Thinking about opening an assisted living facility, but don’t know where to start? Here’s how to open a nursing home in seven easy steps.
Are you looking to open a nursing home, but aren’t quite sure how to get started?
There’s perhaps no better time to open a nursing home in the US than now. This is because the elderly population is rapidly increasing. In fact, over the next 40 years, the number of Americans over the age of 65 is set to double.
But, just because there’s a need for nursing homes, doesn’t mean yours is going to automatically be a success. In order for your nursing home to be successful, you need to make sure you follow the right steps when opening it.
Check out this guide to discover how to open a nursing home.
1. Create a Business Plan
Creating a business plan is the first step in opening a nursing home. To help you map out the specifics, here are some things you need to ponder:
• What costs will be involved in opening the nursing home?
• Who is the target market?
• What will the ongoing expenses be?
• How will we make money?
• How will we charge residents?
• What will I name my business?
• What steps will I take to make my business more profitable?
• What types of employees will I hire and how will I find them?
• How will I fund the nursing home?
By answering these questions, you’ll be able to create a well-developed business plan.
2. Find the Right Location
Location is perhaps the most important factor that plays into the success of your nursing home.
When choosing a location for your nursing home, you need to keep your target market in mind. For example, if you’re looking to target more affluent clients, then you’ll want to find a building in an affluent neighborhood.
You’ll also need to consider what capacity you want to set for your nursing home as well as the type of amenities you want to offer. For example, if you want to offer plenty of outdoor facilities like tennis courts and golf courses, then you’ll need to choose a location outside of the city.
3. Form a Legal Entity and Register for Taxes
Once you’ve found the right location, it’s time to form a legal entity and register for taxes.
Forming a legal entity, such as an LLC, will protect you from being personally liable in the event that your facility is sued. If you don’t want to deal with the hassle of forming your own legal entity, you may want to open a franchise location instead. You can check out this website to learn about senior care franchising opportunities.
To register for state and federal taxes, you’ll need to apply for an EIN. You can do this for free through the IRS website.
4. Hire the Right Staff
After this, it’s time to hire staff for your nursing home. It doesn’t matter if you have the nicest facilities and the best location in the world. Without a kind and experienced staff, your nursing home will fail.
Make sure you take the time to run background checks on everyone and set up a multi-phase interview process to find the right staff members.
How to Open a Nursing Home: Are You Ready to Roll?
Now that you know how to open a nursing home, it’s time to put these tips into action. Before you know it, you’ll be running a successful assisted living facility.
Be sure to check back in with our blog for more tips and tricks on opening and running a business.