How are you preparing for an older population?
If you run a baby and child business, you will know already that your customers move on as their kids grow up. The Office for National Statistics has issued figures showing for the first time that there are more pensioners than children. If you are looking to ensure your business keeps on growing, you may want to take this into account. One business that has adapted well to the challenges of an aging population is IdentifyMe. Started by Nadine Lewis in 2005, the business originally focused on kids emergency ID, a product which still plays a role in the business today. Lewis has diversified the business in the last few years, with a strong focus on the niche of fashionable, glamourous and high quality medical identification jewellery. She says, “Diversifying our products to reach different population groups has enabled the business to grow more than if we had just stuck to kids’ ID.” Think about whether you could do this with your business too.