Starting an adult day center (or any business) is tough, especially if you've never done it before!! Most people have no idea how many hours it takes, how much money it costs, and how many sacrifices they'll have to make!!
I've seen too many people get all excited about their new adult day business, take the first step, get 6 months in and wonder, "what the heck did I get myself into??"
In most cases, they took all the wrong turns, jumped from step 1 to step 10 only to realize they still have to do steps 2 - 9. Essentially, they have to go back to the beginning and start over.
All of these mistakes and unknown variables cost time and money. Therefore, I think it's really important for people to ask themselves, "what is this truly going to cost to get open?"
What are the next 5 steps? After you complete steps 1 - 5, what are steps 6 - 10?
How much money will you need? What if things go wrong or get delayed? Do you have additional savings? Will your partner contribute more money if needed? If so, how much more equity are you willing to give up?
Not to mention all of the other factors to consider such as:
(1) Location
What are the upfront costs? How much money do you have to put down? (i.e. security deposit, first & last month) In addition to upfront costs, how much are the carrying costs of the location between when you sign the lease and when you open? Did you ask for rent abatement? If so, for how long? Do you still have to pay the sales tax, CAM or other fees during this rent abatement period?
(2) Renovations
Is the space you selected ADA compliant? Does it have enough bathrooms? Did you get any money from the Landlord for tenant improvements? Does the landlord require a specific contractor? Do you have to open walls? Add or remove electric and plumbing? Do you need an architect or an engineer?
(3) Licensing
Is the location you are looking at zoned properly for adult day? What is the fire code in your area? Will you need to get a sprinkler system or just a fire alarm? What does the health department require? Does your state require you to get an adult day care license? If so, what is the anticipated wait time? What are the state requirements? What paperwork needs to be filled out and when can you send it in?
(4) Marketing
How much money have you set aside for marketing? How much money do you plan to spend on Google? How much do you plan to spend each month on print media, magazines, radio or newspapers? Are you going to hire a marketing person? If so, when do you plan to have them start?
(5) Overhead
Before you open, you'll have to hire a few people to help you. What role are they going to fill? When do you plan to hire and onboard them? How long will you have to cover payroll costs before you open? What other overhead costs will you have? (i.e. food, utilities, insurance, interest payments, etc.) How long will you incur these overhead costs before you break even?
The purpose of these questions are not meant to scare you but to prepare you!! Being prepared is important! Asking yourself tough questions is important! However, no matter what you do in life, it's going to be hard!
The real question is . . . are you willing to do what it takes to make your dreams come true!!?!?!
Interested in opening your own senior care business? Adult day is the future of senior care!!
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Own an ActivAge®️ Today! To learn more about ActivAge®️ Franchise Opportunities, visit www.activagecare.com/franchise.
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