Be Your Own Boss: How to Cater to Boomers as They Retire

It does not take Bob Dylan dressed as Paul Revere, riding an Amigo scooter through the streets of Naples, Florida, yelling “The boomers are coming! The boomers are coming!” to see that the times, they are a'changin'. Technically, the first Boomers started turning 65 on January 1, 2011. Over the next 19 years, the remainder of the generation will slowly join their ranks. This change has all sorts of implications for America, including the political questions of how to pay for increase in social security and medicare costs, or how to replace the taxes generated by such a large pool of employees. Entrepreneurs, however, are focused on Boomers not as a group to fear, but as a class of potential customers and clients to service in what will certainly be a new economy. Unlike previous generations, Boomers are more prepared and more capable of living at or near their current lifestyle. This will lead to a divide, as those who were either not prepared or whose preparations were wiped out in the housing crisis/recession of 2008 and 2009 will have to subsist on dwindling government social security benefits. Entrepreneurs in 2011 America have the opportunity to start their own business and be their own boss, all while serving the retiring Boomer community. Here are some start-up ideas to help you help Boomers survive and thrive in their golden years.

Setting aside the ick factor of contemplating your grandparents having at it on a lonely winter evening, the reality is that older Americans have sex almost as frequently as young people. One study, http://www.msnbc.msn.com/id/20395061/ns/health-sexual_health/ showed that at least one quarter of people up to age 85 have regular sex. Those who don't cited the lack of a partner. Well, in today's internet-based economy, why not monetize that need? Create a local dating and entertainment website to link up seniors in your area. Partner with restaurants and entertainment venues to give seniors the three things they need: something to do, someone to do it with (wink, wink) and coupons to do it all cheaper.

In a cruel twist of fate, just as retirees have the time to mow their lawn and snowblow their driveway, they start to lose the desire and/or physical ability to do so. Seniors could throw a few bucks at the neighborhood kids, but that's hardly a reliable source. Why not find a group of seniors in your area and put together a lawn/snow service dedicated to their needs. Sure, it might mean snowblowing at 4:30 am, when they get up to head to Bob Evans; it might also mean a loyal base of customers you can grow your business with.

Internet-based companies to run errands like delivering groceries and medication did not fare well, primarily because of the difficulty in setting up supply chains and limited ability to take advantage of economies of scale. For your start-up, it might be a lot easier to focus on one neighborhood and advertise to one main segment — seniors — who could definitely use someone to pick up their Viagra and a bottle of wine from the local Walgreens.

Another possibility to start your own senior-friendly business might be in dog-walking or pet sitting. Boomers with pets are stuck in a bit of a quandry when they travel and as they age. When they travel, they have no one to care for their pet, and boarding their loved one can seem cruel. As they age, it gets harder and harder to take their pet out for daily strolls through the neighborhood. Perhaps you could make your living doing both?

This is a market that just screams for someone to fill the void. Almost every family has one cousin or neighbor who gets stuck doing the printer set-up/virus-removal/computer stuff. That cousin or neighbor is almost certainly sick of being the computer guy. With a little knowledge, a few classes, and some certifications, you could easily be that guy or gal.

What's the first thing people do when they find out they're pregnant? (Well, other than call their parents and squeal with delight for days.) They build a nursery and baby-proof the home. Plug covers go in every exposed outlet and dangerous items are locked up out of harm's reach of the little one. Well, in a way, seniors need the same sort of service: grandma-proofing. As they age, they may trade their jog around the block for a walker or a cane. They may want assistance bars near their toilets and showers, and perhaps an alarm system installed to help them out in case of emergencies. These are all services that a properly equipped handyman could provide retired Boomers.

In a way, this last idea is one that could be more than a local business. Retirees in the coming decades may not actually “retire,” in the sense that they will need to work part-time somewhere to supplement their 401k, social security and pensions. Unfortunately for them, employers are very hesitant to hire older people when they can pick someone younger, cheaper, and more able to do manual labor. You could use that prejudice in the market and open your own job placement service catering to older folks. Partnering with local businesses could help you grow your business while placing older Americans who need jobs with businesses and organizations who could use their experience and willingness to do what's needed.