of seniors is expected to grow from 15% in 2010 to 25% in 2030
- In 2016, there were an estimated 1.4 million unpaid family caregivers
- The median age of an unpaid family caregiver is 55 years old
- Of those who receive support, only 10% are receiving formal caregiving assistance
Four Services You Might Provide
- A meal prep business that provides support for caregivers is a first-rate business idea for anyone interested in nutrition and who enjoys cooking. It would need to be affordable and provide the necessary support for caregivers. Meal kits can contain all the necessary ingredients to prepare the meal, including cooking instructions. Or they can be fully cooked—ready to heat and eat.
- Senior Living Advisors are invaluable when families are ready to move their elder loved ones into a facility where they can receive around-the-clock care. There are different types of facilities to care for aging loved ones. They offer different services and accept different payment sources. This can be daunting for families who are already overburdened. By familiarizing yourself with all the facilities in your area, their level of care, costs, and payment options, you can help guide your clients in choosing the best living arrangement for their senior loved ones. In addition to gathering facts and info from the centers themselves, you want to read detailed facility reports, and reviews from other families.
- Daily support in the way of cleaning and cooking is another business model that can be turned into a thriving business. You can also provide emotional support and companionship if needed and include shopping and running errands, which can give the caregiver time to rest or enjoy personal activities.
- Transportation is critical for seniors who wish to remain independent and in their own homes. In order to provide these services, your company must have drivers that are experienced in driving people with disabilities or other special needs, as well as appropriate vehicles that meet the needs of the clientele you serve.
Make a Plan
Creating a business plan is an important first step. The goal of your business plan will be to help you understand what it takes to run your own business so that you can be successful. It will serve as a roadmap for your company’s future. It identifies opportunities and threats, capitalizes on strengths, and minimizes weaknesses. You can find free templates online to use as guides, ensuring you don’t miss any important steps.
Marketing
The Brand Castle is a full-service branding/PR agency located in South, Florida. They are a collective of creatives, directors, videographers, graphic designers, editors, social media analysts, journalists, photographers, and more, striving to cross-promote and connect a world full of entrepreneurs and like-minded visionaries. They can be a great first place to start with your business marketing.
Facebook ads are an excellent means of getting the word out to the most amount of people. Aside from merely posting on your social media pages about your business, using FB’s ad service allows you to reach a much larger audience. You can create your own Facebook ad easily and even add a customized banner to get noticed quickly.
Besides providing a better quality of life for caregivers, your business can provide them with more time to spend with their loved ones. It is a win-win situation for everyone involved.
