Business Opportunities in the Caregiving Market

A recent report from AARP, an organization focused on improving the quality of life of older people (who seem to be getting younger and younger all the time), shows ample business opportunity in the marketplace for caregivers.

Already, there is a deficit in the number of caregivers, when compared to the number of people who need care. The AARP report shows this disparity will continue to increase, noting the many business opportunities available for those who find meaning in this type of work.

“Caregiving” includes numerous activities, all of which focus on providing assistance to others:

  • Providing personal care, such as assistance with bathing and going to the bathroom;
  • Transporting others to doctor appointments;
  • Administering treatments and medicines;
  • Doing housework, including cooking and cleaning; and
  • Running errands, such as grocery shopping.

AARP reports that about 17% of adults are currently caring for other adults.

The report, released earlier this year, highlights six categories of business opportunities, in descending order:

  • Daily essential activities;
  • Transition support;
  • Health and safety awareness;
  • Caregiver quality of life;
  • Care coordination; and
  • Social well-being.

Over two-thirds of the anticipated market opportunity falls in the area of “daily essential activities,” which “includes meals, home and personal care, home repair, delivery, [and] transportation services.”

If you are contemplating starting a business to capitalize on this opportunity, or already have a business in this space, we can help ensure you have the right type of business entity, contracts and agreements, policies and procedures, and overall foundation in place to maximize your growth and success.

We provide support for all areas of a business’s development and operation. That’s why we offer the LIFT Start-Up Session™ and comprehensive LIFT Business Audit™. Both are designed to help you build and protect your product or service, whether in caregiving or another market sector.

This article is a service of Gratia P. Schoemakers, Creative Business Lawyer®. One of our primary services is a LIFT Start-Up Session,™ in which we guide you through the right choice of business entity, location of business entity, start up agreements, intellectual property protection, employment structuring, insurance, financial and tax systems you need to start your next business and succeed right out of the gate.  This session is normally $5,000, but if you are one of the first three people to mention this blog and schedule this month, we’ll take you through the entire LIFT Start-Up™ process for half that investment.  Call us today to schedule a time to have a conversation!