Is this really the right time to launch a N.E.M.T. business? (FAQ – N.E.M.T. means non-emergency medical transport, such as taking patients to medical appointments) Well, let’s take a closer look at your target demographic. When you start a business that is designed to specifically be used by a segment of the population, you need to do some extra homework. In the case of just about any kind of program or service aimed at seniors or the aging members of society who are reaching their senior years, there is a lot of promise.
In the United States alone there are well over 48-million senior citizens. That number is expected to double (96-million) by the year 2050 according to the United States Administration on Aging. The reason for the growth is that Baby Boomers are hitting their 50’s and 60’s at alarming rates. Plus, as we tend to live longer in the current generation than previous ones thanks to healthy living, better medicine and other positive influences, there will be many potential clients to draw from for any business that is designed to serve seniors.
As you will be providing a service that will be of interest mostly to seniors who either don’t drive anymore or can’t drive due to a mobility issue, you will be able to earn some serious cash. The hourly rates for a N.E.M.T. business range from $25 to $60 but let’s assume you are using a rate of $35 per hour. If you design your business to be just part-time, 20-hours per week, you could earn $700 per week or $2,800 per month. Again, that is just by running your senior transportation/NEMT service on a part-time basis.
Other recession-proof evidence comes from the fact that as the business is yours, and you are running it by yourself, your overall costs will be minimal. In other words, you won’t have the expenses related to having a fleet of vehicles on the road, additional staff, a storefront location, additional utilities, vehicle licensing and wages. When you can operate your NEMT business from the corner of a room in your home with a single vehicle, there is much more profit going to you.
So, on the offhand chance the economy takes a turn, your business will not suffer as much as a larger corporation would where layoffs, downsizing and other actions would be taken to stay in business. Also, as you are servicing seniors, there will always be a potential client in need of a trip to a social event, medical appointment, social engagement or errand of some kind. In a way, you are building yourself a guaranteed recession-proof business.
The key to being successful in this business is to be able to reach your local seniors, establish a base of regular clients and build on the reputation of fast, courteous and efficient service. Once you market yourself to those who need your service the most, nothing can get in the way of your success. Even if the economy takes a turn you can respond by offering various incentives to your existing client base. This can range from special pricing options to the addition of extra services that would not normally be associated with a N.E.M.T. business.
The amount of flexibility in service rates and additional services would be something unique to your specific service area and the needs of your clients, but it will keep your business recession-proof. Starting a N.E.M.T. business is a great idea in today’s world and will be rewarding and challenging but ultimately you will be doing something good for others in need. That alone is a good reason to consider starting this or any business that focuses on the needs of senior citizens.