If you’re passionate about helping the elderly, there’s no better time than now to turn that passion into a thriving enterprise. The U.S. population is rapidly aging, and according to the 2020 census, there were 55.8 million seniors in the US population. As more people age, there will be an increasing need for professionals who can provide them with quality care and support.
If you have the right skills and qualifications, you can start an assisted living facility and generate revenue while helping the elderly. In this article, we’ll show you how to transform your passion for helping elders into a thriving enterprise:
Table of Contents
Conducting Market Analysis and Building a Business Plan
Before you begin your business, you must do market research and plan your business strategy. First, you need to know who your customers are and what they want. Since you are planning to start an assisted living facility, this will mostly be elders who require special care and attention. However, you must also consider marketing to young individuals, as they might make decisions for their elderly family members.
Next, you must also consider analyzing market opportunities. However, when it comes to elderly care, the market opportunity is good in the US. According to IBISWorld, the elderly and disabled services market was worth $64.4 billion in 2022.
But besides this, you must also look for competitors and see how they run their businesses. This will give you an idea of the competition for this type of work in your clientele’s area.
Acquiring the Necessary Skills and Qualifications
Once you have done market research, it is time to acquire the right skills. Before starting your business, you must develop some basic skills and qualifications.
- You need to know how to provide care for elders. This includes everything from bathing them, dressing them, feeding them, and so on. The more specific your area of focus is, the better it will be for you as an entrepreneur because there are fewer competitors in those areas.
- You also need some bookkeeping knowledge to keep track of income/expenses and pay taxes if applicable. If not already done by someone else at home who may have been doing this type of work all their lives, then take some time out before launching into anything else!
- Managing finances can be tricky, especially when money comes into play, but there are ways around this hurdle too. Just make sure everything gets done correctly so there won’t be any issues later down the line. For instance, if IRS audits or something similar are not taken care of due to poor management practices could potentially cost thousands upon thousands of dollars later.
This skill can also help you assist your elderly customers in filing their taxes. Seniors didn’t have to pay taxes until recently when Form 1040-SR, the U.S. Tax Return for Seniors, was introduced in 2019. Hence, most of your customers won’t know how to navigate this. Also, many seniors may be oblivious to it. You can assist with information dissemination in such instances.
Acquiring skills doesn’t necessarily limit to yourself. It also means hiring certified employees to help run your facility. These employees should involve caring staff who can connect with and care for elders. You can also hire some management employees to manage the facility.
Getting an Assisted Living License
The next step is obtaining an assisted living license to become an assisted living provider. The requirements for obtaining this license vary from state to state. In most cases, however, applicants must meet certain age and residency requirements, pay a fee, and submit required documents for background checks.
There are several other steps to get an assisted living license. For instance, you must find a certified administrator, contact the local fire marshal for inspection, submit a license application to DSS, etc.
According to Assisted Living Education, the DSS will schedule a face-to-face meeting with you at their office and visit your facility for inspection. Once all the processes are completed, DSS will give you the license to run your assisted living facility.
While the specific regulations may vary from state to state, there are some commonalities:
- All states require documentation showing proof of liability insurance coverage with limits at least as high as $500,000 per occurrence/$1 million aggregate.
- Most states require staff members who provide medical services to have current licenses issued by their respective agencies.
- Some states require employees to receive training before working at these facilities.
- Many states require written policies outlining how residents will be cared for should any emergencies arise while they’re staying at home-like situations such as fires or floods.
Building a Strong Network
You will want to build a strong network. Networking is one of the most important aspects of growing your business, and you can do it in person or online. In-person networking means meeting people interested in what you’re doing and asking them if they know anyone else who might also be interested.
Online networking entails building relationships with other businesses on social media platforms like Twitter, Facebook, and LinkedIn. Once you’ve found someone who might benefit from your services, introduce your facility and offer information about what sets your company apart.
For this, you can:
- Provide a tour of your facility and let them see your amenities and services.
- Highlight your staff’s qualifications and experience.
- Talk about your facility’s philosophy and how it aligns with the client’s needs.
- Offer a free trial or discounted rate so the client can experience your facility firsthand.
- Provide references from satisfied clients.
- Get involved in the community and show you are committed to providing quality care.
Marketing and Branding Strategies
Branding and marketing are essential for any business but crucial for social enterprises. While you may be passionate about helping elders, it’s unlikely that anyone else will share your enthusiasm unless they know what you do and why it’s so important. That means building a brand identity that conveys the value of your service in a way that resonates with potential customers.
Creating an effective brand is an ongoing process; you’ll need to continuously market yourself and refine your message over time. Here are some ways to get started:
- Research how other organizations have branded themselves in similar industries or markets
- Brainstorm ideas for how your organization could stand out from competitors using both visual elements like logos, colors, logotypes, and verbal aspects like taglines or slogans
Financial Management and Sustainability
You’ve done your research, got your business plan, started your facility, and have done the marketing. Now it’s time to get serious about finances. Here are some tips for managing your money as a small business owner:
- Create a separate bank account for your business. You don’t want to mix personal and professional expenses on the same account, especially if one is tax deductible.
- Get an accountant specializing in elder care services. They can help with taxes, payroll, and more! Your services could get you an average of $4,300 per month for one customer. Your monthly income will depend on how many clients you get and in which state. All of these can get complicated as your business starts to scale and acquire new clients. Thus, an accountant will make things easy.
- Monitor cash flow closely so you know how much money is coming into or going out of the business each month and adjust accordingly if necessary! A good way to do this is by setting up automatic payments from customers’ credit cards when they book appointments with you. This way, you will always know exactly how much money you have left over after completing each day’s sessions.
Conclusion
As you can see, there are many ways to turn your passion for helping elders into a thriving business. It’s all about finding the right fit for your skills and interests. The important thing is not to give up! If one avenue doesn’t work out, try another until you find something that fits perfectly.