Advances in medicine and technology have increased our life expectancy; as a result, more care homes are needed to cater to the increasing needs of the elderly. This provides not only care but also business opportunities for those who wish to undertake this kind of enterprise. If you are considering setting up a care home business, there are certain challenges you need to think about before diving in.
Is there a demand for a care home?
You will need to research the area in which you plan to set up your care home to see whether it is a viable opportunity. Study the statistics of elderly people needing the type of care you want to offer and consider how you plan to implement opening a care home. Similarly, consider any competition in the locality. If other care homes exist, are there enough people wishing to use the facilities you are planning to provide?
Do you have a business plan?
Setting all your plans and goals is vital to decide whether your care home will be a lucrative asset to you and the local community. Do you know how you will finance it, either through private funding or grant applications? Alongside the business plan, you should have solid ideas for how you will market it, both in the short and long term.
What are the laws and regulations you need to adhere to?
Before embarking on your care home project, you will need to thoroughly investigate all aspects of the laws and regulations you need to abide by. This can include anything from planning applications to obtaining licences and basic DBS applications. The Care Quality Commission is a great source of information on everything you need.
What staff will you employ?
Depending on the type of care home you are setting up, you will need to consider the staff you will employ; for example, will you need medical staff on hand alongside the care nurses? Contracts and DBS checks will have to be implemented, with companies such as http://www.carecheck.co.uk/basic-dbs-checks/ available to help you complete the necessary criminal checks.
Setting up a care home can be a rewarding business experience; however, insufficient planning could leave you with failing prospects. Ensure you take the right steps and undertake the comprehensive research required to achieve a profitable and worthwhile business.