How to Start an Assisted Living Business

If you are looking for an investment or a business with a guaranteed demand, look no further! The outlook for assisted living is booming. Tens of millions of baby boomers are approaching retirement age. Many of them will need medical or personal care. You could own the Real Estate or be the company that provides the service. Or combine them and get the best of both worlds.

Assisted Living for seniors combines the best of Real Estate Investments. You can operate a business needed in every city and have the security of owning Real Estate.

The increasing need for assisted living is driven by more than 55 million older Americans needing care over the next twelve years. Is that the type of demand you want for your new business?

Investing in Assisted Living is not just about real estate. When starting any new venture you need solid business data backed by extensive research, you need a solid operational manuals that help you avoid costly mistakes. We offer what you need.

Investing in Assisted Living also demands a decision about how involved you want to be in a business that requires some knowledge of both the Health Care and Hospitality Industries.

Whether you want to run an Assisted Living Business or buy one and hire a professional to operate, this kind of investment requires you to have a solid grasp of the industry.

But here’s the problem. People wanting to start their own Assisted Living Business have so many barriers to overcome. First, there are many rules and regulations when working in Senior Care. It can all be so confusing. Do you register with the state or with your local government? Do you have to become certified? Is your home inspected? And, if so, who does this? It all seems so complicated and overwhelming.

Besides the legal issues, you know that you must take good care of your residents. You just don’t plunk them down in front of the TV. This leads to so many more questions, such as: what should you feed your residents? What skills training are best for your facility? What do you do when you have an “incident” with a resident? How do you get referrals and how do you get paid? What are the legal issues? All this along with dealing with the “day-to-day” issues can seem overwhelming.

One more thing. There is just not much information available on how to start an Assisted Living home. What’s available is expensive and incomplete. Even the expensive books and start up packets don’t give you clear-cut procedures, they don’t give you good advice and they don’t tell you everything you must know.

Because of all of these barriers, so many people dreaming of helping others through owning an Assisted Living home just give up. They just don’t start because it all seems so hard and they can’t get any good information.

This doesn’t have to happen to you. You can start with confidence and without anything stopping you.

Start here. Knowledge is power! Even if you have a background in Assisted Living, unless you have a background in how to start an Assisted Living Home you will need to gather good information. The best place to start is to find a mentor. Find someone that has already been successful in the Assisted Living Business; see if you can duplicate their efforts. HULT PRIVATE CAPITAL

Business plans and operations manuals are crucial to the success of any new business but they are vital to your success as you start your new Assisted Living Home. When you are dealing with peoples very lives you must be very exact in how you operate. Take the time to get the best data you can.

If you don’t have practical experience in the field take the time to get to know the business. If you plan to work in the business you will need to have a few years of hands on experience or at least a working partner who does. Regardless if at all possible volunteer your services with local nursing homes or at other Assisted Living Homes, while you may not be able to help with all the residents needs you will get a good idea of what can be expected. This will also give you the opportunity to see what works and what you would do different.

The next step is finding out what you state and local requirements are. This is where a good Mentor can save you time and money.

Once you know the State and Local requirements, you need to decide the size and type of home you want. You will need to decide if you will build, or find an existing building. At this point your business plan should be nearly complete and you will be ready to find financing.

Sixty to ninety days before you open you will want to hire and train employees, and start your marketing efforts. Again finding a Mentor or a source of information that helps you in a systematic way will be worth its weight in gold.

When accepting new residents be careful. Many people fall into the trap of taking everyone that comes through the door. You must keep in mind that you are creating a community and the first few residents will set the tone for years to come.

The Assisted Living Business while being profitable is also a way to make a difference in your community and in the lives of those people and their families who are in the sunset of their lives.

 

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