One of the keys of generating wealth is discovering market trends and market opportunities that can be acted upon. While it is not always important to be the first to discover the wealth making opportunities, it is important to take advantage of them in the best possible ways. One of the largest market segments currently within the US is the Baby Boomer generation.
Baby Boomer is a term that refers to a person born between the years of 1946 -1964. There are approximately 76 million Baby Boomers within the US alone, presenting a tremendous opportunity for business owners and entrepreneurs.
Here are some ideas on how to take advantage of the market:
# Health Care
As this large market segment ages, one of their primary concerns is and will be health care. Access to quality, affordable health care will be a top priority for many Baby Boomers. Working in or starting a business within the health care field is one of the primary ways to profit from the Baby Boomer opportunity. For example, senior care consultants, health care facilities, long term care facilities and wellness centers are possible considerations.
# Health and Fitness
In addition to traditional health care, the Baby Boomer market is also interested in alternative forms of health and nutrition. Supplements, natural solutions and diet considerations tailored for this market segment are viable possibilities to consider for revenue generation. Websites offering this information are also possibilities for generating online revenue from products and services, ads or even affiliate marketing when they provide strong information to the Baby Boomer market.
# Financial Services
As the Baby Boomer generation continues to age, one of their primary concerns in addition to health care is financial planning. As individuals are living longer and retiring early, it is more important than ever to protect assets and generate income for the duration of an individual's life. Businesses within the financial field or insurance field are in demand for this age demographic and anything related to the field presents viable business opportunities.
A common hobby for retirees is to travel. Travel services both offline and online are possible considerations for revenue generating ideas to target to this market. In addition to travel related services, travel amenities or even accessories are also possibilities. For example, you may offer special luggage or luggage tags, or even specialized packages that are marketed directly to Baby Boomers.
# Volunteer or Fundraising Possibilities
The Baby Boomer generation is fond of volunteering for a variety of causes. So, products or services that donate money to non-profit causes would be a great consideration. While almost any cause is a great opportunity, selecting the most popular organizations or causes to donate for will allow you to have additional visibility for your business efforts.
Also, travel services that organize volunteer vacations either domestically or abroad could be possibilities. Many Baby Boomers are looking to combine their leisure activities with raising money or doing something for those who are less fortunate.
# Vintage Products
Baby Boomers are often fond of items that remind them of their past, or even the time era of their parents. Selling those exact products or products that resemble those brands is an excellent way to profit from this demographic.
Baby Boomers are considered to be a generation of Do'ers. So, they are more likely to continue learning and trying new things than from other generations. Consider offering classes for scrap booking, learning a foreign language or for cooking, marketed to the Baby Boomer generation. You may be able to do this in local retail stores, or at the local college.