It’s the right time to open an assisted living facility. Why? As the baby boomer generation ages, the number of people who are going to need assisted living services is only going to keep increasing. In fact, the number of assisted living facilities in the U.S. has been on a gradual increase over the past couple of years.
However, just because the industry is thriving doesn’t necessarily mean your business will be successful. You must get the basics right.
Eager to know how to open an assisted living facility that will thrive? Read on!
Understand the Legal Requirements of Running an Assisted Living Facility
The first step to starting an assisted living facility is to have a good understanding of the legal requirements as well as the industry standards your facility should comply with.
First things first, every state requires an assisted living facility to obtain and maintain a license. Although licensing requirements vary by state, your facility must have adequate infrastructure that’s friendly to the elderly and the disabled.
There are staffing requirements, which typically include conducting thorough background checks on all your employees. This is because you’ll be serving vulnerable people who can easily be abused.
Another requirement is insurance. You must purchase adequate liability coverage.
Before setting out to start your facility, ensure you have the capacity to meet these regulations. If you don’t, you could face massive fines, lawsuits, and even closure.
Draw a Business Plan
Once you’re confident you have what it takes to set up a facility that can meet all the legal requirements, the next step is to draw a business plan.
This is a document that fleshes out all the major details about your business, including ownership structure, mission and vision, services offered, sales and marketing strategy, capital requirements, and financial projections.
If you don’t have any business plan writing expertise, it’s advisable to hire an expert to do it for you. An assisted living facility is a complex organization with many moving parts. Without the necessary expertise, it’s hardly possible to write a business plan that captures every aspect.
Now is also the best time to choose a business model. You could choose to start a new facility from scratch or you could choose the homecare franchising model.
Both models have their pros and cons, so be sure to do sufficient research before settling on one.
Set Up Your Facility
With a business plan ready, focus on setting up the facility.
By now you would already have identified an ideal location where you’ll rent or buy the space. You can hire a professional company to help you lay out the space in accordance with the regulations.
As that happens, start building your team. You need to hire meal prepares, cleaners, caregivers, and even medical personnel if the facility will be offering medical services.
How to Open an Assisted Living Facility Simplified!
Assisted living facilities plays an important role in our communities. Opening one isn’t just a sound business decision, but also a well-informed social move.
With this guide on how to open an assisted living facility, what’s there to stop you? Just put the information to use!
Keep reading our blog for more business tips and insights.