If you have a passion to help the elderly, starting your own assisted living facility business can be great idea. There are many families who keep looking for assisted living facilities for seniors that can provide quality care to their loved ones. With their busy schedules and hectic lifestyles they find it physically and emotionally taxing to take care of their elders, especially when they start demanding more and more attention.
Here are a few steps you may have to follow before starting your own assisted living facility business:
Step #1: Obtain the License
You will need to get a specialized license for starting an assisted living business. The licensing agency in your state may require you to attend an orientation session to make sure you understand what it takes to start such a business. You will get all the details about the licensing process during this orientation session. An inspection of the facility may have to be done in order to figure out how many residents can be allowed. You will also have to figure out the amount of operating expenses you may need before you launch the facility. You may have to pay a small fee for this orientation class; but it is worth the money since you get a chance to get all the information you may need and clarify all your queries. Get in touch with your local family services licensing division for an orientation schedule.
Step #2: Get Registered
You will need an operator’s license to start your assisted living facility business. Find out if you want to be registered as a sole proprietor, a partnership concern, a corporation or an LLC, before you apply for the state license. You may do well by consulting a business attorney or a qualified CPA. Make sure you find out which structure will help you enjoy the best tax advantages.
Step #3: Construct your Facility
Your next step would be build or purchase a building to start your assisted living facility. You may want to make some modifications if you are purchasing an existing facility. There are certain specific guidelines you may have to follow as per your state licensing office. There will be a few inspections that your facility will have to pass. You may have to make sure each and every area of your facility including common areas and the private living quarters of the residents and your staff members, is according to the guidelines of the state licensing office.
Step #4: Recruit your staff
The staff members that you recruit should also meet the state requirements. There are resident-staff member ratios that you will have to look into. All this information will be provided to you during the orientation session. You can contact online job databases, local employment agencies and even your local state licensing office to recruit your staff members.
Step #5: Get your projections
You may need to plan for three to six months of operating expenses before you launch your assisted living facility business. The operating expenses will have to be verified before the final approval. An accounting professional can help you determine these. These projections are mandatory if you want the state licensing agency to let you begin your operations.
You will have no problems making money when it comes to starting an assisted living facility. There are people who are ready to pay $3500 per month for assisted living. All in all, a business of assisted living facility will not only give you the satisfaction of helping these people, it will also help you earn some good revenue year after year.