Many believe that when starting a new residential assisted living business, the owner must be an expert in the industry, the truth could not be further. Starting a new residential assisted living business requires the intangible; it requires the elements often regarded as soft skills.
Getting started can be daunting. Setting goals and making plans is only half the journey. Starting a new business requires tenacity. New residential assisted living homeowners must keep the vision and mission at the forefront.
Let’s look at some of those soft skills that make the hard things go better for your new residential assisted living home.
10 TOP TIPS FOR STARTING A SUCCESSFUL RESIDENTIAL ASSISTED LIVING BUSINESS
Remember the first time you fell in love? No, not that time the other first time. Just joking.
Love draws out of humans a passion that is unmatched by any other affection. The emotion drives us to pursue the one we have fallen headfirst, sometimes literally, in love with. We think about that person night and day. We envision life with this person, children, a dog, a cat, a farm, a penthouse and some other “personal” matters. The point here is the same type of passion we possess with love should be a part of our pursuit of a new assisted living home. It’s more than the building, the regulations, the financing, the contracting, the compliance issues, the staffing challenges. The new residential assisted living homeowner has got to love the business for who the business will serve – seniors. So, the soft skill of passion should be preeminent from the outset.
- Money Management
Money management is a soft skill but can create a hard life if you fail at it. To be blunt, keep your day job. Do not allow your passion to make you fall headfirst. You can only live so long without income. Notice, I didn’t say money, but income. You psychologically need to maintain income in order to maintain a clear head. Can doing double duty be overwhelming? Yes. Let me be clear here. It will be overwhelming, but you, as a new residential assisted living homeowner, need to make sure you are able to maintain your current lifestyle while establishing this business. In the long run, you will be grateful you kept your daytime gig.
You need to make sure you can manage your homestead without the stress of losing it. This will certainly compromise critical decisions for the assisted living home. Will you need your job long? No. This business will take off before you know it. The baby boomers are coming, and the sound will be heard in your community soon, if not already. This is why training is so key. You’ve got to hit the ground running immediately. The Residential Assisted Living Academy can help you here. While you are still working, you can learn, grow, and prepare for the coming boom. Our team is here to help you be successful, so contact us today.
- Relationships Count
No relationship exists without partnership of some sort. In other words, do not think you can succeed in owning and operating a residential assisted living home without being connected with others. You will need the support, but also the collaboration and exchange of ideas to create an environment where seniors and their families will thrive. The Residential Assisted Living Academy is a key partner in this feat. Reach out to us today and let’s work together.
The RAL Team is a priceless collaborative unit, where no one walks alone. Join us today.
- Customer Relations
Baby Boomers should be moving into your new residential assisted living home the day you open it. That’s right. You should have occupancy from day one.
How do you do this? How do you get someone to place their loving parent in your care on the first day of operation? Customer relations do not begin when the business opens, but months prior to its grand opening. Develop good networking skills and learn how to reach those who need you most. The Residential Assisted Living Academy has a training program that teaches the best marketing strategies in the business. We look forward to working with you.
- Write the Vision
You need to communicate plainly your vision for your residential assisted living home. Potential residents are not drawn to the fancy bells and whistles. They feel safe at home. So, your why creates the bridge from skepticism to optimism. The RAL Academy helps you foster your why. We have ways of assisting you in translating your compassion into tangible statements. Answering your why not only establishes your clear vision for your business, but also communicates to your potential residents how important their health and safety are to you.
- Why? That’s what the vision communications.
- Why are you opening a new RAL home?
- Why are you focused on senior living?
- Why do you care about someone else’s parents?
- Why are you building a RAL home in this particular community?
- Why? Why? Why?
- Read the Research
You could take the time to comb through data on your own. You could very well assess all of the information available before making a decision. However, this method is quite time-consuming. Remember the soft skill of relationships? Well, this is where they come in handy. Take the time to build a working relationship with the right people, people who have already been where you are trying to go. Why forge a new path when you can learn from the experts who have already laid a clear path for you? That’s right, we’ve done it all already. We have collated the data, and we’ve built the systems of success in this industry so that novice and experienced entrepreneurs can get started right away. Contact us today and get the research from professionals much faster and much cheaper.
- Build the Right Team
No one is an expert in every discipline. Nor do you have to be. The Residential Assisted Living Academy helps you build the proper professional support team. This process can be challenging for many new assisted living homeowners. That’s because they’ve not taken the time to develop the soft skill of relationship building in this industry. Do you need a good support team? The right kind of accountant for a senior living business? Who do you choose? Do you already know these people? Probably not, but don’t let it overwhelm you. The RAL Academy provides an extended network of professionals to help you succeed. When you are in a relationship with us, our network is your network.
- Make Sure the Money Is Lined Up
You can’t effectively go it alone in senior living without facing unnecessary pitfalls. You will need to align yourself with the right investors or partners. This can be frightening to even consider. Simply walking into a bank with your vision will not result in you exiting with the capital you need. The RAL Academy teaches you how to get the right investors to support your capital needs. Do not hesitate. Investors are drawn to people who are well trained in their business. Join us today.
- Be Professional
Your persona matters. That’s right, you may need a bit of fashion consulting – just a bit. Seriously, it is important to exude professionalism and confidence. The amenities matter in this area. It may seem unnecessary, but do you want a doctor with dirty hands examining you? I didn’t think so. So, do not expect investors and other professionals to be excited about working with you if you do not meet the basic professional requirements of business owners. We can help you in this area too, even if you think you’ve got it all figured out, and you just need help with some finishing touches. Remember, our network is your network, so let us help you prepare.
- Enjoy the Ride
There is nothing worse in business than a miserable business owner. Your residential assisted living home should be a source of joy in your life. Afterall, this business is serving some of the best, yet most vulnerable in our society. Providing senior living and quality care is rewarding, especially in the residential assisted living industry. We have the opportunity to support the hardworking seniors in our communities with care and support delivered with empathy. We dignify aging Americans at a time when people seem to disregard it.
REGISTER FOR THIS FAST TRACK OPPORTUNITY NOW
What does it take to operate a successful residential assisted living home starting on day one?
Join an exclusive live, interactive online event. For the first time, Gene Guarino and his team of experts will be offering their highly acclaimed 3-day training in an exclusive online setting.
This virtual training is designed to allow students to easily maneuver through the comprehensive curriculum to accelerate success. Afterward, participants will possess a roadmap to success in residential assisted living.
Get the Best Answers to Seven Commonly Asked Questioned
- What is residential assisted living?
- How do I start from scratch?
- Are there strategies to buying an existing residence?
- How do I find a home, fund a home, and fill a home?
- Is it possible to own and operate a residential assisted living home without needing to be on-site?
- Will I be able to find the right staff to run a smooth operation?
- What are the professional marketing tips I’ll need to know to keep my home filled?
Gene Guarino offers case studies of actual assisted living homes that he personally owns and operates. He will teach you how to analyze the financials by using actual projects. Learn unique strategies about attracting investors, raising capital and funding your deal with or without using your own money.
The Residential Assisted Living Academy provides a systematized method to succeed in a residential assisted living business.
There is no difference between the content of the online and live training. Instead of physically touring 2-3 functional homes, students are virtually guided through a broader range of homes that are fully operational.
Click here to get started setting goals and creating plans for your residential assisted living business.
Can you hear it?
Can you feel the earth quaking beneath your feet?
The baby boomers are coming now. So, do not waste another moment. Contact the Residential Assisted Living Academy today.