There are more than 300 different senior care center communities. If you’re looking to enter this business, you must understand what it takes to open your own senior home.
There’s no need to worry because we’ve created a brief guide that will detail the things you need to do to ensure the opening of a successful senior living franchise.
Create a Business Plan
The first thing you need to do is sit down and create a detailed business plan. In this plan, you need to detail the cost of a startup and the cost of conducting business daily.
You’ll also need to provide a spreadsheet of the amount you’ll charge seniors to live within your facility. Having a sound business plan is essential, especially if you’re going to use it to secure funding for the project.
Become a Legal Entity
Now that you’ve taken the time to create your business plan, it’s time to establish your senior care home as a legal entity. There are several types of entities you can choose from, including:
- Sole proprietorship
- Limited liability company
You need to establish yourself as a legal entity to ensure your company is protected if you’re sued by someone living there. Each entity has its own guidelines for those that choose it for their business.
Set Up Taxes and Open Business Accounts
After choosing to take on a senior care franchise opportunity, the next thing you need to do is register for federal and state taxes. To register for your taxes, you will need your employer identification number, which helps the government recognize your business.
We recommend you do this before you open your business accounts. As you’re opening your business bank accounts, inquire about credit cards that will help you make necessary purchases for the company.
Get Your Permits
Another thing you’ll need before people can begin moving into your senior care home is to obtain the proper licensures. You will need to check with your state to determine which permits and licenses you need to do business.
On the U.S Small Business Administration website, you can apply for the permits you need all in one place. Along with these permits, you’ll need a certificate of occupancy detailing how many people can occupy your facility at any given time.
Insurance is what protects your company in case something goes wrong. It protects not only yourself and staff but also your companies finances.
We recommend taking some time to compare the prices and insurance bundles in your area. Each bundle will offer different levels of coverage, and it’s up to you to decide how much coverage your company needs.
Starting a Senior Care Center
If you’re looking to start a senior care center, there are several things you need to do first. Creating a business plan lets investors know you’re serious and provides insight into what funds will be used for.
Also, don’t forget to get insurance to cover your business. Before opening the doors of your senior care home, you should scroll through some of our other posts.