The Residential Assisted Living Academy provides informative blog content to keep you up-to-date on the latest in assisted living. This week we have a checklist to help educate readers on steps you should take when starting a RAL business. This checklist serves as a great to-do-list reminder. Here’s the catch, to-do-lists and frequent reminders are not the components that create successful businesses.
So, what are the components needed to start a successful residential assisted living business? The Residential Assisted Living Academy has scripted a success strategy based on 16 professional tips.
16 Tips for Starting and Succeeding in Your Own Business
- Know Yourself
- Choose the Right Business
- Verify the Market
- Research Your Competitors
- Plan to Succeed
- Know the Operational Needs
- Don’t Procrastinate
- Start Small
- Know that Mistakes Will Happen
- Learn from Others
- Be Business-Minded
- Be A Visionary
- Network Amongst Investors
- Put Yourself Out There
- Embrace Digital Marketing
- Keep Learning and Trying New Things
Unfortunately, you will not succeed in business by merely completing a list of tasks. Nor will your business be a success just because you think it’s a good idea.
Keep reading to learn what will make or break your business. The following tips will reveal what determines if your business will succeed.
Sixteen Tips To Starting A Successful Business
1. Know Yourself
It is imperative that you discover what motivates you. This will help you determine how much of your time, talent and treasures you’re willing to risk in order to achieve lasting success. Unquestionably, most business-minded entrepreneurs want to make millions. Although, most multimillion-dollar success stories start with sacrifice. What are you willing to give up in order to reach your goals? Money isn’t the only sacrifice successful people make.
- Experiencing long work hours
- Being stretched out of your comfort zone
- Balancing family and work
Ultimate success will demand that you keep your business plans balanced with your personal and family goals. It’s important to also balance your personal resources with your business assets. Knowing yourself is critical to success – always ask yourself, “What is my big why?” Most residential assisted living owners and operators share something in common. They started their business for an opportunity to make money while helping others in the process. After learning the details involved in the RAL opportunity, most people think this is just too good to pass up. So, what’s your motivation?
2. Choose The Right Business
While most people are searching for the latest and newest business opportunity, it’s important to remember that new is not always better. One old formula still works – ‘find a need and fill it.’ If you aim to unlock the door of unlimited success, you must learn the art of finding a need and filling it. Needs generate income. As a result, accommodating needs build profitable businesses. Although, even with this thought in mind, no single business works for every entrepreneur. However, residential assisted living is a business that offers success to anyone with the drive and willingness to learn.
3. Verify The Market
Do your research. It’s important to logically evaluate your business ideas. Is there an actual market for what you are trying to achieve? Avoid making the mistake of assuming that because you like your own idea that others will too. Confidence is important – believe in yourself. At the same time, minimize your risk for loss simply by taking a detour and doing your research, instead of making assumptions.
The residential assisted living industry has fact checked the numbers and verified the need. With 10,000 seniors turning at 65 every day and 4,000 turning age 85, the need for RAL businesses are supported by the rising numbers. These baby boomers are sure to shape the next narrative of this country’s economy. The market for residential assisted living is verified as a rapidly rising tsunami of seniors heading for the assisted living market.
4. Research Your Competitors
All businesses are sure to have competitors. Competition is another reason why research is important. Dig deep to discover everything you can about your competitors. This type of research will be required through the life of your business. This is one of the things we emphasize repeatedly during the RAL Academy training. Get to know what else is out there, how they operate, and what you can do to improve on it.
5. Plan To Succeed
If you’re not seeking investors or putting a huge sum of money into your idea, an elaborate business plan may not be necessary. However, don’t be mistaken, you’ll still need a plan. Identifying your goals, destination, and a skeletal layout of your roadmap will empower your business to develop and grow. As you learn more about prospective residents, competition and best practices, your plan is likely to change. Stay focused.
6. Know The Operational Needs
When starting a business, instead of only focusing on making money, train yourself to think about how the business will operate. Just a few basic examples:
- How will service be delivered?
- How much support will be needed?
- Will you need to accept credit cards?
- Will you invoice customers?
- Who will follow up to be sure you’re paid?
- Who will build and maintain your website and social media presence?
- How many employees will you need to hire?
Even if you’re starting a small personal service business, these are operational concerns you should plan for in advance. When it comes to residential assisted living, these questions will be extensive. Fortunately, the experts at the RAL Academy are here to help you along the way.
7. Don’t Procrastinate
People are often advised to ‘go slow and take your time.’ This causes individuals to run the risk of procrastination. The successful entrepreneurs have seldom had all the pieces in place prior to starting a business. With no uncertainty, you have to do your research, have a business plan, secure a tax identification number and meet other necessary requirements. However, aiming for perfection prior to putting your plan into action may result in the kind of procrastination that prevents your business from ever launching.
8. Start Small
Starting small allows you to take controlled risks. Testing ideas on a smaller scale, building what works, and tweaking what shows promise eliminates unnecessary risks. Contrary to popular belief, most successful entrepreneurs are not risk-takers. Starting small saves successful entrepreneurs from walking blindfolded onto weak limbs.
9. Mistakes Will Happen
Successful people learn from their mistake – they don’t get fixated on failures. Mistakes are going to happen, but don’t allow them to demoralize you. Learn and move on. Instead of pointing the blame, look for alternate paths or set more attainable goals. Instructors at the Residential Assisted Living Academy can help you minimize your mistakes. They share their own shortcomings and success tips during their 3-day training.
10. Learn From Others
Mentors are priceless. In addition to mentors, network amongst like-minded groups to learn everything you can about the RAL industry.
- Attend conferences
- Join network groups
- Take training courses
Be sure to seek out RAL training courses that are conducted by experts. Learning from more experienced professionals in the industry will save you a lot of time and money. The Residential Assisted Living Academy has helped countless new entrepreneurs succeed. Learn from others by using their years of experience and hard work to make your journey easier and less costly.
11. Be Business-minded
Successful business-minded entrepreneurs know how to keep business money separate from personal funds. They also understand the importance of keeping track of income and expenses. Invest time thinking about what regulations your business will need to adhere to.
12. Be A Visionary
Understand the difference between working for yourself and building an ongoing business. If you want to build a business, you need to develop systems and methods that allow you to hire other people to physically do the work while you map out the vision.
You limit the potential for growth if you don’t bring in other people to work for you. RAL owners enjoy the benefits of self-employment, but unlike other startups, you don’t need to learn everything on your own through trial and error. Visit www.RALAcademy.com to learn how visionaries can bring their plans into fruition.
13. Network Amongst Investors
If your new business venture requires investors to grow, you’ll need to connect with the right circle of people. Get to know investors. Local angel and venture capital groups are a good place to start networking. Start by attending meetings and joining groups.
14. Put Yourself Out There
Be a go getter. Ask for what you want. Being a good listener will actually help you create the kind of relationships necessary to get what you need. Remember, people like to do business with people they know. Get the ball rolling. Afterward, keep it rolling by repeatedly reaching out and introducing yourself to new people.
15. Embrace Digital Marketing
A comprehensive digital presence is necessary for small, large, local and national businesses. There are several components needed for digital marketing.
- Professional website
- Email list
- Social media presence
While word-of-mouth referrals are significant, a strong digital presence is necessary for your RAL business to thrive. Prospective customers are likely to look you up on the web before they decide whether or not to contact you. Special offers and practical information can encourage prospects to occupy beds in your residential assisted living home.
16. Keep Learning And Trying New Things
Remain open to new ideas. So, don’t let yourself fall into the rut of saying “this is the way I’ve always done things.”
- Are there newer or better ways to market your RAL home?
- Are prospects asking for something you’re not offering?
- Is there a different type of senior you should be targeting?
Reading materials and listening to feedback from seniors and their adult children are the components needed to continuously learn and try new things.
The Ral Academy Is The Best Place To Start
The success of your residential assisted living business starts with learning the right information from the right resource. There are a lot of questions and answers that range from A-Z that the Residential Assisted Living Academy will help you explore. Join us today and get your journey started on the right foot. These 16 tips to succeed will motivate you to put the right practices in place; however, the RAL Academy has experts that will point you step-by-step in the right direction.