2017-03-29 00:00:00Business PlanningEnglishStarting a senior care or elderly assistance business is a great idea for a small business. Learn the pros and cons, and see if it might be...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Senior-care-business-owners-holding-animals-and-vegetables-pose-for-photo.jpghttps://quickbooks.intuit.com/ca/resources/business-planning/how-to-start-senior-care-business/Good Small Business Ideas: How to Start a Senior Care Business

Good Small Business Ideas: How to Start a Senior Care Business

2 min read

Non-medical senior care businesses can be a great small business idea to found if you’re a patient and natural caretaker that enjoys helping others. There’s growing opportunities of niche service-based businesses within this field that would make sense. From pet and home sitting, chauffeuring, running errands, technology training, and adult daycare, to creating a product that helps seniors have more independence, there are plenty of ideas on which a creative business person could capitalize.

Why Elderly Assistance is a Good Idea

By 2021, more than 17.8% of Canadians will be above the age of 65, says a Huffington Post. A growing market of aging people means there will be an increased need for services for people that might live alone and need special assistance or companionship, those looking for private residence with less maintenance and others who have chronic conditions or mobility limitations. Senior assistance doesn’t require any medical or specialized training, although it could be a smart idea to invest in the basic care taking skills. All that’s needed is an honest, dependable, approachable demeanour in which you can care for and be responsible for another human.

What Should You Expect for An Elderly Care Business?

Startup costs will vary based on the business type you select, if it’s as simple as concierge services, the overhead could be as minimal as your transportation, cell phone and advertising. But, if you’re interested in an opportunity that could franchise or would require a physical location, then you’re probably looking at more of an initial investment and ongoing costs. The income potential also varies from job to job, but one pro to this field is that you can start as small as a part-time or side-job or grow to a multiple-location service provider. Franchising options could even be available depending on your goals. What you charge also depends on many variables like where you live, what you offer and what the competitive landscape looks like, but for many senior-service-based businesses, charging hourly is the common approach.

How to Start A Senior Care Business

In dealing with senior service and care, it might make sense to get CPR certified and understand what to do in emergency or first-aid situations. It also might be important to know your client’s allergies, medications, and emergency contact information depending on the job you’re performing. If you’re considering something specialized such as delivery services or private residences, or if you collect personal information of your clients, you might need a licence, permits, or other regulations to get up and running. You can call The Government of Canada, 1-888-576-4444, or visit their website to find out the business requirements that might apply. Once you decide to make the leap, there’s plenty of helpful resources for entrepreneurs within the Small Business Centre that might be helpful in taking the first steps in writing a business plan, creating a budget, or understanding the deductions that might apply to your small business.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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