70% will need daily care for an average of 3.5 years<\/li>\n<\/ul>\n\n\n\nThis is certainly a growing need that just keeps getting bigger, and the baby boomer demographic is truly an opportunity to leverage the growing need and desire for accessible housing that more than meets the demand.<\/p>\n\n\n\n
Senior housing and assisted living are the gateway to you being able to turn a single family home into a cash flowing machine. <\/p>\n\n\n\n
Now that you understand the essential elements of having a successful business plan and how to apply it specifically to your residential assisted living facility business, let\u2019s take a look at some frequently asked questions that come with the RAL business model.<\/p>\n\n\n\n
Questions About the Residential Assisted Living Business Model<\/h2>\n\n\n\n As with any business, especially when just starting out, it\u2019s common to have questions. And the more you learn, the more questions you\u2019ll uncover. So, let\u2019s look at some frequently asked questions as it pertains to the residential assisted living industry and unpack some reservations you may have.<\/p>\n\n\n\n
Question 1: How Hands-on do I Need to be?<\/h3>\n\n\n\n As we\u2019ve covered above, you can be as hands-on or hands-off in your assisted living business as you want. There are a couple of different angles you can take with your business, but in the RAL Academy we typically will teach you more of a hands-off model: you are set up as the business owner, but have a property manager who oversees the staff and the day-to-day operations of the business. <\/p>\n\n\n\n
Again, there are different approaches you could take, but the bottom line is that it\u2019s your call. You can go into this business with either approach – whatever works best for you – and be successful!<\/p>\n\n\n\n
Question 2: How will I find a staff?<\/h3>\n\n\n\n Through the RAL Academy training course, we will break down the best ways to find and hire the right staff for your residential assisted living facility. <\/p>\n\n\n\n
Unemployment is low in our country. Finding good people is a bit more challenging in the current economy. You could put an ad on Craigslist for caregivers and you will get applicants. The question is, are they good and do you want them for your residents?<\/p>\n\n\n\n
Critical to the success of Gene\u2019s own RAL homes is the quality of the caregivers and it will be critical to your success as well.<\/p>\n\n\n\n
There is a precise skill set that you need to learn in order to identify, hire, train, grow, and retain caregivers that your residents will love and you will find indispensable. This skill set is exactly what we teach during our training courses.<\/p>\n\n\n\n
Question 3: What Does the Average Day Look Like for a Facility Manager?<\/h3>\n\n\n\n The number one job for the manager is to make sure that everything runs smoothly.<\/p>\n\n\n\n
Gene is not the manager of his homes, he is the business owner and the business manager. The home manger is there, day-to-day, making sure the caregivers are there, making sure the residents are in place, the home is full, and the family is being taken care of.<\/p>\n\n\n\n
The day-to-day for a manager really isn\u2019t one day, it\u2019s more of a 24\/7 – they\u2019re ready to go at any time and their days are very different each day. Still, they do have a certain set of responsibilities that they must take care of.<\/p>\n\n\n\n
The manager is the key person in your business. <\/p>\n\n\n\n
Question 4: Can I use my own home for the assisted living facility?<\/h3>\n\n\n\n You have a home – can you use it as a residential assisted living home? Maybe yes – but just because you can doesn\u2019t mean you should. The biggest and most important piece of this puzzle is location, location, location. Is it near the right people? Is it near the right demographic?<\/p>\n\n\n\n
If it\u2019s near a college campus where the average age is 30-years-old and these 30-year-olds have parents in their 50s and 60s who are not in assisted living, that\u2019s not an ideal location.<\/p>\n\n\n\n
However, if your home is in an area where the average age is 50-60 years old and their parents are 80 and 90 years old, that\u2019s the right neighborhood.<\/p>\n\n\n\n
You\u2019ll then want to look at economics. Are the residents in the area middle-class and below or middle-class and above? A successful, residential assisted living property will want residents in the upper middle income, making location critical.<\/p>\n\n\n\n
You don\u2019t need to worry about the home structure itself. We can scrape it away and build it new. It\u2019s the location that we want to be certain is a fit. <\/p>\n\n\n\n
Question 5: Can I do Residential Assisted Living With or Without My Own Money?<\/h3>\n\n\n\n Yes, you can! We show our students how to do RAL with their own money or how to use other people\u2019s money. When you think about it, borrowing from a bank is borrowing other people\u2019s money. When you bring in outside lenders, investors, or private individuals those are all options utilizing other people\u2019s money. <\/p>\n\n\n\n
A lot of times people will think, \u201cOh, I have to have skin in the game,\u201d and they believe they have to have their own money in. That\u2019s not how we think about it. If you\u2019re putting in the time, the effort, you have the plan, and you\u2019re willing to do the work, you\u2019re putting a lot of skin in the game.<\/p>\n\n\n\n
Others have the money and are looking for something or somebody to invest in. That can be you! But you need to know what you\u2019re doing. That\u2019s where we come in. We\u2019ll show you exactly what to do – whether using your own money or someone else\u2019s. The choice is yours. You decide. <\/p>\n\n\n\n
These are just some of the many questions we receive on a regular basis – and this content just scratches the surface to what we unpack through the RAL training courses we offer. <\/p>\n\n\n\n
As with any business – but especially with the residential assisted living opportunity – you want to be sure you have a thorough understanding of what it is you\u2019re getting involved in and how you can build a successful business that will allow you to do good and do well. <\/p>\n\n\n\n
The RAL opportunity is full of very important details that you\u2019ll need to know – especially prior to putting together your assisted living facility business plan. But we\u2019re here to equip you with what you need to get started in the senior housing industry and do incredibly well in this highly lucrative industry.<\/p>\n\n\n\n
Now that we\u2019ve covered some of the frequently asked questions that come with thinking about starting your own residential assisted living facility, let\u2019s look at what it takes to actually open your own successful assisted living facility.<\/p>\n\n\n\n
Opening Your Own Assisted Living Facility<\/h2>\n\n\n\n We\u2019ve covered some basic and essential groundwork and provided a significant amount of details as it relates to the essentials of what goes into a successful residential assisted living plan. <\/p>\n\n\n\n
Now let\u2019s take a look at what it takes to actually open your own assisted living facility and how you know if you\u2019re the right person to pursue this business after all. <\/p>\n\n\n\n
How to Know If You Should Pursue A Residential Assisted Living Business<\/h3>\n\n\n\n Who is the best fit to run a business? Our company slogan is \u201cdo good and do well.\u201d This essentially boils down to the fact that the assisted living industry is one that provides a very important and beneficial service that ultimately helps add to the quality of life of others. Because of this nature, you have the opportunity and benefit of doing good in this business.<\/p>\n\n\n\n
Additionally, residential senior housing is incredibly lucrative and has increasing levels of profitability. Because it\u2019s truly a real estate model – and the best one for the next 25 years! – it also provides the opportunity for you to do well. <\/p>\n\n\n\n
If you want to know if the RAL opportunity is right for you, than you need to be someone who values people and takes pride in doing work that, in turn, makes a positive difference in the lives of others. You also need to be someone who values and appreciate an excellent financial opportunity – someone who is okay with making a lot of money while doing good for others.<\/p>\n\n\n\n
You don\u2019t need to have experience in the assisted living industry to do well in this business. You don\u2019t even need experience in real estate. You just need to have a passion for making money while also doing good for others at the same time. <\/p>\n\n\n\n
If that\u2019s you and you have the desire and drive to learn what it takes to run a successful residential assisted living facility, then you will do good and do well in this business – and we can show you how and the next steps you need to take to get you there!<\/p>\n\n\n\n
Taking Your Next Step to Opening Your Own Assisted Living Facility<\/h3>\n\n\n\n The first thing you\u2019ll want to do is decide if you want to go into the residential assisted living business on your own or if you\u2019d like to accelerate the process by working with other industry professionals.<\/p>\n\n\n\n
As you\u2019ve discovered, the senior housing business opportunity requires a great deal of knowledge, but we\u2019re confident in being able to equip individuals for success through our proven process that will give you the tools you need to be succeeding in this business.<\/p>\n\n\n\n
The knowledge you\u2019ll receive will not only prepare you for owning and operating a residential assisted living facility, but it will accelerate the process in such a way that you could be earning $10,000 or more in NET cash every month in less than a year. <\/p>\n\n\n\n
You\u2019ve already taken an important step by researching the residential assisted living facility business opportunity and what it entails. <\/p>\n\n\n\n
But where do you go from here? We\u2019ve developed the Assisted Living Business Accelerator Online class that will break it all down and equip you to go further in your RAL business. <\/p>\n\n\n\n
Through the Assisted Living Business Accelerator online class you\u2019ll learn:<\/p>\n\n\n\n
\nHow to find the best opportunities for RALs in any area<\/li>\n\n\n\n How to determine if your own property is right for a RAL<\/li>\n\n\n\n How to attract investors and partners<\/li>\n\n\n\n How to find the right team to make your life easy<\/li>\n\n\n\n How to fill your RAL with the highest paying clients<\/li>\n\n\n\n How to do it with or without your own money<\/li>\n\n\n\n The FAST TRACK to your first RAL in 3-6 months from TODAY<\/li>\n\n\n\n How to do one deal and be set for life<\/li>\n<\/ul>\n\n\n\nYou may be looking at this list and thinking, \u201cwow, that\u2019s a lot of information!\u201d And you\u2019d be right! But this information is crucial to owning and operating a successful RAL business and these are the building blocks you need to prepare for a lucrative and lasting future in this industry.<\/p>\n\n\n\n
Wrapping Up: Success With a Residential Assisted Living Business Plan <\/h2>\n\n\n\n As we\u2019ve discussed, having a plan gives you a roadmap, which is essential to take you from where you are to where you want to go. The roadmap – or business plan – will determine where it is you\u2019re going and how it is you\u2019re going to get there.<\/p>\n\n\n\n
The Assisted Living Business Accelerator Course will give you the necessary tools you need to create a solid roadmap that will put you on the path to RAL success, which is the only path you want to be on! <\/p>\n\n\n\n
As soon as you understand the importance of having a successful business plan and how to apply that to your residential assisted living business, you\u2019ll be able to go farther, faster, and save yourself time and money throughout the process. <\/p>\n\n\n\n
Having a solid business plan will also allow you to benefit because others will see that you know what you\u2019re doing and where you\u2019re going – and those important people will be willing to invest in you, which will help make your RAL business a reality.<\/p>\n\n\n\n
A business plan proves you\u2019ve thought it through, figured out what the challenges are, the situations that may come up, and the strength and weaknesses that are working for or against you. <\/p>\n\n\n\n
It\u2019s important to have a business plan – to have it laid out properly and understand the main elements of it. When you have a plan and surround yourself with people that can help make you successful, you can absolutely do this. <\/p>\n\n\n\n
There\u2019s a lot to know, but when you have a well executed business plan, you are setting yourself up for success and you will be able to do good and do well in the residential assisted living facility opportunity. <\/p>\n","protected":false},"excerpt":{"rendered":"
Residential Assisted Living is generating A LOT of buzz in the real estate, business, and investment communities right now. A great business plan is the entryway to your success. Not all business plans are created equal. You get just ONE CHANCE to make a \u201cfirst impression.\u201d Get it right and it can be smooth sailing. […]<\/p>\n","protected":false},"author":1,"featured_media":1510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"podcast_personality":[],"acf":[],"yoast_head":"\n
PROVEN: Residential Assisted Living Business Plan<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n