How to Start an Assisted Living Facility the Right Way

It’s estimated that by 2050, about 80% of people 60 and older will live in low and middle-income countries. The global population is aging much quicker than it was in the past.

If you’re looking to help others, you might consider opening up your own assisted living facility. Going over all the information can feel overwhelming, but you’re in luck! Read this guide on how to start an assisted living facility today. 

Create a Business Plan

Starting a business plan with your budget and goal in mind will set you up for success. Before you begin, perform market research on your area to ensure that it’s a viable business. 

Decide whether it’ll be assisted living, independent living, or a continuous care retirement community. Think about your marketing plan and check out this link for more information about marketing ideas.

Determine Your Budget

Develop various operations and procedures for your business and determine staffing needs. Think about estimated costs, including staff, the facility, care, etc. 

Additional costs could include: 

• Food and drinks
• Computer hardware
• Security cameras
• Bedding
• Medical equipment
• Staff

Assisted living communities will need nursing staff which could be expensive. Utilities can drive up expenses as well. You’ll also need to refill medical supplies as necessary. 

Pick Out a Name

While there are various types of businesses, you don’t want the same as another company. You’ll need to ensure that the name isn’t taken and then register it.

You’ll need to determine whether it’s a corporation, LLC, etc., for tax purposes. A corporation or LLC will protect you in case someone ever tries to sue you. They can only sue you for the profit of your business and not your individual amount. 

To register your business name, you’ll need web domain availability, social media platforms, federal and state trademark records, and business records in your state. 

Obtain Permits

Find out the necessary permits and licenses in your state. Without them, you could be fined. They could also shut down your business. 

To find out more information, you can reach out to the county clerk, city, or town office. You can also reach out to the US Small Business Association Directory on their site. 

Obtain Business Insurance

Speak with a real estate agent to find property in the area. Once you buy or lease a space, you’ll need to buy business insurance. You’ll want general liability insurance. Speak with an insurance agent to see about insurance add-ons. 

Assisted living communities might need workers’ compensation as well. This is because your facility will have employees. Many states require this type of insurance.

Explore How To Start an Assisted Living Facility

After exploring this guide, you should have a better idea of how to start an assisted living facility. Take your time deciding if senior living facilities are right for you.

Would you like to read more informative content with businesses in mind? Be sure to check out our other articles today.