Posted Tuesday, 9 February
10 business opportunities in the Intergenerational Report
James Thompson has written online about business opportunities he sees arising from facts in the Intergenerational Report. The report emphasises the challenges facing Australia's economy as the population increases and the baby boomer generation moves out of the workforce and into retirement.
“These are huge problems for Australia to confront in the coming years. But as every entrepreneur knows, providing a solution to a problem can be extremely profitable,” he writes.
He details “10 quick business opportunities we've spotted in the intergenerational report”:
Healthcare
Taking healthcare services into homes and workplaces is already a growing trend... could group-style treatments (using a sort of party-plan model where the healthcare provider visits a group of people in the one person's home) be another model?
Pharmaceuticals and cosmetics
The cosmetics sector is likely to throw up some opportunities in what is an ever-changing market…with … innovations such as non-invasive surgery treatments and whitening, toning and firming technologies.
Financial services
Innovative financial products that can help older workers make the transition from work to retirement (including products that will increasingly supporting part-time work).
Property
Many entrepreneurs have targeted the aged care and retirement home sector but with limited success – perhaps partly because older Australians don't actually want to move into something called a "retirement home".
Coming up with alternative accommodation products that suit this market – perhaps based on the developing model of apartment or community living with access to amenities such as health and leisure facilities – will be crucial.
Construction and engineering
A steady flow of Government money should help entrepreneurs in infrastructure sector over the coming decades.
Education
As workers' careers stretch out, retraining and up-skilling will become particularly important – could new education models emerge to help keep workers productive for longer?
Human resources
Following on from this, managing these new workplace dynamics – more mature workers, more use of flexible working arrangements, increased need for knowledge management, an ever more competitive recruitment market – will see demand for human resources experts skyrocket.
Leisure and personal services
It's hard to see demand for leisure and personal services (everything from gymnasiums and personal trainers through to lawn moving and cleaning services) shrinking. If employees are forced to remain working for longer, they will be desperate to use their leisure time how they want to, and will be prepared to pay to preserve it.
What other household jobs could be outsourced? More cooking services? More online shopping services? More laundry and cleaning services? Looks like an area ripe for more franchising.
Green business
Simple solutions to reduce waste and energy consumption will find an ever-growing market.
Food and beverages
The food industry is already looking to the baby boomer generation as its prime target market …and…nutrition will become more important as governments embrace preventative healthcare strategies and continued innovation in this area (perhaps even embracing superfoods and genetic modification) should be rewarded.
