Opening an adult day care center sounds like a breeze, right? Of course not!🤣
There's so many questions that will need to be answered before even thinking about opening your doors. Let's go over 7 key steps that must be addressed in order to start an adult day care center.
1. Understand your Options
There's 3 ways to open an adult day care center. You can start your own from scratch, you can purchase a new or existing franchise, or your could purchase an independently owned adult day center. Each option has their own advantages and disadvantages, which are important to consider when making such an important decision.
2. Type of Adult Day Care?
Now, it’s time to define your target market. What demographic do you plan to target? Who is your audience? It’s important to get specific and clearly define the type of adult day program you plan to open.
- Seniors vs. Young Adults?
- For-Profit vs. Non-Profit?
- Social vs. Medical?
- Medicaid vs. Private Pay?
3. Conduct Market Research
Once you have determined the type of adult day care you want, you'll have to do research to see if there is even a need for that type of ADC in your area.
You will need to determine if the demographic you plan to serve has a large enough density in that area, does it meet your income requirements, what are the traffic patterns, and much more.
4. Licensing
This step is not so much fun!! 😅 Well, depending on the state you live in, there could either be a multitude of licensing requirements or almost none at all!
Check with your state and local government to see what all licensing requirements you will need in order to open an adult day center in your area.
5. Location
When you are looking at locations you'll want to decide if you'd prefer to lease or if you'd like to own. You'll have to assess the risk you are willing to take.
Next, you'll want to identify the size of the space you need and desired area you'd like to be in. Don't forget, you want to be in a location surrounded by your target demographic with good density! 😉
6. Projections
Now it's time to get mathematical!🤓 You will need to calculate how much money you currently have, how much your estimated start up costs are (one time only expenses) and how much money you will need to keep the doors open for at least one year (working capital). This should include rent, utilities, payroll, marketing, and all the little things in between!
7. Financing Options
Once you have completed the first 6 steps you can then look at your financial options. If you have completed your projections you will have an understanding of how much you may need to invest or borrow to get the business started.
If you plan to purchase a franchise, then your franchisor may work with a bank to help you secure financing. If you are thinking about going out on your own, then make sure to shop around to see which bank can give you the best loan options.
Please keep in mind these are seven simplified steps to starting an adult day care center. Be prepared to put in the time, money and effort to see your idea through. Starting a business is not easy in anyway but it certainly has its advantages.
#adultdaycare #seniorcare #startup
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TIMESTAMPS:
0:00 Intro
0:30 Understanding your options
0:40 Build Your Own Business
0:48 Franchise
1:02 Purchase an existing ADC
1:17 What type of ADC do you want to open?
2:28 Conduct market research
3:28 Licensing
4:40 Location
4:47 Projections
7:45 Funding options
8:30 Summary
9:37 Connect with Kris
10:15 Outro
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