We have an aging population, something that will continue into the future. There are even statistics showing that within the next fifty years, there will likely be nearly a million more elderly people than we have today. Unsurprisingly, then, there’s, and will be, an amazing need to take care of the elderly. There may be authorities providing care to some people, but there are numerous opportunities for independent care businesses to do so provide care in a nursing home or privately at home. If you have experience in the industry, and think this could work for you, here are some ideas and tips to help.
Business plan
Just as you would for any business, before you start with a home care business or agency it’s important to do so write a business plan, and write in great detail. You may have the passion and enthusiasm to put into a business, but when you’re a business owner it just will not be enough. There are numerous aspects of a business that need to be considered, in order to achieve success in this industry over time. Having a complete business plan will help you get the funding you may need, because lenders want to see that you have a plan, and they want to see that they will get their money back. A plan can even help you focus on what areas need work, how to manage your time, and it can even help you stay organized in the future.
Service to provide
As part of your plan, you need to be sure you know what services will be provided, and how you want to do them, as there are several options for you. So consider what you must offer. Will you be providing personal care, personal grooming, or something more like home and companionship? Once you do, you will be better able to run certain services and understand how to do them. You can plan whether you’ll have half hour appointments or will it be on call nursing or shift work for maintenance? Some other aspects to consider are:
- The costs that the business will have, ranging from training, staffing, software and equipment
- There are many prices that you’re going to be charged for thinking about. Having a rough pricing strategy, to know what you need to make your business profitable, is essential
- Thinking about how to sell your business and market the business is something to consider and can be an added expense. Will you only use social media, or will you encourage it flyer and website?
Funding and financial management
A plan for your business will help offer you focus, and help keep your attention on what you need to do to get things started. Your finances are something very important to consider, as they can make or break a business to get up and running. There will be some upfront investment required, there isn’t any getting away from that fact. It can be something that you can cover up, or something that you can do in private. Of course there are loans you can apply for, that are particularly for small businesses, so that could be something worth looking into.
One of the things you should do is have a look at your budget and your first expenses. There will be several small things, such as business cards, uniforms, and websites for example. But there will be bigger expenses such as getting the equipment you need, from a Outpatient EEG for harnesses or other medical equipment you’ll need for home care. Find out the cost and then you can see what funds you’ll need. From there you can create a plan that covers some of the expenses and sales you will need. Being able to manage your cash flow will be critical to success in business.
Keep things legal
Before you start a home care business, you need to consider the precise rules and regulations that are part of this industry, to make sure that you do not break the law. What agency should you register at your place of residence? There will be some legal requirements to do so, such as signing up with UK Quality of Care Commission, For example. You must also register the business, as it’s another legal requirement to do so. Having yourself, in addition to others, who will work with you, must be qualified and have the proper skills and training. Experience may not be necessary, but having the skills and training means you are legally protected. Insurance is another legal imperative, as you will be in other people’s homes providing medicine, and in some cases, providing intimate care. So be sure you are protected and have things like police checks.
Marketing tactics
Getting clients on your books is how you’ll make money and make the business successful. So you need to consider what’s the perfect thing for you to do. One of the things to consider is setting up a website, to make sure that you are present online when people are searching. This can even be done through social channels, to get your name out there, because people are attempting to find something on social channels, just like they do on search engines. Advertising, again with social media, can be a cheap yet effective way of doing things. You can be quite specific with social media adverts, such as location settings and age settings. But local newspapers and even radio can be a great way to reach your target group.
