💡 Why Smart Homes Might Be Your Next Jackpot

Good evening and welcome to Odd Night, where every edition is a coded message for your next empire.

Every other night, we unveil a fresh business idea for your free moments. Perhaps, one of these drops could ignite your entrepreneurial path

In today's sit-down, we delve into the future of aging and the potential of home automation tailored for our senior members of society.

Our ethos remains unchanged: concise, actionable, and always brimming with insights. So, without further ado, let's unfold today's strategic insight

Here’s what we got for you today:

• Home automation for the elderly

• Elon Musk’s book quote

• Midnight meme 😂

Today’s Drop 💼

Home Automation for the Elderly

🍿 The Big Picture:

91% of seniors have expressed a desire to age comfortably within their homes. This sentiment, combined with the rapid rise in the home automation industry, creates a ripe market for solutions dedicated to eldercare.

For perspective, according to Fortune business insights the home automation market, valued at $63.73 billion in 2023, is projected to catapult to a whopping $207.23 billion by 2032.

🛠 The Idea:

Envision a service that integrates home automation specifically designed for the elderly. Marry the demand for home automation with the overwhelming preference of seniors wanting to age in their own homes. This isn't about just smart lights or voice-controlled gadgets. This is about holistic eldercare - automated medication reminders, AI-driven companionship solutions, fall detection, voice-activated utilities, and remote monitoring for caregivers.

The biz could work something like this:

1. Go to peoples homes and evaluate which automations their space would allow you to implement (think electric curtains, fall detection devices connected to their families smart watches etc.)

2. Come back to them with different plans like a basic and advanced version.

   • Basic could be safety focused so: fall detection devices, fire/gas alarms etc.

   • Intermediate: voice assistants, automated doors and windows

   • Advanced (the full works): think automated cooking, wearable health monitors, vibration sensored alarms to let visually impared individuals know when others are around

3. Book a day to come in and start activating and installing said features

A potential tagline? "Empowering golden years with smart homes."

🔥 Is the Market Hot?

Certainly! Let's take an example. GrandPad, a company that introduced a tablet crafted for seniors, achieved a commendable revenue of $3.0 million in 2022. This is a clear testament to the market potential when technology is tailored for seniors. Now, expand this concept to an entire home automation ecosystem, and you can visualize the vast opportunity.

🍞 Revenue Potential:

• Charging initial installation fees for the entire automation setup.

• Introducing monthly subscription models for any additional services.

• Partnering with eldercare and healthcare providers for integration.

• Expanding to B2B by entering care homes

  For context:

  
  If you're automating homes for 50 elderly clients each month with an average installation fee of $2,000, you're looking at an upfront revenue of $100,000. Choose to go down the monthly subscription route at $50 per client, and by the end of the year, as your client base accumulates, you could be generating a recurring monthly revenue stream that's substantial.

🎯 Conclusion:

Entering the home automation consultancy realm for seniors isn't just about business; it's about enhancing lives. As you pave this purpose-led path, it's essential to remember the responsibility that comes with it.

Your aim isn't to capitalize on the elderly or those with mobility challenges, but to truly make their lives more comfortable and independent. Approach marketing and service with empathy and authenticity.

Ensure your Marketing reflects genuine care, building trust and long-term relationships in a community that values sincerity.

Tweet of the Day

Midnight Meme 😂

Odd Notes:

• Starbucks revamps stores for efficiency with the Siren System, targeting a potential $900 million yearly revenue boost from faster service and diverse drink orders

• Dubai set to surpass Las Vegas with 154,000 hotel rooms by year-end, boasting an 82% occupancy rate and even expanding its beachfront for more hotels

• Airbnb have been using an anti-party AI system that has led to a 55% reduction in party reports between 2020 and 2022, blocking or redirecting over 320,000 guests since its worldwide introduction.

That concludes our business for today. Join us on our next odd-night rendezvous for more exclusive insights from the team.

Have a business idea that we could feature? Hit reply and share the 411. If we ride with your plan, you'll see your name in the credits. That a deal?

Disclaimer: This newsletter is educational, not financial advice. Exercise caution and conduct personal research before making investment decisions.