TSN #36 - The Senior Home Modification Business

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Hey! 👋

This week we're looking at a "boring" but incredibly promising business opportunity driven by one of the biggest demographic trends of our time - an aging population that wants to stay in their homes longer.

Enjoy!

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🎬 The Pitch

Imagine building a business that helps seniors stay in their homes safely and comfortably. While everyone's chasing the next tech unicorn, there's massive opportunity in simple home modifications that make aging in place possible.

Here's the concept: Create a one-stop shop for "seniorifying" homes, starting with basic modifications and expanding into more complex renovations. The target market is both seniors themselves and their adult children who want peace of mind about their parents' safety. With the right approach, you could generate €2-10k per project while building recurring maintenance revenue.

The best part? This business combines predictable demand (aging is inevitable) with high margins and the potential for expansion into related services like smart home technology for seniors.

📊 Market Insights

The aging-in-place market is booming:

• 87% of seniors want to stay in their current homes

• Average home needs €7,500 in senior-friendly modifications

• Baby boomer home renovation market worth $32B annually

• 40% of homes need accessibility improvements Source: Senior Housing Report 2024

💡 The Concept

Service Packages:

1. Basic Safety Package (€1-3k):

   • Grab bars installation

   • Non-slip treatments

   • Improved lighting

   • Accessible doorknobs

   • Raised toilet seats

2. Comfort Upgrade (€3-7k):

   • Walk-in bathtubs

   • Adjustable shower heads

   • Enhanced lighting systems

   • Smart home basics

   • Anti-scald devices

3. Full Mobility Solution (€7-15k):

   • Stair lifts

   • Wheelchair ramps

   • Widened doorways

   • Kitchen modifications

   • Smart monitoring systems

Additional Services:

• Annual safety assessments

• Preventive maintenance

• Emergency repairs

• Smart device setup

• Family monitoring apps

💰 Revenue Streams

• Primary: Installation projects (€2-15k)

• Secondary: Annual maintenance plans

• Additional: Smart home monitoring

• Emergency service fees

🛠️ Bootstrappability Score: 8/10

Start with basic services, expand as you grow. Main investment is in tools and training.

💻 Non-Tech Factor: 9/10

While you can use tech for operations and smart home features, this is primarily a hands-on service business.

🚀 Getting Started

1. Market Research:

   • Map local demographics

   • Identify competition

   • Price research

   • Partnership opportunities

2. Service Development:

   • Create basic packages

   • Source suppliers

   • Build installation processes

   • Safety protocols

3. Team Building:

   • Hire skilled installers

   • Safety certification

   • Customer service training

   • Senior sensitivity training

4. Marketing Strategy:

   • Partner with care providers

   • Target adult children

   • Educational content

   • Before/after portfolio

5. Growth Plan:

   • Start with basics

   • Add services gradually

   • Geographic expansion

   • Fleet development

💪 Pros & 😓 Cons

• Pro: Growing demographic trend

• Pro: Recession-resistant business

• Con: Physical labor intensive

• Con: Need technical expertise

🔍 Steal Somebody’s Homework & Dive Deeper

Want to explore this idea further? I suggest checking out the comment’s section of Kriss Berg’s post.

Working in senior services? Share your insights - always curious to learn from those in the field!

- Slavo