How to Start an Assisted Living Business
If you’ve been searching for an investment or looking to start a business that has a guaranteed demand, you’ve come to right place. The future of assisted living is definitely on the rise. Millions of baby boomers are now reaching the age of retirement. Many of them will be searching for personal and medical care. You can either provide the service or own the real estate. Or you can do both, it’s up to you.Assisted Living for senior citizens combines the best of both worlds for real estate investment. You can have the stability of owning real estate while running a much needed business in every city.
Assisted living is certainly a booming business. Over the next twelve years more than 55 million seniors will be needing care. Now, isn’t that the kind of demand you’re looking for?
Naturally, an investment in assisted living is not only about real estate. Anyone looking to start a new business will need some concrete facts that are backed up by solid research. You’re going to need a good operational guide to help eliminate costly mistakes. We have what you need.
If you decide to invest in Assisted Living there are a few decisions you will have to make, like how involved do you want to be in the business. This business requires a background in the Health Care and the Hospitality Industries.
It doesn’t matter if you choose to buy the real estate and employ professionals to run the business, or if you run the Assisted Living business yourself. For this type of investment, you really need to understand the business.
Now here’s where the problem comes in. People looking to open their own Assisted Living business are met with so many “roadblocks”. It gets very confusing because there are so many rules and regulations. Do you have to register with your local government or with the state? Are you required to be certified? Does your home need to be inspected? If it does need inspection, who does it? It can all get very complex and overpowering.
Above and beyond the legal issues, you have to provide proper care for your residents. You can’t just sit them down and tell them to be good. There are so many questions to be answered, like – Does my staff have the proper training for this business? What type of menus do I prepare? What do I do if I have a “problem” with a resident? How do I get paid? Where do I get referrals? What are all the legalities involved? Add all this to just coping with daily matters and it can seem quite devastating.
Finally, there just isn’t enough data available out there to start up an Assisted Living home. The information that is out there is insufficient and costly. Not even the start up info and pricey books provide you with precise procedures. They don’t give good information and they definitely don’t tell you all you need to know.
This is why so many people just give up. Even though they want to own an Assisted Living home and they really want to help others, there are just too many hurdles to get over. They can’t find any good information so the give up before the even get stated.
This does not need to pertain to you. You can start your business with confidence and without anything standing in your way.
Here’s how you start. Remember, knowledge is power. You’ll need to obtain as mush information as possible on Assisted Living and starting an Assisted Living home. It would be a really good idea if you could find a mentor. Look for someone who is successful in the Assisted Living business and see if they will take you “under their wing” and help you get started.
In order to succeed in any new business it’s vital to have plans and operation manuals. However, they are crucial to succeed in your new Assisted Living Home business. Remember, you are dealing with people’s lives and well-being. You must be very precise in the way you operate. Gather all the information that you can.
If you decide that you are going to work in the business you need to have several years of hands on training or have a working partner who does. You are definitely going to need practical experience in this field to succeed. If you can, it would be an excellent idea to do some volunteer work in an Assisted Living home or a nursing home. This will give you a good perspective of how a home is run. It will also let you see what works and what you would change or do differently.
Another reason for finding a good mentor is that they can save you time and money when checking out your state and local requirements.
After you’ve found out what your state and local requirements are, you’ll need to choose the kind of home you want and the size. Do you want an existing structure or are you willing to build? By this point you’re plan should be well underway and you should start looking for financing.
About sixty to ninety days before you open your business, you’ll need to hire and train your staff and also start your marketing tactics. So any source of information you can come across to help in an efficient way would be a blessing.
Be very careful when accepting your new occupants. Do not take on more than you can handle. Remember, you are trying to establish a community and the first few occupants will establish the precedence for years to come.
Not only is the Assisted Living Business quite lucrative but it can have a positive effect on your community and can make a difference in the quality of life for senior citizens and their families.
Charles Young is an Owner and Operator of several Assisted Living Homes. Charles has been the Mentor to many people who have successfully started their own Assisted Living Homes. His website http://howtostartanassistedlivinghome.com/ provides you all the information necessary to achieve your dream.
Last Modified September 14, 2010 @ 10:10 pm