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.
This article is a service of Bridge Law LLP. We are an award-winning law firm that specializes in business and estate planning for clients like you. The goal for every family is to stay educated on all topics like this, avoid probate, avoid estate taxes, and build a legacy for you and your loved ones. What sets our firm apart is that we build lasting, lifelong relationships with our clients. They rely on us to keep them updated, provide sound legal counsel, and be there for them immediately if any problems should ever arise. The best part is we don’t charge hourly fees to our families, so you never have to worry about speaking to us. If you’re ready to keep your family out of Court, contact us today to schedule an initial consultation or visit our website at www.bridgelawllp.com.