Is starting a business in senior care right for you?

August 21, 2017 - Tags: Startup

Canada's population is aging. As more Canadians grow older and enjoy their retirement, there will be a growing demand for the services of honest, patient, compassionate, and versatile people.   If this sounds like you, then starting a business in senior care could be a good choice.

You might consider starting a business in:

  • Retirement or supportive housing: These are accommodations for seniors who can live independently but want or need some support. Aside from maintaining the property, this support might include housekeeping, laundry, or some personal care.
  • Long-term care:  For seniors with more complex medical needs, these accommodations offer 24-hour nursing and supervision.
  • Rehabilitation and other healthcare support: This may include mobile healthcare support somewhat like housecalls or assistance with bathing and personal care.
  • Recreational and day programs: This could involve community outreach or simply giving the elderly the opportunity to socialize and pursue hobbies.
  • Support services: There are many opportunities to offer support services to seniors and their families such as relocation, transportation, and personal assistance.
  • Hospice and palliative care: For the deeply compassionate, there are opportunities to help the sick and their families.

Because of the unique challenges of senior care, it is important to consider how you will engage this group as a part of your business plan.

The needs of seniors are diverse, and sometimes complex, but this means there are many opportunities for entrepreneurs contemplating senior care.   Consider  the following:

  • Will your business require any permits or inspections?
  • Do you, or your potential employees, have the necessary certifications to offer your services? Is there a need for additional training?
  • Your business may require you to work long or irregular hours. How will you provide your services to customers when they need them?
  • Your business may have significant start-up costs. Do you know where to look for financing, and have you taken steps to assure prospective investors?

These considerations shouldn't deter you from starting your business. The demand for senior care is growing, and it could be a rewarding business for dedicated and compassionate people.

Our senior care start-up checklist can help guide you through the necessary steps to help you  start your own senior care business.

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