Modern medicine, scientific research and increased awareness around healthy living habits have led to increased life expectancy and, for many people, a better quality of life in later years. However, there comes a time when even the most independent of people need help to cope with the changes their aging body is facing. Families of elderly people are often stuck in a dilemma, as they want to provide the best care for their relative, but they also have their own work and family commitments [and probably lack the medical knowledge], preventing them from providing this care personally.

This is why there is a growing need for care homes for the elderly which has brought about business opportunities for people looking to make a good living in this industry. This guide outlines the key steps involved in opening a care home for the elderly.

The first step is to establish whether or not there is demand for a care home in your chosen area. It’s a good idea not only to look at what facilities already exist, and whether or not they have waiting lists, but also to look at the census data. This will tell you the age of people in the area so you can find out how many are likely to be reaching old age in the foreseeable future. Your competitor research will also tell you the type of services being offered by other care homes, so you can try to differentiate your facility or compete on price.

Your business plan needs to outline your vision for your care home. This includes how you will source funding, how you will attract residents, how it will operate, how much it will cost to operate it and how much you will charge. You should include financial projections in terms of profit and loss for at least the first 3 years. If you need to apply for a loan or secure an investor, your business plan will be an essential part of your application.

Your research will tell you which geographical area is most in need of a care home, but you also need to choose a location which falls within zoning laws. Ideally, it will be in a quiet location, but with easy access for ambulances and as close to a hospital as possible.

Each state has different regulations around adult care homes, so you need to find out what is required of you from the local authority. In the state of California , for example, you will need to complete training to obtain a Registered Care Facility for the Elderly [RCFE] license. Find out more about RCFE requirements.

You will need to register your business name with your state and ensure you have all the necessary insurance in place such as liability, workers’ compensation and business property. In order to hire staff, you will need to get an [EIN] employer identification number from the Internal Revenue Service.

All that is left now is to market your care home to attract your first residents. There are many techniques and methods to consider from traditional print marketing, TV and radio to digital marketing. Take a look at these great care home marketing ideas to get started.