Before beginning this business, make sure you have the necessary credentials. To be clear, caring for the elderly frequently necessitates a wider range of qualifications (as it should), so this business concept isn’t one that most people can launch this weekend.
Depending on the state you wish to operate in, the level of care you intend to provide, and whether you plan on running a formal business or just hiring yourself out as an independent worker as a side business idea, these credentials may include licenses, training certificates, business permits, and tax forms.
If you already provide unpaid care to an elderly friend or relative, you might want to look into Medicaid’s possibilities for financial assistance. You must always have a sincere concern for the elderly, use common sense, and be knowledgeable in first aid.
1. First, decide which services to offer.
Creating a list of the products you intend to provide is a crucial first step, so consider what might be required and what is popular in your community. Some people enjoy housekeeping, some appreciate respite care, while yet others adore running errands.
Inquire with some other senior care providers about the most needed services in your community. When you’re finished, create a list that you may include in your leaflet, pamphlet, ad on Craigslist, or website. Putting “If you don’t see a service you require – just phone and ask if we offer it” at the end of the listing is a nice suggestion. As you are going to leave out a few in-demand services whenever you compile that list, this enables you to ensure that you are serving the demands of all of your potential clients.
2. Give your eldercare enterprise a name.
You can now choose a name for your eldercare company. Consider a catchy, memorable idea.
Senior Helpers, Loving Caregivers, and Eldercare Angels are a few examples. Think about include your town’s name or even your personal name in the company name. To ensure that nobody else is using your name and that it hasn’t already been registered or trademarked, check with your state.
3. Avoid making a purchase!
When you are first starting your firm, resist the impulse to spend money. Is this really something I need? before making a purchase. You already have everything you need if you’ve a dependable car and a phone. Keep your home office to save money on rent, utilities, and other expenses associated with maintaining a separate office. Till your company’s revenue is stable and reliable, think and behave like a miser.
4. The legal system.
It’s crucial to choose the proper legal form for your new eldercare firm when you launch it. Most eldercare businesses are sole proprietorships or Limited Liability Companies. At Nolo.com, you may find a wealth of free guidance on selecting the best course of action. Whatever you choose, make a decision on this first before requesting a company license or a federal tax ID.
5. Insurance.
For protection in the event of a claim or lawsuit, the appropriate coverage is crucial. Find out what’s needed in your state by speaking with a locally owned insurance agent.
6. Determine your pricing.
Since they haven’t been in business long enough to be aware of all the small costs, like licenses, bookkeeping fees, social security taxes, vehicle maintenance, or insurance, which can all add up over time, many new eldercare company providers make the mistake of not charging enough to cover all their costs. To arrive at a fair rate that allows you to make a profit while still making your clients happy, a good general rule is to add roughly 30–35% to the salary you’ll be paying yourself.
7. Identifying clients.
Start seeking for clients once you’ve established your eldercare firm and specified the services you intend to provide. Since there is such a high need for qualified caregivers, you won’t need many, and you can typically pick and choose who you work with. A wonderful place to get recommendations is through local elder service providers. You can register with an online marketplace like Care.com or post a free ad on Craigslist.
8. Make referrals.
Ask for recommendations from your first few customers after you’ve provided them with excellent service for some time. Inform them that your company is still expanding and that you might use just few more loyal customers just like them. Give someone who makes a referral and ends up becoming a frequent customer a perk, such as a free shopping spree.
9. Offer first-rate service.
If you look after your elderly customers, they will recommend you to others, and you won’t ever need to advertise again. It is real! Always strive to uphold the Golden Rule and serve your clients with the same level of respect that you would expect when you were in their position.
10. Keep things orderly while saving money.
You may manage your company accounting and work schedule using a variety of online tools. Outright.com, now a part of Go Daddy, is my favorite since it makes managing your small business money simple, even if you can’t add or subtract. It features a built-in scheduling feature that really can track your work time and generate an invoice for a client, and it costs significantly less than what you would pay a bookkeeping, or about $12 per month. Even when you neglect to claim a discount, like the 55 cents per mile for business mileage, it will remind you.