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Owning an assisted living facility requires regular interaction with employees, residents, and medical equipment suppliers. Though some facilities can be rented, the majority are either purchased or built by the entrepreneur.
With projected 2006 sales of $10 million, House Works provides personal care assistance, companionship, home modification, cleaning and relocation services.
Our guide on starting an assisted living facility covers all the essential information to help you decide if this business is a good match for you.
"You help people perform the simple functions of daily living and don't let them get so run down that they wind up in assisted living or the emergency room."The biggest obstacles to breaking into nonmedical home care are often the seniors themselves, who are reluctant to acknowledge their needs.
"You have to have a staff that's trained to work with seniors and help them become comfortable with the choices you offer," says Andrea Cohen (below), 48, co-founder and CEO of House Works in Newton, Massachusetts.
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
Insurance is highly recommended for all business owners.
The growth potential depends on the quality of the assisted living facility's condition and level of care.
Another critically important factor in terms of growth potential is location.
Recording your various expenses and sources of income is critical to understanding the financial performance of your business.
Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.