Starting a Business
Opening an Adult Care Business
Here's some helpful information that is perfect for aspiring entrepreneurs who hope to start an adult care business. Read this article before you begin your venture.
We've gathered some valuable information on what it takes to open an adult care business.
Adult Daycare Business Requirements
The aging U.S. population hasn't gone unnoticed by forward-thinking entrepreneurs. Caring for American senior citizens has become big business, but even small business owners are getting in on the action with adult care businesses that turn a profit and provide quality care for the elderly.
Many people naturally lump adult care and child daycare into the same broad business category. But that's a mistake - not only they are two completely different types of businesses, but the business requirements involved with each of them are very diverse. If you're planning to operate an adult care business out of your home, you will need to be licensed (not unlike a home-based childcare business). However, there are several other issues you'll need to be prepared to address.
Health concerns rank high on the list of things that adult care providers have to be prepared to deal with. In addition to tracking your clients' illnesses and medications, you will need to create care plans and establish contingency plans for medical emergencies. Relationships with qualified nurses and medical professionals are essential to your business's reputation.
The elderly also have dramatically different facility requirements than children or adults. Although your home may seem comfortable to you, seniors often experience difficulty with stairs, uneven floor surfaces, and conventional furniture. Accept the need to improve your current lighting as a cost of doing business as an adult care provider.
Most importantly, adult care business owners are required to view their clients as more than just clients. Your clients have lived full lives and deserve not only your respect, but also your attention. Establish an active programming schedule that stimulates your clients' minds and provides opportunities for companionship.
Read more about opening a business targeting senior citizens in Advertising Your Business to Seniors!
Business Plans for Adult Care Businesses
As a startup adult care business owner, writing a quality business plan is one of the first tasks you need to address.
If time is scarce, business plan software can be used to streamline the process. A reliable software solution will increase the accuracy and consistency of your business plan, dramatically improving its value to your adult care business.
Properly utilized, business plan software has the potential to transform your business plan from a throwaway business requirement to an integral strategic resource.
Evaluate the Competition
Before you open an adult care business within your community, it's a good idea to find out how many competitors you have. We've provided the link below to help you generate a list of competitors nearby. Just enter your city, state and zip code to get a list of adult care businesses in your community.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are interested in starting an adult care business, you really ought to speak with somebody who is already in the business. If you think owners of nearby adult care businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
But, a person who owns an adult care business in a location that is not competitive to you can be a great learning resource for you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
What's the process for finding an adult care business owner who is willing to talk to you but doesn't live nearby?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Acquired Adult Care Businesses: Competitive Advantages
New adult care business owners have the potential to realize earlier profits and fewer headaches when they buy a an adult care business instead of starting one from scratch.
A business acquisition also delivers an established brand - a big advantage in competitive markets. Although it may cost a little more to buy an established brand, the payoff will be greater market penetration, customer loyalty and resale value.
Since your adult care business's ability to compete is largely indexed to your brand reputation, an acquisition strategy significantly condenses the amount of time it will take for your business to become a competitive threat.
Don't Forget About Franchising As an Option
The chances of growing your business go up significantly if you go the franchising route rather than going it alone.
If your goal is to start an adult care business, a smart move is to assess whether franchising might make your life much easier.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding getting started as an entrepreneur may be of interest to you.
Share this article
Additional Resources for Entrepreneurs