As the Baby Boomer generation ages and its population grows, starting an elderly care service will seem more of a good idea because of its demand for care in this area right now and in the near future. Not only can you start a profitable business that won't give you too much stress to start up compared to starting other services or businesses, but you also will gain a rewarding experience from helping elderly people. Some of the services you will be dealing with in an elderly care service are assisting patients with medical needs, entertaining them with activities and ensuring a safe and comfortable environment.
Figure out where you want to start your elderly care service. Some states may have a higher population of elderly people than others. You might want to target elderly care service with the area that has a higher population of elderly people or you may just want to open a day care service for your local area. You can either do research online or hire a company to provide the statistical research for you.
Research the state laws that apply to opening an elderly care service. Some states will require a license or a credential before you decide to open up an elderly care service either from your home or in a residential area. Study the legal requirements beforehand so you will be more aware of any legal issues concerning your business for the future.
Attain proper insurance for your business. You will need it to cover any damages or injuries that happen in the care center, such as if the elderly are injured or if your employees get hurt. Talk with your local insurance company for more information on getting long-term insurance for opening up an elderly care service to cover people who are unable to cover themselves.
Write out a business plan for your elderly care service. Your business plan should include start-up costs, regulatory requirements, managing and operating the service, marketing and promotion information, employee curriculum and pay, and office supplies.
Apply for a business loan. Depending on how much money you will need in order to start up your own business, you might need to go to a bank and ask for a loan. Not all banks will be accepting of giving you a loan to start a business, because they want to make sure that you will pay them back in the future. That's why it's good to be prepared. You should have a good business plan with your cash flow projections laid out. In order to get a business loan, you might also need to have your past business tax returns and a credit rating report. Make sure you research the documents you need beforehand in order to ensure maximum chances of getting a loan for your business.
Acquire a federal tax ID number. This also is called an Employer Identification Number or EIN. You will need to have this in order to open up a business; otherwise you will be conducting a business illegally. You can apply an identification number online, through a toll-free telephone service, by FAX or by mail. To get more information on how to apply, visit the IRS government website (see Resource).
Acquire office space if you don't have sufficient space at home. To open a a business, you will need to have a place where you can organize your paperwork. If you are going to rent out a place, make sure you have the property payments already handled and know how to pay for your future rent loans from your business cash flow projections. An alternate way of acquiring office space is just by working at home. You will need the essential materials in your office space, including a computer, printer, Internet connection, file cabinets, fax machine and phone.
Promote your care service. You can do this through sending out fliers or putting out advertisements in places such as in newspapers or pamphlets. Another good way to market and promote your service is by building a website around elderly care service. You can market online by connecting with other websites, forums or social media platforms that involve services to help care for the elderly.