3 Business Ideas for the Baby Boomer Market
Many Baby Boomers enjoy their independence to the extent of remaining in their private residences for as long as possible. Such an arrangement provides the overall comfort that they desire, but living alone beyond the age of 70 has its fair share of challenges. It is for this reason that young entrepreneurs can take advantage of Baby Boomers desiring to live independently by launching new businesses tailored to fit their needs. Here are three services that senior citizens tend to require the most.
1. Medical Claims Assistance Professional
Senior citizens seem to be prey for price gouging in healthcare. They pay more for fear of not being able to have the medications that they need to thrive and often do not ask questions regarding matters about price changes. Medical claims assistants thoroughly evaluate bills and other documents to ensure that their elderly clients are not being overcharged for services rendered. In some cases, the claims representative can get decisions revolving around price overturned.
Individuals hoping to start their medical claims assistant business should ensure that they are well-versed in medical terminology and insurance company procedures. Word-of-mouth is the startup company’s best friend in this instance as most seniors do not trust just anyone with their medical bills.
2. Senior Care
Senior day care is often necessary to ensure the safety of the elderly. In fact, assisted living is on the rise in many regions because of the Baby Boomer generation’s desire to enjoy a good quality of life while gaining social interaction on a daily basis. Such an increase opens the door to entrepreneurs looking to expand into the senior care field. Having a good relationship with the client is key in health care since positive interactions often lead to an increase in monetary gains. Prior experience working in the medical field is also helpful.
3. Financial Planner
Baby Boomers are winding down and either getting ready for or settling into retirement. As such, they need financial specialists to advise them on safe investments that will stretch their savings. Financial planners have extensive training in the field and a thorough understanding of the stock market. They also have all certifications required by local and state governments.
When all else fails, there is always the opportunity to serve as a maintenance person to seniors. The only requirement for this business type is usually working knowledge of building materials. Of course, there is also the opportunity for certification in the field, which makes seniors and their adult children more comfortable with services offered. Capitalizing off the needs of the Baby Boomer generation is a good way to generate a new source of revenue.