In the United States, there are over 15,000 assisted living homes, such as Vivante Living. This figure is likely to rise significantly during the next 30 years.
The senior population is expected to exceed 83 million by 2050, implying a significant demand for additional assisted living communities across the country.
An assisted living facility is a residential living facility for elderly people who require senior care and medical supervision in their everyday life.
Assisted living facilities provide assistance with daily living activities, including meals, medication management, feeding help, bathing, housekeeping, laundry, and round-the-clock supervision by skilled medical professionals.
Are you interested in starting your own assisted living facility? Follow this 10-step guide to ensure you start and run a successful assisted living facility.
Step 1: Create a comprehensive Business Plan
The first step in establishing an assisted living facility is to develop a business strategy. You’ll be doomed if you don’t have a clear business strategy in place before proceeding with the other phases.
In your business plan, outline where you intend to open your assisted living home, your target market, and how you intend to make your residential assisted living facility a success.
Keep this in mind if you intend to go the small assisted living facilities way and cater to a small population on your own with a few staff members.
You will use your business plan to get the necessary funds for your facility. So, no matter how minor or big the detail, don’t leave anything out.
Your business plan should be based on thorough research on assisted living homes and give a roadmap for how you want to function after everything is up and running.
Step 2: Establish a legal entity
The next step is to incorporate your business as a legal business entity. This will safeguard you if your assisted care facility is ever sued.
You may be personally accountable for any legal complications if you do not form a legal entity before operating an assisted living home.
Even if your senior living facility is doing well, it might bankrupt you and compel you to close it down.
Step 3: Register your business for taxes
Before operating an assisted living home, you must first register your company so that you may pay state and federal taxes.
This is a vital phase in the process. The last thing you want to do is put off paying your taxes and end yourself in trouble with the IRS.
It is straightforward to register your business for tax purposes. However, many business owners fail to do so and suffer the price afterward.
Even if your business does not generate revenue at the start for whatever reason, it is still essential to get your accounting and tax filing affairs in order.
Step 4: Open your business bank account
Although it may be more convenient to do business on behalf of your assisted care home using your personal bank account, separate the two as soon as possible.
Open a business account for your assisted nursing home at your local bank.
Your business bank account will assist in keeping track of all of your company’s money. It will also appear far more professional if you pay for services with company checks rather than personal ones.
Step 5: Find your ideal location.
Begin exploring potential locations for your assisted living home. That may mean relocating into an existing property with everything you need for your operation, or it could mean starting from scratch.
What you can afford will be determined by your money and whatever funding you have secured. In any case, select a location that will allow your assisted care facility to expand over time.
Step 6: Get the right licenses.
To operate an assisted living facility, you must have the necessary permits and licenses. Each state license varies in each state, as well as in each city or municipality.
Check with your state licensing office or municipality to determine what permits and licenses are required, whether for small assisted living homes or large facilities. If you do not secure these licenses, you may face huge penalties and perhaps a closure later.
Step 7: Get your assisted living facility an insurance policy
Getting business insurance if you intend to start any business is a good idea. Business insurance will cover you and your organization if an accident occurs on your premises.
Because there is an elevated risk connected with creating an assisted care home, business insurance is vital. Business insurance will cover you if someone slips and falls in your facility or is hurt in an accident.
If you want to hire employees, you will be obliged by law to get workers’ compensation insurance. Before opening your facility, do your homework and find out what insurance you need.
Step 8: Create a business website
How will people learn about your residential assisted living facility? They’ll almost certainly find out about it on the internet.
If your own assisted living home does not have a website, now is the time to get one.
Everything from your location and contact information to your services and the benefits of sending someone to reside at your facility should be included on your website.
Consider adding a blog to your website that provides essential information on assisted care homes.
Use the most recent search engine optimization tactics throughout your site to increase traffic and retain visitors.
Step 9: Market your assisted living home to the community
After creating your website and social media accounts, consider using them for marketing your new business.
Another effective strategy to grow our business is to gratify present residents. They will spread the information to other elders and disabled people.
Remember to market the assisted care facility in local newspapers, periodicals, radio spots, and television commercials.
Customers will seek additional information if the facility’s name is displayed prominently.
Step 10: Hire staff
People want to know that their loved ones are in good hands at your residential assisted living home.
As a result, you must hire the best people to work with you and keep your employees satisfied after your facility opens.
Most assisted living homes need registered nurses and licensed nursing assistants.
The personnel will be in charge of caring for the residents of your assisted living facility.
You will also need to hire:
- An executive director
- Activities director
- Marketing director
- Chef
- Maintenance workers and groundskeepers
- Drivers
- Physical, occupational, and speech therapists