What to Consider When Opening an Assisted Living Home

By: First Union | Date:


What to Consider When Opening an Assisted Living Home

See Your Loan Options

Get Started

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.

  1. 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.

  2. 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.

  3. 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.

  4. 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!

Better Business Bureau
5 star rating
Trustpilot reviews

First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well.

Copyright © First Union Lending, LLC. 2021