The U.S. population is aging rapidly now that the first Baby Boomers started turning 65 as of 2011. By the year 2030, the U.S. government projects there will be 72 million people 65 years or older, representing 20 percent of the U.S. population. Millions of people will be living in their personal homes, retirement homes, apartments, and other types of living arrangement. This is the ideal time to start a senior concierge business with unlimited growth potential to serve this growing niche market.
The senior concierge business can manage a range of services. In some cases, the business runs essential errands like grocery shopping, taking seniors to appointments, walking the dog, etc.. However, in some cases the business may also provide services that involve financial transactions or picking up medications. The services to be provided must be clearly defined up front because they will drive the amount of business liability insurance required, the type of employees that can complete tasks, and the necessary arrangements that must be made in advance in order to carry out services.
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For example, if the business will do the grocery shopping, how will the concierge pay for the food and ensure the business can prove that services were provided as agreed? The senior concierge business plan addresses these types of questions and many more, including the following:
What type of seniors will be served, i.e. mobile only, bedridden, unable to leave home, disabled, etc.?
- What specific types of services will be provided? Will the service run some errands, while arranging for others to be completed by qualified businesses or people selected by the concierge business?
- Are social activities included in the services, i.e. visiting, going to the senior community center, etc.?
- Are all legal requirements met in terms of forms, releases, services documentation, identification, employee criminal background checks, etc.?
- How will the business be marketed, i.e. senior community centers, churches, website marketing, newspaper and television advertising, flyers, etc.
- What is the staffing plan? Is there a need to purchase vehicles for each staff member?
- What state and local licensing is required?
Sometimes it is necessary to find angel investors or apply for a bank loan if the business owner needs help purchasing vehicles, renting space, and keeping the business financially viable until profitable. It can take a few months to begin growing the clientele, but eventually a lot of business will be generated by work-of-mouth.
If your dream is to start a senior concierge business, the first step is contacting OGS Capital using the quick online contact form. OGS Capital has helped thousands of businesses develop successful business plans that provide operational guidance and attract investors.
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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.