How to Take Advantage of the Latest Business Opportunities

The Transformation of the Job Market

If you’ve visited my website in the past you’ll be aware that I’m very interested in Australia’s changing workforce. I read this fantastic article on the Australian Mines and Metals Association website that said new technology, digital power, an ageing population and globalisation would produce a ‘perfect storm’ transforming the Australian job market. Put simply, many conventional jobs will disappear, but new jobs will be created.

The article, Six Employment Megatrends to Change Australia, reported that:

• Rapid advances in automation and artificial intelligence mean robots will perform many tasks better than humans in the future
• Digital technology and new online companies are changing employment
• These new automated and web-based systems raise the complexity of jobs, meaning people looking for just entry-level work will have to be well educated and trained.
• Australia’s population is ageing with growing life expectancies and this is impacting on the job market.
• Employment growth in the service industries, in particular education and healthcare, has driven jobs creation in Australia in recent years.
• People will become more entrepreneurial and create their own jobs in the future.

“People will become more entrepreneurial and create their own jobs” – now where have I heard that before? Yes, that’s right, it is the major theme of my ‘Turning your Passion into Profit’ tour! A few days ago I wrote a blog about the three fastest growing industries in Australia – health care, education and finances. One of the reasons health care is expanding so rapidly is because Australians are ageing, and an ageing population will create new jobs.

The Growth of the Ageing Population

According to the Australian Institute of Health and Welfare, the median age in Australia is 37.3 years, and 3.4 million people are aged 65 and over. 15% of Australians are aged 65 and over. These trends are predicted to continue into the future, particularly as the baby boomers age. The first baby boomers were born in 1947 and turned 65 in 2012. Based on population projections, by 2064 there will be 9.6 million people aged 65 and over, constituting 23% of Australia's population.

The New Career Opportunities

It is inevitable that as we age our health slowly declines and we need a bit more TLC and eventually a lot more medical attention! Yes, there are the conventional jobs to service an ageing population, such as an aged care worker and nurse, but there are many other unconventional jobs. The American magazine, Forbes, recently ran a great article about new jobs created by an ageing population. In the article I read about Terry and Tina Ross from Virginia, who are both in their mid-50s and run a shop called Simple Comfort which sells products aimed at seniors. The shop sells thousands of items that promote healthy and active aging. This shop stocks everything from pill organizers to large print crossword puzzle books and ramps and rose pruners. The products aim to make everyday activities such as gardening, cooking, travel, golf and exercise easier for seniors. Does such a business exist in Australia? Is there one online? Could you set up such a business and help older people live an active and healthy life?

Research indicates that one way to stave off getting dementia is to keep your brain active by doing puzzles and games. Is there scope to set up a business in a shop or online selling puzzles and games made for seniors in Australia? If you love playing games this is a passion you could pursue! I’ve heard of mobile bingo vans in America travelling to different seniors’ clubs and organisations. This might be a bit more complicated in Australia, given you need a permit to conduct gaming and gambling activities, but it is food for thought. We have mobile vans lending toys to preschools and mothers’ groups. What about a mobile puzzles van visiting seniors’ clubs?

The number of one and two-person households in Australia is rising rapidly as the population ages. Developers believed this would lead to a growth in the sale of small units, but they have been proved wrong. Older Australians still want to live in houses. In 2011, 50% of separate dwellings were occupied by people aged 50 or more. This percentage is expected to increase as the population ages. But older people need help to stay in their own homes. For example, the number of mowing franchises in Australia has grown in recent years. Many mowing franchises do the grounds of corporate offices or the common grounds at apartment blocks, but they also help older Australians care for their gardens. Older Australians are also calling on the services of professional house cleaners and even shoppers. Many of the baby boomers have a healthy amount of services and are prepared to pay for good home services. What other services could you perform for an ageing clientele? Cooking, driving, dog walking – what about IT support? Could you train older Australians to better use the internet? Today’s children always seem to have an electronic device in their hands, but many older Australians are still baffled by the internet.

Home-based Business Ideas

The American ‘Home Business’ website recently ran an article entitled 15 Home-Based Business Ideas that Serve Senior Citizens. There were a couple of ideas that impressed me. The article suggested becoming a home business consultant. The story argued that retired people often get bored after leaving their jobs and look around for a part-time business. They decide to ‘try their hand at entrepreneurship’, but they don’t know where to start. If you have already run a business you could help an older person begin a home-based venture. Clients will need your help in creating business plans, financing options, market research and planning. They might also need your business connections!

The magazine also listed personal trainer for seniors. Many older people participate in sports for fun and the social life. Lawn bowls and water aerobics are popular. Fitness experts work with senior’s doctors to develop ongoing programs of strength, conditioning, flexibility, and balance. Ideally you would have a formal qualification in fitness to become a personal trainer for seniors.

In this blog I’ve just looked at possible opportunities servicing seniors, given their numbers are growing. What you need to do is match your passion to an opportunity. If you want a career in exercise, consider personal training for older people. If you adore puzzles and games, consider starting up a shop or mobile van specialising in seniors’ puzzles. To truly succeed in a new business or career you need a genuine passion for the area. As Steve Jobs once said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”