Silver Economy: The Best Time to Start a Business in Senior Care

Have you ever thought about becoming an entrepreneur in a rapidly growing sector that is meaningful and value-driven? The "silver economy", dedicated to the needs of the elderly, is emerging as one of the most dynamic and promising markets. In Quebec and Canada, the aging population is creating a growing demand for senior care services, thus paving the way for new entrepreneurial opportunities.

What is the silver economy?

The "silver economy" refers to all economic and industrial activities related to the needs of elderly people. This sector includes a wide range of services and products designed to improve the quality of life for seniors, such as healthcare, home assistance, assistive technologies, adapted housing, and leisure activities. With the aging population, this economy is rapidly growing, offering many opportunities for entrepreneurs looking to enter a thriving market.

The silver economy in numbers in Quebec and Canada

In Quebec and Canada, statistics clearly illustrate the growth of the silver economy. According to Statistics Canada, the proportion of people aged 65 and older represented about 18% of the population in 2021 and is expected to reach nearly 25% by 2036. In Quebec, this proportion is even higher, with an estimated 23% in 2021 and projections reaching 28% by 2036. These figures highlight the increasing importance of services aimed at seniors. The silver economy market in Canada is worth billions of dollars. In 2020, the elderly care economy generated more than $100 billion in direct and indirect spending. This trend continues to grow, with increased investments in technologies and services for seniors.

A promising industry in Quebec with the aging population

Rising life expectancy

The aging Quebec population creates a favorable environment for silver economy businesses. The need for senior support services continues to rise, particularly due to increasing life expectancy and the desire of older adults to remain independent for as long as possible. Home care services, in particular, are in high demand as they allow seniors to stay in the comfort of their homes while receiving necessary care. According to the National Institute of Statistics and Economic Studies, 91% of seniors want to remain at home as long as possible.

Growing needs with the baby boomers

According to the latest projections in Quebec, the number of people aged 65 and older will increase significantly, from 1.5 million to 2.3 million by 2030, then nearly three million by 2060. This rise is due to the aging of the baby boomer generation and increased life expectancy thanks to medical advances.

A priority issue for the government

The Quebec government actively supports this sector through various initiatives and grants aimed at improving infrastructure and encouraging innovation in services for the elderly. This institutional support, combined with growing demand, makes the silver economy a particularly promising sector for entrepreneurs.

When is the best time to launch my home care business?

The current context, with the aging population in Quebec and Canada, is favorable for launching a home care business. However, there are other variables to consider, especially if you are starting a business for the first time. Besides the growing demand for home care services, it is crucial to ensure that you have the necessary financial resources to start and sustain your business.

Establish a solid financial plan that accounts for startup costs and operational expenses. It's important to forecast projected revenues and identify potential funding sources, such as business loans or investors. By carefully planning your finances, you can increase your chances of ensuring the long-term success of your home care franchise.

Join the Caring Entrepreneurs with Bien Chez Soi

If you are considering entering the silver economy, choosing a Bien Chez Soi franchise offers numerous advantages. By joining our Caring community, you are choosing meaningful work that makes a difference in society. It also means adhering to our mission and values. You, too, can contribute to building a Caring world where everyone can age with dignity and serenity, right at home. We are here to support you in realizing your project.