The aged care industry provides older Australians with a range of services, allowing them to access various levels of care if and when they need it as they age. This industry is vital to the comfort and dignity of the older population and contributes significantly to the economy.
Understandably, daily operations of a business in this industry can vary. Some owners operate long-term aged-care establishments, while many other businesses in this sector provide residential aged-care facilities.
Facts and stats
- In 2018, around 229,000 people were using residential care (permanent or respite), home care, or transition care services in Australia.
- According to a recent IBISWorld report, aged care service providers are forecast to earn $1.7 billion in profits in 2018–19, and overall industry revenue is expected to grow at an annualised 5.4% through 2019, to $20.2 billion.
- According to the government’s 2015 Intergenerational Report, the number of Australians who are 65 years and older is expected to more than double over the next 40 years.
- To accommodate the increase in the ageing population, the Aged Care Financing Authority (ACFA) estimates that 76,000 new residential aged care facilities will be needed by 2023–24.
Aged care trends
In recent years, there has been a steady move toward increasing consumer choices with regard to aged care.
A growing number of older Australians are choosing to stay in their homes for as long as possible, and providers are increasingly tailoring services to individual resident’s preferences.
Savvy owners in this industry should strive to offer housing and facilities that provide an appealing lifestyle, easy access to community services, complex health care, and, ultimately, quality end-of-life care.
Successful operators of an aged care business should capitalise on the following trends:
- User-friendly website: Provide online tools that enable customers to evaluate various services and then choose and build individualised care packages.
- Innovative technology: Use telehealth technology to offer in-home aged care services through daily health monitoring and on-call consultations.
- High-quality facilities: Design aged care facilities as community living areas and offer amenities such as a convenience store, cafe, hair and beauty salon, barber shop, cinema, fitness centre, outdoor gardening area, and dental and medical offices.
Benefits of an aged care business:
- Job satisfaction: Opening a care home can be an extremely rewarding business venture. Knowing that you are providing a much-needed service for those who are in their declining years can be a gratifying way to make a living.
- Industry growth: The market for aged care services will continue to grow at an above-average rate, promising job security and profit potential for years to come.
- Earning potential: As the wealthy baby boomer generation begins to retire, they have the financial means to pay for luxurious, high-quality accommodations—meaning a larger profit return for you.
Challenges of aged care and how to overcome them:
- Ever-changing legislation: Owners have to contend with tighter regulatory controls and higher compliance costs due to the government’s Aged Care Quality and Safety Commission.
- High level of responsibility: Until you have quality staff that you can delegate responsibility to, you may be required to carry much of the burden associated with overseeing the well-being of the residents in your care.
To offset these challenges, be diligent about researching and complying with all legislation. Consider enlisting the help of the government by submitting a request for aged care compliance education. Make it a priority to hire, train, and supervise top-notch employees.
To become an aged care worker, you are generally required to complete a qualification in individual support or to undertake a traineeship. It’s also wise to gain firsthand experience by either working in an aged care facility or shadowing an established owner in the industry.
It’s recommended that you complete a Certificate III in Individual Support (Ageing). Not only will this course give you a general overview of aged care, but it will also teach you safety, legal, and ethical protocols you’ll need to know when working with the elderly.
You will also need to obtain a first-aid certificate to be able to administer basic first aid if you find yourself in an emergency situation.
Working in the aged care industry involves arranging and facilitating activities designed to enhance the residents’ emotional, social, and physical well-being. Workers in this industry are responsible for ensuring that residents feel cared for, happy, and connected.
To be a successful owner, you should be a friendly, patient, and compassionate person who enjoys socialising with elderly people and helping them with their daily tasks. If this describes the essential you, visit here to get started! If not, then take a look at the other businesses that are available on our site.