Small business ideas for elderly

A couple of elderly walking through a forest, hand by hand

Small business ideas for pampering our elderly.

Our parents and grandparents are invaluable resources of affection, wisdom, tradition and timeless advice. But many of them are often marginalised for various reasons, right or wrong.
Especially during the last year, if it was difficult for the <65s, imagine how it was for them.
We have heard stories of older adults entirely on their own, at the mercy of a worldwide health emergency that has threatened their already precarious health. Add the loneliness of the first few months due to the restrictions applied even in the city itself.

I am not just talking about the elderly or dependent adults. There are a lot of >60s who do not have health problems but relational problems. Maybe their families are too far away, they can no longer drive, they are not supported by people who encourage them to spend their days differently and with more incitement.

Does your country offer spaces and services for older people?

Each country has a different social policy, invests in some segments of the population rather than others, and has a diverse range of services based on purely national economic and political factors.
But let’s get to know some relevant data, both at a global and national level.

Image showing the European population >65
“More than a fifth of the EU population is aged 65 or over” (2021) Available at shorturl.at/tH012

Across the EU Member States, the highest share of the elderly in the total population in 2020 was observed in Italy (23.2%), followed by Greece and Finland (22.3% each), Portugal (22.1%).

Worldwide, instead, Asia and Europe are home to some of the world’s oldest populations, those ages 65 and above. At the top is Japan at 28 per cent, followed by Italy at 23 per cent. Finland, Portugal, and Greece round out the top five at just under 22 per cent.  (PRB.ORG)

 The rankings were based on how well each country scored in seven categories:

average life expectancy, health care index, safety index, happiness index, cost of living, property prices, and pension start to age.

What do seniors need?

Before giving you some business ideas, it is good to remind you that it is vital to follow some mandatory steps before starting any project.
The first is to do thorough market research; the second is to analyse the competition and then make customer personas. It sounds so easy, but it is not.
Entrepreneurs should carry out these steps with care, dedication and commitment because the success of your business will depend on the initial phase.

Understanding the needs of your target audience, in this case, the over 60s, will help you develop the right product and service idea. It is the classic concept: the nature of demand corresponds to a specific type of offer.

The main needs and requirements that you should address and satisfy with your business idea should be:

Relational development;
Physical activity;
Comfort;
Financial security.

Relational Development

Communication and sharing are essential at any age. Having people to talk to, share moments of life, experiences, and confront each other with is vital not to shut oneself away. Continuing to have relationships outside the family helps them feel alive and make new friends and meet new people.

Physical Activity

Physical activity is also a common factor for young people and adults. Doing any sport will allow them to spend a few hours outside the home, exercising, being mentally engaged and focused.

Comfort

Apart from outdoor activities and hobbies, it is also essential that our elderly feel safe within the walls of their homes. Those with physical disabilities or those who enjoy solitary leisure activities need a suitable space. The home should be the first place where people feel comfortable and free to express their personalities.

Financial Security

We can come up with the best ideas and solutions, but if our target audience does not have the financial means to secure our service/product, it is an uphill business. That is why it is essential to do careful market research and create customer personas.

8 business ideas to take into consideration

The seniors are people who need special attention, 24/7, assistance and above all, respect. A regional society should guarantee them a dignified life that does not leave them at home in front of the TV but try to stimulate them as much as possible. So what activities can we plan for them? Here are some ideas:

  • Gentle Yoga and Pilates classes, perhaps outdoors, in nature;
  •  Group dance lessons;
  •  Trekking activities and group walks in nature or places unknown to them;
  •  Bus trips: open up a travel agency with a special focus on these type of trips;
  •  Sports facilities: bowls, bowling, dedicated swimming pools, tennis courts;
  • University of the Third Age;
  • Theatre Courses;
  • IT courses

These are ideas that require an average budget but with a prospect of growth if you are able to pamper your customers in the long term.

Conclusion

Did I stimulate any exciting ideas? Or do you want to elaborate? Book your first 45min free consultation, and I will guide you in implementing a project that can have a social impact and make you money.
I look forward to seeing you!

Valeria Di Lonardo

Digital Marketer Freelancer| Ita & Eng| I help professionals and small businesses find the simplest way to boost their activity.

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