What to Consider When Opening an Assisted Living Home
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As the population ages, more and more Baby Boomers are going into assisted living facilities. It's definitely a good industry to get into especially given the current climate. That said, you want to make sure you're going into the assisted living business with your eyes open. Consider all facets of the industry, do your research and know precisely what you're taking on as you establish your business. Below are four key things you should not overlook upon deciding to open an assisted living facility.
If you've never worked for an assisted living facility before, you may want to get some real-time experience. The best way to understand any business is to familiarize yourself with it. To this end, you might volunteer at one. Or even work part-time at such a facility. Note what goes on and how things operate.
Understand state licensing requirements. The licensing for assisted living homes is done at the state level. To find out exactly what you need and what regulations you must abide by. Not following state licensing protocol could not only get you closed down, but you could also potentially face some steep fines and penalties.
Have a business plan ready to go. And this isn't just for potential investors or to get financing, this is also for the licensing board; they're going to want a comprehensive overview of things such as business structure, the layoutset up of the facility itself, among other variables.
Find out what insurances you need. Without question, you're going to have to have various insurances in place prior to opening your doors. Among such policies will be a liability, general commercial, property and worker's comp. Working with an insurance agent experienced in assisted living homes is a good start.
First Union has helped numerous assisted living facilities throughout the nation. From getting them funding for expansion, new furniture, and equipment, to hiring more personnel, we have a loan program specifically tailored to the assisted living industry. Call today to see how we can help!