Startup and Small Business Opportunities in the Senior Sector

by Thom Tracy

2 min read

By 2031, seniors are predicted to be nearly a quarter of the Canadian population, and if you’re trying to think of potentially lucrative business ideas, you may want to tap into this market. There are countless avenues to explore, and with the right angle, you can even find a way to tie your passion into this endeavour.

Help for Chronic Conditions

Unfortunately, a lot of seniors have chronic health conditions. This signals job growth in the health care industry, which can be a great focus for a new business. You may want to consider obtaining training and opening a clinic as a physician, physical therapist, dentist, or other type of health care provider. Additionally, you may want to research the most common senior health conditions such as rheumatism and heart disease and steer your business in that direction. Other than traditional health care, however, you may want to consider related business ideas. For example, you may want to start a business exploring holistic concepts such as massage, naturopathy, yoga, or acupuncture. You may also want to start a mobile business that brings services to your clients, which could be critical for seniors who cannot leave their homes.

Fostering Independence

A key goal for many seniors is to maintain independence, and in addition to health care, these individuals may also need or want other services. In particular, they may want services that foster independence delivered to their homes. This may include dog walking, catering, cleaning, landscaping, or acting as a personal assistant. Alternatively, you may want to offer carpentry, consultation, or contracting services to seniors who want to make their homes safer or more accessible. For example, this includes renovations such as adding ramps or widening doorways for wheelchairs. As of 2016, several provinces offer tax credits to seniors who make these types of modifications. Tax credits can encourage consumers to make certain expenditures, and by extension, this helps to give the related industries a bit of a boost. As you are trying to generate ideas, you may want to check out various senior tax credits, especially ones related to rebates for expenses. Adjusted annually, tax credits can shed light on popular expenses or important areas of need, and as such, they can help you generate business ideas related to this demographic.

Travel Services and More

The dream of many retirees is to travel, and you may want to build a business around that concept. If you love pets, open a pet sitting company or a doggy hotel. If you prefer to design websites, create a site selling travel services geared toward seniors. If you want to work directly with seniors, consider opening a boutique travel agency or leading group tours to fun destinations. Although service industries may be the first ideas to pop to mind, if you are an inventor, you shouldn’t overlook creating products related to these industries. For example, you may want to create products that remind people when to take their medication on the go, or things that make life easier for seniors.

References & Resources

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