Are you thinking of owning a senior living community? As a growing 73.6 billion dollar industry, you’d have good reason to consider it.
There are endless ways assisted living can help you build an income, and if done correctly, can help expand your entrepreneurial portfolio. But where do you begin?
Read this quick guide on the best way to make it happen.
Make a Plan
What do you need to make a living community a reality? First, you need a thoroughly detailed plan from community access support service.
This plan should consist of prospective costs of opening a facility and projected costs to keep your senior living community running. Be mindful of expenses like medical equipment and supplies, employee salaries, food, and similar expenses.
You’ll then finish your plan with end goals on how much you want to make per pricing. Your goal should directly coincide with the size of your property and the amenities you plan to offer.
Form Your Legal Entity
When starting a business, the sooner you get your legal rights in order, the better. Setting up your LLC or Corporation protects your personal assets from being sued.
It’s an easy process to start your LLC, and you have the option to either do it on your own time or hire a professional to get it started for you.
Sign Up for Taxes
Do you have an EIN? Before starting your senior living facilities, you need to establish local state and federal taxes, and you cannot do that without your Employer ID Number.
You can get assigned an EIN directly on the IRS website through approval of an application, and there you’ll learn all about the benefits your business can have with it.
Get Your Business Account Up and Running
Through becoming an entrepreneur, one of the main lessons you learn is knowing how to separate your personal and business assets. You can accomplish this by setting up business bank accounts and credit cards.
Most banking companies work with you to get you better business interest rates and allow for higher lines of credit. All assisted living communities expenses can go directly onto these accounts without the confusion of intermingling of personal funds during tax season.
Obtain Land and Permits
Now that all the back-end tasks are completed, you can start building your venture’s front-end, physical aspects. That includes finding the land and getting the permits.
Not every piece of property will be suitable for your startup, so do your homework on the area, your target audience, and the spacing before signing the closing agreements.
Create a Brand
What you stand for and your mission in this business is represented with your branding. With that said, having good branding and marketing is necessary if you plan to create this passive income.
Luckily, you don’t need to do this alone: some marketing agencies specialize in building up your senior living community. Look here to get started with the branding process.
Great Potential in the Senior Living Community Business
Building a senior living community can be a lucrative industry to dive into if you follow the right steps in developing the proper foundation. By following these steps, you’ll be well on your way to a prosperous future.
For more helpful entrepreneurial starter tips, check out our blog.
