Caregiving for a loved one with dementia is challenging work. If you have been doing it for a while, it is likely you have honed some marketable skills in the process. Turning those talents into profits may not have initially crossed your mind; however, caregiving support services can be a viable small business.
If you are thinking about starting a business that supports or provides services to family senior caregivers, it is important to ensure all your bases are covered first. In addition to a business plan, you will need to think about the potential services you want to offer. Then, start taking action to get your first clients. Below are other helpful steps you will need to take as you establish your new business.
Create a Business Plan to Improve the Chances of Success
When you start a business to support senior caregivers, begin by creating a business plan. A business plan is helpful because it defines your company’s goals and how you plan to achieve them. Your business plan should describe your business; discuss how you plan to sell your services; goes over your chosen business structure; and includes financial projections. If you need funding, you should include this information in your business plan as well. Your business plan may be used to approach banks or lenders for loans to get started and makes it easier for you to buy all the tools and equipment you need to open your business.
When choosing a business structure, consider forming an LLC. This entity offers asset protection, tax benefits, and flexibility. Instead of choosing between an S Corp or an LLC, you can use an S Corp designation for your LLC, which may include additional tax advantages like not having to pay the self-employment tax.
You will also have to devote some thought to marketing. Social media is a good place to get started, but you might want to supplement that with an email marketing campaign or a newsletter. PDFs are a good format to use for creating content as they look more professional and are also compatible across many different platforms. If you need to make any edits in your PDFs, click for info and take advantage of this free online PDF editor!
Services to Offer Caregivers
Senior caregivers need support to provide the best possible care to their elderly loved ones or clients. There are several different business ideas you could use to provide them with additional support.
One option could involve getting groceries. When senior caregivers are focused on providing care within the home, they may not have time to go out and get groceries or complete other errands. Offering an errand service, such as grocery shopping, could be beneficial in your local area.
You can also provide consultation services. A senior living advisor is someone who guides families and older adults through the process of finding the housing they need within their budget. You can help seniors become familiar with assisted living facility options or the nursing homes in which they may want to live. Some additional information to provide may include:
- The cost of care
- Payment options
- Reviews from other families
- Detailed facility reports
Your help may ensure families find the right solutions in their time of need.
A final option you may want to consider is mobility services. Mobility services, such as transporting older adults from their homes to the hospital in a handicapped-accessible van, could take immense stress off caregivers who do not have the transportation they need to help seniors get from point A to point B.
How to Choose Which Services to Offer
To choose the right services for your business, start by doing market research. Look into what other businesses are offering locally and see what services might still be missing. Then, consider what you like to do. Which services are you licensed, certified, or trained to offer? Which services do you care about? Once you can answer those questions, you should be able to choose a selection of services to offer when you open your business.
Get Ready to Open Your Business
In the business world, preparation is everything. As you are getting ready to open your business, take the time to create your business plan, organize your documents, upgrade your marketing campaign, and choose the right services and business structure. That way, you will be ready to take advantage of all the opportunities ahead.
Submitted by Andrea Needham
eldersday.org
Image via Pexels
