How to Make Money Helping the Elderly
One in five Americans is over the age of 60, according to the U.S. Census Bureau, making senior citizens a viable market for your small business. You don't need a nursing degree, a business building or a lot of money. With some research into the needs of the elderly in your community, you can start a business that allows you to make money while helping the elderly.
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Instructions
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1
Talk with workers at local elderly communities to learn what their residents need since they are more likely to want your services than elderly people who live with their families. Compare what you learn to determine what kind of business you will start given your resources. For example, you might start a business helping the elderly manage their retirement income if you have a degree in accounting; running errands if you have a sharp sense of direction; or simply spending time with them if you have a knack for making people smile. If possible, find out the average income of the residents so you can use the information later to determine the price for your services.
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2
Determine how you will structure your business, such as whether you will work alone, with a partner or employees and whether you will work through nursing homes or independent living neighborhoods for the elderly. These decisions can affect the legal requirements for your business.
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3
Give your business a descriptive, easy-to-remember name. Since your elderly clients will typically be more conservative than younger people, choose a classic-sounding name over a trendy one. For example, "Helping Hand" will probably attract more clients than "Helpzilla."
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4
Get first aid and CPR certification (see "Resources"). Though you may not need these skills to find work, having them will make you more able to help your elderly clients in case of an emergency.
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5
Contact a local business attorney to find out what licenses, if any, you need to start your business. The requirements to start a financial advice service for the elderly, for example, may be different from those to start an errands service.
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6
Gather the supplies you will need to run your business. For example, if you will run an errands service you should have your car inspected, buy maps of the local area, locate all the pharmacies and subscribe to the coupon ads for local grocery stores. If you will run a financial service, you might invest in a new calculator, financial worksheets and literature from the AARP. If you will provide companionship, buy board games, books and craft supplies. Choose supplies of high quality and low cost to increase your profit.
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7
Total your expenses from steps 1 to 6. This is the amount of money you need to make to break even. Find out how much similar businesses in your area charge for their services to determine a suitable price range for yours. Keep in mind that your clients are likely living on their retirement income and will not have a lot of money to spend, no matter how valuable your service is.
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8
Make fliers advertising your service, including your business name and what exactly you provide. Include your contact information so interested people can contact you to find out your fee and hire you. Place your ads in the places your clients are and in places their family members go, such as in the lobby of a nursing home or the bulletin area of an independent living neighborhood.
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9
Write client appointments in a book to keep track of them. Reserve a block of time between appointments to allow yourself to travel to each client. Keep in mind that you may see the same client at the same time each week, so avoid scheduling others in his place.
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10
Print an invoice with your fee and a record of the times during which you provided services for each client. Collect payment at a set time each week, or at every visit if you provide less frequent services.
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