Our society is made up of people of different ages. The young may be the most visible and the most productive, children make up a lesser percentage, and even lesser is the percentage of aged people. Nonetheless, seniors still make up a significant percentage of the population of Nigeria. According to the Chief Medical Director of university college Hospital Ibadan, Prof. Temitope Alonge, the elderly constituted 20% of the Nigerian population as at 2016.
Advances in medicine have made it possible for humans to survive health conditions that ordinarily would have killed them in the past. Thus, allowing more people to live longer. Elderly people of this generation are quite different from elderly people decades ago. Many of the elderly people enjoyed successful careers in the city. Many are reluctant to return to the villages. But there they are, old, frail, and are more dependent on others than on themselves. With children living independent lives, it becomes a challenge attending to their basic needs.
Can a business opportunity come from this challenge, I say Yes, and we will discuss how below. Here are business opportunities you can build off the elderly.
-Health Attendant: Many seniors live with health conditions that require proper management. This gives rise to the need for regular monitoring of their health conditions.
One can set-up a Health Organization that enlists specially trained Nurses, Dieticians, Physiotherapists, or other relevant Health Practitioners who would be paired with families that subscribe for such services. Some elderly persons become frail and require assistance in everything they do, or for everything to be done for them. Such an Organization can also recruit and train Nannies for such persons.
There are seniors everywhere, and even more people “grow” into the “elderly pool”. A good financial base is a huge factor in living a stress-free aged life. As earlier said, many elderly people of this generation achieved success in their various careers and made fortune for themselves. The elderly population is usually an untapped reserve of investment funds.
How to manage their fortune and protect it from reckless wastage, fraudulent children or relatives, and even how to invest it to earn more yields becomes very important. One with the requisite skill and experience can set-up a Financial Management firm that secures the assets of aged clients, and minimizes liabilities.
Firms that render services like this may abound, but firms tailored specifically for the elderly will be very few or even non-existent.
–Drivers and Servicemen.
Ease of movement is important to everybody, including the elderly, but at advanced ages, it becomes difficult for people to drive themselves or board public transport, and even to maintain the car(s) they have. So here is the opportunity.
One can run a Car Outlet that enlists drivers trained to attend to the peculiar needs of senior customers. What would be different from these drivers and other regular drivers people hire everyday. Well, For one, the contract would be between the Organization and the elderly client, so the Organization will be held responsible for any and every misconduct of the driver. You may have experienced situations were drivers just don’t show and it would be that they have resigned without notice, such a situation can be forestalled as they Organization would immediately send a replacement in such event. Or in situations where drivers loot their employers. The Organization will bear cover for the loss in such an event. To forestall situations like this, the Organization would run thorough background checks and have details of all the drivers on their payroll.
The Organizations would also have trained technicians or servicemen who would undertake all repairs or maintenance required in the home, car or gadget or elderly clients.
–Fashion and Entertainment
Some seniors lived vibrant social lives when they were younger, and would jump at any opportunity to relive such experiences again. One can run a Store that collects and sales “blasts from the past”- music, artefacts, books, electronic gadgets, etc. An entertainment firm dedicated to this would surely thrive.
–Store for the Elderly
As people advance in age, their needs become peculiar and items they seek-out in Stores, shop begin to change. Unfortunately, some of these items are hard to find in general stores. So a store dedicated to supplying all items suitable for the special needs of elderly people will be a vibrant business. Some of such items include; walking aides, adult diapers, supplements, magazines, health-friendly becerages and snacks.