Everyone dreams of striking it rich as an entrepreneur but finding the right business to start among so many options can be daunting. The best way to know what businesses will be profitable is to understand what trends will be driving our consumer economy in the future and plan a business around one of them. One major trend that will spawn a host of profitable businesses in the near future is our country’s aging population.
Assisted Living Services
It is estimated that by 2010, the majority of the population in the United States will be 45 years and older, a change that represents a major turning point for the U.S. population demographic as older Americans become almost a third of the total population.
The number of people older than 65 years is expected to increase from approximately 35 million in 2000 to an estimated 71 million in 2030. The number of Americans older than 80 years is expected to increase from 9.3 million in 2000 to 19.5 million in 2030. There will be a huge market of consumers for services to assist this aging population in maintaining their quality of life.
Businesses that cater to seniors’ needs will be profitable including 1) providing safe, reliable transportation for weekly shopping and doctor’s visits; 2) home health aides to care for the sick and infirm; and 3) assisted living homes where seniors live in small groups or independently and have access to shared health, rehabilitative and social services.
With a huge older population comes an inevitable increase in the number of deaths from natural causes and a need for burial services. If you have the nerve and the will, getting licensed as an embalmer and opening your own funeral home will be a profitable enterprise to pursue. The average funeral costs $7,000.
According to the American Board of Funeral Service Education, there are 56 accredited Mortuary Science programs in the U.S. Each state usually has one academic location for getting this very specialized degree. Some schools offer some or most of their courses through distance learning that enable a student to take all or most courses away from a campus.
Each state has its own licensing regulations governing entry as a funeral director. Most require a combination of postsecondary education (typically an Associate Degree in Funeral Service Education), passage of the National Board Examination and service as an apprentice for one or two years.
Contact the licensing agency in the state where you plan to work, or contact one of the accredited college programs for more information.