Quick Summary: Do you need a reason to start a senior home care business or startup in Canada, USA (or to continue reading this blog)?
Well, we have a solid one.
In 2019, Canadians aged 65 and older spent on healthcare over 45% of their total healthcare expenditures.
By the year 2040, this is estimated to reach over 70%.
(We are sure investors who just invested $370 million in San Francisco-based Honor – an elder care startup – must have considered the same business possibilities of the US senior care market.)
Already finding valuable information from this small introduction? So, imagine how outstanding info and guides we have for you further in this blog?!
Let’s jump to what you are here for.
Top profitable senior home care business possibilities in Canada, USA
We’ll go step-by-step.
To find and evaluate the worthiness of any startup or business possibility, we have to identify and work on two things – the target audience and the problems they are facing.
For this research, we followed the same strategy.
Outcome? Well, we have successfully found 4 types of user groups and their different challenges.
How to start a senior home care business in Canada, USA? The entire process
Before we move forward, it is worth mentioning that here we are talking about a tech-enabled senior home care business because to survive the market of senior care, adopting tech is very crucial.
Anyway, let’s now jump to the process of starting a senior home care business in USA, Canada.
Step 1: Identify the problem
Look around, ask seniors, read a lot, take interviews, study surveys, talk to industry experts and do a lot of brainstorming to identify the senior care problems.
Here, you will have two options – either go for a very common senior care problem that multiple players like you are trying to solve or go for a rare senior care problem which no one has yet focused on.
Step 2: Explore 100 solutions, choose only 1
Once you have identified the senior care problem, time to explore solutions. But don’t limit yourself while looking for solutions. Always aim to find as many as solutions you can. However, just select the one most practical solution which works best for all of your stakeholders.
Step 3: Prepare monetization strategies
Without proper monetization strategies, all efforts on even the best business idea will go into vein. Thus, explore potential ways you can make money. Align value proposition and revenue streams. Also, aim to generate multiple revenue streams as surviving with just one revenue stream is no longer a good choice.
Step 4: Plan tech infrastructure for your business
Believe it or not, technology is the only feasible way to reach your business to millions of users. Otherwise, you will settle in just a small neighbourhood.
Thus, you should plan whether just a website will work for you or you will need to adopt an online web or mobile platform. Furthermore, you also need to plan the capital cost required to build tech infrastructure.
Step 5: Draft compliance strategy
You become liable for healthcare compliance regardless of the type of healthcare business you are into. You have to address all applicable healthcare data privacy laws and other legal things to become compliance-ready.
Drafting a compliance strategy while being in the early stage of the business gives you a broad idea of what you need to achieve, what you need to document, the number of resources you would require and how much it cost to be compliant.
Step 6: Work on the marketing part
You must already be familiar with traditional marketing methodologies. So, let us give you a new perspective on marketing.
There is a fairly new concept of product-led marketing. In this, your product (website, online web or mobile app) attracts new customers by delivering an outstanding experience to initial or existing customers.
This is why you don’t have to sell senior home care services. You have to sell experience! Because, users may forget your services, but they always remember how nicely you treat them!
Step 7: Launch it and then scale it up
Once you feel confident with all tech, business and compliance infrastructure and strategy, time to hit the market. But, always be flexible to adopt new changes. Serve each patient personally or at least be an active participant in his user journey.
This will help you understand what your business lacks. Based on this knowledge which you receive directly from your users, upgrade your platform, policies, and services and scale it up to the next level with the new learnings. This is an endless process!
Our these valuable resources will surely help you to plan and execute your senior home care business in Canada, USA
We’re an Ontario-based healthcare IT company. We always aim to create an easy path for healthcare providers and entrepreneurs with our resources and our healthcare tech, business and compliance expertise.
Following are our some of the very useful resources for you.
If you still have any doubts, our healthcare IT experts are here to guide you through all technical, business and compliance requirements.