As life expectancy increases, there has been a corresponding rise in our aged population. Home care is much in demand as it caters to this large chunk of senior citizens. If you are keen to establish a potentially rewarding venture, start a home care business.
The primary reasons for this spurt in demand for home care are explained below:
- Compared to assisted living facilities or nursing homes, home care is far more affordable.
- Keeping aged in familiar surroundings makes them happy and allows them to retain their independence.
- Offer convenience as home visits by qualified professionals can be arranged in medical emergencies.
Running a home care business allows you to extend special assistance to the aged in the comfort of their homes. It also reduces the burden that otherwise falls on hospitals and senior citizen homes. The caregivers are deputed to provide companionship, assist the elderly in the bathroom, as well as to dress, eat, and move around.
We recommend an informed approach and, hence, provide guidelines to update you on the requirements to start a home care business:
Thoroughly Research the Market
In-depth market research enables you to select a viable office location. Through research, you can demarcate a region where the residents urgently need a home care facility. In the absence of competition around, your business is bound to prosper and build a vast client base.
Have a Solid Business Plan
Having a fool-proof business plan in place at the outset gives you a clear direction. Deliberate on a marketing strategy that will attain favorable returns and an organizational structure that facilitates rather than hampers your business.
Have a clear vision of how you plan to raise funds for your venture and the returns on investment you hope to earn. Focus on your core mission and build your business plans around that primary agenda.
Approach an Established Consultancy
Experienced consultancies have the knowledge and resources to complete all the legalities of actually setting up your business entity. Based on your needs, your venture can either be established as a sole proprietorship, a partnership concern, or a corporation.
The consultancy applies for and obtains the necessary commercial licenses and approaches the relevant authority who issues the mandatory employer identity number. Once you decide on a business name and it is approved, the consultancy assists you to register your business with the relevant Secretary of your state.
Draft a Standard Operating Procedure
A detailed procedure manual needs to be drafted, outlining all the relevant aspects that will ensure smooth business operations. This document must have policies covering new client admissions, a list of service offerings and their respective charges, and billing of clients.
From an employee perspective, document in detail your hiring procedure, new hire orientation, training to be imparted, and maintenance of payroll records. Attempt to achieve a balance among the number of staff you employ, to begin with, and the volume of clients you can best serve.
Build a Pool of Caregivers and Clients
Your business’s reputation rests heavily on the quality of the caregivers you provide. Advertise on job sites and in local newspapers to source the most compassionate and competent individuals in this field. Thoroughly interview prospective candidates, approach the references provided, and check their backgrounds in detail.
To reach prospective clients, you need to depend on referral sources. Connect with local physicians and those responsible for processing hospital discharges. You can also get contact details of some promising leads from those associated with rehab outpatient centers and other elderly care facilities.
Garner Maximum Exposure
To successfully start a home care business and market it, you must print brochures, business cards, and other branded office stationery. It is worthwhile to establish a professionally designed website.
Using the website, you can target children of senior citizens on the lookout for their aging parents’ home care services. You must also list your agency on platforms targeting the elderly and their wellbeing.
Create a Bank Account
Having a corporate bank account is necessary, and accepting credit cards provides more options to your clients. Often, the children of those you are servicing are keen to sponsor this facility for their parents.
Giving them the option to make online transactions gives out more convenience for both parties. Maintaining records also becomes that much easier when your business has a computerized accounting system in place.
Take advantage of the fact that the home care industry is witnessing accelerated growth and is here to stay.