There is a significant rise in the need for facilities for disabled and elderly people. Therefore, opening an assisted living facility is a rewarding thing to do. However, it is important to understand that starting with an assisted living home is expensive and not easy. You will have to invest a significant amount of money and take certain steps. Here is what you will need to do in order to start this type of business:
Steps You Need To Take For Getting Started
Here is a list of steps you need to follow for a successful startup in this industry:
Create a Business Plan
You cannot start your business without a clear and detailed business plan. The purpose of a business plan is to map the specifics of your new business and discover the unknowns. Your business plan should include the answers to the following questions:
- What will be your expenses for an assisted living facility?
- What is your target market?
- How will your facility make money?
- How much profit will you be able to make?
- How can you make your facility more profitable?
Establish a Legal Business Entity
After you finish your business plan, the next step is establishing your business as a legal business entity. It is important to do it before opening your facility because it will protect you, as an entrepreneur, from lawsuits in the future. If you do not establish a legal business entity, you could be liable for any legal issues that involve your business. For example, you could have to shut down your business, even if everything is going well.
Register Your Business For Taxes
Before opening your facility, you will need to register for a variety of state and federal taxes. Registering your business for taxes is quite a simple process, even though many entrepreneurs forget or ignore it. All you need to do is to apply for EIN, which you can do for free through the IRS website, by mail, or via fax.
Visit a Bank To Open a Bank Account and Credit Card
If you have never run a business before, you may want to mix your personal and business finances. However, it is not the right thing to do. It may seem convenient to use your personal bank account to operate your business, but it is much better and more efficient to have to separate account – a personal bank account and a business account for your business.
Having a business account for your facility will help you keep your finances in order. It is also more professional to pay for services using your business checks. In addition, having a business bank account makes tax filing and accounting much easier.
It is also recommended to get a business credit card. First, a business credit card will help separate business and personal expenses and will keep your business expenses in one place. Second, it will help you start building your company’s credit history, which may be beneficial for raising money and investing in the future.
Get Land and a Home
The next thing you need to do is getting land and a building for your assisted living home. You should start looking for proper locations for your new facility. You can either find an existing building that has already everything you need for your business or build an assisted living home from scratch.
There is one important thing you need to remember when searching for a location: it should allow your business to grow over time.
Also, make sure that the property you are buying for your business is conveniently located in order to attract business and partners from the surrounding communities. The better and more convenient location you pick, the more chances your business will have to survive.
Apply For the Necessary Permits
You will not be able to run your assisted living business without the necessary license and permits. In order to know what permits you need, you should your city or town. Failing to obtain these permits and licenses can result in large fines and even the risk of shutdown.
Purchase Furniture And The Necessary Equipment
You need to make your assisted living facility as comfortable and convenient as possible. Therefore, make sure you purchase the proper and necessary furniture and equipment for the lounge area, rooms, dining room, kitchen, outdoor space, and other areas.
You should pay careful attention to the assisted living kitchen in your facility. It is not easy to design a commercial kitchen catering to the elderly and people with illnesses and certain dietary restrictions. There are many things to consider, including the design, light, adjustable and adaptable furniture, and some other things.
Create a Website For Your Facility
Creating a website is an important step, and here is why you should not delay building it:
- Today, most legitimate businesses have their websites. It does not matter how big or new your business is – it needs its own website because it is an essential tool for your assisted living business to build trust with potential clients and establish credibility.
- Creating a website is an easy process. There are website builders you can use in order to create your website. You do not have to hire a web developer – you can do it yourself.
Market Services to Your Community
There are several ways how you can market your services. You can do this by:
- Advertising your assisted living facility on the local radio and TV
- Sponsoring local community events, such as marathons, picnics, concerts, etc.
- Starting your social media accounts in order to help your business to grow online
Do whatever you can in order to tell the world about your business.
Hire Staff For Your Facility
Your facility will never function properly and grow without professional staff. First, you need to hire experienced registered nurses and nursing assistants because they will take care of people living at your facility. You will also need to hire an activities director and managers, occupational, physical, and speech therapists, head chef and cooks, marketing director, drivers, maintenance workers, and others.