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Tips on Starting an Assisted Living Business

Home Health Care is a popular route to go

With the current Baby Boomer generation rapidly reaching the age of required care, starting an assisted living business  is one of the most lucrative businesses to begin.

There are a variety of need and services needed by the aging today, and they don’t all require residential care. Adult day care is a vital part of the elderly every day life.

starting an assisted living businessThis service allows numerous seniors to live with their families while remaining safe during the day. Of course, there is always the option of opening an adult day care the same way you would a child day care.

This would require a building with all the accessibility requirements, trained staff, food service, transportation services, and of course advertising.
 
However, many like minded entrepreneurs are opening adult day care services that come straight to the individual’s home.

While hiring more staff would be required, it eliminates the need for a building with accessibility, which is often the biggest obstacle of opening an adult day care.




Many families caring for an older individual prefer this method as it eliminates the need to get an elderly person out of the house in the early morning hours.

  • Of course there are specialized training issues that each staff member would have to exceed and each state has its own insurance regulations.
  • This type of adult day care is growing in popularity and is in excellent demand.
     
    Home health care is similar to in home adult day care with the exception of the type of services they provide.
  • Adult day care offers supervision and companionship for most or all of the day.
  • Home health care provides medical care and often doesn’t require an entire day is spent with any one individual.
  • Home health care is more expensive for both the provider and the recipient, but it can also be more lucrative.

Any time you are offering a service that requires employees to enter an individual’s home you need to exceed the basic insurance requirements.

You will also need to thoroughly screen potential employees and make sure they are bonded. Bonding is a form of insurance that proves to the client that stringent background checks were performed as you can not get an employee bonded without their approval.

It also protects you new company from bankruptcy if the employee violates the standard of care by stealing or harming an individual, or simply accidentally causes damage to someone’s home or property.
 
Transportation is a vital service to offer the elderly. Getting to and from medical appointments are vital to seniors as well as being able to get to the pharmacy or grocery store.

Some seniors voluntarily give up their driver’s license due to the expense of owning and maintaining a car or because of their failing health.

Some seniors are forced to give up their licenses in the event that they can be proven to be habitually unsafe drivers.

Transportation can begin as a one or two person operation. The need for additional employees will grow at a much slower rate than home health care or in home adult day care.

The start up expenses of a transportation service can be drastically lower than that of other elderly services. The overhead is typically much lower as the network of clients grows and can wind up being a truly profitable business.

 




Grants, loans, and financial gifts are available to those wishing to open up a residential care center. It is vital to educate yourself about every nook and cranny of the necessary licenses, insurances, education, building standards, and OSHA requirements prior to even beginning to start a project of this magnitude.

However, if you have the dedication and the resources to pull it together you are not only filling a desperate need in the community, but you are achieving a new standard in entrepreneurialship.

Offering a quality residential care environment is a quality service. As you are pulling together your business plan, continuously revisit whether you would send your own mother to your center to live.

This is the standard question that potential investors, visitors, and eventually clients are going to ask. Save overhead and time by researching what seniors themselves would like to see in long term care residential settings.

If you can fill the majority of senior needs while offering your service at a competitive cost, you will be destined for success.
 
Offering senior services is not an easy task and it does need to be something you would enjoy if you’re going to be hands on in your venture. Senior citizens are people, and like most people they can feel when they are resented or disrespected. It is not a good moral or business practice to view the elderly as nothing more than a paycheck. Delivering quality services to them with care and concern will lead to better success and better sleep at night.

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