The state of Florida has the oldest population in the U.S. Most seniors prefer to age in place, which is why senior homes in Florida often undergo renovations to keep them convenient and efficient as the needs of homeowners evolve. Sometimes, seniors can no longer live on their own and move to assisted living facilities or nursing homes. Thus, entrepreneurs are attracted to Florida as a place to establish new nursing home chains. To succeed, they must put together a comprehensive marketing plan and then find investors who share their vision.
Here are a few tips for starting a nursing home business:
· Research the Market: You should first start by researching the competition and try to discover unmet needs. If a location is already saturated with nursing homes, then it’s probably a poor venue for a new one. At the same time, it’s important to understand how the successful nursing homes operate and how they market their services. It might be that there are specific features that are currently not available from local nursing homes. Your marketing plan must look at demographics, projected supply and demand, and important unmet needs. If the location you are studying seems to be well-served already, move on to another location.
· Assemble the Necessary Skills: You and your partners should have all the expertise necessary to plan your enterprise and then operate it. Areas such as medical care, financing, real estate and construction, accounting, law and many others need to be mastered. The knowledge will come either directly from you and your partners, from people you hire, or from consulting services and vendors. By identifying the required skill sets and assembling top people, you will build a functional and productive team.
· Hire a Good Lawyer: Much of your business will rely on contracts you negotiate with others. The best contracts are win-win for both parties. You need to be represented by a good lawyer so that you aren’t taken advantage of by a sharp operator. By the same token, your dealings with others should be honest and straightforward. When both sides win, both sides win.
· Pricing: How much will you charge to nursing home residents? You might be circumscribed by Medicare or other regulations – know the facts before you commit to a plan. It might be that the only way to make a profit is to neglect the needs of your residents. If that is the case, is it really the way you want to make a living?