Last Updated on August 9, 2016 by Tim
Baby boomers are the second largest living generation in United States. According to Pew Research population of baby boomers an estimated over 75 Million, they are the biggest market opportunity for the startup. As members of the generation grow older with large disposable income, they are in need of goods and services according to their lifestyle.
Boomers make up about a quarter of the total population, there are wealth of business opportunity in serving this untapped aging demographic market particularly in Healthcare & Wellness products and On-demand servicing.
There is a huge market for the longevity economy. It is very good opportunity for budding entrepreneurs to start new venture. New business ideas that caters to only boomers are wellness products, online dating, chefs, yoga instructor and many more.
One need to choose startup idea very carefully. For example wearable devices and other high-tech instruments are very popular with millennial but they are not easy to use for old users.
Certain services like special meal kits for people with high blood pressure, diabetic and heart conditions, on demand services like electrician, plumber, home downsizing, gyms for older people can be a good ideas.
Web Portal for Hiring Stay-At-Home Mother
Old Age people need a helping hand. By empowering those who need help and care to live life to fullest you will unlock huge opportunity. Family concierge services for seniors is untapped startup opportunity. You can have concierge assistants who can serve in local neighborhoods. From grocery shopping to the traditional in-home care they can perform any duty. With web portal and mobile app, they can find help with just a tap or click. With Family concierge services you can transform senior care market by bringing the new level of trust and flexibility to 50 million family members caring for an older generation.
On demand Care Giver
On demand, services are great way to satisfy the need of the customers quickly. Online marketplace for professional and certified caregivers can be a profitable business idea. Empowering old age people and their families to find, hire & manage caregivers online. Hiring caregivers through the web portal or mobile app can save a lot of time and money in competed to hiring them from brick and mortar agencies. You can manage all administrative tasks such as scheduling, time tracking, payroll, etc. in one place.
One of the biggest boomer trends is to visit a destination that they have always wanted to visit. So weather it is a vacation planner or car rental, tour packages, hotel booking, creating customized packages etc. can be a good way to look at new startup venture in travel space for baby boomers. Starting a travel company catering only to senior citizens can be a profitable business idea for sure.
Health & Fitness
Baby boomers should care about their health to avoid any aging disease. Health Clubs and Fitness programs are helping them to keep physically fit and mentally stronger. Senior citizens are increasingly becoming health conscious. You can also look at various outdoor sports that senior citizens can play like Ping Pong, Volley ball, badminton, etc. Small sports club with offering such services will see good participation from boomers. As millennial also increasingly spending more money towards health, the industry as a whole is estimated worth $30 billion. From gyms, yoga center to outdoor sports, this one industry where budding entrepreneurs can start the profitable business.
Baby boomers mostly live on fixed incomes and pensions. They often need help in managing their finances to make every dollar count. You can manage their finances by offering good investment advice on debt, stocks, ideas and strategies to maximize their pensions, 401K and Social Security payments. To start this business, you need good understating of Investment and finances. Having CFP (Certified Financial Planner) can boost your credibility and expertise.
Baby boomers have more free time, with learning computer and internet skills they can spend more quality time. You can start a business that teaches them basic computer & internet skills such as surfing internet, sending emails, making a word document, etc. This very niche domain to start a business. You can organize free seminars and trials to capture initial user base. Keep in mind you will be dealing with novice and tired brains so patience will be key.
About The Author:
Gaurav Kanabar is the Director of Alphanso Tech, a globally acknowledged IT consulting company providing the services in the arena of the WordPress Websites & mobile apps development. With the immense support from the adroit team, Alphanso Tech has been serving a huge client base worldwide.