As our population ages, more and more entrepreneurs are seizing the opportunities in the Aged Care and other Personal Services industries. In particular, the Hunter Valley and Central Coast are growing fastest in the 70+ age bracket across NSW.
This strong growth in the higher age brackets is leading to a sharp increase in demand on aged care services. As traditional managed service facilities take time to build, and are extremely expensive to develop, niche service providers are stepping into the gaps and filling the demand.
So how can you get involved with this business?
- Decide on your business idea! The first step is to identify the kind of business you want to be involved with. In-home care assistance comes in a variety of forms, and could focus on a range of activities, e.g. health, personal shopping, hairdressing, etc.
- Determine your target market niche. Carefully consider who exactly you are targeting. Consider level of mobility, community connectedness, disability status, pension/wealth, interests and hobbies. Make sure your services fit the target market and vice versa
- Organise appropriate licenses. Use a service such as the Australian Business License and Information Service to determine your licensing requirements. These will vary depending on your type of service, and location.
- Make sure you are approved. If you are offering services that come under the umbrella of the Aged Care industry then you will need to seek appropriate approvals.
- Cover yourself with insurance and contracts. Worst case scenario – you break something or someone while working, and you have to pay compensation or lose the right to work in the industry. Insurances will cover you just in case something goes wrong.
- Get advice on Personal Services Income. As part of your business structuring and taxation advice, make sure you understand whether ot not your income is classed as Personal Services Income.
This process can seem overwhelming, and a bit of a minefield for someone new to the industry. If you’re not sure about the best way to start your business, then consider looking for a trusted advisor who understands the industry and set you on the right path.
Apart from that, good luck!