I have always wanted to do my own business. It is my aspiration.
In February this year, I took the courage to resign, and to explore my homecare business. Homecare has been an area that I am passionate about, and it arose from the time when my Dad was unwell. I had wanted to consider doing this in US (home care is well received in US and there is a huge market) by taking up a franchise, however, this was only feasible and advisable only if we relocate.
I moved on to explore the local market. There are 2 major players and several smaller players in the market, and referral is largely to the voluntary welfare organisations (VWOs) by hospitals. The VWOs are partially subsidised by the government. This is a market in which there is a large demand, yet limited supply. Though it sounds like a feasible business (with high demand and low supply), market players are in fact struggling, as the market is not mature yet. I was told by a reliable source that a boss of one of the major players had to work part time to pay his staff. There are a few reasons why the market are not ready for homecare services yet and supply continues to lag behind demand:
1. There are only 1 in 1o residents now whom are 65 yrs and above. This ratio is expected to become 1 in 5 residents whom are 65 yrs and above by Yr 2030. The severity of the ageing population is probably not visibly severe enough yet to prompt finding of alternative cares to step down facilities (day care centres, nursing homes etc). Coupled with the chronic low birth rate and limited step down care facilities, home care services will be required in time to come.
2. Lack of awareness of homecare services, and what they can do. Homecare services can be in the form of nursing services, therapy services (physiotherapy, occupational therapy or counselling) and homehelp services (meal preparation, laundry, escort services, bathing of patients etc). The irony is that the existing market players do not really market their services to create awareness (which I believe they must have good reasons for it).
3. Singaporeans are not prepared to pay for homecare services as yet. They would rather hire maids to take care of their elderly loved ones who need assistance with daily living.
4. It is difficult to recruit committed and trained local staff. Hiring foreign staff would be too expensive for a start up. The severity of trained local expertise can be felt as of now when you step into nursing homes, community hospitals. One of my interviewees whom had worked with one of the big market players shared that caregiving is a tough and dirty job, and the salary does not justify for the amount of work. I agree, and yet if the charges are adjusted higher, afraid that it may shut out the demand and channel all demands to VWOs.
5. Lack of government funding or insurance coverage for homecare services. In countries such as US, Australia or Japan, home care services are either paid by insurance or subsidised by the government.
I have decided to put this business idea on hold. Though disappointing (and especially considering the opportunity cost lost), however, I am glad to have the chance to pursue and explore the idea full time. The 2.5 months of market research and business planning may be a blessing in disguise. Given a chance when the market is right for the business, I will be more than happy to go into it again!
Friday, July 22, 2011
Taiwan - Here we come again!
Went to Taiwan with hubby from 15 May till 22 May. This is my 4th time to Taiwan. The 1st time was with my gal friends, it was my first overseas trip with friends. The 2nd time was with my family members, and I was happy to be the tour guide for my Papa, Mama and Sis. The 3rd time was with my fiance and we were there to take our wedding photos (accompanied by Xueling whom made the trip esp for us). This time round, my hubby and myself are in Taiwan to simply experience the nature, culture and people in Taiwan! All the Taiwan trips are memorable to me.
Upon arrival in Taipei, we took the Taiwan High Speed Rail to Chiayi. Though it was a bit pricey, it saved us a lot of time and the experience was good. Upon arrival in Chiayi, we had a helpful Taiwanese on business trip to lead the way for us to our hotel (those we didn't ask for his assistance). We went Wun Hua Road Night Market and tried their local cruisines.
The next morning, we made our way to Alishan. Enroute, we stopped by Fenchihu. It was a small town with nice snacks. We tried their famous lunchbox and visited Fenchihu Old Street and Old Railway Museum. What amazed me was their bamboo plants with squarish stems.
At Alishan, we could not venture very far as it was raining for 2 days. We attempted to watch the sunset and sunrise, however, it was not clear due to the rainy weather. We went to watch the tourist video instead and the video was played especially for 2 of us! Haha.
Upon arrival in Taipei, we took the Taiwan High Speed Rail to Chiayi. Though it was a bit pricey, it saved us a lot of time and the experience was good. Upon arrival in Chiayi, we had a helpful Taiwanese on business trip to lead the way for us to our hotel (those we didn't ask for his assistance). We went Wun Hua Road Night Market and tried their local cruisines.
The next morning, we made our way to Alishan. Enroute, we stopped by Fenchihu. It was a small town with nice snacks. We tried their famous lunchbox and visited Fenchihu Old Street and Old Railway Museum. What amazed me was their bamboo plants with squarish stems.At Alishan, we could not venture very far as it was raining for 2 days. We attempted to watch the sunset and sunrise, however, it was not clear due to the rainy weather. We went to watch the tourist video instead and the video was played especially for 2 of us! Haha.We went to see Sun Moon Lake too. Hmm, it was different from what I saw during my first trip 9 yrs ago. Developments have made its way to Sun Moon Lake with classy hotels and pubs.
Next, we made our way to Taichung. We visited Feng Jia Night Market and Chung Yo Department Store. Finally we got back to Taipei and we stayed in the Yoxing Hotel (that we stayed last year) and we went back to our favourite "My Home Steak" opposite the hotel. It was as nice as ever. During the few days in Taipei, we had Mark whom is William's secondary friend as our local tour guide. We visited National Taipei University, tried the yummy beancurb near to the university, bought a nicely designed umbrella from Umbrella King (the umbrella comes with a warranty!), and visited National Chiang Kai-Shek Memorial Hall, National Palace Museum, Ronghe Street Night Market, Wu Fen Pu and Shida Night Market.
Next we made our way to Cingiing Farm. The air was fresh, the organic breakfast was great and staying in a home stay was a good choice. We visited the Cingjing Recreational Farm and Small Swiss Garden. The morning spent in the farm was fun. The lunch at Carton King impressed us. Every piece of furniture and most cultery were made of cardboards.
Next, we made our way to Taichung. We visited Feng Jia Night Market and Chung Yo Department Store. Finally we got back to Taipei and we stayed in the Yoxing Hotel (that we stayed last year) and we went back to our favourite "My Home Steak" opposite the hotel. It was as nice as ever. During the few days in Taipei, we had Mark whom is William's secondary friend as our local tour guide. We visited National Taipei University, tried the yummy beancurb near to the university, bought a nicely designed umbrella from Umbrella King (the umbrella comes with a warranty!), and visited National Chiang Kai-Shek Memorial Hall, National Palace Museum, Ronghe Street Night Market, Wu Fen Pu and Shida Night Market.This is another memorable trip with my Significant Other :-)
Subscribe to:
Posts (Atom)