By 2020, it's expected that nearly seven million people in
the United States will be over the age of 85. That's five times
more than in 1970. This graying of the population, combined with
the prevalence of two-earner households where both individuals are
working killer schedules, is stoking the demand for services that
our grandparents didn't need—and probably never could
have imagined.
Where will all these older individuals live? Eight-five percent
of them want to live at home. But to do so, many will need help
with the daily tasks of living. Although many adult children would
like to care for their elders, they're often residing in
another city or working jobs that prevent them from taking on the
triple-duty load of pursuing a career, parenting their own children
and taking care of their parents.
This is where in-home nonmedical caregivers come to the rescue
with hands-on help. They assist seniors with the "activities
of daily living"—cleaning, cooking, grocery shopping,
bill paying, grooming, laundry, medication reminders, errands and
shopping, as well as driving them to medical appointments. They
also provide needed companionship, a feature particularly valued by
widowed elders.
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Interested in pursuing this career? While you certainly
don't need to join a franchise to provide in-home care,
franchises are one route to take and may be especially suitable if
you want develop a larger business. The largest eldercare
franchises are:
To provide this service, you'll need to be bonded$151; if
you're transporting seniors in your vehicle, you'll also
need liability insurance. (If you buy a franchise, you'll
likely obtain your insurance and bond through the franchising
company at a group rate.) You obtain clients mostly by referral. So
you need to develop relationships with hospital discharge planners,
physicians, realtors, and social agencies who come into contact
with the elderly.
You'll need no formal training to provide basic eldercare.
What you will need is the ability to work hard, be punctual and
reliable, and enjoy meeting and socializing with your older
customers. And if you're interested in going beyond basic
eldercare, there are other businesses emerging to serve seniors,
including:
- Geriatric care management, which requires a professional
degree such as nursing, social work, psychology, or
gerontology
- Home health-care agencies, which provide trained and
licensed medical personal to administer medications, monitor vital
signs, and even lift and bath elderly patients in their homes
- Senior relocation services, which help seniors downsize
their homes and move to a smaller residence
No matter which of these entrepreneurial ventures you're
interested in, you can be sure that as baby boomers continue to
age, the demand for eldercare services will continue to rise.
Paul and Sarah Edwards are the authors of Best Home Businesses for the 21st Centuryand 14 other books.