Among 76 million baby boomers, 8,000 will turn 65 every day for the next 18 years. If you are looking for a business opportunity to keep you busy in retirement, look no further than this large and fairly affluent group.
Sandra Sergeant, president of Caring Solutions and chair of the New England Home Health Care Consortium, recently investigated products and services with the greatest market potential. Here are some of her conclusions:
Building and remodeling. Skilled craftsmen will be needed to remodel homes to accommodate an increasing demand for wider doors and hallways, lower kitchen counters and safer bathrooms. Architects also will be required to create communities and buildings that make aging at home more practical and affordable.
Home health care. Technological experts will be called on to advise caregivers on the best ways to provide health care from afar. Look for more Skype-like services that facilitate not only physical and psychological assistance, but also companionship.
Fashion. Older people with changing bodies will need and want clothing that is not only fashionable, but also easy to wear.
Mobile technologies. Experts in getting information to people on the go will be in high demand.
Anti-aging products. From wrinkle cream and plastic surgery to supplements and hormones, products and services for staying young will be big business.
Transportation. Accommodations for the disabled, such as vans, chairs, walkers and wheelchair accessories, will be in high demand. Also, relocation services for retirees will be increasingly sought after.
Communication technology. Grandma will pay for whatever it takes to stay in touch with grandchildren.
Do you have a good idea for an innovative business in one of these areas? Incorporate it into your retirement planning. You might be an entrepreneurial winner.