Just about every career in health-related fields seems to have high demand these days. This is equally true for home based businesses such as home-based assisted living. More and more seniors are living longer. While they may be more than able to live at home on their own, these seniors often need help with some tasks, such as remembering to take medication or cooking meals. Starting an assisted-living business can help fill these needs and be very rewarding to the business owner, both personally and financially.
Create a business plan. Even the best intentions can result in failure if you don't take a look at the pros and cons of starting a business. You'll want to look at how you plan to start and how you will expand the business to keep it profitable. What are your overhead costs? How much will you charge for services? Will you need to hire employees? You'll even want to look at topics such as what type of payments you'll take for services, how often you'll be paid and how you'll get the advertise your new business.
Fulfill all state and local requirements for opening a senior care business. Requirements vary widely by location. Some states require very little for non-medical assistance that is home-based and others have more stringent guidelines. Your Secretary of State or Department of Health (or equivalent in your state) should be able to answer any questions or point you to the best department for answers. Keep in mind that you'll likely need a business license and Federal Tax Identification Number. You'll also want to file for the corporation status you've chosen to help protect your personal assets.
Advertise your business. There are many ways to get the word out about your new business assisting those who want to live at home. More than likely, you will quickly have more clients than you can possibly handle. Hang up fliers on community bulletin boards, pass out business cards to everyone you know and advertise in the local paper to start. You may also want to make a connection with local doctors and let them know what services you have available. They can offer referrals to those who need extra care.
Check into insurance programs. Many assisted-living services have started accepting Medicare and other insurance programs where it is appropriate. While you may not start off accepting this type of payment, it is certainly worth looking into to see if it is something that might help grow your business.
- CowboyUp.org; "How to Start an Assisted Living Business"
- "Start Your Own Senior Services Business"; by Jacquelyn Lynn; 2006
- senior cell phone user image by Mary Beth Granger from Fotolia.com