How to Start a Business Working with Seniors
Brainstorm general ideas., Identify a need., Conduct market research., Choose your location., Determine your start-up costs., Evaluate your resources., Prepare a business plan.
Step-by-Step Guide
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Step 1: Brainstorm general ideas.
If you're not yet sure what kind of business you want to start or how you want to work with seniors, evaluate your own strengths and weaknesses.
Figure out what you have to offer seniors and come up with several ideas that you think would work for your business.You also want to look at what's currently available so you can carve out a niche for your products and services in the market.
If the market is already saturated with other businesses offering the same products or services, you'll have a difficult time getting established.
On the other hand, if you find evidence of similar companies doing well in other cities or states offering localized products and services, but there isn't anyone offering the same thing in your area, you may have a strong market for what you want to provide. -
Step 2: Identify a need.
Once you have a few ideas, you're ready to go more in-depth into your research.
The most successful businesses are those that meet a need people have for a particular product or service.
Choose the idea that most directly meets an important need seniors have.For example, many seniors living at home have a chronic medical condition.
There may be a strong need for house or yard maintenance, pet sitting, or even running basic errands.
Because many seniors have difficulty traveling, you can almost always find a need for various services that you can take to them at their home.
For example, if you are an accountant, you might want to open an accounting business for seniors that makes house calls and does their financial work with them at their home.
Visit the websites of senior organizations such as the American Association of Retired Persons (AARP) to get good ideas of needs that are currently being unmet or desires that many seniors have. , If you're preparing a formal business plan, expect market research and analysis to be a major section.
Even if you're not planning on drafting a formal business plan, market research is an important part of your planning if you want your business to succeed.Try to identify a particular subset of seniors who would be particularly interested in your products or services.
Then you can better figure out how to reach those people through your marketing and promotions.
For example, suppose you've decided to start a handyman business to help seniors with home improvement projects.
Your target market is not people who have a severe chronic illness, or who are unable to care for themselves.
Rather, you want younger, active seniors who are still able to do basic tasks and want to take on improvement projects, but need a little help. , Even if house calls are part of your business plan, you still may want a brick-and-mortar office.
Since you're catering to seniors, this location should be easy to find and accessible to all people.Try to find office space near places where seniors would go to do other tasks, such as getting a store front in a plaza next to a grocery store.
This way your potential customers can do several errands at once.
Ideally, you want a store front that is on the first floor.
Both stairs and elevators can be difficult for many seniors.
Make sure your location is convenient to public transportation, and also has ample parking.
Having your office in a house in a historic neighborhood zoned for both business and residential may seem nice, but seniors likely will go elsewhere if they have to circle the block looking for a place to park. , To hit the ground running with your business, you need a good idea of how much your start-up costs will be and whether you have enough money to fund it yourself or will have to seek outside financing.Make a good estimate of the assets, such as furniture and office equipment, your business will need to get started.
Then figure out what your basic daily and monthly expenses will be.
Project your expenses out at least six months, including any spending you'll need to make to acquire business assets, and you'll have a basic idea of the amount of money you'll need to start up your business. , Once you have a good idea of what your start-up costs will be, evaluate the money and assets you have available to commit to your business.
You may want to consult a professional before you take drastic measures such as refinancing your home or cashing in a retirement account, so you can make sure you've considered all the consequences.With some types of businesses, your start-up expenses will be minimal.
For example, if you're planning on traveling to seniors' homes to work on their taxes and finances for them, you won't have many start-up expenses apart from buying a dedicated computer for your business and whatever software or applications you'll need.
Others will require more investment.
If you plan to seek outside financing, you may want to work with a business planner or business attorney to determine the best way to structure this financing for your business. , If you want to seek funding from outside investors, or plan on applying for a traditional business loan with a bank, you'll need a formal business plan.
This document summarizes your background and experience along with your business start-up proposal, including budget, operations, and projections.Your business plan generally projects the profit and growth for your business three to five years from the date you first open your doors.
If you decide you need a formal business plan, check online for sample business plans created for businesses similar to yours, so you can get a good idea of what should be included. -
Step 3: Conduct market research.
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Step 4: Choose your location.
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Step 5: Determine your start-up costs.
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Step 6: Evaluate your resources.
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Step 7: Prepare a business plan.
Detailed Guide
If you're not yet sure what kind of business you want to start or how you want to work with seniors, evaluate your own strengths and weaknesses.
Figure out what you have to offer seniors and come up with several ideas that you think would work for your business.You also want to look at what's currently available so you can carve out a niche for your products and services in the market.
If the market is already saturated with other businesses offering the same products or services, you'll have a difficult time getting established.
On the other hand, if you find evidence of similar companies doing well in other cities or states offering localized products and services, but there isn't anyone offering the same thing in your area, you may have a strong market for what you want to provide.
Once you have a few ideas, you're ready to go more in-depth into your research.
The most successful businesses are those that meet a need people have for a particular product or service.
Choose the idea that most directly meets an important need seniors have.For example, many seniors living at home have a chronic medical condition.
There may be a strong need for house or yard maintenance, pet sitting, or even running basic errands.
Because many seniors have difficulty traveling, you can almost always find a need for various services that you can take to them at their home.
For example, if you are an accountant, you might want to open an accounting business for seniors that makes house calls and does their financial work with them at their home.
Visit the websites of senior organizations such as the American Association of Retired Persons (AARP) to get good ideas of needs that are currently being unmet or desires that many seniors have. , If you're preparing a formal business plan, expect market research and analysis to be a major section.
Even if you're not planning on drafting a formal business plan, market research is an important part of your planning if you want your business to succeed.Try to identify a particular subset of seniors who would be particularly interested in your products or services.
Then you can better figure out how to reach those people through your marketing and promotions.
For example, suppose you've decided to start a handyman business to help seniors with home improvement projects.
Your target market is not people who have a severe chronic illness, or who are unable to care for themselves.
Rather, you want younger, active seniors who are still able to do basic tasks and want to take on improvement projects, but need a little help. , Even if house calls are part of your business plan, you still may want a brick-and-mortar office.
Since you're catering to seniors, this location should be easy to find and accessible to all people.Try to find office space near places where seniors would go to do other tasks, such as getting a store front in a plaza next to a grocery store.
This way your potential customers can do several errands at once.
Ideally, you want a store front that is on the first floor.
Both stairs and elevators can be difficult for many seniors.
Make sure your location is convenient to public transportation, and also has ample parking.
Having your office in a house in a historic neighborhood zoned for both business and residential may seem nice, but seniors likely will go elsewhere if they have to circle the block looking for a place to park. , To hit the ground running with your business, you need a good idea of how much your start-up costs will be and whether you have enough money to fund it yourself or will have to seek outside financing.Make a good estimate of the assets, such as furniture and office equipment, your business will need to get started.
Then figure out what your basic daily and monthly expenses will be.
Project your expenses out at least six months, including any spending you'll need to make to acquire business assets, and you'll have a basic idea of the amount of money you'll need to start up your business. , Once you have a good idea of what your start-up costs will be, evaluate the money and assets you have available to commit to your business.
You may want to consult a professional before you take drastic measures such as refinancing your home or cashing in a retirement account, so you can make sure you've considered all the consequences.With some types of businesses, your start-up expenses will be minimal.
For example, if you're planning on traveling to seniors' homes to work on their taxes and finances for them, you won't have many start-up expenses apart from buying a dedicated computer for your business and whatever software or applications you'll need.
Others will require more investment.
If you plan to seek outside financing, you may want to work with a business planner or business attorney to determine the best way to structure this financing for your business. , If you want to seek funding from outside investors, or plan on applying for a traditional business loan with a bank, you'll need a formal business plan.
This document summarizes your background and experience along with your business start-up proposal, including budget, operations, and projections.Your business plan generally projects the profit and growth for your business three to five years from the date you first open your doors.
If you decide you need a formal business plan, check online for sample business plans created for businesses similar to yours, so you can get a good idea of what should be included.
About the Author
Nicholas Sullivan
A passionate writer with expertise in lifestyle topics. Loves sharing practical knowledge.
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