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Entrepreneur Magazine
November 18, 2004
9 Senior Businesses to Start
Seniors are the hottest demographic out there, and this market is only going to get bigger. Get in on this growth industry with these nine hot businesses.
By Karen E. Spaeder
Excerpt: Senior Meal Delivery Making sure seniors eat healthily and regularly is top-of-mind for caregivers, if not for seniors themselves. Delivering fresh, healthy meals for less than $20 a day, Tom Murphy's Good Measure began in 2003 as a sequel to his 24-year-old Murphy's restaurant in Atlanta.
When Murphy's mother was diagnosed with cancer in 1998, he helped her by bringing nutritious meals to her home. Following her death in 2001, he set out to help others like her who didn't have the means to hire a resident cook and who didn't qualify for programs like Meals on Wheels. "I realized that if you were rich, you could hire a chef; if you were indigent, Meals on Wheels helped," says Murphy. "But what about the average American-who helped them?"
Be sure to educate yourself about what seniors want and need in terms of fresh, nutritious meals. Richard Schenkel, CEO of Boston-based Unidine Corp. , which provides outsourced dining services to the senior market and hospitals, notes a few major patterns: "quality, familiarity and an increased interest in healthy choices." He also adds, "The expectation is on more homestyle, cooked-from-scratch meals and, where applicable, a more traditional meal service, including light breakfasts and more traditional lunches and dinners."
To familiarize yourself with local restrictions on preparing food in your home; you'll likely need access to a commercial kitchen as well as refrigerated trucks. "[You] need to do your homework and learn this specific industry. It's not restaurant, and it's not grocery store-it's unique," says Murphy, 47, who estimates his business will have 2004 sales of $500,000. "Seniors have many different [dietary] needs. Meeting those needs will be a challenge, but it's a demand that our society must meet."
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