Many people question if owning or operating a residential assisted living business is right for them.
It has incredible investment potential for entrepreneurs looking to create serious cash flow, but is residential assisted living the business for you?
The residential assisted living business is ideal for those who are interested in doing good and doing well. It allows entrepreneurs to do well, and improve the human condition while doing well financially.
If you are especially compassionate toward the disabled and elderly, opening and operating a residential assisted living home will prove to be quite rewarding.
ARE YOU CUT OUT FOR RESIDENTIAL ASSISTED LIVING BUSINESS OWNERSHIP?
There are 9 aspects to consider when starting out in residential assisted living.
- The Status of Your Finances
Your financial stability is an important component in your ability to adequately start and operate your very own residential assisted living home. However, it is not a showstopper. Let me explain.
- You need to be able to feel secure as you are developing and building this new business.
- Do not let a brief absence of money stop you. Partnerships with those who have money, have a dream, but do not have the time, can work to your benefit. You can produce the sweat equity while they put up the financial equity. In short, even without your own capital, owning and operating your very own residential assisted living home can still be a reality.
- Family Dynamics
It is true, one’s position within their family is quite telling of their success quotient in business. While it does not hold true in every aspect, it is telling.
For instance, are you the leader of the pack? Do others seek your advice, counsel or guidance? Are you the one in your family who:
- Hosts Thanksgiving, Christmas and Easter?
- Hosts the weekly family gathering on Sunday.
- The counsellor to the broken hearted in the family?
- The mender of strained relationships in the family?
- Those in financial strain seek for “assistance”?
- Ensures the next generation gets a quality education.
- Take care of your aging parents?
These are just some of the traits that scream, “You are a leader.” Whether you want the position or not, you are the one.
These types of folks do very well in business. They make great entrepreneurs because decisions do not elude them. They get the job done.
Maybe in your family, the leadership role is occupied by another, yet your friends and coworkers seek you even when you are attempting to hide. They call you for relationship advice, career advice, assistance with interviewing, marital strife, addiction problems they are embarrassed to tell others, and the list goes on and on.
Guess what, my friend? You are the one. You are the leader. Leading others comes naturally.
As a result, these skills translate well to owning a residential assisted living home.
So many ask the futile question, “Are leaders born or made?” As if leadership is a one size fits all model, the answer is obvious – both.
You likely have what it takes to be a success in this industry, you simply need the direction and resources. If the prospect of owning your own residential assisted living business intrigues you, contact us today. We can be that partner you need as you engage in this rewarding endeavor.
- Leadership Styles
Do you lead forcefully? Do you lead gently? Do you lead consultatively? Do you lead by example? These questions are posed because they help you determine who is best to work with you. Those who are forceful work best with those who already know them. In this instance, working with family in your residential assisted living home is a good way to start, because they already know, love, and trust you. They understand you. The gentle leader requires a manager between them and others because they can be taken advantage of by wayward employees.
The gentle leader is more visionary, and is most integral in the development, strategy, and future of the business.
These leaders are great for expansionary efforts.
The consultative leader is versatile. He or she can work in the home on a daily basis or install a manager so that they are freed up to do other things.
The consultative leader listens well and has a way of implementing plans that involve cultivating the thoughts of others.
The example leaders are individuals who get their hands dirty and really exemplify what it means to do a certain job with grace, dignity and honor.
These leaders are very inspirational and tend to attract those who want to work alongside great people.
However, this leader can lose sight of the “big picture” because they are always helping others do their job.
Therefore, again, a manager or some sort of supervisor is integral to ensuring this leader does not become burned out by working at everything.
What have you noticed about each style?
Regardless of the style, each is a self-starter.
Each style has one common characteristic – self-reliance. To operate your own residential assisted living home, you will need resilience. You will need to be a self-starter. You will need to be strong enough to work “hands off” for those who seek to invest.
- Managing Life
The best entrepreneurs manage their personal lives well. They are not distracted by compromised lifestyles, unethical practices, or trivial matters.
The old adage is true, if you want to get something done, ask someone who is busy.
Why is this the case? Busy people know how to manage their time and deliver on their promises. That’s why they are busy. That’s why they are highly sought? That’s why people will wait months for their attention because they know once they get it, the matter will be settled.
Another thing, can you delegate responsibility?
People who delegate tasks tend to be highly productive because they delegate responsibly.
People who manage well tend to surround themselves with like-minded individuals; thus, things get done well.
So before diving into residential assisted living, examine how you manage your personal life, your activities, and your current responsibilities.
Anything need addressing? Anything need buttoning up? Do it. Be deliberate. This isn’t just a great investment opportunity, it is a business that can create generational wealth and last more than a lifetime.
- Devotion of Time
Once you’ve determined residential assisted living is the opportunity that you want to pursue, understand your time constraints.
- Can you work on this business solely?
- Do you have directorship time or management time to devote?
- Do you need to be a hands-off investor or owner, or a hands-on operator?
Your time availability will dictate how you engage in residential assisted living. If you have all the time in the world, dive into operations.
If you have limited time but extensive resources or connections, be an investor.
- Current Career Status
When you consider your current job, the timeframe is inconsequential; what do you say about it?
- I love what I do each day.
- It’s a good job, but a bit boring.
- I hate this place, get me out of here.
- I’m about to lose it.
Why this question?
It will determine how you approach this opportunity. Be sure your mind and heart are clear of anger or frustration.
While we all have these emotions, you want to be driven by purpose, not negativity.
- Industry Best Practices
You must have the habit of seeking current reliable information. It is crucial to operating a safe residential assisted living home.
The following questions will help determine if you are ready to jump into the business:
- Are you familiar with what works best in residential assisted living?
- Are you familiar with what works best in your current industry?
- How engaged have you been in any industry to understand its best practices?
Your level of commitment to learning is crucial to your success in residential assisted living.
Senior living evolves, things change, regulations increase, decrease, codes shift and change, care practices change, disease management adjusts to fit the needs of the resident.
The Residential Assisted Living Academy supports our members with this sort of information.
Best practices must be the goal. We aren’t just investing in a business, we are in the business of investing in the health and wellness of seniors.
Work with us and we will ensure you are up to date on what works best.
- Crisis Management
Let’s face it, life can be difficult. Things happen out of our control and we learn to adjust. Our residents are elderly and require added attention. They must be handled with care. In addition, employees can be the source of complications as well.
So, the question is obvious, how do you handle difficulties?
- Do you lose it? Be honest.
- Do you freeze?
- Do you think? Pray?
- Do you seek support or mentorship advice?
What you do in crisis determines how your success will be in any business and residential assisted living is no different.
In this industry, you do not walk alone, your success means the success of senior living in this country. Partnering with the Residential Assisted Living Academy gives you the tools and support needed to be a success.
We’ve seen all the obstacles in this business and can often forecast what is coming that will cause another one.
Therefore, do not lose it, or freeze, or allow fear to grip you. Reach out for help.
Not job promotion, but business promotion. Do you like to promote? Do you like to advertise what you are doing? Do you enjoy sharing with others the great ideas and vision you have?In residential assisted living, no one will know who you are or what you are doing if you don’t tell them.
Don’t be bashful.
You are providing a desperately needed service to our nation’s most vulnerable group. Residential assisted living provides shelter and quality care for our nation’s elderly, who have built, fought for, and secured the freedoms of this nation.
Owning and operating a residential assisted living home speaks directly to the style of senior living that baby boomers want.
So, tell the world what you are doing. If you are too bashful or just not the person who likes to be in the limelight, partner with someone who does not mind telling the world about your business.
WHY RESIDENTIAL ASSISTED LIVING?
Knowing your why is more than crucial, it is essential to everything. You “Big Why” could be a combination of many attributes.
- I want financial freedom.
- I want to take care of those who have taken care of me.
- I want to provide generational wealth through a meaningful business.
- My purpose is to care for aging individuals.
- I want to give peace and comfort to those who are unable to care for their aging parents.
What is your “Big Why”?
The answer to this question will determine how and when you proceed in residential assisted living. Above are just a few examples, but you may have other reasons – list them, discuss them, and put them into action.
Experts at Residential Assisted Living Academy can help. The team of experience assisted living experts have helped thousands of owners put their “big why” into action.