The longevity economy presents many business opportunities and entrepreneurs should be planning to tap into this market. Consider that by 2030, boomers will be 65 or older. Further, Generation X is right behind them. By 2050, one in five people in the U.S. will be older adults, as noted in this article from Forbes.
Smart entrepreneurs should be planning to target this demographic with whatever business they’re launching or franchise they’re buying into. The Forbes article author, Sean Hart, who is vice president of franchise sales and development at American Family Care, shares what he considers key business opportunities to look into.
First, he recommends the field of urgent care. From his firsthand experience working in that industry, he vouches for its growth, noting that health insurers are looking for ways to keep people out of the ER and cut healthcare costs, but at the same time without sacrificing quality. Need more concrete stats? The industry has grown 5.9 per cent annually to a sizeable $38.5 billion.
Next, he suggests the business of non-medical in-home care. With the strong desire to age in place, delaying moving into a nursing or long-term care home, there is an increase in the demand for getting non-medical help at home. Hart points out the advantage of low overhead with this type of business. However, he acknowledges there is a scarcity of qualified employees in the job market.
Hart recommends two other industries he considers as business opportunities with strong potential thanks to the aging population. You can check out the Forbes article here for his take on how to tap into the longevity economy.