If you have a passion for people, and business, then it makes sense for you to consider either buying or starting a residential care home business. It is a growing market, which makes it very interesting to be a part of too. The non-medical care industry is set to see more growth, and there is a need for facilities that can accommodate and provide daily living assistance for seniors. 

 

There are some challenging aspects that you will need to be aware of, but once you decide this is the right route for you, it can be incredibly rewarding. 

Photo by Glenn Carstens-Peters on Unsplash

Plan

Very few businesses can be deemed viable without a solid plan in place. You’ll need to build a comprehensive business plan that takes into account the rules and regulations that your state or country requires. 

 

Break it down into these sections:

 

• Business Description – which is exactly what it says, describe what your business will do
• Marketing Plan – how will you be attractive to seniors’ and their families?
• Finance – do you need to start up finance? What will be the charges and costs?
• Management – Are you qualified to manage a care home, will you use tools like swyftops.com to help you manage effectively?

 

Consult with a business mentor, or people in the industry to see if your business plan makes sense and is viable. Improper planning can lead to financial disasters.

Details

There are some details that you should think about while you are putting the foundations of your business together. Things like your business name, a mission statement and mock advertising campaigns. Build brochures to look at with prices and costings too. This will help you get a sense of the tone and style of your business and can be useful when pitching for funding too. 

 

As well as those things, it is pertinent to put together a range of supporting documents. You’ll need to look at things like your profit-loss, cash flow charts, and the spending you will be expecting. You should make two cash-flow options, one with loans and grants and one without. Now is the point that you should open a business bank account too. Try to find one without hefty charges later down the line. 

 

Get quotes from insurance companies about rates and policies. 

 

You will need to apply for an EIN too. You can do this through the Revenue Service – and you can’t serve clients without one. You may also need a seller’s permit and a Home Care Agency license. 

 

And your staff will all need to have the right qualifications and checks. It pays to have staff with first aid and CPR knowledge (or provide the training). 

Moving Forward

Your business proposal will need to go to the correct licensing department. And you will have to be compliant with all inspections, including health and sanitation, food safety, and facility. And you will need approval before the doors open. 

 

Invest time and money in getting the right equipment to take care of your clients well. Stairlifts, wheelchairs, walkers, commodes, dining items like small meal tables so that your clients can be happy and comfortable.