How to Start a Homecare Business for Elderly Veterans – and How It Will Change Your Life
Learning how to start a homecare business for elderly veterans is a lot like starting any other senior care company, though some important differences should be noted.
Back to Basics: How to Start a Homecare Business for Elderly Veterans
- Starting expenses. This includes training, office supplies, licensing fees, rent, and marketing campaign costs
- Financing and cash flow. Once you’ve compiled a list of start-up costs, it’s time to find that start-up capital! Review your options: bank loans, small business loans, angel investors, family and friends, and so on.
- Setting business goals. Establish a big-picture vision for your business, then set a series of short-term goals that move you closer to the end-game. Remember: most businesses operate at a loss for the first 3 to 6 months, so plan accordingly.
Next, you’ll need to conduct market research and familiarize yourself with the competitive landscape. Building a bulletproof analyses is one of the most beneficial things you can do for your business early on. Ensure that your local area is not over-saturated with similar senior care companies, and try to determine whether your veteran care niche is viable (remember: certain states have higher veteran populations than others!). If you’re interested in franchising, you can view available territories for senior care business here.
Once you’ve finished your research and green-lit the business, it’s time to acquire state and federal certifications. This means incorporating your business, obtaining a Tax ID and NPI number, and completing any Medicare and Medicaid certifications as needed. Medicaid will be particularly important for a veteran care business; according to NPR research, less than half of the 22-million veterans in the U.S. get their health care through Veterans’ Affairs, with many relying on Medicaid nowadays.
The next step is to lay out your staffing and management structure. This will be one of the most challenging aspects of your start-up. As a service-based business, your staff are your product, so finding the right people will be a huge factor in your success. Find best practices for senior care staff training and credentialing here.
Moreover, if you’re building your business to support veterans, you will need to consolidate many different senior care services under one roof. Learn more about the different kinds of care a full service suite should offer here.
Finally, you’ll need to develop a marketing strategy to get the word out. Though your target market might not be as internet-savvy as the Millennial generation, you’ll still need a quality website that generates traffic via organic and paid marketing efforts. In addition, you’ll need to coordinate conventional marketing campaigns in the form of flyers, radio spots, trade show attendance, and community involvement. Marketing campaigns targeting senior vets should showcase your comprehensive care services, while also underscoring the way your company enables independence and autonomy. You may want to offer veterans a discount.
Starting a Life-Changing Career in Veteran Care
Caring for our nation’s veterans is a tremendous honor. Not only will you develop interesting and rewarding relationships with the heroes of the Greatest Generation, but you’ll be making a difference for them and their families, offering independence for your client and peace of mind for their loved ones. In this way, learning how to start a homecare business may be one of the most gratifying experiences of your life, and that’s saying nothing about the incredible business opportunity that senior care presents.
If you’d like to learn more about how to start a homecare business for elderly veterans, visit http://www.executivehomecarefranchise.com today and find out what it takes to become a member of one the fastest-growing care forces in America!