There are about 73 million baby boomers in the United States. Most boomers are now approaching their sunset years. And with old age comes declining health.
It’s no wonder the demand for assisted living services in the country is surging.
If you’re looking to start a business, there’s a good opportunity here. Starting an assisted living facility enables you to make a big difference in the lives of America’s seniors while earning a good income.
Interested?
Continue reading for a reliable guide on how to start an assisted living home that will thrive.
Understand How an Assisted Living Home Works
Running an assisted living home business isn’t the same as running a coffee shop or retail store. Sure, the basic business principles don’t change, but assisted living facilities are way more regulated.
In most states, for instance, people looking to start an assisted living facility must not only obtain a regular business license, but also a special license from the state’s department of health.
As such, the first step to starting this business is to understand how assisted living facilities operate in your state. Research the laws and regulations and establish all the requirements you’ll have to meet in order to get licensed.
You also need to understand the kind of clientele these facilities serve. An assisted living facility is ideal for a senior who needs minimal daily care and is in fairly stable health.
Draw a Business Plan
A business plan is a document that fleshes out crucial details about the assisted living home you’re about to open.
It details the name of the facility, its location, the range of assisted living services on offer, startup and working capital requirements, income projections, and sales and marketing strategy.
Don’t make the mistake of starting the home with a business plan, however small the operation will be. The plan is your guiding light, without which the business will most certainly fail.
Set Up the Home
An assisted living facility has a lot of physical demands. You must identify a location and erect suitable buildings or modify existing ones in accordance with your state’s requirements and industry standards.
Besides setting up the living space, you also need to establish a kitchen and other structures that are integral to the successful operation of an assisted living facility.
Setting up the facility can be a complex job, so it’s advisable to hire a contractor who has vast experience with such buildings.
Build Your Team
An assisted living facility cannot be a one or two-person operation, even at the start.
You need to build a team that consists of chefs, cleaners, and importantly, residential care workers. Care workers must be properly trained and licensed.
If you want to be a care worker yourself, check out these affordable RCFE administrator certification training classes.
Once you bring together a team and secure the necessary licenses and permits, you’re ready to open and start marketing the facility.
How to Start an Assisted Living Home Made Easier!
Opening an assisted living home is a sound business decision, no doubt. The demand for these services is on the rise. Be sure to follow this guide on how to start an assisted living home if you don’t want to make costly mistakes.
Keep reading our blog to learn how to run your new business.
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