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Care Giving For The Elderly

Discussion in 'Business Models, Niches, Industries' started by freepro, Jul 31, 2018.

  1. freepro
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    freepro New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    So I have been thinking of a business idea and wanted to see what you guys thought of it.

    I currently work full time so I would have to start this gig as a side hustle. Basically, I would be caring for the elderly on the weekends, beginning on Friday. Services would include the following:
    • Washing, meal prepping, grocery shopping, taking them out to appointments, etc.
    • Staying with them over night and monitoring them in case they need anything.
    • Being a friend to them, listening to their stories, etc.
    Who would I target?
    • Individuals that will be alone for the weekend.
    • I would target the younger children that need to find a place for their mom/dad/grandma/grandpa.
    What would I offer?
    • Trust, sincerity, patience.
    • Never in my life have I been in trouble with the law. Luckily background check would pass with flying colors.
    • If staying over night, I would offer camera access so that family members have peace of mind knowing that their loved ones are being cared for the way they should.
    • If picking up groceries, GPS tracking to track that I am not just messing around or going to other places and wasting time.
    Prices. This is where I need the community's help because I would be more than twice as expensive as local care giving companies. (They charge 21 an hour)
    • If doing washing, meal prepping, grocery shopping, etc, I would charge 50 dollars per hour. Why would people pay that much? Well, these companies are usually booked out weeks at a time so I would be targeting customers that need a last minute option (Almost as an emergency service)
    • If staying over night, I would charge 350 dollars beginning at 9 PM.

    How do you guys see this business model working? Theres such demand from what I have read, but at the same time pricing seems low. I doubled pricing, but will I still be able to compete?

    What do you guys think?
     
  2. Scot
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    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I’m assuming you’re in the US.

    First, are you a licensed home health aid?

    Second, do you plan on getting insurance contracts? Do you know how to get insurance contracts? Can you afford insurance contracts?

    Third, you realize you’re competing with a well established multi billion dollar industry, right?
     
    Arun Siva likes this.
  3. Danny Sullivan
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    Danny Sullivan Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hey @freepro

    Although i perceive it as a meaningful and necessary service to care for our elderly and make their lifes as comfortable as possible i fail to see to profitability for you in it.

    I mean, the value you'd provide is huge. But it's an time and human resources intense venture that i think would be hard to scale. I don't how it's in the US but in germany you'd also have to be qualified to work with elder people, especially if they have medical conditions.

    I'd guess a lot of people simply don't have enough money to buy such an expensive service, especially since it just mitigates a long-term problem for a short amount of time and provides no "real solution".

    Also (germany again) if elderly people reach a certain degree of disability they have the right for a caretaker by law. Don't know how this is in the US or where you live.

    I want to add something from personal experience. You can be the most patient and well willing person in the world - but dealing with elderly people (especially if they're suffering from alzheimer's disease) will catch you off-guard some day or another.
    Out of nowhere they don't want you around them, start to scream and punch you or run from you, call for help or caretakers, yelling that you steal from them or harass them, lock themselves up in their rooms or hurt themselves from falling down stairs or similar things.

    I don't want to discourage you from doing it, yet maybe look if you can work weekends for one of the companies doing this already, or help out in retirement homes on the weekends to see what else can be done to help or if it's generally up your alley.

    Best of luck!
     
    Last edited: Jul 31, 2018
    Dramolion likes this.
  4. freepro
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    freepro New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    So it sounds like this might not be a good idea after all. The other two industries I was interested in was being a digital marketer and targeting local businesses or starting a landscaping company since I have a background in this .

    Ultimately I'm looking to get into a business that is in demand and can be profitable with the ability to start as a side hustle
     
  5. Danny Sullivan
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    Danny Sullivan Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I feel the sudden urge to redirect you to this thread:

    GOLD! - Making Money For Dummies (And In a Crowded Market)

    I suggest you read it at least twice... because it's just that good. And if you're able to catch the spirit of this thread, your problems in finding your "niche" might vanish.
     
    Scot and jon.a like this.

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