Providing 24-hour supervision and security. Preparing and serving all meals. Giving prescribed medications. Offering personal care assistance like bathing, dressing, and using the toilet. Providing or assisting with housekeeping and laundry. Setting up social and recreational activities for residents.

If this is the type of “retirement home” you’re looking to open, check out this wikiHow article: How to Open a Nursing Home.

This type of facility typically has less government regulation, but you’ll almost certainly still need to be licensed to operate one. While the remainder of this article focuses more on assisted living facilities, much of the advice (especially in regards to setting up a new business) is still useful if you’re looking to open an independent living facility. It’s a bit confusing, but these facilities are typically known as “retirement homes” in Canada, while that term is usually more associated with assisted living facilities in the U. S. [8] X Research source

How many assisted living facilities are there in the area? Are the facilities at, near, or over capacity? Is there a need for more facilities? What is the growth potential for the number of seniors in the area? What is the overall economic climate in the area? What level of care or type of facility can your target group of seniors typically afford? How much do your competitors charge? How easy or difficult do similar businesses find it to navigate all the regulatory hurdles involved?

Purchase of an existing facility for $2 million USD (20% down): $400,000. Small improvements to existing furnishings and equipment: $25,000. Working capital (60 days’ worth of operating expenses, including things like salaries, food, medical and home supplies, insurance, and taxes): $100,000. Total startup estimate: $525,000 USD.

Executive Summary: sum up what your business is and why it will succeed. Company Description: explain the structure and function of your business. Market Analysis: describe your target market and competition. Organization and Management: identify the facility’s key leadership. Services Offered: lay out what your facility will provide to residents. Marketing Strategy: explain how you’ll attract residents. Funding Request: list the amount and type of funding you need. Financial Projections: offer an outlook for the next five years. Appendix: include supporting documents to bolster your case.

Banks or credit unions for a small business loan. Individual investors to provide venture capital. Small Business Administration (SBA)-backed loans or investment programs if you’re having trouble getting traditional loans or investments (in the U. S. ).

Come up with a unique name for your LLC and register it with your state. Choose a management structure and name a “registered agent” for your LLC. Register for a tax number and bank account for your LLC as required. File an operating agreement that defines the specific “rules” for your LLC. NOTE: Outside of the U. S. , work with an attorney to form a similar business entity that will limit your personal financial liability.

In Texas, for example, the facility has to pass a “Life Safety Code” inspection to legally begin operation. [17] X Research source Make sure to factor in facility expenses like upkeep costs, utility bills, property taxes, and expansion plans when making your business plan.

It can definitely be worth your while to work with a business attorney who has experience in the retirement home field.

To become a certified facility administrator in California, for example, you must take an 80-hour course, get at least 70% on a 100-question test, and have some combination of higher education and relevant job experience, among other requirements.

Your staffing needs will vary based on the size and specifics of your facility, but you’ll likely employ some combination of the following: an administrator (if it’s not you); administrative staff; registered nurses (RNs) or, more commonly, certified nursing assistants (CNAs); aides; housekeepers; custodians; and dining staff members.

Many assisted living facilities aim to build their brand around the idea that “We treat our residents like family. ” Set your facility apart by tweaking the “family” branding strategy to target a specific priority, such as keeping residents active and engaged: “Friendly people and fun times in a family setting. ” If you’re trying to prioritize your local ties with your branding, you might decorate the facility with vintage sports and band gear from the local high school.

For example, your TV and radio ads might emphasize fun activities and affordability, while your social media presence might focus on safety and quality of care.

For example, due to average lifespan differences, assisted living facilities often have 2-4 times more female residents than male residents, so including 3 male residents in your first group of 8 admissions might give you a reputation as more of a gender-balanced facility. [27] X Trustworthy Source PubMed Central Journal archive from the U. S. National Institutes of Health Go to source