Business The industry that can build your empire

The industry that can build your empire

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Founder and CEO of ERG companies. Nationally recognized thought leader in the fields of entrepreneurship, investing and leadership.

Choosing to start your own business is a supercharged decision.

Before starting my first one, I was faced with a seemingly endless number of opportunities. Healthcare. Hospitality. Technology. I chose to buy an existing business in a world I was very familiar with – a step that startups should seriously consider.

I acquired Omega Hospital with the intention of turning the free-standing specialist surgical center into a destination for personalized care, service and support. I sought to take a new approach to the sterile, bureaucratic, and business model of healthcare by providing a high-quality experience by leveraging the techniques and design principles of New Orleans’ leading hotels.

Fast forward to today, I have come across this career defining question several times. Our time is scarce and our options are limited. Which company and industry justifies my focus, energy and capital for the next three, five or ten years? That is the indelible question for anyone who calls themselves an entrepreneur or investor. We’re facing a fork-in-the-road decision, and what we decide sets us on a sustainable journey.

In recent years I have become less worried and more confident in this decision. The commitment is no less important, but the chance of success has blunted my fear of failure. I see senior living as a huge opportunity for aspiring and experienced entrepreneurs, not to mention investors. This belief is not rooted in intuition, but in hard data that suggests we are facing one of the most underrated and impactful crises of our time.

If you are one of the many aspiring founders or investors looking to get started, then you should consider a career in senior living. Here are the three most fundamental reasons why, which explain why my investment company has taken an ownership stake in senior citizen communities across the country, with our goal of getting more involved.

1. The demand for senior housing is greater than the supply.

I’ve written extensively about senior living, especially in one key area: housing is a crisis that threatens to leave many seniors homeless. Estimates show that by 2029, more than 14.4 million seniors will not be able to afford senior housing that provides the crucial services they need.

Contributing to this problem is the rising cost of assisted living, which is expected to double by 2047 $5.6 trillion. The cause of this problem is the phenomenon known as the “Silver Tsunami”, as 83 million Americans are projected to be 65 years or older in 2050. It promises to overwhelm our ability to house and care for seniors.

Add the projected shortage of professionals to care for seniors – an estimated 355,000 by 2040 – and you have an exceptional crisis of high demand and scarce supply. This offers entrepreneurs the perfect conditions to build a business.

2. Technology will disrupt the industry.

In 2021, I wrote about the potential of smart technologies and artificial intelligence (AI) to solve many of the looming challenges of the Silver Tsunami. Given the accelerating pace of innovation in these areas, I’m more confident than ever in this forecast.

Home technologies have proven to increase the personal assistance seniors need in assisted living facilities or at home. From smart stoves to pill dispensers to entertainment and more, technology can make existing workforces more productive and perform tasks that previously required human attention.

That’s all without acknowledging the potential contributions of AI. The technology, which has attracted global attention with coverage of innovations such as ChatGPT and DALL-E, has already proven its worth in this space. AI has been helping for several years predict and prevent seniors from falls – the leading cause of injury and death for this vulnerable demographic. Still, this represents just one of many use cases for AI. Think memory care. Company. Healthcare. The potential seems limitless.

3. The possibilities are diverse and abundant.

It’s not just tech entrepreneurs who can benefit from engagement. Senior living needs hospitality, healthcare, construction, professional services and more. Many different types of businesses and disciplines are needed in this space, be it B2C, B2B or B2B2C.

This lowers barriers to entry by allowing entrepreneurs to bring their talents, experience and expertise to a new industry. Senior living is an industry of incredible importance with no shortage of issues or needs. It also means that senior life doesn’t offer a zero-sum proposition. We all benefit if more entrepreneurs and investors get involved.

As a serial entrepreneur and long-term investor, that excites me — not just because of the potential financial reward of starting a business in senior life, but also because of the chance to make a meaningful difference. That’s why I encourage aspiring entrepreneurs who ask me for career advice to do their homework on seniors. After all, there could be no more valuable use of our time, energy and capital.

This is your fork-in-the-road moment. Choose your path wisely.


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Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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