independent living facility business plan

• Resources for Entrepreneurs > Opening a Business > How to Open a Business

How to Start an Independent Living Services Business

How to Open a Business

How hard is it to start an independent living services business? Read this article to learn what you need to start and succeed in this business.

Want information on how to start an independent living services business? We walk you through the most important things you need to know.

Business Plan Mechanics for Independent Living Services Businesses

Haven't created a business plan for your independent living services business yet? You could be in big trouble.

In many cases, the best approach is to keep your business plan simple . Length and polish aren't as important as consistency, accuracy and thoroughness.

If your time is limiting, outline the essentials of your independent living services company's business plan now and make a commitment to come back to it later.

Check Out the Competition

Long before you open an independent living services business within your community, it's a smart move to find out how you will fit in the competitive landscape. We've provided the link below to help you find competitors nearby. After following the link, enter your city, state and zip code to get a list of independent living services businesses in your area.

• Get a List of Nearby Independent Living Services Businesses

Is the local market large enough to support another independent living services business? If not, you had better be sure that you are doing things much better than the competition.

Talk to People Who Are Already in the Business

As part of your due diligence on opening an independent living services business, be sure to talk to somebody who is already in the business. If you think owners of nearby independent living services businesses will give you advice, think again. Why would they want to educate a future competitor?

Fortunately, somebody who runs an independent living services business outside of your community may be more than happy to give you a few tips, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.

Where can you find an independent living services business owner outside of your area who is willing to talk?

It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.

• Get In Touch With Independent Living Services Business Owners

Why You Should Buy (Instead of Start) an Independent Living Services Business

We know . . . From the time you were a kid you dreamed about starting a business from scratch and growing it to a position of market dominance.

But from a business and financial perspective, it may make more sense to leverage an existing independent living services business as your vehicle for world domination.

Existing independent living services businesses are proven operations with dependable revenue streams. And that's not to mention the fact that a purchase let's you avoid the trial-and-error mistakes that are common in startups.

Don't Rule Out Franchising

The odds of making a success of your new business go up significantly if you become a franchisee rather than going it alone.

As part of your process in starting an independent living services business, you may want to assess whether buying a franchise could make your life much easier.

The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.

• Purchasing a Franchise

Other Useful Articles for Startup Entrepreneurs

These additional resources regarding getting started as an entrepreneur may be of interest to you.

How to Get a DUNS Number

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Assisted Living Facility Business Plan Template

Written by Dave Lavinsky

Assisted Living Facility Business Plan

You’ve come to the right place to create your assisted living facility business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their assisted living facilities.

Assisted Living Facility Business Plan Example

Below is a template to help you create each section of your sample residential care home business plan.

Executive Summary

Business overview.

Portland Village Assisted Living is a startup assisted living facility located in Portland, Oregon. The company is founded by James Martin, an experienced assisted living facility manager who has transformed the struggling PALF Oregon facility into a thriving assisted living business through efficient and strategic management decisions. Now that James has garnered a reputation for being a positive driver for change in the industry, he is ready to venture out with his new facility, Portland Village Assisted Living. James is confident that his experience and expertise in change management, problem solving, and policy implementation will quickly garner support for his new assisted living facility. James plans on recruiting a team of highly qualified professionals including registered nurses, activity directors, and maintenance staff to help manage the day to day complexities of assisted living.

Portland Village Assisted Living will provide a comprehensive array of services that will appeal to its target clientele of seniors living in the Portland area who are looking to get the most out of their assisted living experience. Portland Village Assisted Living will ensure that every need of the residents is being met. Portland Village Assisted Living will be the ultimate choice in Portland for assisted living while being the most reasonably priced facility for the services provided compared to other assisted living facilities in the area.

Product Offering

The following are the services that Portland Village Assisted Living will provide:

• Assistance with everyday living needs
• Dining program
• Emergency call systems and 24-hour onsite security
• Exercise, education, and recreation programs
• Health and wellness programs
• Housekeeping and laundry service
• Social and religious programs
• Transportation accommodations

Customer Focus

Portland Village Assisted Living will target all seniors over the age of 65 who need a little help with one or more daily activities such as bathing, dressing, or managing their medications. No matter the resident, Portland Village Assisted Living will deliver a caring, comfortable environment with a customer-first focus in every aspect of the facility.

Management Team

Portland Village Assisted Living will be owned and operated by James Martin. He recruited a Registered Nurse, Jessica Williams, to be the Nursing Director and help manage the day-to-day nursing needs of the residents.

James Martin is a graduate of the University of Oregon with a Master’s degree in Healthcare Management. He has been working at a local assisted living home for over a decade as an Administrator. James’s leadership and problem solving skills have allowed him to develop a reputation for driving positive change in the industry.

Jessica Williams has been a Registered Nurse and worked with James at the PALF Oregon facility for over ten years. James relies strongly on Jessica’s organization, expertise, and focus when caring for residents. Jessica has worked in the assisted living industry for so long, she understands all aspects required in managing the nursing needs of residents.

Success Factors

Portland Village Assisted Living will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of healthcare and management professionals that are able to effectively maintain a welcoming environment for all residents and staff.
• Comprehensive menu of services that allows for a resident to have all of their needs met. Portland Village Assisted Living takes care of everything from daily assistance and medication management to entertainment and dining programs. Portland Village Assisted Living has something for everyone with its extensive list of educational, social, and recreational activities available.
• Portland Village Assisted Living offers the best pricing for a facility with this level of comprehensive services.

Financial Highlights

Portland Village Assisted Living is seeking $1,000,000 in debt financing to launch the assisted living business. The funding will be dedicated towards a down payment to purchase the facility and new furnishings for the facility. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, working capital, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

• Down payment on facility: $500,000
• Furnishings and improvements for units and common areas: $150,000
• Three months of overhead expenses (payroll, supplies, utilities): $150,000
• Marketing costs: $100,000
• Working capital: $100,000

The following graph below outlines the pro forma financial projections for Portland Village Assisted Living.

Company Overview

Who is portland village assisted living.

Portland Village Assisted Living is a newly established assisted living facility in Portland, Oregon. Portland Village Assisted Living will be the most welcoming, affordable, and secure assisted living facility in the area. Portland Village Assisted Living will provide a comprehensive menu of assisted living services to suit the needs of any resident over the age of 65. Their customer-focused approach will include a wide range of activities available, 24/7 nursing staff, onsite security, and a customizable dining program.

Portland Village Assisted Living will be able to provide its residents with the best quality care in a friendly, supportive environment. The team of professionals are highly qualified and experienced in healthcare management, resident issues, and activity oversight. Portland Village Assisted Living handles all challenges of the residents and ensures all issues are taken care of expeditiously while delivering the best service.

Portland Village Assisted Living History

Portland Village Assisted Living is owned and operated by James Martin, an experienced assisted living facility manager who has transformed the struggling PALF Oregon facility into a thriving business through efficient and strategic management decisions. James is confident that his experience and expertise in change management, problem solving, and policy implementation will quickly garner support for his new assisted living facility. James plans on recruiting a team of highly qualified professionals including registered nurses, activity directors, and maintenance staff to help manage the day to day complexities of assisted living.

Since incorporation, Portland Village Assisted Living has achieved the following milestones:

• Registered Portland Village Assisted Living, LLC to transact business in the state of Oregon.
• Has negotiated the purchase of a 20 unit facility in a centrally located area that is close to multiple hospitals and healthcare facilities.
• Began recruiting a staff of activity directors, nurses, maintenance managers, and housekeepers to work at the facility.

Portland Village Assisted Living Services

Industry analysis.

The United States Assisted Living industry is currently valued at $87.4B and is expected to grow as much as 5.48% over the next eight years. The primary driver for market growth is the increasing number of senior citizens seeking assistance, companionship, and security that can be provided by assisted living facilities. The rise in the senior population due to a rise in life expectancy is forecast to grow rapidly in the coming years. Approximately 8.5% of the global population is 65 years old or above. The number of Americans ages 65 and older is projected to reach 95M by 2060.

Some of the key factors driving the U.S. assisted living facility market growth include a growing awareness and desire of seniors to age in home-based services and the lower cost of assisted living facilities versus nursing homes. There are currently around 30,000 facilities in the U.S. Approximately 800,000 seniors live in these assisted living facilities across the country. The average assisted living facility resident is between 76-82 years old with an average income of $50,000-$70,000.

Customer Analysis

Demographic profile of target market.

Portland Village Assisted Living will target all seniors over the age of 65 living in the Portland area who are looking to get the most out of their assisted living experience. Specifically, Portland Village Assisted Living will target seniors who need a little help with one or more daily activities such as bathing, dressing, or managing their medications. No matter the resident, Portland Village Assisted Living will deliver a caring, comfortable environment with a customer-first focus in every aspect of the facility.

The precise demographics for Portland, Oregon are:

Customer Segmentation

Portland Village Assisted Living will primarily target the following customer profiles:

• Men and women at least 65 years old who need help with only a few activities of daily living such as bathing or walking.
• Men and women at least 65 years old with high blood pressure.
• Men and women at least 65 years old with Alzheimer’s disease or other dementias.

Competitive Analysis

Direct and indirect competitors.

Portland Village Assisted Living will face competition from other assisted living facilities with similar business profiles. A description of each competitor facility is below.

PALF Oregon

PALF Oregon is an established assisted living facility in Portland, Oregon. This company operates an expansive assisted living facility with 24/7 nursing staff, an abundance of education and social activities provided throughout the day, and resort-style living accomodations. Their list of services includes health and wellness programs, educational workshops, supervised recreation activities, and a full menu of nutritious foods served from 6AM-9PM. PALF Oregon is also able to provide transportation accommodations, medication administration, and one-on-one fitness coaching.

PALF Oregon’s promise is to deliver quality care with honesty and integrity, and 24/7 availability of the nursing team. PALF Oregon’s team of experienced healthcare and management professionals ensures activities run smoothly, property maintenance is proactive, and residents get the care they need, when they need it.

OR Home Assisted Living

OR Home Assisted Living is a Portland, Oregon-based assisted living facility that provides outstanding senior care for individuals over the age of 75. OR Home Assisted Living takes the risk out of finding quality assisted living care. They provide comprehensive assisted living services for qualified tenants, and maintain stringent standards for their nursing and activity staff. The owners of OR Home Assisted Living are former healthcare professionals so they understand how an assisted living facility should be managed. Residents can depend on their unique screening processes to hire only highly qualified staff. Amenities offered include a full-service restaurant, rec center, and health club.

Oregon’s Best Assisted Living

Oregon’s Best Assisted Living is a trusted Portland assisted living facility that provides superior service to residents 65 years old and over. They are able to provide a comprehensive health and wellness regimen, highly qualified nursing staff, and superior security. Oregon’s Best Assisted Living is a condominium style environment for seniors who need minimal assistance with just a few daily activities such as dressing or walking. This facility provides a packed schedule of activities that seniors can enjoy throughout their tenure in the facility including clubs, classes, and social events.

Competitive Advantage

Portland Village Assisted Living will be able to offer the following advantages over their competition:

• Highly qualified team of healthcare, management, and security professionals that are able to effectively maintain a welcoming environment while ensuring safety and security for all residents and staff.
• Comprehensive menu of services that allows for a resident to have all of their needs met. Portland Village Assisted Living takes care of everything from daily assistance and medication management to entertainment and dining programs.
• Portland Village Assisted Living offers competitive pricing for a facility with this level of services compared to other facilities in the area.

Marketing Plan

Brand & value proposition.

Portland Village Assisted Living will offer the unique value proposition to its clientele:

• Friendly, knowledgeable, and highly qualified team of professionals that are able to cater to each individual resident’s needs.
• Portland Village Assisted Living has something for everyone with its extensive list of educational, social, and recreational activities available.

Promotions Strategy

The promotions strategy for Portland Village Assisted Living is as follows:

Word of Mouth/Referrals

James Martin has built up an extensive list of contacts over the years by providing exceptional service to his residents. Many of these contacts have communicated to James that they intend to help spread the word of Portland Village Assisted Living to their friends and families.

Professional Associations and Networking

Portland Village Assisted Living will become a member of professional associations such as the International Council on Active Aging (ICAA), American Seniors Housing Association (ASHA), and the National Investment Center for Seniors Housing & Care (NIC). The company will attend industry conferences and events to network with other professionals and promote Portland Village Assisted Living.

Print Advertising

Portland Village Assisted Living will invest in professionally designed print ads to display in programs or flyers at industry networking events.

Website/SEO Marketing

Portland Village Assisted Living will develop and maintain an attractive website that will be well organized, informative, and list all their services that Portland Village Assisted Living is able to provide. The website will also list their contact information and list their available units and pricing.

The company’s in-house marketing director will manage Portland Village Assisted Living’s website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Portland assisted living facility” or “assisted living near me”, Portland Village Assisted Living will be listed at the top of the search results.

Social Media Marketing

The company’s marketing director will create and maintain an active presence on multiple social media platforms including LinkedIn, Twitter, Facebook, Instagram, and YouTube to promote the facility.

The pricing of Portland Village Assisted Living will be moderate, so residents feel they receive real value when choosing this facility over higher-priced competitors.

Operations Plan

The following will be the operations plan for Portland Village Assisted Living.

Operation Functions:

• James Martin will be the Owner and Administrator of the company. He will oversee all staff and manage client relations. James has spent the past year recruiting the following staff:
• Jessica Williams – Director of Nursing who will manage the nursing staff and services.
• Kim Smith – Admissions Coordinator who will manage all resident admissions and acclimation processes.
• Ben Davis – Marketing Director who will provide all marketing materials, campaigns, and PR initiatives for Portland Village Assisted Living.
• John Anderson – Maintenance Director who will oversee all maintenance staff and projects at the facility.
• Anna Rodriguez – Housekeeping Coordinator who will oversee all housekeeping staff for the facility.

Milestones:

Portland Village Assisted Living will have the following milestones complete in the next six months.

8/1/2022 – Finalize contract for purchase of the facility.

8/15/2022 – Finalize personnel and staff employment contracts for the management team.

9/1/2022 – Begin refurbishment and furnishing of the facility.

9/15/2022 – Begin networking at industry events.

9/22/2022 – Begin marketing campaign to attract the first residents.

11/1/2022 – Portland Village Assisted Living opens for business.

Financial Plan

Key revenue & costs.

The revenue drivers for Portland Village Assisted Living are the assisted living fees they will charge to the residents for staying at their facility. Residents pay monthly fees for their stay and have the option of month-to-month or annual leases.

The cost drivers will be the overhead costs required in order to staff an assisted living facility. The expenses will be the payroll cost, utilities, supplies, and marketing materials.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Occupied Units: 15
• Average Fees per Month: $60,000
• Payments on Facility Purchase per Year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Assisted Living Business Plan FAQs

What is an assisted living facility business plan.

An assisted living facility plan is a plan to start and/or grow your assisted living facility. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your assisted living facility business plan using our Assisted Living Facility Business Plan Template here .

What are the Main Types of Assisted Living Facilities?

There are a number of different kinds of assisted living facilities, some examples include: Residential Living, Memory Care, and Rehabilitation Facility.

How Do You Get Funding for Your Assisted Living Facility Business Plan?

Assisted Living Facilities are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.  Potential investors will need your assisted living business plan PDF or in Word format.

A well crafted assisted living business plan is essential to securing funding from any type of potential investor.

What are the Steps To Start an Assisted Living Facility Business?

Starting an assisted living facility business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Write An Assisted Living Facility Business Plan - The first step in starting a business is to create a detailed assisted living business plan that outlines all aspects of the venture. This should include market research on the assisted living industry and potential target market size, information on the services you will offer, marketing strategies, pricing details and a solid financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your assisted living facility business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your assisted living facility business is in compliance with local laws.

3. Register Your Assisted Living Facility Business - Once you have chosen a legal structure, the next step is to register your assisted living facility business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your assisted living facility business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Assisted Living Facility Equipment & Supplies - In order to start your assisted living facility business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your assisted living facility business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful assisted living facility business and how to write a residential assisted living business plan:

• How to Start an Assisted Living Facility Business

Residential Assisted Living Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Assisted Living Facility

A residential assisted living business is a type of senior care facility that provides housing and support services for seniors who need assistance with their daily living activities.

Residential assisted living is typically smaller-scale homes, with fewer residents than a nursing home or assisted living facility.

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In addition to providing basic care services, residential assisted living facilities may also offer social and recreational activities, transportation services, and other amenities to help seniors maintain their independence and quality of life.

In many cases, residential assisted living facilities are operated by private individuals or companies, rather than by larger healthcare organizations.

As a result, residential assisted living may offer a more flexible and personalized approach to senior care than other types of facilities.

Steps on How to Write a Residential Assisted Living Business Plan

Executive summary.

St. Lucas® Assisted Living Facility, LLC is a new Residential Assisted Living business that will be located in Oregon, Florida.

Our facility will offer personalized and high-quality care services to seniors who require assistance with daily living, such as bathing, dressing, medication management, and meal preparation.

We will provide a home-like environment that fosters independence, dignity, and socialization, and we will strive to maintain a high quality of life for our residents.

Our management team has extensive experience in the senior care industry, and we have carefully selected and trained our staff to provide the highest quality of care services.

We have also established relationships with healthcare providers and local organizations to ensure that our residents have access to the healthcare services and amenities they need.

St. Lucas® Assisted Living Facility, LLC is well-positioned to become a leading provider of high-quality and personalized senior care services in the Oregon, Florida area.

We are committed to maintaining the highest standards of care, and we look forward to serving our community’s seniors and their families.

Company Profile

A. our products and services.

St. Lucas® Assisted Living Facility, LLC will offer the following services;

• Personalized Care Plans
• Health and Wellness Services
• Social and Recreational Activities
• Nutritious Meals and Snacks
• 24-Hour Staff Support
• Transportation Services
• Housekeeping and Maintenance Services.

b. Nature of the Business

Our residential assisted living business will operate with a business-to-consumer.

c. The Industry

St. Lucas® Assisted Living Facility, LLC will operate in the assisted living industry.

d. Mission Statement

Our mission at St. Lucas® Assisted Living Facility, LLC is to provide high-quality and personalized care services to seniors in a home-like environment that fosters independence, dignity, and socialization.

e. Vision Statement

At St. Lucas® Assisted Living Facility, LLC, our vision is to be the leading provider of personalized and homelike senior care services in our community.

f. Our Tagline (Slogan)

St. Lucas® Assisted Living Facility, LLC – Home Away from Home for the Elderly!

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

St. Lucas® Assisted Living Facility, LLC will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our personal assets by limiting the liability to the resources of the business itself.

h. Our Organizational Structure

• Head of Residential Assisted Living (President)
• Assisted Living Administrator
• Medication Management Counselors
• Nurse’s Aides
• Home Health Caregivers / Home Caregivers / County Aging Workers Fundraiser
• Account Officer
• Front Desk Officer
• Security Guards

i. Ownership/Shareholder Structure and Board Members

• Paul Peterson (Owner and Chairman / Chief Executive Officer) 52 Percent Shares
• Henry Johnson (Board Member) 18 Percent Shares
• Emmanuel Linus (Board Member) 10 Percent Shares
• Jael Martins (Board Member) 10 Percent Shares
• James Cornelius (Board Member and Secretary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Experienced management team with expertise in the senior care industry
• High staff-to-resident ratio, allowing for personalized care
• Focus on maintaining a strong sense of community and socialization for residents
• Convenient location in a growing senior population area
• Strong relationships with healthcare providers and local organizations
• Specialized training for staff to provide the highest quality of care services.

b. Weakness

• Limited capacity due to physical space limitations
• Dependence on a small team of staff members, making us vulnerable to staff turnover and potential loss of expertise
• High start-up costs for the facility set-up, equipment, and staffing.

c. Opportunities

• Growing demand for personalized and homelike senior care services
• Potential for partnerships with local hospitals and healthcare providers
• Expansion into related senior care services such as hospice care or memory care.

i. How Big is the Industry?

The Residential Assisted Living industry was worth over $19.3 billion in revenue in 2021, and it is expected to continue to grow at an annual rate of 5.2% through 2026.

ii. Is the Industry Growing or Declining?

The residential assisted living industry has been growing steadily in recent years, as the population of seniors in need of long-term care continues to increase. According to a report by IBISWorld, the residential assisted living industry generated $19.3 billion in revenue in 2021, and it is expected to continue to grow at an annual rate of 5.2% through 2026.

The COVID-19 pandemic has also contributed to increased demand for residential assisted living services, as many seniors and their families have sought out safer and more personalized care options. The pandemic has also highlighted the need for improved infection control measures and staffing levels in residential assisted living facilities.

iii. What are the Future Trends in the Industry

Technology is becoming more prevalent in residential assisted living facilities, and this trend is expected to continue. This includes the use of smart home technology, telehealth services, and electronic health records.

Residential assisted living facilities are moving towards more personalized care plans that take into account each resident’s unique needs and preferences. This includes offering individualized meal plans, medication management, and other services tailored to each resident’s needs.

Residential assisted living facilities are increasingly focused on sustainability and reducing their environmental footprint. This includes incorporating energy-efficient appliances, recycling programs, and other green initiatives.

iv. Are There Existing Niches in the Industry?

No, there are no existing niches when it comes to the residential assisted living business.

v. Can You Sell a Franchise of your Business in the Future?

St. Lucas® Assisted Living Facility, LLC has plans to sell franchises in the nearest future and we will target major cities with thriving factoring services markets in the United States of America and Canada.

• Competition from other assisted living facilities and senior care providers in the area
• Regulatory and compliance changes that may impact operations and increase costs
• Economic downturns or changes in healthcare policies may affect funding for senior care services.

i. Who are the Major Competitors?

• Other residential assisted living facilities that offer similar services and amenities in the same geographic area
• Skilled nursing facilities
• Home healthcare providers
• Continuing care retirement communities (CCRCs)
• Memory care facilities
• Adult daycare centers
• In-home caregivers.

ii. Is There a Franchise for Residential Assisted Living Business?

No, there is no franchise opportunity for a residential assisted living business.

iii. Are There Policies, Regulations, or Zoning Laws Affecting Residential Assisted Living Business?

Yes, there are policies, regulations, and zoning laws affecting residential assisted living businesses in the United States of America. These regulations vary by state and local jurisdiction, but here are some examples of the types of regulations that may apply to residential assisted living facilities:

• Most states require residential assisted living facilities to be licensed , which involves meeting specific standards for staff training, resident care, safety, and sanitation.
• Local zoning laws may restrict the location of residential assisted living facilities, including the type of residential area where they can be located and the number of residents they can accommodate.
• Residential assisted living facilities must comply with building codes that ensure safety and accessibility for residents, including requirements for fire safety, emergency exits, and accessibility features.
• Residential assisted living facilities must comply with state and federal health and safety regulations, including infection control procedures, medication management, and emergency preparedness plans.
• Residential assisted living facilities must meet staffing requirements for the number and qualifications of staff members, including requirements for licensed nurses and certified nursing assistants.
• Residential assisted living facilities must protect the rights of residents, including the right to privacy, dignity, and autonomy.
• Residential assisted living facilities must carry liability insurance and meet other insurance requirements.

Marketing Plan

A. who is your target audience, i. age range.

Our target market comprises adults above 65 years old.

ii. Level of Educational

We don’t have any restrictions on the level of education of our clients.

iii. Income Level

There is no cap on the income level of those we will welcome to our facility.

iv. Ethnicity

There is no restriction when it comes to the ethnicity of the people we will welcome to our facility.

v. Language

There is no restriction when it comes to the language spoken by the people we will welcome to our facility.

vi. Geographical Location

Anybody from any geographical location will be welcome to our facility.

vii. Lifestyle

St. Lucas® Assisted Living Facility, LLC will not restrict any client from accessing our facility because of their lifestyle, culture, or race.

b. Advertising and Promotion Strategies

• Content marketing
• Deliberately Brand Our Facility
• Email marketing
• Events and sponsorships
• Pay-per-click (PPC) advertising
• Referral marketing
• Search engine optimization (SEO).

i. Traditional Marketing Strategies

• Broadcast Marketing -Television & Radio Channels.
• Marketing through Direct Mail.
• Print Media Marketing – Newspapers & Magazines.
• Out-of-home (OOH) advertising – Public transit like Buses and Trains, Billboards, Street shows, and Cabs.
• Leverage direct sales, direct mail (postcards, brochures, letters, fliers), tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.

ii. Digital Marketing Strategies

• Affiliate Marketing
• Content Marketing.
• Email Marketing.
• Influencer Marketing.
• Mobile Marketing.
• Social Media Marketing Platforms.
• Search Engine Optimization (SEO) Marketing.

iii. Social Media Marketing Plan

• Create a personalized experience for our customers.
• Create an efficient content marketing strategy.
• Create a community for our target market and potential target market.
• Create profiles on relevant social media channels.
• Gear up our profiles with a diverse content strategy.
• Start using chatbots.
• Run cross-channel campaigns.
• Use brand advocates.

c. Pricing Strategy

St. Lucas® Assisted Living Facility, LLC’s pricing strategy should take into account factors such as the cost of the value of service offering, and the level of competition in the market. We will also analyze the competition’s pricing and services to ensure the business remains competitive while maintaining profitability. Here is our pricing strategy:

• Tiered Pricing
• All-Inclusive Pricing
• Ala Carte Pricing
• Move-In Specials
• Long-Term Contracts
• Medicaid and Medicare Programs
• Private Pay.

Sales and Distribution Plan

A. sales channels.

Our sales channels will include both direct and indirect channels and they are:

• Direct sales: This involves the residential assisted living business’s sales team directly reaching out to potential clients, such as small and medium-sized healthcare-related businesses, through email, phone, or in-person meetings.
• Referral sales: This involves leveraging existing clients, business partners, and other industry contacts to refer potential clients to the residential assisted living business .
• Online sales: This involves using digital channels such as the company’s website, social media, and online advertising to generate leads and attract potential clients.
• Broker or agent channels: This involves working with brokers or agents who act as intermediaries between the residential assisted living business and potential clients, referring clients to the company in exchange for a commission.
• Partner channels: This involves working with strategic partners, such as doctors, hospitals, and other healthcare service providers, to offer factoring services to their clients.
• Industry-specific sales channels: This involves targeting specific industries that may have a higher demand for residential assisted living services
• Trade shows and events: This involves participating in industry trade shows and events to generate leads and build relationships with potential clients.

b. Inventory Strategy

Our inventory strategy will involve managing and tracking the availability of essential supplies such as food, medication, medical equipment, and cleaning products. The strategy will also involve setting levels for inventory, monitoring usage, and ordering supplies in advance to ensure that there are no shortages.

We will also implement software systems to automate inventory management and improve efficiency. Having effective inventory management will help ensure that residents receive high-quality care while reducing waste and minimizing costs for the business.

c. Payment Options for Customers

Here are the payment options that St. Lucas® Assisted Living Facility, LLC will make available to her clients;

• Apple Pay and Google Wallet
• Gift cards and store credit
• Credit and debit cards
• Installment payments
• Cash on service delivery.

d. Return Policy, Incentives, and Guarantees

As a residential assisted living services provider, we may not offer a traditional return policy, incentives, or guarantees.

e. Customer Support Strategy

Providing exceptional customer support is crucial for the success of our residential assisted living business. Here are some customer support strategies that we will adopt:

• Provide multiple communication channels for residents and their families
• Offer personalized attention
• Set clear expectations.
• Maintain transparency.
• Offer value-added services.

By implementing these strategies, our residential assisted living business can provide excellent customer support and build long-term relationships with all our clients (residents).

Operational Plan

The operational plan for our residential assisted living business is a detailed document that outlines the day-to-day operations of the business, including staff responsibilities, resident care plans, facility maintenance, and financial management.

The plan typically includes specific goals and objectives, as well as strategies for achieving those goals. It will also address risk management, emergency preparedness, and compliance with regulations and policies.

a. What Happens During a Typical Day at a Residential Assisted Living Business?

A typical day at a residential assisted living business involves providing care and support for residents with a variety of needs.

The day may begin with breakfast and medication administration, followed by activities such as exercise classes, social events, and games. Staff members provide assistance with activities of daily living (ADLs) as needed, such as bathing, dressing, and grooming.

Medical care may include regular check-ins with healthcare providers, medication management, and assistance with medical equipment. Meals are typically provided throughout the day, with snacks and beverages available as needed. Residential assisted living businesses may also offer specialized therapies or services, such as physical therapy or salon services.

Staff members are available around the clock to provide care and support for residents, and emergency procedures are in place to ensure the safety and well-being of all residents.

b. Production Process

There is no production process when it comes to residential assisted living businesses.

c. Service Procedure

Not applicable.

d. The Supply Chain

A supply chain is not applicable to a residential assisted living business.

e. Sources of Income

At St. Lucas® Assisted Living Facility, LLC we will make money from resident fees, government programs such as Medicaid or Veterans Affairs, and private pay options such as long-term care insurance or personal funds.

Financial Plan

A. amount needed to start your residential assisted living business.

St. Lucas® Assisted Living Facility, LLC would need an estimate of $350,000 to successfully set up our residential assisted living business in the United States of America. Please note that this amount includes the salaries of all our staff for the first month of operation.

b. What are the Costs Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $1,300.
• Marketing, Branding, and Promotions – $1,000.
• Business Consultant Fee – $2,500.
• Insurance – $5,400.
• Rent/Lease – $150,000.
• Other start-up expenses include commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
• Operational Cost (salaries of employees, payments of bills et al) – $30,000
• Start-up Inventory – $25,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Furnishing and Equipping – $35,000
• Website: $600
• Opening party: $4,000
• Miscellaneous: $5,000

c. Do You Need to Build a Facility? If YES, How Much will it cost?

St. Lucas® Assisted Living Facility, LLC will not build a new facility for our residential assisted living business; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.

d. What are the Ongoing Expenses for Running a Residential Assisted Living Business?

• Staffing costs (salaries, benefits, and training for caregivers, nurses, and administrative staff)
• Facility expenses (rent, utilities, property taxes, maintenance, and insurance)
• Food and supplies (groceries, medications, medical supplies, personal care items, and cleaning supplies)
• Marketing and advertising
• Administrative expenses (office supplies, legal fees, accounting services, and software or technology systems)
• Resident care expenses (medical equipment, therapy services, and other specialized care needs)
• Compliance expenses.

e. What is the Average Salary of your Staff?

• Head of Residential Assisted Living (President) – $45,000 Per Annum
• Assisted Living Administrator – $36,034 Per Annum
• Medication Management Counselors – $35,600 Per Annum
• Nurse’s Aides – $30,660 Per Annum
• Home Health Caregivers/Home Caregivers/County Aging Workers – $32,878 Per Annum
• Account Officer – $35,000 Per Annum
• Front Desk Officer – $28,000 Per Annum
• Cleaners – $22,000 Per Annum
• Security Guard – $22,000 Per Annum.

f. How Do You Get Funding to Start a Residential Assisted Living Business?

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
• Source for soft loans from your family members and friends.

Financial Projection

A. how much should you charge for your product/service.

St. Lucas® Assisted Living Facility, LLC will charge based on what is obtainable in the United States. Our average monthly cost for a one-bedroom unit is $4,000. Please note that we will offer various pricing options and also accept government programs or private pay options, such as long-term care insurance,.

b. Sales Forecast?

• First Fiscal Year (FY1): $250,000
• Second Fiscal Year (FY2): $450,000
• Third Fiscal Year (FY3): $520,000

c. Estimated Profit You Will Make a Year?

• First Fiscal Year (FY1) (Profit After Tax): $150,000
• Second Fiscal Year (FY2) (Profit After Tax): $200,000
• Third Fiscal Year (FY3) (Profit After Tax): $300,000

d. Profit Margin of a Residential Assisted Living Business Product/Service

The ideal profit margin we hope to make at St. Lucas® Assisted Living Facility, LLC will be between 10 and 20 percent on each job carried out irrespective of the distance covered.

Growth Plan

A. how do you intend to grow and expand by opening more retail outlets/offices or selling a franchise.

St. Lucas® Assisted Living Facility, LLC will grow our residential assisted living business by first opening other offices in key cities in the United States of America within the first five years of establishing the business and then start franchising in the nearest future.

b. Where do you intend to expand to and why?

St. Lucas® Assisted Living Facility, LLC plan to expand to;

• Phoenix, Arizona
• Dallas, Texas
• Atlanta, Georgia
• Denver, Colorado
• Tampa, Florida
• Nashville, Tennessee
• Charlotte, North Carolina
• Portland, Oregon
• Minneapolis, Minnesota
• San Diego, California.

The reason we intend to expand to this geographic location is the fact that available statistics show that the cities listed above have a growing elderly population and a high demand for senior care services, making them potentially attractive markets for residential assisted living businesses.

St. Lucas® Assisted Living Facility, LLC’s founder intends to exit the business through a merger and acquisition. We want to merge with a global residential assisted living company so that the company’s management can be placed in trusted hands when the founder retires.

The goal of combining two or more international residential assisted living businesses on a global scale is to achieve synergy, in which the whole (the new company) is greater than the sum of its parts (the former two separate entities), and with a well-structured management team and board of trustees.

How to Write an Assisted Living Business Plan + Free Sample Plan PDF

Elon Glucklich

7 min. read

Updated April 3, 2024

Free Download: Sample Nursing Home Business Plan Template

With the U.S. senior population expected to reach 80 million by 2040 , the demand for assisted living services is skyrocketing. 

Seniors are living longer, and many are looking for amenities like health care, fitness, and recreation services as they age. This surge in demand, plus consistently high occupancy rates in well-run facilities, means starting an assisted living facility or improving your existing facility can be an incredibly lucrative business venture.

However, achieving success requires more than just filling rooms. From ensuring the health and wellbeing of your residents, to navigating license and permitting requirements, to understanding your market to securing funding for your facility, you’ll need to think strategically to ensure your care facility reaches its full financial potential. 

A business plan organizes your market, customer, and competitive research, so you can prioritize the most profitable services and develop marketing strategies to attract the right residents. Think of it as your roadmap for defining a successful business model. It’s the type of proof of concept that lenders or investors will need to see before they’ll feel comfortable funding your venture .

• What should you include in an assisted living business plan?

Here are a few sections we recommend including in an assisted living facility business plan:

Executive summary

Market analysis, competitive analysis, marketing plan, financial plan.

No two assisted living business plans will be exactly alike. A residential assisted living business owner’s market research and growth strategy will vary depending on the market or markets they’re operating in. And while some assisted living developers own large portfolios of facilities in multiple locations, others may be focused on a single location.

If you’re starting a new assisted living business, it’s likely that you’re seeking a bank loan or outside investment. Business plans written for funding typically follow a detailed and proven structure to impress lenders and potential investors.

Below we’ll highlight some of the most important business plan sections for an assisted living business. 

Your executive summary is your facility’s elevator pitch. 

It’s the first, and sometimes only, section of your business plan that a lender or investor will read. So your executive summary needs to be engaging.

In no more than two pages, draw the reader in with an overview of your business opportunity and mission. Why are you passionate about serving seniors? What problems are you solving for residents and their families?

Describe what sets you apart. Maybe you’re opening a new facility in a location with pristine views and landscaping. Or maybe you’re offering innovative care programs.

Briefly mention your team’s qualifications and commitment to resident care. Touch on the factors that will be key to your success, such as hiring highly trained staff or introducing programs tailored to residents’ needs.

With significant startup costs to run an assisted living facility, it’s crucial that you understand both the broader senior living industry and the dynamics in your market. The market analysis section is where you show potential funders of your project that you’ve done your research.

Get to know your potential residents. Start by analyzing the size and projected growth of the senior population in your area. The U.S. Census Bureau is an excellent source of demographic information, and should include the age breakdown of your community.

It’s also important to determine the characteristics of your potential residents. Are you targeting:

• Active seniors seeking independent living with some support
• Seniors dealing with, or recovering from, surgeries or other medical issues
• Seniors with memory care and other intensive needs

You may be targeting a combination of these services in your assisted living project. But no matter who your ideal customers are, you need to demonstrate through your study of industry and demographics trends that there is a demand for the services you’re offering. 

Identifying your competition is crucial if you’re planning an assisted living facility. A lender or investor will expect your business plan to analyze your facility’s competitors, and demonstrate that there’s room in the market for a new entrant.

Start by researching and listing your competitors. These could be:

• Other licensed assisted living facilities
• Independent living communities
• Adult foster homes
• In-home caregiving services

Note their size, services offered, and any specializations they offer. What are their strengths and weaknesses? Are they large chains or smaller, family-owned facilities? 

Consider factors like:

• Level of care

Be honest about your facility’s strengths and weaknesses compared to the competition. Do you offer a unique activity program? Are your rooms more spacious?  Focus on what sets you apart.

Answering these questions will help you determine how to stand out and win over potential residents and their families.

Remember: Solid research is key. Back up your assumptions about your target market and competition with data and analysis. This shows potential investors and partners that you have a strong grasp of the assisted living landscape.

By the end of your competitive analysis, you should be able to state why a family would choose you over your competitors. 

This is where you turn your market and competitive research into an actionable plan to attract residents to your facility.

By now, you should have plenty of information about the senior living market in your area. Now it’s time to document how you’ll reach families seeking senior care services for their loved ones.

Start by thinking broadly about tactics to reach your target customers:

• Networking with healthcare providers and elder care professionals to spread awareness of your facility
• Advertising online, through television commercials, in printed publications and on social media
• Appearing at community events

Each of these strategies accomplish the goal of boosting your visibility. Make sure your messaging through these marketing channels emphasizes the factors that set your business apart from competitors. They might include: 

• A focus on personalized care
• Top-of-the-line amenities
• A vibrant social calendar

Additionally, spend some time in your marketing plan to discuss your pricing and sales process. Document your pricing and how it compares to your competition. And detail how you will turn prospects into residents. Will families tour in-person? Can they schedule virtual consultations? The plan should detail the entire journey prospects will experience, from initial awareness of your facility to moving in.

Finally, remember to track the results of your marketing efforts. This helps you refine your strategy and get the most out of your marketing budget.

This section is where your careful planning turns into actual numbers . While it might seem intimidating, don’t worry – you don’t need a finance degree to get this right. Here’s what a typical assisted living financial plan includes:

Sales forecast : Project occupancy rates and income from resident services. Be realistic, especially in the first year, and consider different pricing tiers if applicable.

Expense budget : List all planned spending, including:

• Staffing (one of your largest costs)
• Food, maintenance, and supplies
• Insurance, marketing, and licensing fees
• Legal and professional services

Profit & Loss (P&L) : This combines income and expenses to show if you’re profitable.

Cash flow statement : Crucial for managing bills. Shows when money comes in and out, so you avoid cash shortages.

Balance sheet : This snapshots your facility’s financial health, listing assets (like your building), liabilities (like loans), and overall equity.

Important notes

Startup costs : If seeking funding, detail costs like renovations, equipment, and initial staffing.

Assumptions: Be transparent about any predictions you’re making (occupancy rates, growth, etc.). This adds credibility.

Use of funds: Explain to potential investors exactly how their money will fuel your success.

Industry-specific costs: Research sample financials for assisted living facilities to ensure you cover all your bases.

Remember, your financial plan is a living document. Revisit it regularly to track your progress and adjust your strategy as needed.

• Download your free assisted living one page sample business plan

Download our assisted living sample business plan right now for free. You can download other medical and health business plans , or check out Bplans’ collection of over 550 free sample business plans to find more inspiration. If you’re considering other types of senior care businesses, read our article on how to write a home health care business plan .

With tons of opportunity, but significant upfront costs, it’s crucial to do your homework before investing funds in your assisted living plan. Writing a business plan is one of the best ways to put yourself on a path to a financially viable business.

And the business plan is an absolute must if you’re looking for outside funding to help you turn your dream into a reality.

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Elon is a marketing specialist at Palo Alto Software, working with consultants, accountants, business instructors and others who use LivePlan at scale. He has a bachelor's degree in journalism and an MBA from the University of Oregon.

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Home » Healthcare » Assisted Living

A Sample Residential Assisted Living Business Plan Template

Residential assisted living facilities are created for people who are independent but require day-to-day assistance to be able to carry out basic tasks such as taking their medications, bathing, feeding themselves amongst others. It is important to state that people in licensed residential care may require more assistance daily as they usually have complex health care needs.

Available statistics made available by the NCAL show that today there are over 30,000 assisted living communities with one million licensed beds. The average number of licensed beds within these communities is 33, but the largest facilities can have upwards of 100 beds, while the smallest have as little as four to ten.

The average age of assisted living residents is 84. Though most facilities allow patients as young as 65, 52 percent of residents are over 85 and 30 percent are between 75 and 84.

Steps on How to Write a Residential Assisted Living Business Plan

1. executive summary.

Golden Care® Residential Assisted Living, Inc. is a standard residential assisted living facility that will be based in San Diego, California. The organization will be committed to providing a senior housing option in which residents will receive assistance with activities of daily life in a comfortable, home-like environment.

Our residents will be encouraged to maintain the highest level of independence possible and they will be trained not to need the level of care provided by a skilled nursing facility. Sis. Mary Alphonsus is the founder and CEO of Golden Care® Residential Assisted Living, Inc.

Company Profile

A. our services.

Golden Care® Residential Assisted Living, Inc. will provide a range of assistance to our residents so that they will be able to carry out basic everyday tasks such as taking their medications, bathing, feeding themselves amongst others.

Our services are designed to help our residents live their normal life despite their sickness or the condition of their health.

b. Nature of the Business

Our Residential Assisted Living facility will operate as a nonprofit organization, we will source finance from donor organizations, individuals, and relevant government agencies. In some cases, we will charge residents or their families for the services rendered, but we are designed not to make profits.

c. The Industry

Golden Care® Residential Assisted Living, Inc. will operate under the Assisted Living Facility industry.

d. Mission Statement

Our mission is to provide comfortable, safe, and secure facilities that will help adults and people with disabilities to live and enjoy an independent life in a safe environment.

e. Vision Statement

Our vision is to become the best residential assisted living facility in the whole of California. We will continue to set the standard for players in the Assisted Living Facility industry in the United States of America.

f. Our Tagline (Slogan)

Golden Care® Residential Assisted Living, Inc. – A Family and Home You Can Trust!

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Golden Care® Residential Assisted Living, Inc. will be formed as a nonprofit corporation at the state level and we will apply for 501(c)(3) tax exemption at the federal level.

h. Our Organizational Structure

• Head of Residential Assisted Living (President)
• Assisted Living Administrator
• Medication Management Counselors
• Nurse’s Aides
• Home Health Caregivers/Home Caregivers/County Aging Workers Fundraiser
• Account Officer
• Front Desk Officer
• Security Guards

i. Ownership/Shareholder Structure and Board Members

• Mary Alphonsus (Owner and Chairman/Chief Executive Officer) 52 Percent Shares
• Rhoda James (Board Member) 13 Percent Shares
• Fr. Philips Linus (Board Member) 10 Percent Shares
• Fr. Peter Shadrack (Board Member) 10 Percent Shares
• Bridgette Roderick (Board Member and Sectary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Ideal Location for a residential assisted living facility
• Highly Experienced and Qualified Employees and Management
• Access to Pool of Donor Organizations
• Highly Secured, Clean and Well-structured Facility
• Easy Access to Critical Medications, Drugs, and Other Supplies

b. Weakness

• Budget Limitations
• Lack of Customized Software
• Inability to initially run and manage the organization without the support of donations and grants
• Operating from a leased facility (restriction to fully modify the facility to suit our style and taste)
• Inability to retain our highly experienced and qualified employees longer than we want

c. Opportunities

• San Diego, California has loads of aging population.
• The government of California gives support to organizations like ours
• Finance from donor organizations, individuals, and relevant government agencies et al.

i. How Big is the Industry?

The Assisted Living Facility industry is worth over $33 billion in the United States and there are about 20,855 licensed and registered residential assisted livings with a workforce of about 506,551 scattered all across the United States. Please note that currently, around one million Americans live in some type of senior living community, and that number is expected to double by the year 2030.

ii. Is the Industry Growing or Declining?

The assisted living facility industry is growing. As the baby boomer generation continues to enter retirement age, demand for senior care services has surged. Available data shows that by the year 2040, the 85+ population is expected to triple from the 5.7 million there were in 2011 to 14.1 million.

iii. What are the Future Trends in the Industry

The Assisted Living Facility industry is changing, and players in the industry are improvising. No doubt, robotic technology, and specialized software will change the landscape of the Assisted Living Facility industry going forward.

iv. Are There Existing Niches in the Industry? If YES, List them

Yes, there are niche ideas in the Assisted Living Facility industry, and here are some of them;

• Continuing care retirement communities
• Assisted living facilities and homes for the elderly
• Independent-living facilities

v. Can You Sell a Franchise of your Business in the Future?

Golden Care® Residential Assisted Living, Inc. has plans of selling franchises in the nearest future and we will target major cities that have fast-growing aging populations in the United States of America.

• Lack of support from stakeholders and the government
• Unfavorable government policy and regulations.
• Community resistance
• Liability problems
• Continuously changing consumer demands

i. Who are the Major Competitors?

• Harbor House Assisted Living
• Golden Living Assisting Hands
• Assisted Living Concepts Inc
• Assisting Hands Home Care
• HCR ManorCare
• Brookdale Senior Living, Inc
• Brotoloc Health Care Systems Inc
• Tutera Senior Living & Health Care
• Keystone Senior Management Services
• Volunteers of America National Services
• Evangelical Lutheran Good Samaritan Society
• Life Care Centers of America
• Capitol Senior Living
• National Healthcare Corp.
• 5 Star Quality Care
• Benedictine Health System
• Hospice care
• Genesis HealthCare Corp
• Senior Lifestyle Corporation
• Sunrise Senior Living, Inc.

ii. Is There a Franchise for Residential Assisted Living? If YES, List them and their cost

• Assisting Hands Home Care (Initial Investment – $77,050 – $149,000)
• BeeHive Homes Assisted Living (Investment Range – $250,000 – $1,000,000)
• Accessible Home Health Care (Minimum Cash Required – $100,000)
• Acti-Kare Responsive In-Home Care (Minimum Cash Required – $30,000)
• BrightStar Care® (Initial Investment – $93,048 – $154,307)
• Golden Heart Senior Care (Minimum Cash Required – $45,000)
• Amada Senior Care (Initial Investment – Low – $85,010 / High – $178,154)
• Always Best Care (Minimum Cash Required – $60,000)
• Options For Senior America (Minimum Cash Required – $50,000)
• A Place at Home (Minimum Cash Required – $100,000)

iii. Are There Policies, Regulations, or Zoning Laws Affecting Residential Assisted Living facilities?

Yes, there are county or state regulations or zoning laws for Residential Assisted Living facilities. The law in the United States states that before a non-medical home care facility such as Residential Assisted Living can commence operations, there should be at least six residents and at least one trained caregiver there 24 hours a day and 7 days a week.

So also, a standard Residential Assisted Living is expected to have a qualified assisted living administrator, night manager, and 2 or more caregivers depending on the size of the facility.

Marketing Plan

A. who is your target audience.

i. Age range

Our target market falls within 65 years and older.

ii. Level of Educational

We don’t have any restriction on the level of education of those we will accommodate in our residential assisted living.

iii. Income Level

We don’t have any cap on the income level of those we will accommodate in our residential assisted living. Besides, most people who are admitted to residential assisted living have no source of income.

iv. Ethnicity

There is no restriction when it comes to the ethnicity of the people we will welcome to our residential assisted living.

v. Language

There is no restriction when it comes to the language spoken by the people we will welcome into our residential assisted living.

vi. Geographical Location

Residents from any geographical location will be welcomed in our residential assisted living.

vii. Lifestyle

Golden Care® Residential Assisted Living, Inc. will not restrict anyone from accessing our services based on their lifestyle, culture, or race.

b. Advertising and Promotion Strategies

• Build a Referral Network.
• Tap Into Text Marketing.
• Create a call to action that rocks.
• Create landing pages that convert.
• Turn our Social Media Channels Into a Resource
• Develop our Business Directory Profiles
• Promote our residential assisted living through multiple channels
• Build Relationships with Other Nonprofits and related organizations in our Area

i. Traditional Marketing Strategies

• Marketing through Direct Mail.
• Print Media Marketing – Newspapers & Magazines.
• Broadcast Marketing -Television & Radio Channels.
• OOH, Marketing – Public Transits like Buses and Trains, Billboards, Street shows, and Cabs.
• Direct mail (postcards, brochures, letters, fliers), print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.

ii. Digital Marketing Strategies

• Social Media Marketing Platforms.
• Influencer Marketing.
• Email Marketing.
• Content Marketing.
• Search Engine Optimization (SEO) Marketing.
• Affiliate Marketing
• Mobile Marketing.

iii. Social Media Marketing Plan

• Start using chatbots.
• Create a personalized experience for customers.
• Create an efficient content marketing strategy.
• Create a community for our audience (people age 65 and older).
• Gear up our profiles with a diverse content strategy.
• Use brand advocates.
• Create profiles on the relevant social media channels.
• Run cross-channel campaigns.

c. Pricing Strategy

When working out our pricing strategy, Golden Care® Residential Assisted Living, Inc. will make sure it covers upkeep, medications, premium, economy or value, and full care package for each resident in our facility, In all our pricing strategy will reflect;

• Cost-Based Pricing
• Value-Based Pricing
• Competition-Based Pricing.

Sales and Distribution Plan

A. sales channels.

Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, religious organizations, nonprofit organizations, and charity to help refer residents to us.

Golden Care® Residential Assisted Living, Inc. will also leverage the 4 Ps of marketing which are the place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand service that is competitively priced and promoted to our customers.

b. Inventory Strategy

The fact that we will need toiletries, disinfectants, sanitizers, hand gloves, medications, and foodstuffs means that Golden Care® Residential Assisted Living, Inc. will operate an inventory strategy for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.

Golden Care® Residential Assisted Living, Inc. will make sure we work with “Just-in-time (JIT) inventory” – (JIT involves holding as little stock as possible, negating the costs and risks involved with keeping a large amount of stock on hand.)

c. Payment Options for Customers

Here are the payment options that Golden Care® Residential Assisted Living, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer

d. Return Policy, Incentives, and Guarantees

At Golden Care® Residential Assisted Living, Inc., we offer services, and the nature of the services we offer does not accommodate return policy and incentives, but we guarantee our residents that they will get maximum assistants that will help them carry out their daily activities without any hindrance.

e. Customer Support Strategy

Our customer support strategy will involve seeking customers’ feedback. This will help us provide excellent customer service to our residents, it will help us to first understand their needs, experiences, and pain points. We will work with an effective CRM software to achieve this.

Operational Plan

Our operational plan will cover capacity planning, location planning, layout planning, quality planning, and methods planning.

Overall, we plan to expand our revenue by 25 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include attracting grants and using fundraising strategies that will help the firm to boost our service offerings and to support revenue growth.

a. What Happens During a Typical Day at a Residential Assisted Living?

Residential assisted living means that the workers are supposed to reside in the facility and their typical day-to-day activities revolve around the facility. Our day starts by;

• Helping residents get into/out of bed or chair.
• Helping residents with toilet hygiene.
• Helping residents with Bathing or Showering.
• Helping residents with Getting Dressed.
• Helping residents with Personal hygiene.
• Helping residents with feeding and taking medications.
• Assist residents in Walking/Climbing Stairs.
• Be available to carry out safety and emergency responses when required.

b. Production Process (If Any)

There is no production process when it comes to Residential Assisted Living.

c. Service Procedure (If Any)

The services procedure for a residential assisted living facility is geared towards assisting and teaching skills required to manage one’s basic physical needs, including personal hygiene or grooming, dressing, toileting, transferring or ambulating, bladder control, toilet use, transfers (bed to chair and back), mobility on level surfaces, feeding, and bathing.

d. The Supply Chain

Golden Care® Residential Assisted Living, Inc. will rely on hospitals, religious organizations, and government agencies in our city to refer residents to us. So also, we have been able to establish business relationships with wholesale supplies of toiletries, disinfectants, sanitizer, hand gloves, medications, and foodstuffs et al.

e. Sources of Income

Golden Care® Residential Assisted Living, Inc. will make money from;

• Fees paid by residents or from Medicare
• Contributions for partners and donors
• Grants from government agencies and charity organizations
• Community support.

Please note that a report released by Genworth Financial shows that the average cost of assisted living in 2020 was $4,300 per month. So also, a report published by the National Center for Assisted Living shows that the median cost for assisted living in the United States is about $4,300 per month or $51,600 annually.

Financial Plan

A. amount needed to start your residential assisted living.

Golden Care® Residential Assisted Living, Inc. would need an estimate of $450,000 to successfully set up our residential assisted living in the United States of America. Please note that this amount includes the salaries of all staff for the first month of operation.

b. What are the Cost Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $7,300.
• Marketing, Branding and Promotions – $5,000.
• Business Consultant Fee – $2,500.
• Insurance – $5,400.
• Rent/Lease – $250,000.
• Other start-up expenses including, commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
• Operational Cost (salaries of employees, payments of bills et al) – $40,000
• start-up inventory – $15,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Furnishing and Equipping – $80,000
• Website: $600
• Miscellaneous: $2,000

c. Do You Need to Build a Facility? If YES, How Much will it cost?

Golden Care® Residential Assisted Living, Inc. will not build a new facility for our residential assisted living; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.

d. What are the Ongoing Expenses for Running a Residential Assisted Living?

• Cost of stocking up supplies such as medications, toiletries, disinfectants, sanitizer, hand gloves and beddings et al
• Cost of food supplies and ingredients
• Utility bills (gas, internet, phone bills, signage and sewage et al)
• Salaries of employees

e. What is the Average Salary of your Staff? List the Job Position and their proposed salary based on industry rate and your startup capital

• Head of Residential Assisted Living (President) – $45,000 Per Annum
• Assisted Living Administrator – $36,034 Per Annum
• Medication Management Counselors – $35,600 Per Annum
• Nurse’s Aides – $30,660 Per Annum
• Home Health Caregivers/Home Caregivers / County Aging Workers – $32,878 Per Annum
• Fundraiser – $36,500 Per Annum and based on target
• Account Officer – $35,000 Per Annum
• Front Desk Officer – $28,000 Per Annum
• Cleaners – $22,000 Per Annum
• Security Guard – $22,000 Per Annum

f. How Do You Get Funding to Start a Residential Assisted Living

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from, government, donor organizations, and angel investors
• Source for soft loans from your family members and your friends.

Financial Projection

A. how much should you charge for your service.

At Golden Care® Residential Assisted Living, Inc., our monthly fees for independent living will be $4,315 for assisted living and $5,779 for memory care.

But it is important to note that at Golden Care® Residential Assisted Living, Inc., most of the fees charged our residents are paid by our donors, participating providers, and communities, so we will offer our residents a completely cost-free service with no hidden fees.

b. Sales Forecast?

• First Fiscal Year (FY1): $250,000
• Second Fiscal Year (FY2): $450,000
• Third Fiscal Year (FY3): $550,000

c. Estimated Profit You Will Make a Year?

Golden Care® Residential Assisted Living, Inc. will operate as a nonprofit organization.

d. Profit Margin of a Residential Assisted Living 

Golden Care® Residential Assisted Living, Inc. is designed not to make profits hence we don’t have a profit margin for our services.

Growth Plan

Golden Care® Residential Assisted Living, Inc. will grow by first opening other outlets in key cities in the United States of America within the first five years of establishing the business. We will start selling franchises from the sixth year.

Golden Care® Residential Assisted Living, Inc. plans to expand first to other cities in California, and then to Florida and Texas.

The reason we intend to expand to these geographic locations is that available statistics show that the cities listed above have the highest number of aging people. About 52 million Americans are age 65 or older, according to the Census Bureau’s 2018 population estimates. One-quarter of these older Americans live in one of three states: California, Florida, and Texas.

The founder of Golden Care® Residential Assisted Living, Inc. plans to exit the business via merger and acquisition. We intend to merge with an international charity organization that has a world spread so that the management of the company can be placed under a trusted hand when the founder retires.

The goal of combining two or more charitable organizations that are into assisted living on a global scale is to try and achieve synergy – where the whole (the new company) is greater than the sum of its parts (the former two separate entities) and with a well-structured management team and board of trustee.

More on Assisted Living

Assisted Living Facility Business Plan Template

Written by Dave Lavinsky

Assisted Living Business Plan

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their assisted living facilities. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through an assisted living business plan template step-by-step so you can create your plan today.

Download our Ultimate Assisted Living Business Plan Template here >

What Is an Assisted Living Business Plan?

A business plan provides a snapshot of your residential assisted living facility as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for Your Assisted Living Facility

If you’re looking to start an assisted living facility or grow your existing facility, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your assisted living facility in order to improve your chances of success. Your residential assisted living business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Assisted Living Facilities

With regards to funding, the main sources of funding for an assisted living facility are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will want to confirm that your financials are reasonable and see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for an assisted living facility is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund a residential assisted living business. They might consider funding an assisted living facility with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.

Finish Your Business Plan Today!

How to write a business plan for a residential assisted living facility.

If you want to start an assisted living facility or expand your current one, you need a business plan. Below we detail what should be included in each section of your residential assisted living business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of facility you are operating and the status; for example, are you a new business, do you have an assisted living facility that you would like to grow, or are you operating a network of assisted living facilities?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the assisted living facility industry. Discuss the type of assisted living facility you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Overview

In your company analysis, you will detail the type of assisted living facility you are operating.

For example, you might operate one of the following types of assisted living facilities:

• Residential living : this type of facility caters to seniors who need minimal assistance and can manage their daily routines without complex medical monitoring.
• Memory care : this type of facility specializes in helping seniors who live with Alzheimer’s disease or dementia.
• Rehabilitation : this type of facility caters to seniors who need physical, speech, or occupational therapy.

In addition to explaining the type of assisted living facility you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include occupancy goals you’ve reached, awards you’ve won, new buildings you’ve opened, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the assisted living facility.

While this may seem unnecessary, it serves multiple purposes.

First, researching the assisted living facility industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your business plan:

• How big is the assisted living facility industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your assisted living facility. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your assisted living business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: families of seniors requiring minimal to no care, families of seniors needing assistance with activities of daily living, and families of seniors needing memory care.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of assisted living facility you operate. Clearly, families of seniors requiring minimal care would want different services and would respond to different marketing promotions than families of seniors requiring memory care, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. Because most assisted living facilities primarily serve individuals living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other assisted living facilities.

Indirect competitors are other options that seniors have to choose from that aren’t direct competitors. This includes 55+ retirement communities, residential home care services, or adult daycares. You need to mention such competition to show you understand that not every senior that needs assistance will choose an assisted living facility.

With regards to direct competition, you want to detail the other assisted living facilities with which you compete. Most likely, your direct competitors will be assisted living facilities located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of seniors do they target?
• What services do they offer?
• What types of living arrangements do they offer?
• What is their pricing?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask the families of your competitors’ occupants what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior services?
• Will you provide services that your competitors don’t offer?
• Will you make it easier or faster for people to join your facility?
• Will you offer more physical and social activities?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For an assisted living business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of assisted living facility that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to standard services offered at an assisted living facility, will you provide exercise classes and equipment, on-site activities and events, transportation services, or pet accommodations?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your assisted living facility. Document your location and mention how the location will impact your success. For example, is your assisted living facility located in a neighborhood, or near a hospital, etc. Discuss how your location might be beneficial for attracting customers.

Promotions : the final part of your assisted living facility marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites
• Listing the business in targeted online directories
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your assisted living facility, including housekeeping, medical care assistance, and meal services.

Long-term goals are the milestones you hope to achieve. These could include the dates when you reach an occupancy of 100, or when you hope to reach $X in revenue. It could also be when you expect to launch an assisted living facility in a new location.  

Management Team

To demonstrate your assisted living facility’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience working with seniors. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing assisted living facilities or successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you have 10 residents or 60? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $100,000 on building out your assisted living facility, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a residential assisted living business:

• Location build-out including design fees, construction, etc.
• Cost of equipment like assistive devices, security/surveillance, and medical supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your facility blueprint or location lease.  

Putting together a business plan for your assisted living facility is a worthwhile endeavor. If you follow the free template above, by the time you are done, you will have an expert business plan; download it to PDF to show banks and investors. You will really understand the assisted living facility industry, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful assisted living business.

Assisted Living Business Plan Template Download

You can download our assisted living business plan PDF to help you get started on your own business plan.

If you are looking for the quickest and easiest way to complete your business plan, Growthink’s Ultimate Assisted Living Business Plan Template has numerous features not available in the free template including its financial projections template which automatically calculates all of your financial projections including income statements, balance sheets, and cash flow statements.

Don’t you wish there was a faster, easier way to finish your Assisted Living business plan?

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning advisor can create your business plan for you.

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Residential Assisted Living Business Plan

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 “first impression.” Get it right and it can be smooth sailing. Get it wrong… you don’t have a chance.  

So where do you start? What are the keys to creating a successful business plan?

With little to no knowledge of senior housing, investors, entrepreneurs, and individuals looking to exit the rat race are seeking out information on how to turn the opportunity of residential assisted living into a profitable business that can provide a sustainable living while elevating the care provided to our seniors.

First of all, you’ve come to the right place. There is a lot to know about creating a profitable assisted living business. 

People just like you have started right where you are now, asking themselves all kinds of questions like:

➡ What makes residential assisted living unique? 

➡ Are all residential assisted living business models the same?

➡ Do I need to be a medical professional or have field experience to consider this business?

➡ Is this even profitable? How much can I really make?

➡ I’ve never been exposed to residential assisted living, is this for me?

➡ Should I even consider an industry that’s foreign to me?

Or perhaps you find yourself in a position where you know you want to take that next step into owning and operating your very own residential assisted living facility, but you’re unsure of what that looks like. 

Reputable people (like Robert Kiyosaki , author of the New York Times Bestseller, Rich Dad, Poor Dad ) have begun singing praises for the assisted living model. You’ve bought into the idea that it is a profitable opportunity, but how do you start laying the groundwork?

These are just a few of the many questions that may be swirling through your head. Thankfully, we’re here to provide a framework for helping you understand assisted living, the opportunity, and what goes into a successful assisted living facility business plan. 

In this article, we’ll help you with setting up your very own business plan and take you through the two most important elements needed that will gain you the investment you need and set you up to win.

We’ll also teach you the different ways you can get involved in senior housing and benefit from this industry. The opportunities are limitless and we’ll show you how you can get jump in at the level that works best for you. 

Let’s begin with the basics and identify Assisted Living.

What Is Assisted Living?

Assisted living is a type of group housing designed to offer care and support to aging seniors who are unable to care for a variety of their basic daily needs. Seniors who take advantage of assisted living have a variety of medical needs and personal care that needs to be attended to.

There are a few assisted living scenarios, but the majority of options provided to those in need are broken down to:

• Shared Living Spaces
• Residential Space

The spaces offered for the residents are usually designed to replicate a home-like environment and typically seek to promote as much independence as possible. 

Depending on the health of the individual, residents can be around their peers, share meals, participate in activities and outings, and go about their normal daily routine. 

Typical offerings you’ll find in an assisted living facility are:

• Assistance with daily activities (bathing, eating, dressing, etc.)
• Communal dining offering 3 meals per day
• Exercise activities
• Educational activities
• Transportation arrangements
• 24-hour care and emergency services
• Housekeeping and maintenance

Of those models listed above, there is one avenue that has emerged as the most profitable, highest in demand, and provides an opportunity to elevate the overall level of healthcare.

The model you want to pursue is residential assisted living. The remainder of this article will be dedicated to helping you craft a residential assisted living business plan which you can use to then take your next step in the assisted living industry.

What Is Residential Assisted Living and How Is It Unique?

Before diving in, it’s important to understand what residential assisted living truly is and how it differs from other models of assisted living so you can better understand the why behind it.

Simply put, residential assisted living is a group residence for seniors that provides assistance with the residents’ A ctivities of D aily L iving.

Activities of Daily Living, or ADL, is essentially everything you do after getting out of bed each and every morning. These are your day-to-day tasks and while most adults don’t require much thought to accomplish these tasks, for residents of an assisted living facility, they rely on caregivers for nearly all of them.

Assisting with ADL is where the concept of assisted living comes into play.

Doing good for others is not only a wonderful thing, but is truly rewarding. To offer care and assistance to those who can’t help themselves is a tremendous way to live. To be able to do good for others as a business is even better!

At this point, many potential business owners and investors will ask the question, “Do I have to to be the one providing care? I don’t think I’m wired that way.”

No, you do not — and you shouldn’t. The job of a caregiver, like other roles in society, is best filled by someone who is ‘wired’ to provide this type of assistance. We will explore all of the roles to fill a successful RAL, but for now, just know that you will rely on trained caregivers to provide the care your residents need.

Residential Assisted Living Is A Win for Residents and Business Owners and Investors

Being able to play a role in the business without the need to work in the home, actively providing care, is one way that separates residential assisted living from other options.

Another key difference is that residential assisted living is about elevating the care residents receive while helping you create a financial legacy that will serve your family for years to come.

The difference between the residential assisted living model compared to the more common large group assisted living facilities is that the residential option is a home, not an institution.

First, let’s look at how residential assisted living elevates life for the residents.

Three Distinct Components of Residential Assisted Living Homes

Diving deeper into the residential assisted living model, there are three distinct components that separate this model from the rest of the assisted living industry.

The Feeling of Being at Home

Perhaps the strongest argument for residential assisted living is that it provides specialized care for the resident without them sacrificing the feeling of living in their own home.

Here are several more points:

• Custom designed to offer seniors the warm feeling of being at home;
• Strongly encourage the concept of “a home away from home”;
• Implements of décor that remind each elderly resident of their own home;
• Offers intimate settings that prevent seniors from succumbing to loneliness;
• Converts neighbor houses into residential senior living homes;
• Infuses elements of a home environment into their living spaces;
• Focuses on the comfort and consideration of residents more than amenities;
• Recognizes and accommodates the fact that older people miss their homes;
• Infused with warm colors as opposed to a monochromic setting; and
• Paintings, photo albums, and personal pictures stir fond memories.

High Staff-to-Resident Ratios

If you have spent any time in any assisted living facility, you know that a high staff-to-resident ratio is paramount for an excellent standard of care. 

Here is a general rule in assisted living: The larger the facility, the larger sunk costs. The more sunk costs, the less money there is to go into staff hiring and training.

You can see where this is going.

The residential assisted living model emphasizes not just trained staff, but elevated staff-to-resident ratios. This allows for a higher standard of care.

Here are a few more bullet points regarding staff-to-resident ratios.

• Staff-to-resident ratios determines the quality of care;
• These important aspects determine the quality of direct care staff; 
• Big box facility’s staff-to-resident ratios are as high as 1 staff to 18 residents;
• RAL homes benefit from an average of about 1 staff to 5 residents;
• High residential intake at big box facilities pose obstacles for quality staff-to-resident relationships, limit personal touch, and hinders companionship;
• A limited number of staff increases fall risks and restricts the amount of time available for personal care; and
• RAL home interactive settings improve psychological and physical health.

Slightly Above Average Costs for Upper Class Care

How much does a home in an assisted living facility cost? The answers are wide ranging — however, there is one thing that is ultra important: average isn’t good enough.

In many industries consumers will look at the high end, low end, and then aim for somewhere in the middle. In assisted living, average cost means a poor standard of care.

It’s unfortunate, but it is true.

The good news is that this is, yet another category where residential assisted living shines.

Here are some key bullet points related to the cost to each resident.

• A semi-private room in nursing homes costs about $6,844 per month, some big box facilities are even higher. 
• Private facilities cost between $4,500 – $6,000 monthly.
• RAL homes cost about $5,350 per month. 
• All assisted living facilities cover the cost of food, care, and medication management. RAL home prices remained fixed, unlike other assisted living billing concepts. 
• RAL homes do not increase prices based on the frequency of medication management; unlike other assisted living pricing components.
• All concepts of assisted living are costly, but RAL homes are more cost-effective.

Bottom line, residential assisted living provides the comfort, warmth, and sense of ownership that comes with a traditional home and pairs these traits with qualified caregivers, living in the home, ensuring the health and well-being of each resident.

This is a home where residents, typically seniors, are surrounded by their peers rather than doctors, nurses, and gurneys. They are free to be themselves, feel at home in their own space, and not relegated to a specific room number.

Like larger facilities, residents receive visits from their kids, grandkids, friends, and other loved ones, as well as having the flexibility to go on outings and take advantage of social interactions.

Through the RAL opportunity, you’re providing a home you’d be proud to have your own loved ones in – AND solving a need for millions of people all over the country.

What we’ve found is that the majority of seniors prefer this model. They want to be in their own homes as opposed to a commercial facility where they have less freedom. 

Now that you know what Residential assisted living is, maybe you’re wondering if this is for you or if you have what it takes to take advantage of the real estate opportunity that exists within the residential assisted living facility business. 

Is the Residential Assisted Living Business Opportunity For Me?

As with any investment you are considering, it’s important to determine whether or not the business will check all your boxes and fulfill your requirements for investing. 

The Residential Assisted Living Academy has helped thousands of business owners, entrepreneurs, and investors explore the promising opportunity of this industry; here are some of the things we tell our students to expect from residential assisted living:

• Meaningful Work
• Rewarding Career
• Unlimited Income Potential

40 hours a week or less – your choice!

Security even in a financial down turn, time and financial freedom.

• Building and passing on a legacy.

$10K in monthly net cash flow or more

All of these are offered through residential assisted living, yet depending on which role you choose to play, you will either experience some of these first hand or provide them for those who choose to work for you.

If any of the above check your boxes for what a fulfilling and rewarding career opportunity could look like, then being a part of the residential assisted living facility business opportunity is most certainly one you want to consider. Keep reading. 

Maybe you’re looking at that list above and wondering if all those things are accurate. And we don’t blame you! So, let’s take a moment and break these down a bit further.

Meaningful work

As we touched on above, operating your own residential assisted living facility will give you the opportunity to do work that’s meaningful. To offer care and assistance through a residential assisted living facility, you are creating a safe and loving environment for seniors to call their own. 

The work we’re doing for seniors matters – not just to them, but to their loved ones as well. To know that your parents and/or grandparents are safe, happy, and well taken care of offers peace of mind. What more could you want for your loved ones?

The residential assisted living facility industry is not just profitable, it’s rewarding. When you create a space where people feel welcome and safe, you are adding value and purpose to their lives. 

You are giving seniors the chance to live out their later years in comfort and safety, where they feel loved and well taken care of in a space they can call their own. 

And it’s not just rewarding for them. People who do more rewarding work are genuinely happier in life. In fact, studies show that 90% of Americans would be willing to take a pay cut if it meant they’d have a more meaningful job. 

But what if you didn’t have to take a pay cut and you could still earn well beyond your means, with growing and unlimited potential, all while doing good and meaningful work? You can with the residential assisted living business opportunity.

Unlimited income potential

By tapping into the residential assisted living facility industry, it’s absolutely possible to make $10,000 a month with just one single family home. 

You can also get up to twice the fair market rent with a long term, low impact tenant.

Believe it or not, there are a few ways you can get involved in the business that we will break down further later in this article, but it’s entirely possible for you to replace your professional income in one year or less and build a legacy that you can pass on to your children as well. 

And, as you’ll see later on, the income potential is limitless depending on the involvement you choose to have and the number of homes that fall under your business. 

You could enter this business with just one home. You may decide that’s good, or you may decide to multiply and do two, three, or even more. Could you get by with $10,000-$24,000 NET monthly income?

A lot of people are working way too hard. What if you could find something where you didn’t have to work 40 hours a week unless you wanted to? That’s entirely possible and you’ll see how as you keep reading. 

There are a variety of ways to get involved in the residential assisted living business opportunity from hands-on operations to being an investor and simply writing and receiving the checks. 

So, no matter where you’re at and how much you want to be connected to the day-to-day operations of owning a residential assisted living facility, you can choose the amount of hours you want to work and still make incredible profits.

If you’ve worked in the real estate market, you know how drastically the economy can shift and how unsettling that can be for your financial security. But with senior housing, you’ll find security regardless of whatever economic downturns may come. 

We will get into the statistics a bit later, but right now here is what you need to know.

In the United States there are 4,000 individuals turning 85 years old EVERY DAY. This is your key demographic. What this amounts to is 1.4 million people EVERY YEAR turning 85 and searching for a home that offers a high standard of care along with a welcoming and homey environment.

They are going to find a home somewhere — this is where you have the chance to be that home and do good and do well at the same time.

More time and financial freedom are highly sought after, however, very few actually have a business model that will allow them to achieve both in a short amount of time. 

As we’ve already touched on, the residential assisted living business plan provides you a pathway to flexibility in the hours you work without sacrificing the money you want to earn.

Time truly is at your disposal in the senior housing industry because you can choose to be as hands-on or hands-off as you like. 

If you want to own and operate the residence, you can do that.

If you prefer to fund the operation and leave the logistics to a business manager and the care to caregivers, you can do that.

You can choose to construct your business in the manner you prefer, all while working in a model that can scale regardless of how involved you wish to be.

The sky is truly the limit for earnings – it’s up to you!

Build and pass on a legacy

When the founder of the Residential Assisted Living Academy, Gene Guarino, opened his first home he was looking for a solid solution for how to care for his mother.

After not finding any solution that was good enough for ‘mom’, he decided to revisit an ‘assisted living business model’ he had heard of years before. He opened up his first home to seniors who needed care, just like his mom, and went on to open two additional homes.

Just like Gene, the choice to purchase or convert an existing home into a residential assisted living home is a choice to help others in the short and long term — a legacy of care and financial freedom you can pass on for generations to come.

This business model sets up your children, grandchildren, and great-grandchildren for a future without the burden of providing care for you when the time comes. 

This business model eliminates the costly expense of assisted living needs that are in your future — and your family will be able to do the same for their children… all while generating income to fund the cycle.

When we ask many of our students, “How much do you need to earn on a monthly basis to live?” most responses ring in around the $10,000 a month mark. 

So, ask yourself the same thing — if you had $10,000 a month in net earnings, would you feel like you had what you needed to make residential assisted living work long term?

Truthfully, $10,000 a month is just the start. You can actually be earning so much more through one of these homes — and that’s what we’re about to get into, so keep reading!

The Business Opportunity of An Assisted Living Facility

The healthcare side of residential assisted living allows you to do well for the sake of others. The business potential of residential assisted living allows you to do well.

It is our hope that you’ve discovered this to be true as you’ve read up to this point. 

At this point we’re ready to get into the nitty gritty of understanding the opportunity that is right in front of you and what you can do to leverage it.

Let’s start by taking a look at some important facts. 

According to the Pew Research Center, as of December 2010, there are:

• 79 million baby boomers that account for 26% of the U.S. population
• 10,000 people a DAY are turning 65-years-old for the next 19 years
• 4,000 people a DAY are turning 85-years-old
• 90% of seniors would rather stay in their own home
• 70% will need daily care for an average of 3.5 years

Nearly 1.5 million people a year are turning 85 and this is your key demographic. They will need a home and assistance. 

This is the residential assisted living opportunity!  

These statistics tell the story of a growing customer base who have a unique need and residential assisted living is the opportunity to provide a real solution to fulfill demand.

The opportunity isn’t going away (it’s actually growing daily) and there is a real chance to make a difference while also achieving significant business success.

Three Ways to Get Involved with Residential Assisted Living

As our students discover the need for residential assisted living facilities, they become eager to get involved. This is the point where we will introduce them (and you) to the three ways to play a part in residential assisted living.

You Own the Real Estate and Lease It

In the first scenario, you are the real estate owner and investor. You select a property and pair up with a separate company who will lease the property. This is great for long-term, low impact tenants.

You Own the Real Estate and Operate the Business

The second scenario is where you own the real estate and you operate the residential assisted living business. This doesn’t mean you are caring for the residents, but rather, acting as the business owner and managing the larger operations.

Under this scenario, you will make significant residual income.

Become A Private Lender or Joint Venture Partner

In this third scenario, you are an independent lender or you go in as a joint partner with someone else who acts as the operator. 

Investors love this model because it prevents them from having cash standing still and our team at the Residential Assisted Living Academy are able to connect investors with operators to fund projects and keep money growing.

Other Scenarios for Residential Assisted Living

These are not the only three ways to become involved, but they are the most accessible, most profitable ways to become involved. We do have students who will begin pursuing one of our three suggested models and along the way discover a unique opportunity and create their own model, based off of one of these three.

We also like to encourage students that regardless of how much they may want to scale, they should do their own home so as to have a home ready and waiting for the day when someone in the family will need it. Rather than passing off the burden of care to adult children, owners and operators of residential assisted living homes can move their parents into the master bedroom for free and remove the weight of having to find quality care.

Residential Assisted Living is a Real Estate Model

Yes, owning and operating your own residential assisted living facility business is a very specific industry category, but you need to remember that what makes this model tick is the fact that it is a real estate investment first and foremost. 

A great deal of wealth and financial gain can be had when you actually own land and the structures on that land.

Background in real estate is not needed, however, because residential assisted living is a real estate model, many with a background in real estate pursue the business because they see first hand, the demand for residential homes.

Seniors are living longer than ever and the majority are not ready for a nursing home — yet they still require a great deal of care. This is the unique need that residential assisted living housing fills, and to build more houses, you must own more land.

One Real Estate Deal to Secure Your Future

At the Residential Assisted Living Academy, we walk individuals through the process of securing their first deal.

How to find seniors. How to fund the homes. How to fill the homes. How to operate a facility.

When you’re done with this one deal, you can allow it to run completely hands off and still generate significant monthly cash flow.

To put it plainly, we’ll show you what it means to be the facility owner, but you will have a facility manager who oversees the caregivers, logistics, and the day-to-day operations in the home. 

Residential assisted living represents the biggest real estate boom for the next 25 years and helps ordinary people turn one single family home into a financial legacy.

When we talk about RAL, we take a single family home and convert it into a safe place for seniors to call their own, all while securing a regular, monthly cash flow that far exceeds any other type of real estate model.

As with any business, however, it’s important to set yourself up for success and the only way to do that is to have a solid business plan.

Ensuring Success with an Assisted Living Business Plan

To ensure business success and to ensure funding for your business, you need a business plan.

A business plan creates a roadmap and helps you determine two things: where you’re going and how you’re going to get there. 

This plan is essential because it provides clarity for you moving forward, but also demonstrates to others, primarily investors, that you know what you’re doing and you know what you’re talking about.

This framework allows you to gather proper data, do the right research, and formulate a solid plan as you move forward to execute your residential assisted living facility business.

For investors, it shows you’ve done the hard work of investigation and research and you have taken the time to formulate a good plan — one that will succeed.

The number one reason you need to have a business plan is for clarity of vision.

Clarity of vision means you have a thorough understanding of what it is you’re doing and where it is you’re going. When thinking through clarity of vision, it’s important to identify these four elements:

• Who you are
• What you’re doing
• Where you’re going

The clarity of vision will communicate that you understand where it is you’re starting, where you’re going to break even, where and when you’ll become profitable, what you’re reserve is, and all the details that support these.

And these are essentials for developing a business plan that will convert to financial backing and raising capital to start you RAL business, which leads us to the other essential piece of a business plan.

The number two reason you need a business plan is for raising capital. 

A business plan proves that you have a clear vision, which is what investors will want to see. A solid and well thought-out business plan proves to investors that you have a clear vision and allows you to communicate that vision so that others will essentially buy in to you.

Here are some important things to consider.

Without a business plan: ➡ No bank is going to give you a loan ➡ No private investor or a lender is going to give you money ➡ People are not going to take you or your business seriously ➡ Investors will be unclear about what it is you’re doing and where you want to go with it ➡ Investors will believe that you have unclear ideas about what it is you’re doing and where you want to go with it

To be clear, a business plan is an essential step in the initial phase of any business start-up, despite the industry. A business plan allows you to formulate a clear and thought-out plan that clarifies where you’re wanting to take that plan.

A business plan also allows you to level up and separates you from those who are interested in starting a business to someone who is serious about doing the real work of owning and executing a successful business. 

A business plan is essential no matter what industry you are planning to go into. Now that you know the top two reasons for why you need a business plan, let’s break down the essential components of a successful business plan!

The Essentials of A Successful Business Plan and How to Apply It to a Residential Assisted Living Facility

In this section, we’re going to break down the 5 P’s of a successful business plan, regardless of the industry you’re wanting to get into. 

1: People — Identify the People Directly Involved with the Business

In any industry – especially in residential assisted living – It’s all about the people who are involved. Investors are going to want to know about the people who are involved in this business. 

They’ll be asking, “what have they done in this industry?” or “what have they done that’s similar to this industry?”

And if you you’re thinking, “I don’t have any experience in the residential assisted living industry,” that’s okay. But, it’s important to know before you go into this process, that experience and knowledge is what prospective buyers or lenders are going to be interested in.

So it’s important to surround yourself with others who have done this, or something like it, before. Build a smart team that not only compliments your strengths, but can offer obvious and applicable experience to your business and balance out what you may be lacking personally. 

It will be important to identify the people who are directly involved in the business, which means you’ll need to identify and outline their experience and knowledge of the industry by addressing:

• Who your team is
• Who else is operating within the business

Residential assisted living is a people-centered business and you’ll want to show you understand the full scope of what this means as you develop your business plan.

To help you dive further into some of the people involved in a residential assisted living facility, you may find these articles helpful.

• Is Your RAL Manager the Right Fit For Your Business?
• What is the Average Day for the Residents?
• Strategies for Retaining Your RAL Staff

So now that you have the people covered, let’s break down the next “P.”

2: Product — Spell Out What Your Product Is

What is it that you do? It may seem self-explanatory, but it’s really crucial that you spell this out in your business plan. 

In the front, you’ll have a section called the Executive Summary, and this 2-3 page section will include all the details about who you are, the product or service you are selling, and your place in the market. And it’s important that you go into a great amount of detail here.

When addressing the product, make sure you are hitting these main points:

• What your product or service is
• What you’re doing with your product or service

This is your chance to show that you know what you’re doing and you have a plan for your product or service.

The next “P” in a successful business plan is position. 3: Position — What Is Your Position In the Market Essentially, your position is your place in the market. 

So let’s unpack this. Are you wanting to be on the high end (think Nordstrom) or the low end (think Dollar Store)? You’ll want to identify this in the product section. 

You don’t want to be on the high end, where the clientele is sparse, and you don’t want to be on the low end where you’re battling lots of competition for pennies. Your goal is to be in the sweet spot – somewhere just above the middle. 

This is important because you’re not all things to all people, and you don’t want to be either. Claim your position and be clear about where you want to be so you can communicate a clear vision of your target audience.

Check out this video and hear what Gene Guarino, founder of RAL Academy, has to say about “position” and the other P’s needed to formulate a successful business plan.

The fourth “P” takes us to projections. 4: Projections — Show Profitability Through the Numbers Projections can look different depending on where you’re starting. If you’re buying an existing business, there’s an obvious past, present, and a projection for the future. 

Most people who are raising capital for a business are wanting to look at the future projections with the understanding that you’re starting from scratch – ground zero. You’ve clearly laid out that this is a new venture that is classified as a complete startup. 

Most potential investors or lenders are going to want to take a close look at those future projections and it’s important to be conservative. 

Whatever you think it is, reduce it. For example, if you think the income is going to be 4K per person for rent, make it $3,600. Give yourself breathing room. Make sure you can under- promise and over-deliver so that when it’s all said and done, you come out ahead. 

Now let’s talk profitability for a second…

We assume you know that your business must be profitable, which is why projections are so important. Projections will show your profitability to investors by giving them the numbers they’re actually interested in.

Investors don’t initially want to know how much money they’re going to make up front or what’s in it for them. They need and want to know their money is safe, there is a purpose, that you know what you’re doing, and you’ve surrounded yourself with the right people. 

They need to know that you know your position and your projections. The profit should be self-evident when your position is clearly determined, and when it is, it shows that your financials are in place. 

Bottom line: Investors are looking for safety of capital – that is their number one concern.

And now on to our fifth and final “P” to include in developing your successful business plan. 

5: Plan for Your Exit — Help Investors See When They Will Get Out of the Deal Believe it or not, most business plans are missing this essential element. But lenders who are investing their dollars to support any business want to know what the exit strategy is – they need to know when and how they will get their money back.

In a normal business plan – especially something as simple as residential assisted living – it’s important to lay out a clear solid exit plan – one that communicates to investors that their money is safe, what the collateral is, and what the positioning is.  

A 2-5 year exit plan is what we recommend.

This means that the investors money is committed for two years, and once the business is stabilized, there is either a plan to sell or refinance. The investor wants to know that they are eventually going to get out of the deal.

When you start applying the above principles to your residential assisted living facility business plan, you’ll be on the road to taking a solid step towards success in this industry. 

Through the RAL Academy, we offer a variety of training courses to further break down the steps for developing a business plan and get you started on the right track for starting your very own residential assisted living facility.

Although we offer a variety of courses to meet your needs and demanding schedule, we highly recommend starting with the RAL Accelerator Certified Home Study Course, which you can take online in the comfort of your own home. You can learn more and sign up here . 

Now that we’ve laid the groundwork for getting you started in your very own residential assisted living facility business, let’s get into what this business opportunity truly entails.

Explaining the Residential Assisted Living Business Opportunity

The RAL opportunity is a true real estate model — real estate is the key to open the door to wealth — but having a residential assisted living facility provides you with a bonus opportunity to do good while doing well at the same time.

By now you’re aware of the huge financial benefits offered through the residential assisted living business, but have you considered the tremendous opportunity this business holds for you to not only build wealth, but do good for others by providing a better housing solution?

The income potential is clear, but the growing need of assisted living is not going away. 

We know that taking a single family home and earning upwards of $10,000-$15,000 of NET cash flow each month is achievable in this business – and you don’t even have to be hands-on!

But this is truly an opportunity that you can’t stop, and we call it the Silver Tsunami of Seniors. This business is good right now and it’s just getting better, as Baby Boomers age and are living longer than ever before.

We touched on this in the beginning, but take a closer look at these statistics again:

• There are 79 million baby boomers in the US
• 10,000 people a DAY are turning 65 years old
• 4,000 people a DAY are turning 85 years old

This 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.

Senior housing and assisted living are the gateway to you being able to turn a single family home into a cash flowing machine. 

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’s take a look at some frequently asked questions that come with the RAL business model.

Questions About the Residential Assisted Living Business Model

As with any business, especially when just starting out, it’s common to have questions. And the more you learn, the more questions you’ll uncover. So, let’s look at some frequently asked questions as it pertains to the residential assisted living industry and unpack some reservations you may have.

Question 1: How Hands-on do I Need to be?

As we’ve 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. 

Again, there are different approaches you could take, but the bottom line is that it’s your call. You can go into this business with either approach – whatever works best for you – and be successful!

Question 2: How will I find a staff?

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. 

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?

Critical to the success of Gene’s own RAL homes is the quality of the caregivers and it will be critical to your success as well.

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.

Question 3: What Does the Average Day Look Like for a Facility Manager?

The number one job for the manager is to make sure that everything runs smoothly.

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.

The day-to-day for a manager really isn’t one day, it’s more of a 24/7 – they’re 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.

The manager is the key person in your business. 

Question 4: Can I use my own home for the assisted living facility?

You have a home – can you use it as a residential assisted living home? Maybe yes – but just because you can doesn’t 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?

If it’s 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’s not an ideal location.

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’s the right neighborhood.

You’ll 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.

You don’t need to worry about the home structure itself. We can scrape it away and build it new. It’s the location that we want to be certain is a fit. 

Question 5: Can I do Residential Assisted Living With or Without My Own Money?

Yes, you can! We show our students how to do RAL with their own money or how to use other people’s money. When you think about it, borrowing from a bank is borrowing other people’s money. When you bring in outside lenders, investors, or private individuals those are all options utilizing other people’s money. 

A lot of times people will think, “Oh, I have to have skin in the game,” and they believe they have to have their own money in. That’s not how we think about it. If you’re putting in the time, the effort, you have the plan, and you’re willing to do the work, you’re putting a lot of skin in the game.

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’re doing. That’s where we come in. We’ll show you exactly what to do – whether using your own money or someone else’s. The choice is yours. You decide.  

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. 

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’re getting involved in and how you can build a successful business that will allow you to do good and do well. 

The RAL opportunity is full of very important details that you’ll need to know – especially prior to putting together your assisted living facility business plan. But we’re 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.

Now that we’ve covered some of the frequently asked questions that come with thinking about starting your own residential assisted living facility, let’s look at what it takes to actually open your own successful assisted living facility.

Opening Your Own Assisted Living Facility

We’ve 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. 

Now let’s take a look at what it takes to actually open your own assisted living facility and how you know if you’re the right person to pursue this business after all. 

How to Know If You Should Pursue A Residential Assisted Living Business

Who is the best fit to run a business? Our company slogan is “do good and do well.” 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.

Additionally, residential senior housing is incredibly lucrative and has increasing levels of profitability. Because it’s truly a real estate model – and the best one for the next 25 years! – it also provides the opportunity for you to do well.  

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.

You don’t need to have experience in the assisted living industry to do well in this business. You don’t 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. 

If that’s 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!

Taking Your Next Step to Opening Your Own Assisted Living Facility

The first thing you’ll want to do is decide if you want to go into the residential assisted living business on your own or if you’d like to accelerate the process by working with other industry professionals.

As you’ve discovered, the senior housing business opportunity requires a great deal of knowledge, but we’re 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.

The knowledge you’ll 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. 

You’ve already taken an important step by researching the residential assisted living facility business opportunity and what it entails. 

But where do you go from here? We’ve developed the Assisted Living Business Accelerator Online class that will break it all down and equip you to go further in your RAL business. 

Through the Assisted Living Business Accelerator online class you’ll learn:

• How to find the best opportunities for RALs in any area
• How to determine if your own property is right for a RAL
• How to attract investors and partners
• How to find the right team to make your life easy
• How to fill your RAL with the highest paying clients
• How to do it with or without your own money
• The FAST TRACK to your first RAL in 3-6 months from TODAY
• How to do one deal and be set for life

You may be looking at this list and thinking, “wow, that’s a lot of information!” And you’d 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.

Wrapping Up: Success With a Residential Assisted Living Business Plan 

As we’ve 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’re going and how it is you’re going to get there.

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! 

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’ll be able to go farther, faster, and save yourself time and money throughout the process. 

Having a solid business plan will also allow you to benefit because others will see that you know what you’re doing and where you’re going – and those important people will be willing to invest in you, which will help make your RAL business a reality.

A business plan proves you’ve 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. 

It’s 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. 

There’s 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. 

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This introductory course is taught by our late Founder, Gene Guarino.

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Forston Consultants  is a premier consulting firm created to enrich the lives of others through knowledge and opportunities.

We are a full-service consulting business with the goal of helping clients create a plan to operate an Independent Living Facility®. As Business Consultants, we extend unwavering commitment to your success, leveraging our expertise to guide you toward achieving your Independent Living Facility™ and business goals.

Our team has helped hundreds of people start their own ILF® and has personal experience to help guide you through the process and build confidence in opening and maintaining your ILF®. Our team has a background in social work and understands the hardships that most of our residents go through, and is motivated to help them locally and nationwide. 

Our team offers consultation for all of our services to discuss your goals and find the best options. To speak with our team or to schedule your consultation, call us today at 407-813-1335.

We are a full-service consulting business with the goal of helping clients create a plan to operate an Independent Living Facility™. As Business Consultants, we extend unwavering commitment to your success, leveraging our expertise to guide you toward achieving your Independent Living Facility™ and business goals.

Our team has helped hundreds of people start their own ILF™ and has personal experience to help guide you through the process and build confidence in opening and maintaining your ILF™. Our team has a background in social work and understands the hardships that most of our residents go through, and is motivated to help them locally and nationwide. 

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It does not require a license because it primarily caters to independent adults who do not require medical supervision. ilfs® provide a supportive living environment for individuals who can manage their daily activities independently., is forston consultants only offering coaching services for independent living facilities®, while our specialty lies in independent living facilities® (ilf), we are a comprehensive business consulting firm that provides coaching and guidance to a wide range of businesses across various industries. our expertise extends beyond ilfs®, and we're here to assist you with your unique business needs and objectives., do you need to own a property to become an ilf® owner, you don't need to own a property to own an ilf®. we specialize in helping individuals like you become ilf® owners without the burden of property ownership. we provide comprehensive guidance and resources to teach you how to achieve this exciting opportunity., how will i get paid if i'm housing the homeless, the population we serve receives a guaranteed income through social security income (ssi) or social security disability insurance (ssdi)., transforming vision into success, your trusted consulting partner.

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How to Develop an Independent Living Facility

by Lindsay Pietroluongo

Published on 26 Sep 2017

Independent living facilities are provided for disabled or elderly people who are able to care for themselves with extra help. Unlike rehabilitation programs, assisted living facilities don’t expect their residents to change. Instead, the living environment is adapted in order to cater to residents’ needs. Services that are provided by independent living facilities include transportation and administering medications. Entrepreneurs can thrive by opening an independent living facility in the United States, and you’ll have the added benefit of knowing that you’re doing something good for society.

Determine the best structure for your new business. Assisted living facilities tend to choose the LLC structure. This type of structure protects you from being personally responsible for accidents, such as slips and falls. Your personal finances aren’t at risk; the only money that you’re gambling with is the money that you devote to the company. Each location should have its own LLC set up.

Write up your business plan. Decide how many residents you’ll care for, which disabilities you’ll be willing to take in and provide services for, and how much staff you’ll need. Also, determine the skills and training that your staff will need to possess. Plan to spend approximately $140,000 per room in your facility for startup. Costs include expenditures for purchasing the land, designing and constructing your facility and furnishing the home, plus sales and marketing cost. You’ll most likely have to take out a loan at a bank to afford the initial costs.

Attain the necessary licensing. Register your business and receive a federal tax identification number. In order to get a permit, some states will require a proposal for your facility, demonstrating your community’s need for the addition. You’ll need to include a market study with this proposal. Contact your local business department for details about your area’s zoning laws; they’ll vary by county. Schedule an initial inspection with the health department and fire department. Independent living facilities have their own set of guidelines to follow that are separate from other businesses that are starting up. Also, these guidelines vary by location, so what stands for one county may not fornanother county or town.

Choose technology software that will keep you on top of everything from your finances to resident needs, schedules and medications.

Add services that most other independent living facilities don’t have. Spruce up a basic menu with gourmet meal options. Offer interesting classes to residents, like painting or music. This business isn’t for people who aren’t interested in helping others. Running an independent living facility is a demanding job that requires a lot of patience and a caring personality. Part of this is making sure that residents are comfortable, provided for and happy.

When planning your business, consider the type of facility where you’d want a loved one to live. Try to base your business plans around this.

As the Baby Boomer generation gets older, the population of elderly people in the United States will increase and the need for independent living facilities will grow.

How to Create a Business Plan for an Assisted Living Facility: Essential Steps

By henry sheykin, get full bundle.

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Are you passionate about providing a safe and comfortable living environment for elderly individuals and those with special needs? Do you dream of creating an assisted living facility that not only supports their independent living experience but also assists them with everyday tasks? Well, you're in the right place! In this blog post, we will guide you through the process of writing a business plan for an assisted living facility in just 9 simple steps.

Before we dive into the details, let's take a moment to understand the industry and its growth. According to recent statistics, the demand for assisted living facilities is on the rise. With an aging population and an increasing focus on specialized care for seniors, the industry is projected to grow significantly in the coming years. This presents a lucrative opportunity for entrepreneurs like you who are eager to make a difference in the lives of others while running a successful business.

Now that you're aware of the immense potential in the assisted living industry, let's get started on creating a comprehensive business plan. Remember, success starts with thorough planning. So, grab your pen and paper, and let's embark on this exciting journey together!

• Conduct market research
• Identify target market and assess demand
• Analyze competition
• Determine location and zoning requirements
• Develop a comprehensive financial plan
• Establish a legal structure
• Secure funding options
• Create a staffing plan
• Conduct a feasibility study

Conduct Market Research

Conducting thorough market research is a critical step in developing a successful business plan for your assisted living facility. It allows you to gain valuable insights into the potential demand for your services and identify opportunities for growth and development. Market research helps you make informed decisions based on understanding your target market and its needs.

Start by identifying your target market and assessing the demand in your chosen location. Determine the demographics of your target audience, such as age, income level, and specific needs or preferences. This information will help you tailor your services and amenities to meet the unique requirements of your potential residents.

Analyze the competition in your area. Identify other assisted living facilities or similar establishments that cater to the same target market. Evaluate their services, pricing, and reputation. This analysis will enable you to identify areas where you can differentiate your facility and provide added value to your residents.

Tips for conducting market research:

• Utilize online resources, such as industry reports and databases, to gather data on the senior living market.
• Engage with potential residents and their families through surveys or focus groups to understand their expectations and preferences.
• Observe trends in the industry and identify emerging opportunities or challenges.
• Reach out to local healthcare professionals, social workers, and community organizations to gather insights and build relationships.

By conducting comprehensive market research, you will be equipped with the necessary knowledge to develop a business plan that effectively addresses the needs of your target market and sets your assisted living facility apart from the competition.

Identify Target Market and Assess Demand

In order to create a successful business plan for an assisted living facility, it is crucial to identify your target market and assess the demand for such a service in your area. This step will help you understand the needs and preferences of potential residents, allowing you to tailor your facility to meet their specific requirements.

To begin, conduct market research to gather information about the demographics of your target market. Consider factors such as age, income level, and health conditions that may indicate a need for assisted living services. This data will help you determine the size of your target market and understand the potential demand for your facility.

Once you have identified your target market, assess the demand for assisted living services in your area. Are there existing facilities that are at capacity, indicating a need for additional options? Are there any specific needs or preferences of the local community that are not being met by current providers?

• Identify the specific needs and preferences of your target market.
• Consider conducting surveys or interviews to gather feedback from potential residents or their families.
• Research local demographics and health statistics to understand the demand for assisted living services in your area.
• Assess the competition and identify any gaps in the market that your facility can fill.
• Engage with local healthcare professionals, social workers, and community organizations to gather insights about the demand for assisted living services.
• Consider offering specialized services or amenities that cater to specific segments of the elderly or special needs population.
• Investigate any regulatory or licensing requirements that may affect the development of your facility.

By thoroughly understanding the needs of your target market and assessing the demand for assisted living services, you can ensure that your facility meets the expectations of potential residents and stands out from the competition. This information will provide valuable insights when developing other aspects of your business plan, such as facility design, service offerings, and marketing strategies.

Analyze Competition

When starting an assisted living facility, it is crucial to analyze the competition in your target market. Understanding the strengths and weaknesses of your competitors can help you develop strategies to differentiate your facility and attract potential residents.

Start by conducting a thorough analysis of other assisted living facilities in your area. Visit their websites, read customer reviews, and gather information about the services they offer, their pricing structure, and their target market. This will give you a comprehensive overview of the competition and allow you to identify any gaps in the market that you can fill.

Identify the key strengths and weaknesses of your competitors and use this information to assess how your facility can stand out. Maybe your competitors have a strong reputation for providing excellent medical care, but you can differentiate yourself by emphasizing personalized services and social activities. Understanding what your competitors do well and where they fall short will help you develop a unique selling proposition.

• Focus on your unique selling proposition: Identify what sets your facility apart from the competition and highlight it in your marketing materials.
• Offer added value: Consider offering additional services or amenities that your competitors don't provide to attract potential residents.
• Price competitively: Analyze the pricing structure of your competitors and determine a competitive pricing strategy for your facility.
• Keep an eye on new entrants: Monitor the market for any new assisted living facilities that may pose a threat to your business. Stay up to date with industry news and trends.

Tips for analyzing competition in the assisted living industry:

• Conduct regular competitor analysis to stay ahead of the game.
• Focus on providing unique services or amenities that are hard for competitors to replicate.
• Monitor customer reviews and feedback to gain insights into competitors' strengths and weaknesses.
• Network with industry professionals to stay informed about the latest trends and developments in the market.

Determine Location and Zoning Requirements

Selecting the right location for your assisted living facility is crucial to its success. The first step is to evaluate potential areas where your target market is concentrated. Consider factors such as proximity to healthcare services, transportation options, and amenities that would enhance the quality of life for the residents.

Once you have identified a suitable location, it is important to understand the zoning requirements for operating an assisted living facility. Zoning regulations can vary significantly depending on the jurisdiction, so research the specific guidelines and restrictions in your area.

• Check with the local zoning department or planning commission to understand the specific zoning classifications that allow for assisted living facilities. This will help you narrow down potential locations that comply with the regulations.
• Assess the available space and ensure that it meets the minimum requirements for an assisted living facility. Consider factors such as the number of rooms, common areas, outdoor spaces, and parking facilities.
• Take into account any additional requirements or restrictions such as setbacks, building height limitations, or parking ratios imposed by the zoning regulations.
• Consider the surrounding environment and community. Look for areas that are compatible with the needs and preferences of your target market.
• Consult with a local real estate agent who is knowledgeable about the area and can help you identify potential properties that meet your criteria.
• Engage the services of an attorney or land use consultant to navigate the zoning requirements and obtain any necessary permits or variances.
• Consider conducting a traffic study to evaluate the accessibility and transportation options around the potential location.

By thoroughly understanding location and zoning requirements, you can ensure that your assisted living facility is situated in a suitable and compliant environment. This step is crucial in laying the foundation for a successful and legally compliant operation.

Develop A Comprehensive Financial Plan

Developing a comprehensive financial plan is crucial for the success of your assisted living facility. It will guide you in understanding the financial aspects of your business and help you make informed decisions. Here are some important steps to follow in developing your financial plan:

• Evaluate start-up costs: Assess the initial expenses involved in setting up your facility, such as property acquisition or lease, renovations, equipment purchases, licensing fees, permits, and legal fees.
• Estimate ongoing operational expenses: Calculate the recurring costs of running your facility, including staff salaries, utilities, insurance, food, supplies, maintenance, marketing, and administrative expenses.
• Forecast revenue streams: Determine how you will generate income, such as through monthly resident fees, government funding, private payers, or insurance reimbursements. Consider occupancy rates and pricing strategies.
• Conduct a break-even analysis: Determine the point at which your revenue equals your expenses. This analysis helps you understand the minimum number of residents needed to cover your costs.
• Create a budget: Develop a detailed budget outlining your projected revenues and expenses on a monthly, quarterly, and annual basis. Include both fixed and variable costs and incorporate contingency plans for unforeseen circumstances.
• Explore funding options: Investigate potential funding sources for your facility, such as loans from financial institutions, grants, partnerships, or angel investors. Be prepared to present a solid business plan to secure financial support.
• Monitor financial performance: Implement a system for tracking and monitoring your financial performance regularly. This includes reviewing financial statements, conducting regular audits, and making necessary adjustments to ensure profitability.
• Consult with an accountant or financial advisor who specializes in assisted living facilities to ensure accurate financial planning.
• Consider potential obstacles or risks that may impact your financial plan, such as changes in government regulations or shifts in the healthcare industry.
• Regularly revisit and update your financial plan to reflect changes in your facility's operations, market conditions, or financial goals.

Establish A Legal Structure

Choosing the right legal structure for your assisted living facility is a critical step in ensuring its success and protecting your personal assets. Here are some important factors to consider when establishing a legal structure:

• Consult with a legal professional: It is advisable to seek guidance from an attorney who specializes in business law or elder care. They can help you understand the various legal structures available and assist in selecting the most suitable one for your facility.
• Determine the type of legal entity: Common options for assisted living facilities include limited liability companies (LLCs), partnerships, and corporations. Each comes with its own advantages and drawbacks, so it's crucial to evaluate which structure aligns with your goals and provides the necessary protection.
• Consider liability protection: Given the sensitive nature of caring for elderly individuals and those with special needs, it is essential to establish a legal structure that shields your personal assets from potential lawsuits and claims against the facility. This can help protect your personal finances from being at risk.
• Obtain necessary licenses and permits: Depending on your local and state regulations, you may need specific licenses and permits to operate an assisted living facility. Research and ensure you comply with all legal requirements to avoid any legal issues or disruptions to your business operations.
• Seek advice from other assisted living facility owners or operators who have gone through the legal structuring process. Their insights and experiences can provide valuable guidance.
• Consider the long-term goals of your facility when selecting a legal structure. If there is a possibility of expansion or franchising in the future, choose a structure that allows for flexibility and scalability.
• Regularly review and update your legal structure as your business grows and evolves. Changes in regulations or business goals may necessitate modifications to your legal entity.

Establishing a solid legal structure for your assisted living facility will lay the foundation for your business's stability and success. It is crucial to consult with professionals and ensure compliance with all legal requirements to protect your facility, staff, and the individuals you will be serving.

Secure Funding Options

Once you have developed a comprehensive financial plan, it is important to secure funding options to support the establishment and operations of your assisted living facility.

The cost of starting and running an assisted living facility can be substantial, considering factors such as property acquisition, construction or renovation, hiring staff members, purchasing equipment and supplies, and covering operational expenses. Therefore, exploring potential funding options is crucial to ensure the success and sustainability of your business.

Tips for securing funding options:

• Research government grants and programs that offer financial assistance to entrepreneurs in the healthcare or senior care industry.
• Consider approaching investors or venture capitalists who are interested in supporting businesses focused on elderly care.
• Contact local banks and financial institutions to explore the possibility of obtaining a business loan.
• Prepare a compelling business plan and financial projections to present to potential investors or lenders.
• Consider crowdfunding as an alternative option to raise funds from a larger number of people who are passionate about the cause of assisted living for seniors.

By securing the necessary funding options, you can ensure adequate financial resources to cover initial setup costs, ongoing operational expenses, and provide a high-quality living experience for the residents of your assisted living facility.

Create A Staffing Plan

One of the key aspects of operating a successful assisted living facility is having a well-rounded and competent staff. A staffing plan outlines the roles, responsibilities, and qualifications of the employees who will be working in the facility.

First, it is important to determine the number of staff members required to effectively run the assisted living facility, taking into consideration factors such as the size of the facility, the number of residents, and the level of care needed. This will help ensure that there are enough staff members to provide personalized care and support to each individual.

Next, identify the specific positions needed to meet the needs of the residents. This may include roles such as registered nurses, certified nursing assistants, activity coordinators, housekeeping staff, and administrative personnel. Clearly define the job descriptions and qualifications for each position to ensure that you attract and hire the most suitable candidates.

When creating the staffing plan, it is crucial to consider the training and professional development needs of the staff members. Assisted living facilities often require their employees to have specific certifications or licenses, so it is important to incorporate training programs or educational opportunities into the plan. This will help ensure that the staff members are equipped with the necessary skills and knowledge to provide optimal care to residents.

Staff scheduling is another important aspect to consider in the staffing plan. Determine the number of shifts and hours required for each position to adequately cover the facility throughout the day and night. It is essential to have staff members available at all times to handle emergencies and provide continuous care.

Staffing Plan Tips:

• Consider hiring staff members with experience in geriatric care, as they will have a better understanding of the unique needs of elderly individuals.
• Regularly evaluate the staffing plan to ensure that it aligns with the evolving needs of the residents and the facility.
• Develop a comprehensive training program to equip staff members with the necessary skills to handle various situations that may arise in an assisted living facility.
• Prioritize effective communication and teamwork among the staff members to provide cohesive and seamless care to the residents.

By creating a thorough staffing plan, you can ensure that your assisted living facility has a capable and dedicated team that can deliver high-quality care and support to the residents.

Conduct A Feasibility Study

Before proceeding with the establishment of an assisted living facility, conducting a feasibility study is crucial. This study will evaluate the practicality and viability of the business idea, helping you make informed decisions and mitigate potential risks. The feasibility study involves analyzing various aspects of the business, such as financial feasibility, market demand, operational requirements, and legal considerations.

Financial Feasibility: Assess the financial viability of the project by analyzing the projected revenue, expenses, and profitability. Consider factors such as start-up costs, ongoing operational expenses, reimbursement rates, and potential revenue streams. Identify potential sources of funding and evaluate the return on investment.

Market Demand: Evaluate the demand for assisted living facilities in your target market. Consider factors such as the aging population, demographic trends, and the specific needs of the potential residents. Conduct market research, surveys, and interviews to gather data on the population's preferences, expectations, and willingness to pay for the services you plan to offer.

Operational Requirements: Determine the necessary infrastructure, resources, and staff needed to operate the facility effectively. Consider factors such as the size and layout of the building, equipment and technology requirements, licensing and certification requirements, and staffing levels. Assess the availability and cost of these resources to ensure they align with your business plan.

• Engage with industry experts, consultants, and professionals to gather insights and advice on conducting a thorough feasibility study.
• Consider seeking feedback from potential residents and their families to understand their preferences, needs, and expectations.
• Take into account any regulatory requirements, such as local zoning ordinances and building codes, that may impact the feasibility of the project.
• Keep in mind that a feasibility study is an ongoing process and may need to be revisited and updated as circumstances change.

By conducting a comprehensive feasibility study, you can gain valuable insights into the potential success of your assisted living facility. This analysis will guide your decision-making process and help you identify any obstacles or challenges that need to be addressed before moving forward. It is a crucial step in ensuring the long-term viability and sustainability of your business venture.

In conclusion, creating a business plan for an assisted living facility requires careful consideration and analysis of various factors. By conducting market research, identifying the target market, and assessing demand, you can better understand the needs of potential residents.

Analyzing competition will provide insight into the competitive landscape and help you differentiate your facility. Determining the right location and ensuring compliance with zoning requirements is crucial for a successful operation.

Developing a comprehensive financial plan and establishing a legal structure are essential for long-term sustainability and protection. Securing funding options and creating a staffing plan will ensure the smooth running of the facility.

Lastly, conducting a feasibility study will help you assess the viability and potential success of your business venture. Through careful planning and attention to detail, you can create an assisted living facility that provides the necessary support and care for elderly individuals and those with special needs, while promoting their independence and well-being.

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Residential Assisted Living Business Plan: Step By Step Guide

What is an assisted living business plan, why you need a business plan for your assisted living business, components of an assisted living business plan.

Free Assisted Living Business Plan Template

Adding PMS To Your Assisted Living Business Plan

Key takeaways.

A residential assisted living business plan overviews your facility as it currently is and outlines your growth strategy for the next few years. It describes your company's aims and objectives for achieving them. Market analysis/research is also included to back up your goals.

A business plan is required if you want to open a new assisted living facility or expand an existing one. A business plan can enable you to raise funds and plan the expansion of your assisted care facility in order to maximize your chances for smooth sailing, and enjoy the benefits of success.

Additionally, your assisted living business plan should be revised on a yearly basis as your business develops and evolves.

Organization and Clarity

Clarity of vision or organization signifies that you comprehend exactly what you're doing and where you're headed. When considering clarity, it is critical to consider the following four factors:

• What exactly is your business?
• Who are you as an individual?
• What you're up to concerning the business?
• Where are you going with the business?

The clarity communicates that you recognize where you're about to start, where you'll equalize, when you'll become profitable, what your backup is, and all the specifics that complement these.

And they are necessary for establishing a business plan that will convert to financial support and acquiring funds to start your assisted living business, which brings us to the next key component of a business plan.

Data Gathering

Data is power in today's corporate world. Your target audience and customer data is critical to how businesses connect with their prospects.

The data collecting methods you employ are vital to personalizing your marketing automation, delivering essential information to sales teams, and actually providing a better experience to your clients.

Customer data collection should be a key concern for every organization. However, just acquiring data is not always beneficial. The data collection procedures you employ are also crucial.

To be usable, that data must have the proper structure and context; else, it is just a spontaneous set of facts with no meaningful guidance for how it may be utilized in a commercial setting.

Data in the right context will assist you in making actual, data-backed decisions that will propel your business ahead.

Raising Capital

A business plan demonstrates that you have a real direction, which is what investors are looking for.

A well-thought-out business strategy demonstrates to investors that you possess a strong understanding and enables you to express that idea so that people will basically invest in you.

Here are a few things to keep in mind.

With no proper business plan:

• No bank will lend you money, and no private investor or lender will lend you money.
• People will not take you or your company seriously.
• Investors will be puzzled as to what you're already doing and where you wish to take it.
• Investors will assume you have fuzzy notions about what you're working on and where you wish to take it.

To be clear, regardless of industry, a business plan is an important phase in the beginning stages of any business. A business plan helps you to create a well-thought-out strategy that specifies where you wish to take it.

A business plan also enables you to advance. It distinguishes you from others who are only looking to start a business to people who are genuine about owning and operating a successful company.

Company Executive Summary

Your executive summary introduces your business plan, which is usually the final component you create because it summarizes each vital feature of your strategy.

The purpose of your Executive Summary is to pique the reader's interest instantly. It explains your facility's nature and state. It answers questions like: is it a new company, do you have an already existing assisted living facility that you want to expand, or do you run a network of assisted living facilities?

Following that, offer an outline of each of your plan's subsequent components. For instance, give a quick summary of the assisted living facility business. Talk about the sort of assisted living home you run.

Provide information about your immediate rivals. Provide an outline of your target audience. Give an overview of your marketing strategy. Determine who the essential members of your team are. Also, provide a summary of your budget statement and general financial plan.

You should describe the sort of assisted living home you run in your company analysis. For example, you could operate any of the following categories of assisted care facilities:

Residential Living

This sort of facility is designed for seniors who require limited assistance and can maintain their daily activities without the need for intensive healthcare monitoring.

Memory Care

This sort of assisted living facility focuses on supporting elders who have Alzheimer's disease or dementia.

Rehabilitation

This residential assisted living center serves elders who require speech, physical, or occupational treatment or therapy.

Industry Analysis

In this section, you must offer a summary of the assisted living home. This may appear to be redundant, but it serves several purposes.

First and foremost, studying the assisted care facility market will educate you. It aids your understanding of the business and the market in which you operate.

Besides, market research may also help you enhance your approach, especially if you identify market trends.

Another benefit of conducting market research is to demonstrate to readers that you are an authority in your field. You accomplish this by performing the study and incorporating it into your strategy.

Questions to consider:

• What is the size of the assisted living facility business?
• Is the market falling or rising?
• Who are the industry's leading competitors?
• Who are the industry's leading suppliers?
• What are the current industry trends?

Customer Analysis

The customer analysis part of your assisted care business plan must include information about the clients you currently represent and/or anticipate representing.

The segments include families of seniors who require little to no support, families of seniors who require help with everyday living, and families of seniors who require memory care.

As you would expect, the client segment(s) you select will have a significant influence on the sort of assisted living home you run.

Relatives of seniors in need of minimum care, for example, would clearly seek different services and therefore would respond to various marketing efforts than relatives of seniors in need of memory care.

Try to categorize your target market based on their demographic and psychographic characteristics.

In terms of demographics, provide information on the location, genders, ages, and income levels of the clients you want to serve. Because most assisted living facilities serve people who live in the same town or city, such demographic data is readily available on government websites.

Psychographic analyses describe your target clients' interests and demands. The better you understand and identify these demands, the better you will be able to attract and keep clients.

Competitive Analysis

Your competitive analysis must identify and prioritize your company's direct and indirect competition. Other assisted living institutions are your direct competition.

Indirect rivals are alternatives to direct rivals that seniors might consider. This comprises communities, senior care services, and adult daycare facilities. You must highlight such competition to demonstrate that you recognize that not every senior who needs help will join an assisted living facility.

In terms of direct competition, you should list all of the other assisted care facilities with whom you compete. It is very likely that your immediate competition will be residential assisted care facilities established relatively near your site.

Include a summary of the businesses and a list of their weaknesses and strengths for each competitor. It is hard to know all about your competition unless you have already worked for them. However, you should still be able to learn important information about them, such as:

The last element of your competitive analysis should identify your areas of competitive edge:

• Will you give excellent service?
• Will you offer services that your rivals do not?
• Will you make it more convenient or quicker for individuals to use your facility?
• Will you provide additional social and physical activities?
• Will you lower your prices?

Consider how you will surpass your competitors and include them in this segment of your plan.

Marketing Plan

A marketing strategy has typically included the four P's: price, promotion, place, and product. Your marketing plan for an assisted living business should contain the following:

Outline the prices you want to charge and also how they compare to those of your rivals. Basically, the product and pricing sub-sections of your marketing strategy describe the services you provide as well as their rates.

The location of your assisted care facility is very important. Specify your location and explain how it will influence your progress (revenue generation…). Is your assisted living home, for example, in a neighborhood or close to a hospital? Explain how your location could be advantageous for acquiring customers.

The promotion part is the final component of your assisted care home marketing strategy. You will explain how you will drive customers to your site in this section (s). You could explore the following promotional strategies:

• Local newspaper and magazine advertisements
• Contacting local websites
• Inclusion of the company in relevant web directories
• Handbills and flyers
• Marketing campaigns on social media
• Advertisement on local radio

You should restate the kind of assisted care home that you noted in your company analysis in this section. Then in detail, describe the precise services you want to offer.

Will you organize physical fitness programs and provide exercise equipment, Have you considered providing pet accommodation, on-site events and activities, or transport services in addition to the regular services provided by an assisted living facility?

Operation plan

While the previous part of your business strategy described your objectives, your operations plan discusses how you will achieve them. Your operation's strategy should be split into two parts as shown below.

Daily Short-term Structure

Daily short-term procedures encompass all aspects of running an assisted living home, such as housekeeping, healthcare and support, food services, and so on.

Long-term goals

Long-term objectives are milestones that you aim to reach. These may include the dates when you hope to accomplish 100 percent occupancy or $X in income. It may also include when you anticipate opening a new branch of our assisted living facility.

Since business plans are typically strategies for the next 5 years of your business, your financial statement should be broken out monthly or quarterly for the first year and then annually for the following 4 years in your financial plan.

Your income statement, balance sheet, and cash flow statements are all part of your financial statements.

Income Statements

An income statement is often known as a profit and loss statement (or P&L). It displays your earnings and then deducts your expenditures to determine whether or not you made a profit.

You will make assumptions while creating your income statement. For example, will you have 10 or 120 residents? Will sales increase by 2% or 10% each year?

As you might expect, the assumptions you make will have a significant influence on your company's financial predictions. Gather as much knowledge as possible to try to ground your assumptions in actuality.

Cashflow Statements

A cash flow statement can help you decide how much funds you need to start or develop your company, as well as ensure that you never run out of funds. What most startups and business managers don't comprehend is that you may make a profit while still running out of money and going bankrupt.

Balance Sheets

Your liability and assets are shown on your balance sheet. While balance sheets can contain a lot of information, try to keep them as simple as possible.

For example, spending a lot of money to build up an assisted living facility will not generate immediate revenue. However, it is an asset that should help you earn money for many years to come.

Similarly, if a bank sends you a $100,000 check, you do not have to repay it straight away. Instead, that is a debt (liability) that you will repay over time.

P.S: Include the following major costs in your balance sheets and income statement when beginning or expanding a residential assisted care business:

• Location build-out, (construction and design expenses, and so on).
• Equipment costs, including support devices, surveillance/security, and medical devices
• Payroll (salary paid to employees)
• Commercial insurance
• Taxes and licenses
• Expenses for legal counsel

Add your complete financial predictions to your plan's appendix, as well as any supporting materials that make your strategy more convincing. You may, for instance, submit your facility layout or site lease.

You've arrived at the appropriate places to develop your business plan for an assisted care home. The template below will help you write each component of your Assisted Living Facility Business Plan:

Be sure to throw in the need for property management software somewhere in your business plan. The sole purpose of writing a business plan is to outline and make clear your business strategies, which subsequently leads to smooth revenue generation.

Hence, effective assisted living business management practices like task automation should not be left out of your plan.

Choose a trusted and seamless assisted living property management system like Booking Ninjas, and you don’t have to stress about operational activities like bookkeeping, reporting, reservation systems, and so on.

Our Salesforce-powered cloud-based solution provides you with everything you've ever needed to fulfill the greatest residential assisted living services for your customers. Say goodbye to clogged integrations and confusing interfaces.

With the Booking Ninjas system, you get a complete system that is simple to use at first glance, minimum features that are tailored to your specific needs, and 100% 24/7 customer service from our very finest. It's the most straightforward offer you'll ever find.

Creating a business strategy for your assisted care home is an important step. If you follow the blueprint above, you will be a true expert by the end.

You will have a thorough understanding of the assisted care facility sector, as well as your competitors and clients. You will have created a marketing strategy and will fully comprehend what it takes to start and run a thriving assisted living business.

To learn more about Booking Ninjas and what we do, schedule a free call with us now!

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Assisted Living Facility Business Plan [Sample Template]

There are business opportunities all around us that can guarantee us steady flow of income. For instance, if you love the elderly and you enjoy working with them, you can consider opening your own assisted living facility business. Assisted living facility is different from a hospital or healthcare facility; it can be likened to old people’s home.

Assisting individuals with daily living activities can be an overwhelming undertaking and it can be physically tasking and the equivalent of a full-time job.

An assisted living facility provides assistance to individuals by administering medications, preparing meals, household tasks and assisting with physical exercise et al; assisted living facilities are a viable option for families seeking quality care for their aging loved ones.

Starting a business such as an assisted living facility business requires that you are thorough in all your dealings and in all the steps that you take in building the business. It is true that you will need to deal with a number of people, and as such you will need to be well trained in the trade. There are loads of people out there who are willing to train people to join the bandwagon.

Setting up an assisted living facility requires hard work and serious planning. You are expected to apply and obtain permit and license to run such facility from the government, and your facility must meet the required health and safety standards before you can be allowed to operate an assisted living facility.

Aside from well – trained domestic employees that will be on your payroll, you will also need to hire nurses, renting a facility, paying the workers, furnishing the facility to suit the elderly ones, the feeding, as well as some other very essential things that cannot be neglected. It is for this reason that you may need to source for funds.

A Sample Assisted Living Facility Business Plan Template

1. industry overview.

An Assisted living facility is a conducive facility designed basically for the elderly/aging people who need care and assistance.

The facility is usually in a secured and less noisy area. It is a facility that is well furnished place with beddings, furniture, fittings and other things that can add to the comfort and ambience of the facility; a place that can be conducive for elderly people.

The essence of assisted living facility is to provide accommodation strictly for rent to only elderly people who would need people to help them carry out some domestic tasks that they can no longer do on their own. As a matter of fact, nurses are assigned to these facilities to help take proper care of the elderly people in the assisted living facility because some of them may be battling with one sickness or another.

The Assisted Living Facility industry essentially provides accommodation and personal care services for elderly people and of course other individuals who are unable to fully care for themselves due to ailment or disability.

Basically, businesses in the Assisted Living Facility industry provide a significant range of services such as independent living, assisted living, skilled nursing and a combination of these, which are usually referred to as continuing care retirement communities. Any business that mainly provide skilled nursing are not included in this industry.

The US Census Bureau categorizes this type of facility as homes for the elderly and continuing care retirement communities. According to the U.S. Census Bureau, the population of individuals in the united states of America between the ages of 65 and 84 is estimated to increase by 38.8 percent between 2010 and 2022, while the population above the age of 85 is also projected to increase by 18.7 percent.

The increase in the aging population will definitely create a large business opportunities / market for the Assisted Living Facility industry.

From the demographic composition of the target market for Assisted Living Facility, it clearly shows that in 2006, 69 percent of those who resides in Assisted Facilities are female, while 31 percent are male and a large number of residence in Assisted Living Facilities are 85 years and above.

In the United States of America, the biggest market (23 percent) for this industry is in the South – East region. The Assisted Living Facility industry is indeed a very large industry and pretty much thriving in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.

Statistics has it that in the United States of America alone, there are about 18,076 licensed and registered Assisted Living Facility businesses responsible for employing about 909,415 employees and the industry rakes in a whooping sum of $62bn annually with an annual growth rate projected at 3.7 percent.

Over and above, the Assisted Living Facility line of businesses in developed countries are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market; the aging population and those who would also want to live in an assisted living facility community.

2. Executive Summary

Papas & Mamas Assisted Living Facilities, LLC is a standard and licensed assisted living facility that will be located in the heart of Cape May – New Jersey in a neatly renovated and secured housing facility; an assisted home for the elderly that is specifically designed and equipped with the needed accommodation facilities / gadgets to give comfort and security to all our residence irrespective of the religious affiliations, their race, and health condition.

Papas & Mamas Assisted Living Facilities, LLC is a family owned and managed business that believe in the passionate in ensuring that the aging population are well taken care of and in the pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to venture into the hospitability industry by establishing our own assisted living facility business.

We are certain that our values will help us drive the business to enviable heights and also help us attract the numbers of clients that will make our facility fully occupied year in year out.

We are going to be a health conscious and customer-centric assisted living facility business with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be enables to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners (vendors), and all our employees as well.

Our accommodation facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located.

Papas & Mamas Assisted Living Facilities, LLC will provide a conducive lodging for our customers; we will engage in services such as continuing care retirement communities, assisted living facilities and homes for the elderly, independent-living facilities, providing room and board, nursing and other supervision services, assistance in daily living and housekeeping services

Papas & Mamas Assisted Living Facilities, LLC will be equipped with everything that will make life comfortable for the elderly.

We will as build a fitness room and library et al. We will also install a free Wi-Fi that will enable our residence and guests surf the internet with their laptop in the room free of charge, and there will be wireless access in all the public area within the lodging facility.

Papas & Mamas Assisted Living Facilities, LLC is a family business that is owned and managed by Mrs. Ruth Bob – Simpson and her family. Mrs. Ruth Bob – Simpson is a licensed Assisted Living Administrator, nurse and social health worker with well over 25 years of experience working for leading brand in the industry.

She has a Master’s Degree in Public Health and she is truly passionate when it comes to taking care of the aging population.

3. Our Products and Services

Poppas & Mommas Assisted Living Facilities, LLC is set to operate a standard Assisted Living Facility service in Cape May, New Jersey. The fact that we want to become a force to reckon with in the Assisted Living Facility industry means that we will provide our clients a conducive and highly secured accommodation.

In all that we do, we will ensure that our customers are satisfied and are willing to recommend our facility to their family members and friends.

We are in the Assisted Living Facility business to deliver excellent services and to make profits and we are willing to go the extra mile within the law of the United States to achieve our business goals, aims and objectives. These are the services that Papas & Mamas Assisted Living Facilities, LLC will be offering;

• Continuing care retirement communities
• Assisted living facilities and homes for the elderly
• Independent-living facilities
• Providing room and board
• Nursing and other supervision
• Assistance in daily living
• Housekeeping services
• Social Work
• Home Medication Management
• Personal Assistance Services

4. Our Mission and Vision Statement

• Our vision is to become the number one choice when it comes to assisted living facility service delivery in the whole of New Jersey and also to be amongst the top 20 assisted living facility service provider in the United States of America within the next 10 years.
• Poppas & Mommas Assisted Living Facilities, LLC is in business is to establish a first class assisted living facility service that will take care of both highly placed clients and lowly placed clients as long as they can afford our services.
• We want to become one of the leaders in the assisted living facility industry in New Jersey, and in The United States of America.

Our Business Structure

Poppas & Mommas Assisted Living Facilities, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (nurses, nurse’s aides, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers) to man various job positions in our organization.

We are quite aware of the rules and regulations governing the assisted living facility industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our business brand to be well accepted in New Jersey and the whole of the United States.

When hiring, we will look out for applicants that are not just qualified and experienced, but homely, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more. This are the positions that will be available at Papas & Mamas Assisted Living Facilities, LLC;

• Chief Executive Officer

Medication Management Counselors

• Assisted Living Administrator (Human Resources and Admin Manager)
• Nurse’s Aides
• Home Health Caregivers/Home Caregivers/County Aging Workers
• Marketing Executive

5. Job Roles and Responsibilities

Chief Executive Officer:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board.

Assisted Living Administrator (Admin and HR Manager)

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.
• Responsible for providing professional medical services to our residence
• Responsible for ensuring that elderly people under our care takes their medication as at when due
• Responsible for handling medical emergencies

Nurses/Nurse’s Aides/Mental Health Counselors

• Responsible for managing our patients in their various houses
• Handles personal injury case management
• Responsible for offering home medication management services

Marketing and Sales Executive

• Identify, prioritize, and reach out to new clients, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
• Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Document all customer contact and information
• Represent Papas & Mamas Assisted Living Facilities, LLC in strategic meetings
• Help increase sales and growth for Papas & Mamas Assisted Living Facilities, LLC.

Accountant/Cashier

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for the organization
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for Papas & Mamas Assisted Living Facilities, LLC
• Serves as internal auditor for Papas & Mamas Assisted Living Facilities, LLC.
• Responsible for cleaning the facility at all times
• Ensure that toiletries and supplies don’t run out of stock
• Assist our residence when they need to take their bath and carry out other household tasks
• Cleans both the interior and exterior of the facility
• Handle any other duty as assigned by the facility manager

6. SWOT Analysis

Poppas & Mommas Assisted Living Facilities, LLC is set to become one of the leading assisted living facility in New Jersey which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business. We want our assisted living facility business to be the number one choice of all residence of Cape – May and other cities in New Jersey.

We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.

Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of the aging population, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the assisted living facility industry.

This is the summary of the SWOT analysis that was conducted for Papas & Mamas Assisted Living Facilities, LLC;

Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of Cape – May, New Jersey. Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.

Poppas & Mommas Assisted Living Facilities, LLC is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business and also to attract some of the highly experienced hands in the assisted living facility industry.

• Opportunities:

The opportunities that are available to assisted living facilities are unlimited considering the fact that we have growing aging population in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in New Jersey.

Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new and bigger / well established assisted living facility brand in same location where our outlet is located.

7. MARKET ANALYSIS

• Market Trends

One thing is certain in the assisted living facility industry, the fact that there are growing aging population in the United States, the trend will continue to benefit the industry; as the population ages, more elderly people will require the services of assisted living facilities.

The trend in the industry is that, players in the industry are now flexible enough to adjust their services and facilities to attract more knowledgeable and educated residents by incorporating more technology and adapting to new markets

Another trend in the industry is that, in other to make assisted living facilities more affordable for low income individuals, many states in the United States of America are enacting changes to the portion of Medicaid which can be applied to Assisted Living Facilities.

Before now, only individuals living in nursing homes were typically provided Medicaid assistance, but in recent time, there are now a growing number of states that have recognized the importance of offering Medicaid dollars to senior citizens living in Assisted Living Facilities.

No doubt the assisted living facility industry will continue to grow and become more profitable because the aging baby-boomer generation in United States are expected to drive increasing demand for this specialized services and care.

8. Our Target Market

Poppas & Mommas Assisted Living Facilities, LLC is in business to service the aging population in Cape – May, New Jersey and other cities in New Jersey. We will ensure that we target both self – pay customers (who do not have Medicaid cover), and those who have Medicaid cover.

Generally, those who need the services of assisted living facilities are the aging population and perhaps those who need daily help.

The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the assisted living facility industry in the United States.  Our staff are well – trained to effectively service our customers and give them value for their monies. Our customers can be categorized into the following;

• The aging population
• The aged who might suffer from severe joint pains and every other age categories who falls under the conditions listed by the physician.

Our Competitive Advantage

Aside from the competitions that exist amongst players in the assisted living facility industry, they also compete against other home healthcare services providers.

To be highly competitive in the assisted living facility industry means that you should be able to secure a conducive and secured facility, deliver consistent quality patient service and should be able to meet the expectations of the children / family members paying for their loved elderly parents in your facility.

Papas & Mamas Assisted Living Facilities, LLC is coming into the market well prepared to favorably compete in the industry. Our office facility is well positioned (centrally positioned) and visible, we have good security and the right ambience for elderly people.

Our staff are well groomed in all aspect of assisted living facility services and all our employees are trained to provide customized customer service to all our clients.

Our services will be carried out by highly trained professional nurse’s aides, medication management counselors, county aging workers, home health caregivers and home caregivers who know what it takes to give our highly esteemed customers value for their money.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups assisted living facility business and other related businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Poppas & Mommas Assisted Living Facilities, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Papas & Mamas Assisted Living Facilities, LLC;

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. Below are the sales projections that we were able to come up with for the first three years of operations;

• First Year-: $100,000 ( From Self – Pay Clients ); $250,000 ( From Medicaid Covers )
• Second Year-: $250,000 ( From Self – Pay Clients ); $500,000 ( From Medicaid Covers )
• Third Year-: $500,000 ( From Self – Pay Clients ); $1,500,000 ( From Medicaid Cover )

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

The marketing and sales strategy of Papas & Mamas Assisted Living Facilities, LLC will be based on generating long-term personalized relationships with our customers. In order to achieve that, we will ensure that we offer top notch all – round assisted living facility services at affordable prices compare to what is obtainable in New Jersey.

All our employees will be well trained and equipped to provide excellent and knowledgeable assisted living facility services and customer service.

We know that if we are consistent with offering high quality assisted living facility service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.

Before choosing a location for Papas & Mamas Assisted Living Facilities, LLC, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Cape – May and other cities in New Jersey.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the assisted living facility industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in New Jersey.

In summary, Papas & Mamas Assisted Living Facilities, LLC will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters to residence, clubs for elderly and other stake holders in New Jersey
• Advertise our business in community based newspapers, local TV and local radio stations
• List our business on yellow pages ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing
• Leverage on word of mouth marketing (referrals)
• Enter into business partnership with hospitals, government agencies and health insurance companies.
• Attend health care related exhibitions/expos.

11. Publicity and Advertising Strategy

We are in the assisted living facility business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote Papas & Mamas Assisted Living Facilities, LLC.

Papas & Mamas Assisted Living Facilities, LLC has a long term plan of building assisted living facilities in key cities in the United States of America which is why we will deliberately build our brand to be well accepted in Cape – May, New Jersey before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Papas & Mamas Assisted Living Facilities, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community health programs that appeals to the aging population
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Cape – May, New Jersey.
• Engage in road show from time to time in location with growing aging population
• Distribute our fliers and handbills in target areas with high concentration of aging population
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Poppas & Mommas Assisted Living Facilities, LLC will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.

On the average, assisted living facility service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment.

In view of that, it is easier for home assisted living facility service providers to bill their clients based in their discretions. Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us.

• Payment Options

At Papas & Mamas Assisted Living Facilities, LLC, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money
• Check (only from loyal customers)

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

If you are looking towards starting an assisted living facility business, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.

You would need money to secure a standard residential facility big enough to accommodate the number of people you plan accommodating per time, you could need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.

The items listed below are the basics that we would need when starting our assisted living facility business in the United States;

• The Total Fee for Registering the Business in New Jersey – $750.
• Legal expenses for obtaining licenses and permits – $1,500.
• Marketing promotion expenses for the grand opening of Papas & Mamas Assisted Living Facilities, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
• Cost for hiring Consultant – $2,500.
• Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
• Cost for leasing a standard and secured facility in Cape – May, New Jersey for 2 years – $500,000
• Cost for facility remodeling – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost for Start-up inventory (stocking with a wide range of products such as toiletries, food stuffs and drugs et al) – $50,000
• Storage hardware (bins, rack, shelves,) – $3,720
• The cost for the purchase of furniture and gadgets (Beds, Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
• The cost of Launching a Website: $700
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our home health care services company in Miami Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for Papas & Mamas Assisted Living Facilities, LLC

Papas & Mamas Assisted Living Facilities, LLC is a family business that is solely owned and financed by Mrs. Ruth Bob – Simpson and her family. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas Papas & Mamas Assisted Living Facilities, LLC intends to generate our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Papas & Mamas Assisted Living Facilities, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our assisted living facility services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Papas & Mamas Assisted Living Facilities, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of Medical Equipment and vans et al: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress.

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Assisted Living Facility Business Plan: Everything to Consider

Opening an assisted living community can be an extremely rewarding endeavor. However, starting a business is rarely ever a simple process; certain and specific steps must be taken to facilitate a smooth process . Among the most important of these is creating a proper business plan. But what steps are involved in doing so?

To create a business plan for your assisted living community, you need to include the following :

• The executive summary
• The market analysis
• The business description
• The marketing plan
• The financial projections
• The conclusion

Each of the above sections must be filled out properly with relevant information. This way, you can begin your new business venture fully prepared for whatever comes your way.

The Basics of a Business Plan

A business plan is more than just a document ; it’s the blueprint for the future of your business. Without such structure and guidance, your assisted living facility may end up  lacking direction and coherency.

A proper business plan clearly outlines your business objectives, including:

• Your business strategy
• Your finances
• Your marketing
• Your understanding of future risks

A good business plan is the foundation of your future strategy and serves as a crucial  tool for attracting investors and securing funding. Simply put, a well-designed plan helps prove that you understand what you’re doing and how you intend to do it.

The Executive Summary

The executive summary is the first section of your business plan. This section summarizes the key points of your entire plan. It should include:

• Your mission statement
• An overview of the services you’ll offer
• A brief description of your target market

Try to highlight your unique selling points. Clearly define what sets your assisted living facility apart from others, and state how you plan to reach your goals. Keep this section concise but packed with information.

The Market Analysis

A comprehensive market analysis is about demonstrating your understanding of the market and helping you plan ahead for the future of your business. Here, you’ll need to prove that you have a thorough understanding of:

• The industry itself
• Your target market
• Potential competitors
• How you’ll meet potential opportunities

To properly develop a market analysis, you’ll need to conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). This is where you outline the factors that might impact your business. A well thought-out market analysis will aid you in developing appropriate strategies to leverage strengths and opportunities while mitigating weaknesses and threats—thereby preparing your business for success.

The Business Description

The business description section provides a detailed overview of your assisted living facility. Begin by outlining your business structure, for instance, whether it’s a sole proprietorship, partnership, or corporation.

Make sure that you describe your facility’s location, size, and layout. Include details about the services you will offer, such as:

• Medical care
• On-site activities
• Dining options
• Room layouts

This section should also highlight your unique selling points. What sets your facility apart from others? Whether it’s state-of-the-art amenities or a specialized care program, make sure to emphasize what makes your facility unique. It’s crucial that customers and investors can see what potentially sets your business apart.

The Marketing Plan

A robust marketing plan is essential for attracting residents and building your facility’s reputation. Start by defining your marketing objectives, and try to ask yourself the following questions:

• Are you aiming to increase potential occupancy rates or enhance brand awareness?
• Do you want to improve the visibility of your services within the community or target specific demographics?
• What marketing channels will you leverage to reach your target audience effectively?
• How will you measure the success of your marketing efforts?
• What budget have you allocated for your marketing activities?
• How will you differentiate your facility in the marketplace?
• What’s your community brand going to be?

A good marketing plan means clearly outlining how you plan to market your assisted living facility . Will you use digital marketing, print advertisement, or community outreach? What is your available budget? Finally, establish metrics to evaluate the success of your marketing efforts. Don’t just track what works—make a point of finding out what doesn’t work.

The Financial Projections

Financial projections are crucial for demonstrating your facility’s profitability and sustainability. Start by outlining your startup costs, including:

• Land acquisition
• Construction
• Maintenance

Include revenue projections based on your expected occupancy rates and pricing strategy. Make sure you factor in your operating expenses, such as:

• Staff salary costs
• Utility fees
• Maintenance costs

Try to develop a break-even analysis that determines when you expect to begin generating a profit. These projections don’t just help you budget; they can be excellent for attracting investors.

Partnering with Distinctive Living

Crafting a comprehensive business plan is a significant step toward launching a successful assisted living facility. But remember, you don’t have to do it alone; our team at Distinctive Living can help. Let’s connect !

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What is Independent Living?

Key takeaways.

• Independent living communities are a great option for older adults who are in generally good health but don’t want the burden of home ownership.
• Personal care services, such as help with bathing or dressing, are not offered by independent living facilities, but residents can receive these services through third-party providers, such as home health aides.
• Independent living communities typically offer a full calendar of social activities for residents, from community outings to on-site classes, concerts, and games.
• The cost of independent living will vary based on your geographical location and the size of your living quarters. Typically, rent in an independent living community includes three meals per day, light housekeeping, social activities, and some transportation services.

North Carolina resident Gail W. moved her 84-year-old mother to a Chapel Hill independent living facility in 2021. Gail hired additional care services to help her mother remain independent in the facility, and is currently researching assisted living options for the future. Still, at the time of our interview, Gail’s mother was thriving in independent living. She enjoyed “the cheerful vibe of the community” and seeing her friends at meals daily.

Finding the right living situation for yourself or an older adult you care for requires a lot of research and discussion. How do you balance the independence you want with the level of care you need? And how do you find a community where you can thrive?

In this comprehensive guide, our Local Care Reviews Team defines independent living and lets you know what to expect regarding cost, amenities, and finding the right independent living facility.

Why you can trust our expert review

Our Local Care Reviews Team works hard to provide clear, transparent information to older adults seeking senior living and home care. To provide you with the best possible information, we have spent more than 250 hours:

• Consulting with our advisory board, which consists of a certified life care manager, a board-certified geropyschologist ⓘ A geropyschologist is a professional psychologist who specializes in the needs and well-being of older adults. , and a geriatric nurse practitioner
• Surveying thousands of older adults and their caregivers about their search for senior living communities
• Conducting focus groups with caregivers who are helping older adults find assisted living
• Mystery shopping dozens of brands and communities associated with long-term care for older adults
• Analyzing and synthesizing nationwide data from the Centers for Medicare & Medicaid Services ( CMS ), the National Investment Center for Seniors Housing & Care ( NIC ), and the National Center for Assisted Living ( NCAL )
• Analyzing and synthesizing state-specific data from government health regulatory agencies

What is independent living?

For older adults in relatively good health, independent living offers a maintenance-free lifestyle in a supportive community. Residents live in studios or apartments with one to three bedrooms and enjoy meals with peers in a restaurant-style dining room. Most independent living communities provide light housekeeping, and residents can enjoy the social activities offered daily.

Independent living meaning and perceptions

Independent living can mean a variety of things, including aging in place, moving to a seniors-only apartment building, or becoming a member of an independent living community. Windy Read , Lead Manager at Azalea Estates, an independent living facility in Chapel Hill, North Carolina, discussed the many levels of independence. “Just because you have a cane, a walker, or a wheelchair doesn’t mean you’re not independent,” she said. “It just means you might need a little extra help.”

Services available through independent living facilities

Typically, an independent living facility provides light housekeeping, three meals per day, and a full activities calendar, but personal care and medical services are not provided. Residents needing additional help, such as assistance with activities of daily living (ADLs) ⓘ Activities of daily living, also called ADLs, are activities related to necessary personal care. These include bathing, dressing, toileting, eating, walking, and transferring in and out of a bed or chair. , can contract with third-party service providers, such as home health aides, to provide the care they need to continue living independently. Many independent living communities contract with physical and occupational therapists to offer on-site services.

Types of independent living communities

Independent living communities vary in size, type of living quarters, and type of services provided to residents. Knowing the differences can help you decide which type of independent living is right for you.

Independent living facility

An independent living facility is usually a single building—or a few buildings on a single campus—made up of studios, condos, or apartments with 1–3 bedrooms. Residents pay a single, all-inclusive monthly fee, usually including three meals per day, light housekeeping, some transportation services, and a full activities calendar. Typically, a manager remains on-site 24/7 to handle emergencies.

Retirement community

Similar to independent living communities, retirement communities are for adults 55 and older. Rather than a single building, a retirement community may be a complex of single-family units, condos, and apartment buildings, often organized around a communal gathering space, like a clubhouse. Many retirement communities have a homeowner’s association (HOA) coordinating social activities and services like lawn care and building maintenance.

Subsidized senior housing

Low-income older adults can find subsidized senior apartments through the United States Department of Housing and Urban Development (HUD). These apartments typically do not offer services like housekeeping and personal care services, but do provide residents a sense of community. HUD housing often offers shared gathering spaces and community programs, as well as various social services advertised to residents.

Seniors living in HUD housing pay 30% of their adjusted gross income . [1] U.S. Department of Housing and Urban Development. HUD’s Public Housing Program. Found on the internet at https://www.hud.gov/topics/rental_assistance/phprog So, if you make $1,500 per month, your monthly rent responsibility would be $450. Unfortunately, HUD housing for seniors often has a long waiting list. Use HUD’s affordable rents tool to find subsidized senior housing near you. [2] U.S. Department of Housing and Urban Development. Information for Senior Citizens. Found on the internet at https://www.hud.gov/topics/information_for_senior_citizens Learn more about the Section 8 Housing Choice Voucher Program and Section 202 Supportive Housing for Older Adults .

Senior apartments

Apartments marketed toward older adults, sometimes called “55 and better” communities, are for active people desiring a low-maintenance lifestyle. These communities typically include amenities such as fitness centers, pickleball courts, and communal gathering spaces. Senior apartments may offer a welcome sense of sociability, but there are no services provided to residents beyond the building’s amenities.

Continuing Care Retirement Community (CCRC)

Continuing Care Retirement Communities (CCRCs), also called Life Care Communities (LCCs), offer residents many levels of care—from independent to assisted living to skilled nursing care—at one location. Typically, different buildings or different floors of a building provide distinct levels of care. As needs change, residents can move from one level of care to another. CCRC entrance fees range from $50,000 to $450,000 , limiting entry for many low-and-middle-income older adults. [3] Internal Revenue Service. Elderly Housing. Found on the internet at https://www.irs.gov/pub/irs-tege/eotopicg04.pdf

Table 1 Services provided by type of independent living community

Independent living vs. other types of senior living

For adults needing help with ADLs or requiring skilled nursing, independent living may not provide the care they need. Understanding the differences between independent living and other types of older adult communities is critical before you make a decision about where to live as you age.

Additionally, it’s important to recognize your own needs to find the setting that is right for you. Consider having a comprehensive geriatric care assessment ⓘ A geriatric care assessment is a multi-disciplinary exercise that tests mental, physical, emotional, and psychological health and assesses functionality, living conditions, socio-economic environment, social circles, family involvement, and everything else that goes into determining quality of life. completed. Some physicians, geriatric care managers, and local agencies on aging can perform these assessments. If you have long-term care insurance, this assessment is likely a requirement before you can start using the insurance benefits.

Independent living vs. assisted living

The key difference between assisted living and independent living is the level of care provided. In assisted living, residents enjoy some of the same amenities as independent living, including communal meals and social activities. But assisted living facilities, which are usually staffed by certified nursing assistants (CNAs) and licensed professional nurses (LPNs), also provide personal care services, such as medication management and help with ADLs. For example, some residents may need help showering or transferring to and from bed.

Independent living vs. memory care

Memory care is specialized residential care for people living with Alzheimer’s or other forms of dementia. A memory care facility offers the same services found in an assisted living facility, with an added focus on dementia-specific care. Ideally, memory care staff will be trained to care for people with dementia, although this is not guaranteed. Memory care units, which are locked from the inside to prevent residents from wandering, may be located in either an assisted living or nursing care facility.

Independent living vs. a nursing home

In the spectrum of residential options for older adults, nursing homes offer the highest level of care. Staffed by both CNAs and registered nurses (RNs), nursing homes provide skilled nursing services, such as managing insulin pumps or feeding tubes. Nursing homes can also provide care for those living with advanced Alzheimer’s or other forms of dementia.

Why choose an independent living facility?

An independent living facility can be a great option for older adults seeking to maintain their independence while staying socially connected. While independent living facilities will vary depending on where you live, they share some common features.

Here are 10 benefits of an independent living facility:

1. Maintenance-free living

Homeownership comes with many responsibilities, including tasks considered unsafe for some older adults, such as cleaning out gutters and yard maintenance. Independent living facilities offer older adults freedom from home upkeep. For some, the costs of maintaining their homes, especially older homes, and paying property taxes and utilities, are more than the costs of moving to an independent living community.

2. Dining services

Daily meal preparation can become challenging or tiresome for some older adults, especially if they live alone. Independent living facilities offer three balanced meals per day in a communal setting, offering residents time to socialize and enjoy nutritious meals.

3. Strong sense of community

“We consider residents our family,” said Read of the community at Azalea Estates. Though all independent living facilities will have a different social culture, communal dining, and on-site social activities help create a strong sense of community among residents and staff.

4. Recreation and social activities

According to the National Academies for Sciences, Engineering, and Medicine , social isolation can increase the risk of dementia and even premature death. [4] National Academies for Sciences, Engineering, and Medicine. Social Isolation and Loneliness in Older Adults: Opportunities for the Health Care System. 2020. Found on the internet at https://nap.nationalacademies.org/catalog/25663/social-isolation-and-loneliness-in-older-adults-opportunities-for-the Independent living facilities offer a variety of social activities for residents, including gardening, walking groups, book clubs, and trips to local concerts and museums.

5. Safety and comfort

Independent living facilities are designed with older adults in mind. Many have wide hallways, well-lit common areas, and accessible entrances. In most cases, apartments have an emergency pull cord and a building manager present 24/7 to handle emergencies.

6. Focus on health and wellness

Many independent living communities offer activities promoting the overall health of residents, including yoga, daily walking groups, and health education classes. Often, independent living facilities contract with physical and occupational therapists to provide on-site services.

7. Complimentary transportation

For older adults who no longer drive, the loss of independence can be frustrating. Independent living facilities may offer complimentary, or fee-based transportation to doctor’s appointments, local shopping, and pre-planned social events.

8. Pet-friendly community

Older adults considering a move to independent living may not want to leave beloved pets behind. Many independent living facilities are pet friendly, allowing older adults the companionship of a cat or dog. Depending on the facility, there may be restrictions on the size and type of pets allowed.

9. All-inclusive rate

One monthly fee makes it easier for older adults on a fixed income to stick to a budget. While the price of an independent living facility may seem high, it’s important to remember the monthly fee typically includes rent and additional services, like light housekeeping, three meals per day, complimentary transportation, social activities, and access to all facility amenities, which may include fitness rooms, libraries, chapels, and even movie theaters. Every community will have its own list of services and amenities included.

10. Balanced lifestyle

Independent living facilities are designed to offer older adults a balance of independence and security. Also, because activities are both plentiful and optional, residents can balance social engagement with their privacy needs.

Independent living facilities offer a number of benefits for older adults and their caregivers.

Is independent living the right choice for you?

You don’t have to determine your ideal senior living option alone. Talk to friends, family, and trusted health care professionals about your choices in moving from home to independent living. In these discussions, consider your ability to care for your home, your social needs, and your health status.

When determining if independent living is right for you, consider the following:

Current home maintenance capability

All homes require maintenance, no matter their age or size. Homeowners must have the ability to complete tasks like mowing the lawn, cleaning gutters, and changing the batteries in smoke alarms. If you or someone you care for is finding it challenging to keep up with home maintenance tasks, even with the help of others, it might be time for a move to independent living. It’s always a good idea to consider home modifications to help reduce the risk of falling and help you age in place.

Social connectivity

Many older adults feel isolated in their homes, especially if they are single and don’t live near friends or family. Consider how often you see those you care about. Could your quality of life be improved by more social interaction? If the answer is yes, independent living could be a solution.

If you live in a two-story home or another setting where you find it challenging to get around, an independent living facility could increase your mobility. These facilities are equipped with safety and accessibility features like grab bars, elevators, and wide hallways and doorways for accommodating rollators and wheelchairs.

Overall health

Independent living facilities do not offer any form of personal care or medical services. If you or someone you care for has a chronic disease requiring skilled nursing care or needs help with ADLs, assisted living or nursing care may be a better option. Additionally, independent living facilities are not secured from the inside, so they’re not safe for individuals living with dementia who may wander outside the facility.

Gail’s experience taught her someone’s health status can change quickly, and independent living might not be a permanent living situation. “Even if your elder family member doesn’t need daily assistance now, start researching local assisted living models as soon as they move into an independent living community, so you don’t get blindsided if there’s a fall or a sharp increase in the need for ADL assistance,” she advised. “As happy as my mother is in her current independent living community, my family and I now see we will need to move her to assisted living eventually, and wish we had started our research earlier.”

How to choose the right independent living community

Many senior living communities are operated by large national companies. Still, communities can vary considerably from facility to facility when it comes to amenities and community culture. Before making a decision, tour facilities and talk to both residents and staff.

Independent living amenities and quality of life

The amenities provided by independent living facilities, such as fitness rooms and communal dining, are intended to improve older adults’ quality of life. Jennifer Avila , executive director of Chicago-based Custom Home Care , has more than 20 years of experience in senior housing and health care. Through her experience, she found “amenities such as restaurant-style dining, housekeeping, and transportation services are important features, but most seniors are looking for a lifestyle. They want an engaged social life and to be part of an active community.”

When moving her mother to an independent living facility in Chapel Hill, North Carolina, Gail looked for a community with “set times for sit-down meals which all residents are encouraged to attend daily.” This model, in contrast to the open time range meals at her mother’s previous independent living community, offered three built-in social activities per day, which made it easier for her mother to quickly make friends and adapt to her new community.

Staff qualifications and availability

Independent living facilities are not regulated on a state or federal level, so there are no standardized training requirements for staff at these facilities. Still, Avila shared, “Independent living communities must follow state and federal training requirements according to the licensed services provided, including workplace safety. Quality companies not only train employees on job-specific duties, but also on things like customer service, the aging process, dementia, and company culture.” Ask about specific staff qualifications at the facilities you tour.

In many, but not all, independent living communities, a manager lives on-site, meaning someone is available for emergencies 24/7. “We’re not medical professionals,” Read said of the staff at Azalea Estates, “but we consider residents part of our family. If they pull their [medical alert] cord or pendant, we’re there to help.”

Independent living activities for a balanced lifestyle

When you tour independent living communities, ask to talk to the activities director or to see an activities calendar, which is often posted in common areas. Ideally, a community organizes activities to create a balanced lifestyle for older adults, incorporating social events, movement, and intellectual stimulation. According to Gail, her mother “loves the Sunday afternoon concerts by visiting musicians, the super competitive bingo games each Monday afternoon, and the bistro kitchen lounge where there’s an ‘all day’ soft ice cream machine.”

Independent living community size, location, and accessibility

The size, location, and physical layout of an independent living community are important factors in deciding where to live. For many older adults, living close to family members is important. For older adults using a cane or a walker, a huge building with multiple floors might seem overwhelming. In this case, ask about apartments near the common areas where you’ll spend much of your time.

Because they’re designed for older adults, all independent living facilities should feature well-lit common areas, wide hallways, and bathrooms with grab bars and walk-in showers.

Financial considerations: Understanding the cost of independent living

Overview of independent living costs.

Our research showed all-inclusive rents in independent living facilities started at $1,709–$4,595 per month. Brookdale, the largest senior living operator in the U.S., reported an even wider range of costs for independent living, with rents averaging $870–$7,545 per month . [5] Brookdale Senior Living. Independent Living Costs. Found on the internet at https://www.brookdale.com/en/our-services/independent-living/independent-living-costs.html Independent living costs vary widely depending on the location and amenities provided within the facility.

In most cases, independent living facilities charge a monthly, all-inclusive fee. You may also be required to pay an entrance fee or security deposit, which may or may not be refundable.

Rent in an all-inclusive independent living community usually includes:

• A private or shared apartment
• Light housekeeping, typically once or twice per week
• Three meals per day, as well as snacks in between meals
• Daily on-site activities, and occasional off-site activities
• Complimentary transportation to and from doctor’s appointments, local shopping, and some social activities
• On-premise amenities, such as fitness rooms, movie theaters, beauty salons, and laundry facilities

Factors affecting the cost of independent living

Many factors influence the cost of independent living, including the size of your living quarters and the type of amenities provided. Studios are typically the most affordable option, while apartments with 1-3 bedrooms will cost more. Independent living communities with upscale amenities, such as swimming pools or movie theaters, may cost more than facilities with more modest amenities.

The Administration for Community Living reported that people 65 and older have an almost 70% chance of needing long-term care services in their remaining years. [6] Administration for Community Living. How Much Care Will You Need? Found on the internet at https://acl.gov/ltc/basic-needs/how-much-care-will-you-need If you or someone you care for needs additional care, such as assistance with ADLs, you may need to hire a home health aide to provide care within the independent living setting. While this is a common practice for residents in many independent living communities, Gail revealed, “the costs for layering in outside hourly support to meet a resident’s evolving self-care needs can climb rapidly.”

Key questions to ask about the cost of independent living

All-inclusive rents can make it easier for older adults living on a fixed income to stick to a budget. But it’s important to know all the details of your independent living contract.

If you or someone you care for is researching independent living facilities near you, be sure to ask these questions about the cost of independent living:

• What services and amenities are included in my rent? Additionally, what is not included in the monthly fees?
• Will I be subject to annual rent increases? If so, by what percentage will my rent increase each year?
• Do I need to tip the housekeeping or kitchen staff at the facility?
• Are there additional fees for participating in on-site or off-site activities?
• Is there an entrance fee? If so, how much is it? Is this fee refundable?
• Are pets permitted? If so, is there a pet deposit?

Exploring payment options and insurance coverage for independent living

Medicare, Medicaid, and long-term care insurance will not pay for any form of independent living, but Medicare may cover the cost of medical or therapeutic services a resident receives while residing in an independent living community the same way it would if living at home. It may also cover the cost of durable medical equipment (DME) used in an independent living setting, such as a bedside commode or shower stool.

Because insurance will not pay for independent living, most residents cover the cost with personal savings, including Social Security benefits, pension payments, stocks, 401(k) and IRA accounts, or proceeds from the sale of a home or another property.

Making the transition to independent living

Tips and support for a smooth transition.

Even when you’re confident independent living is the right choice for you or someone you care for, a move of any kind can be overwhelming.

Here are a few tips to help you transition smoothly to independent living:

• Give yourself time to downsize . Often, older adults transitioning to independent living are leaving behind a larger home. To make sure your belongings are properly packed, stored, or donated, start the downsizing process early. If possible, enlist family members or professional movers to help.
• Know the floor plan of your new space. If you’re moving into a smaller space than you’re used to, knowing the new floor plan and its measurements will help you to decide which furniture to keep and whether to buy new items, such as a smaller dining table.
• Familiarize yourself with the building’s staff and layout. Take some time before move-in day to explore the new facility. Find out where the dining room and laundry facilities are in relation to your new room. Get to know the names of staff members.
• Set up transportation in advance. If you or someone you care for is no longer driving, learn about the independent living facility’s transportation options as soon as possible. For example, some facilities provide transportation to doctor’s appointments only on certain days of the week, reserving other days for shopping or social outings. Some may charge a fee for transportation to destinations farther than 5-10 miles from the independent living facility.
• Get involved. The sooner you meet fellow residents, the more comfortable your new environment becomes. Sign up for activities and attend communal meals. Remember, many people join independent living communities for social benefits.
• Review the contract carefully: Seek help from family members and friends to fully understand the fine print of the contract before signing, e.g., under what circumstances might you be evicted, how long family members can stay overnight, what you can’t have in your room, e.g., certain fire hazards, appliances, etc.
• Know your rights : Included in the contract should be specifications related to your rights as a resident of the community.

Useful resources for older adults in independent living

To remain active and independent in your new home, use the resources available. Here are some helpful resources:

• Prevent falls. Have a conversation with your loved ones about the importance of fall prevention. This guide to preventing falls can help.
• Connect with your local area agency on aging . Your local area agency on aging can help you secure additional transportation services, find caregivers, and connect you with communities of interest.
• Get the benefits you’re eligible for. Be sure you’re receiving all the benefits programs you’re eligible for by using BenefitsCheckUp .

Bottom line

Independent living communities are ideal for older adults in relatively good health looking for social engagement who no longer want to maintain a home.

The top benefits of independent living communities include built-in social activities, communal meals, and complimentary transportation to doctor’s appointments, shopping, and recreational activities. Older adults living on a fixed income may also find it helpful to pay a single monthly bill for most of their living expenses.

While the staff of independent living facilities receive facility-specific training, there are no state or federal training requirements for employees of independent living communities. No medical or personal care services are provided in independent living communities, although residents needing additional help can contract with third-party services to employ home health aides.

The cost of independent living facilities will vary widely based on where you live and the amenities provided. Budget is a key consideration in determining whether independent living is right for you, as are your current health status and desire for social connection.

If you think independent living is right for you, find facilities near friends and family and take tours. To determine the right fit, ask questions about things important to you, such as the types of social activities or the quality of meals. The right independent living community should feel like home.

Frequently asked questions

The term “independent living” usually refers to a building or group of buildings designed for active older adults. Independent living facilities are ideal for older adults in relatively good health wanting social connections and maintenance-free living.

The benefits of independent living for older adults include all-inclusive rent, three communal meals per day, and a busy social calendar. Some will offer complimentary transportation.

Independent living facilities do not provide any form of medical or personal care services. Older adults needing additional care, such as help with ADLs, may need to hire outside help or look into assisted living facilities.

Medicare will not cover the cost of independent living, but it may help pay for medical or therapeutic services residents receive in an independent living setting.

Have questions about this article? Email us at [email protected] .

• U.S. Department of Housing and Urban Development. HUD’s Public Housing Program. Found on the internet at https://www.hud.gov/topics/rental_assistance/phprog
• U.S. Department of Housing and Urban Development. Information for Senior Citizens. Found on the internet at https://www.hud.gov/topics/information_for_senior_citizens
• Internal Revenue Service. Elderly Housing. Found on the internet at https://www.irs.gov/pub/irs-tege/eotopicg04.pdf
• National Academies for Sciences, Engineering, and Medicine. Social Isolation and Loneliness in Older Adults: Opportunities for the Health Care System. 2020. Found on the internet at https://nap.nationalacademies.org/catalog/25663/social-isolation-and-loneliness-in-older-adults-opportunities-for-the
• Brookdale Senior Living. Independent Living Costs. Found on the internet at https://www.brookdale.com/en/our-services/independent-living/independent-living-costs.html
• Administration for Community Living. How Much Care Will You Need? Found on the internet at https://acl.gov/ltc/basic-needs/how-much-care-will-you-need

THE SBDC NATIONAL INFORMATION CLEARINGHOUSE SERVING THE SMALL BUSINESS DEVELOPMENT CENTER NETWORK AND AMERICA’S SMALL BUSINESS COMMUNITY.

Assisted Living Facility Business

• Last Updated: June 12, 2020

Learn about the Assisted Living Industry and find information on how to open your own Assisted Living facility . Don’t forget you can receive free or low-cost training and free professional business advice , from  your local Small Business Development Center !

View our related business reports here: Home Health Care Services Business and Medical Practice Business

Get a free Assisted Living Facility business plan template on our Business Plans page.

Assisted Living COVID-19 Resources

In response to the global COVID-19 pandemic, shelter-in-place orders and physical distancing measures have affected many businesses. Here is a look at the impact to the Assisted Living industry . Assisted living facilities and nursing homes have found themselves as high risk areas for severe cases of COVID-19 due to their communal nature and residents typically being high-risk individuals (older and more likely to have pre-exisiting health conditions). Many states and regulators have begun to issue stricter regulations regarding visitation and record keeping and it is likely that that pressure will continue. Here are additional COVID-19 business resources specific to this industry:

• SBDCNet’s COVID-19 Small Business Resources
• SBDCNet’s COVID-19 Industry Resources
• CDC: COVID-19 Guidelines for Assisted Living Facilities
• Coronavirus Resources – LeadingAge
• Franchise Reopening Blueprint, including Senior Care – International Franchise Association
• Coronavirus Resources for Senior Living

Assisted Living Business Overview & Trends

Naics code: 623312; sic code: 8322.

Assisted Living Facilities will continue to rise in importance as the US population becomes older. The US Census Bureau reports that there are approximately 52.4 million citizens above the age of 65 in the US as of 2018 (most recent data available,) with that number likely to increase as the baby boomer generation begins entering retirement age. The National Center for Assisted Living reports that there are approximately 28,900 assisted living facilities in the US, a number that will need to increase to handle the estimated 95 million people that will comprise that age group by 2060.

This Continuing Care & Assisted Living Facilities summary excerpt is from First Research,  which also sells a full version of this report.

• “Companies in this industry provide residential and personal care services for the elderly and others who need or want assistance. Major companies include Brookdale Senior Living, Five Star Senior Living, and Sunrise Senior Living (all based in the US), as well as Housing & Care 21 (UK), Sienna Senior Living (Canada), and Tertianum (Switzerland). The proportion of people aged 60 or older is growing faster than any other age group due to increased life expectancy and lower fertility rates, according to the World Health Organization. Countries with the fastest growing populations include Brazil, China, and India.
• The US continuing care and assisted living facilities industry includes about 25,000 establishments (single location companies and branches of multi-location companies) with combined annual revenue of $63 billion. Companies that provide residential skilled nursing services are covered in a separate profile.
• Competitive Landscape: Demand for continuing care is strong due to rapidly aging senior populations in the US and other developed nations. The profitability of individual facilities depends on efficient operations and positive relations with payers, including families and government and commercial insurers. Large companies have some economies of scale in administration and purchasing. Small operators can compete effectively by offering quality service and attractive amenities, or by operating in a prime location. The US industry is fragmented: the 50 largest companies account for about 30% of revenue.”

Assisted Living Facility Customer Demographics

Major customer segments for Assisted Living Facilities in the US are reported by IBISWorld and can be found here . The full version of the report is available for purchase.

• Customer segmentation is largely focused on age and disability status. Different assisted living facilities handle different levels of complexity of resident care, from basic household tasks to intensive full time nursing staff.
• Seniors aged 65 and older are the main customers of industry services, with the average age of residents at approximately 87 years. Female residents make up more than 75% of this market, owing to existing demographic factors in the US.
• Seniors with disabilities such as Alzhemier’s or mobility problems also compose a large amount of residents: about 21% of people aged 75 to 84 and 50% of age 85 and above require assistance with their daily activities as a result of disabilities.

Additional information on  assisted living demographics  can be found in a variety of trade associations and publications, including:

• Assisted Living Demographics -USNews
• Resident Characteristics – NCAL
• Who Lives in Assisted Living? 

Assisted Living Facility Startup Costs

According to Senior Housing News , costs for opening an assisted living facility are best calculated on a price per square foot basis, and the level of service offered to residents should also be considered

“Currently, mid-level assisted living projects range from $176 to $228 per gross square foot, while mid-level independent living projects range from $147 to $185 per gross square foot, according to a recent special issue brief prepared for the American Seniors Housing Association (ASHA) by The Weitz Company’s Amy Burk. High-level assisted living projects, on the other hand, range from $237 to $280 per gross square foot, and high-level independent living projects range from $172 to $231 per gross square foot.”

• How Much Money Do I Need To Start an Assisted Living Facility?

“Some estimate this amount to be $3,000 to $5,000 per unit after accounting for both resident unit and common space furnishings.   Your facility may be more or less based on its size and on both the quantity and quality of the furnishings you provide.”

• How to Start an Assisted Living Business – Chron

Assisted Living Facility Business Plans

• Sample Assisted Living Facility Business Plan Template 
• Assisted Living Facility Business Plan
• Nursing Home Sample Business Plan

Assisted Living Business Associations

Trade associations often are excellent sources of information on an industry. Here are some relevant assist living industry associations :

• National Center for Assisted Living
• American Association of Retirement Communities
• American Seniors Housing Association
• The Consumer Consortium on Assisted Living
• Center for Excellence in Assisted Living

Assisted Living Business Publications

• Senior Publications Online
• Senior Living Executive Magazine
• Senior Housing News
• McKnight’s Senior Living

Personal Care Aides & Home Health Aides Employment Trends

Understanding trends in your industry is important when opening an assisted living facility. Assisted Living Facilities require many different types of employees to stay open depending on services, including housekeeping, medical care, dining staff, and personal care aides. Here is a labor market summary report from the Bureau of Labor statistics focused on Home Health Aides and Personal Care Aides

• “Pay: The median annual wage for home health aides was $24,200 in May 2018.
• Work Environment: Personal care aides held about 2.4 million jobs in 2018. The largest employers of personal care aides were as follows: Services for the elderly and persons with disabilities – 50% Home healthcare services – 15% Residential intellectual and developmental disability facilities – 9% Continuing care retirement communities and assisted living facilities for the elderly – 7% Private households – 4%
• Job Outlook: Overall employment of home health aides and personal care aides is projected to grow 36 percent from 2018 to 2028, much faster than the average for all occupations. As the baby-boom generation ages and the elderly population grows, the demand for the services of home health aides and personal care aides will continue to increase.”

Additional Resources

Already in business or thinking about starting your own small business? Check out our various small business resources:

• View more business reports here: Small Business Snapshots
• View small business help topics here: Small Business Information Center
• View industry-specific research here: Market Research Links
• View business plans samples here: Sample Business Plans

Remember, you can also receive free professional business advice and free or low-cost business training from your  local Small Business Development Center !

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What is Independent Living and How Much Should it Cost?

Find assisted living in your area, what is independent living, independent living services and amenities, who is a good fit for independent living, independent living costs, what to consider when choosing an independent living community, frequently asked questions.

When older adults picture their retirement years, many desire a relaxed pace of life enjoying hobbies and cherishing time with friends and family. However, continual responsibilities like household upkeep and cooking can get too burdensome for those seeking a leisurely lifestyle.

As the name suggests, independent living is a great solution. Designed for active seniors, these communities allow them to keep their independence and privacy, while also enjoying services and amenities to make their lives easier.

In this guide, we will explain what makes independent living different from other senior living options, review important factors like services and cost, and provide answers to frequently asked questions to help you decide if independent living is the right choice for you or your loved one.

Independent living communities (also known as active adult, 55+, 62+, senior living, or retirement communities) offer healthy seniors the freedom to maintain a recreational and social lifestyle with the added convenience of services such as housekeeping, prepared meals and transportation. The average age of seniors in these communities is 74-75 years old , and living options vary from private homes to apartments and suites. Residents enjoy the assurance of 24-hour security and staff availability if assistance is needed.

The main distinction between independent living and other types of senior living is that the focus is not on providing regular medical care or help with activities of daily living like bathing and dressing, although some facilities do have onsite assisted living and medical staff to step in as needed. This emphasis on maintaining independence makes it a great choice for self-reliant seniors who desire community living, but do not currently need daily access to nursing staff or personal care assistance.

Types of Independent Living

Although there are basic commonalities among all independent living communities, they are not created equal. As you start your search, you might notice different terms for housing types that fall under the umbrella of independent living for seniors. For example, retirement communities and senior apartments offer slightly different services. Read on to understand the differences between these independent living types.

Retirement Homes or Retirement Communities

Depending on the community, retirement homes offer an array of living options for seniors ranging from apartments and townhomes to stand-alone houses. While these communities are designed with residents’ independence in mind, some offer 24-hour emergency help and access to medical care in case there is a health change. The trademark of traditional retirement communities is access to convenient onsite services, including benefits like meals, transportation, laundry service, social and educational activities, theater or game room, pool, and fitness center. As a result of these extra services and subsequent staffing needs, the monthly cost of retirement communities tends to be higher than other independent living types, like senior apartments.

Senior Apartments

Senior apartments, also referred to as congregate care housing, offer some of the same amenities as retirement communities but with more limited services. One or two bedroom apartments with full kitchens and bathrooms allow seniors to maintain privacy, while shared common spaces like dining rooms encourage a social, community feel. These 55+ or 62+ complexes usually offer disability-accessible accommodations for those who use a wheelchair or walker. Onsite services differ, but might include recreational programs, transportation and communal dining. The rent can be substantially less than that of a similar unit in a retirement community, and often includes the cost of indoor and outdoor facility maintenance.

Continuing Care Retirement Communities (CCRC)

Also known as life plan communities, continuing care retirement communities offer a wide spectrum of residential options ranging from independent living to nursing home care all in one location. Seniors appreciate the freedom of an active, social lifestyle with the added safety net of onsite medical care and the knowledge that long-term care is available if it is needed. These communities eliminate the need for moving to different facilities as health needs change over time. Instead, residents benefit from the convenience of an all-in-one community that they can call home for years to come.

Since many seniors choose independent living for the access to convenient services and amenities, it’s important to identify which ones are most valuable to you. Whether you prefer to have meals cooked for you, social activities on your calendar, or exercise classes to keep you active, it’s helpful to know what your “must-haves” are when looking for an independent living community to call home. . Not all communities offer the full range of services and amenities, but most offer at least one of the common options we explain below.

Meals and Home Maintenance

A quality dining experience is one of the most important services for many people considering independent living. When a resident moves in, they are usually offered some sort of dining package with access to food prepared by culinary chefs and registered dietitians. Some communities offer meal credit programs that provide a certain number of meals per month, while others offer an a-la-carte approach. Either way, set meal times in the dining room take the stress out of shopping and cooking, with the added benefit of socializing with friends.

For some people seeking independent living, cleaning and home maintenance are responsibilities that they are excited to leave behind. Communities often offer weekly home or apartment cleanings to keep your space tidy, along with full laundry service. If issues like a broken appliance arise, a quick phone call to an onsite technician will take care of it for you. No more cleaning out the gutters or mowing the lawn — groundskeepers keep the area well groomed.

Recreational, Social and Educational Activities

Retirement is the time to have fun and try new, life-enriching activities. That’s why independent living communities provide a wide range of options for every interest. Exercise offerings like yoga, tai chi, walking clubs, personal training and water aerobics keep you feeling strong and physically fit. If you’re interested in learning something new alongside friends, many communities offer workshops for things like cooking, technology, dance, or painting. Pre-organized social gatherings allow residents to simply show up and enjoy a full calendar of happy hours, excursions to local attractions, movie nights, book clubs, wine and cheese tastings, and more.

Onsite Amenities

Convenience is king at independent living communities, and access to onsite amenities plays a large role. Common spaces like fireside living rooms, naturally-lit sunrooms and comfortable patios are great places to catch up with friends and family. Fitness centers and beauty salons keep residents looking and feeling their best, without the hassle of driving and facing crowds. Game and theater rooms, libraries, bars, tennis courts and pools are designed to keep seniors engaged without having to step foot off campus. Some communities also feature extras like an onsite general store, community vegetable garden, and a chapel for worship.

With so many types of senior living available, it can be difficult to understand which community type is the best fit for you or your loved one. We’ve made the decision easier by identifying some of the common qualities of independent living residents. Some of the people who should consider independent living include:

• Seniors who do not need assistance with activities of daily living (ADLs), like bathing, dressing and medication management
• Seniors who do not need medical assistance on a regular basis
• Seniors who want assistance with cooking and home maintenance, but are not ready to give up their independent lifestyle
• Seniors who live alone or feel isolated and would like to meet others through social and recreational activities
• Seniors who are retired and ready to live a more laid back, convenient lifestyle
• Seniors who desire the safety net of a 24-hour staff who can quickly provide help if needed

Seniors Who Should Consider Other Types of Senior Living

Independent living communities are not the right choice for everyone. In situations when the senior needs help with ADLs or access to medical care, they should consider another type of senior living. Below, we describe some alternative options.

• Seniors who need help with their ADLs or have an in-home caregiver should consider assisted living. Assisted living facilities are geared towards seniors who still enjoy social and recreational activities, which makes it a great option for those seeking to maintain an active lifestyle.
• Nursing homes are a good fit for seniors who need regular medical care or have high-level medical needs. These skilled nursing facilities are staffed with professionals that provide 24/7 care to seniors, including assistance with their ADLs.
• Seniors who are living with Alzheimer’s or dementia are better suited for a memory care community . These facilities provide expertise and personal care specifically designed for those living with memory impairment.

Independent living costs can vary dramatically depending on where you live and the specific community. Retirement communities that offer ample amenities and include the cost of meals in their monthly price will be much more expensive than basic senior apartments. One thing that is consistent is that independent living is the least expensive type of senior care because it does not offer personal care assistance and health services. In general, independent living will cost 30-50% less per month than assisted living.

Below, you can see the average annual and monthly costs for independent living in each state, calculated based on Genworth Financial’s reported assisted living costs.

Financial Assistance Options for Independent Living

Many seniors live on fixed incomes. Even with programs like Social Security, seniors’ income is often not enough to cover the cost of housing and living expenses. To help, the U.S. Department of Housing and Urban Development (HUD) subsidizes senior housing complexes by reducing rent for low-income seniors. Visit the HUD resources website to easily search an area for low-income senior housing. These complexes often have long waiting lists and strict criteria for residency, so it is essential to plan ahead.

Additionally, the Administration for Community Living (ACL) allocates part of its annual budget to senior service programs each year. These funds are used to pay for home and community-based services at local, non-residential senior centers . Some of these services include meal and nutrition programs, fitness programs, transportation, social activities, employment assistance and more.

There are many factors to consider when looking into an independent living community. Below, we break down the three main categories to focus on and specific questions to ask as you make your decision.

Social and Recreational Opportunities

The abundance of social and recreational activities is one factor that sets independent living apart from other senior living communities. Retired seniors in good health want to make the most of their “golden years,” enjoying hobbies and extra time with friends. That’s why it’s so important to make sure that a community offers a variety of scheduled activities for all interests. If you’re unsure, ask the following questions:

• Request to look at the community’s monthly calendar. How often are social and recreational activities planned for the residents?
• Does the monthly calendar include activities to keep residents in good physical and mental shape, like yoga class or card games?
• Is there a mix of onsite and offsite activities scheduled?
• Does the community have meeting spaces to promote social interaction, like living rooms, porches, and a communal dining room?
• When visiting, do you see residents interacting with each other, or do people mostly keep to themselves?
• Do residents regularly celebrate holidays and birthdays together?
• Do residents participate in and enjoy the planned activities?

Convenience Services and Amenities

In addition to the social calendar, seniors seeking independent living should consider the caliber of a community’s services and amenities before moving in. Now is the time to think about what is most important to you. Perhaps you are really looking forward to dropping the responsibilities of house cleaning and laundry, or you can’t imagine life without playing a round of tennis most mornings. Take some time to decide which services and amenities are your must-haves. Here are some questions to get you started:

• How often does the community offer home or apartment cleanings? What is included in the cleaning (vacuuming, dusting, etc.)?
• Do any convenience services, like laundry, cost extra?
• Are the onsite amenities like the fitness center and pool well maintained and clean?
• What entertainment or lifestyle extras are available (beauty salon, movie theater room, general store, etc.)?
• How quickly are items in the home or apartment fixed if there is an issue? Is there an onsite maintenance team?
• Does the community have enough staff to support their services and amenities?
• Is the staff resident-focused? Are they available to ensure the residents’ convenience and comfort? Do they go the extra mile?

Dining Services

The dining experience is a large factor to consider when researching independent living communities. Residents often want to maintain their independence when it comes to food choices, meal times and dining environment. When thinking over your options, look for communities that offer flexible dining services to meet your changing needs. We’ve highlighted a few considerations below:

• What type of dining packages are offered, and what is the cost? Do you pay a monthly fee for three meals a day, or can you opt-in to only one or two meals a day?
• Does the community offer restaurant-like dining with daily meal choices, or are the residents served the same meal with limited opportunity for alternatives?
• Some communities include residents in meal planning and take special requests, so ask about how involved you can be in deciding what goes on the menu. If you have any dietary restrictions such as a low-sodium or gluten-free diet, make sure to ask if the kitchen will accommodate.
• Is there a qualified dietician on staff to assist in creating the menus?
• Ask if you can stay to enjoy a meal when taking your community tour. Be sure to consider the meal’s overall taste, use of fresh ingredients and nutritional value.
• Does the dining room have a floor plan that encourages residents to relax, socialize and enjoy their food? Are residents encouraged to eat in the dining room?
• Verify dining hours so you know when meals are served and if you’ll be able to order off a menu during non-meal hours, as well as what snacks are served and when.

What is the difference between independent living and assisted living?

The main difference between independent living and assisted living is that you will not receive regular medical assistance and help with activities of daily living (ADLs) such as bathing, dressing, medication management at independent living communities. As the name suggests, independent living gives healthy seniors the freedom to enjoy a relaxed lifestyle by providing convenient services and amenities to make their lives easier. Assisted living, on the other hand, provides regular support with ADLs and some other health services.

What is the average cost of living in a retirement community?

Although retirement community costs vary greatly depending on their size, location and services offered, the average cost is about $1,500 – $10,000 a month. Continuing Care Retirement Communities (CCRC) are typically more expensive because they offer the benefits of independent living, assisted living and nursing home care all within one community. Retirement communities generally cost less than stand-alone assisted living or nursing home communities because skilled onsite medical and nursing staff are not required.

How do you know if independent living is right for you?

If you are an active, healthy senior who is interested in living out your retirement years in a stress-free, social and safe environment, then independent living might be a good fit for you. Some seniors who live alone find independent living to ease their loneliness and burden of keeping a clean, well-maintained home by themselves. Others are interested in adding more zest to their life with a full social calendar of planned activities like painting classes, tennis and movie nights.

Do you have to be 55+ to live in an independent living community?

Independent living communities are intentionally designed to meet the needs of seniors. As such, certain age rules are in place to protect these communities from taking on younger residents that can potentially disrupt this design. Many 55+ communities have a requirement that at least 80% of their residents are over the age of 55. That being said, there are occasionally exceptions to this rule. If the 55+ resident has a spouse who is at least 40 years old or a child who is at least 18 years old, then they may sometimes  reside together.

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Independent Living in Moscow, Idaho

There are 15 independent living communities serving Moscow, Idaho. This includes 3 communities in Moscow and 12 nearby. Independent living costs in Idaho range from around $18 up to $96 daily, with an average expenditure running approximately $60. The monthly expense averages around $1,801 and ranges between $548 and $2,887. On a yearly basis, the mean cost is around $21,615, which is under the nationwide average of $23,100.

Moscow is a small city in Idaho. It is located within Latah County. While the surrounding metro area includes 191,857 residents, there are 27,219 residing within the city. Residents who are over the age of 55 make up about 17% of the population.

The SeniorScore™ for Moscow is 64. The city's mean household income is $31,000 ($21,000 per person), compared to an average of $43,000 for the state of Idaho. The mean housing price in Moscow is $148,500, which is significantly lower than the Idaho average of $238,500. The city also has an average unemployment rate of around 7.74%.

Moscow has very harsh mean temperatures, with cold winters and calm summers. The area gets ideal amounts of precipitation annually. Compared to similarly-sized cities, Moscow has a very low rate of crime and excellent air quality ratings.

Top Independent Living Communities in Moscow, Idaho

Clark Place

1401 North Polk St

Moscow, ID 83843

1-855-240-2530

Located at 1401 North Polk St, Clark Place is a senior community serving Moscow, Idaho. The community is in a mostly low income area, with an average household income of $33,966. With approximately 27,000 individuals living in the ...

The McConnell Building

104 S Main St Apt 105

1-855-241-4685

The McConnell Building is a 34 room senior care facility situated in Moscow, Idaho. The facility is in a largely working class area, with a median per-family income of $33,966. It is heavily populated, with around 27,000 residents ...

My Own Home

510 W Palouse River Dr

1-855-221-7955

Located at 510 W Palouse River Dr, My Own Home is a senior housing facility in Moscow, Idaho. The facility is in a generally lower income area, with a median per-family income of $33,966. It has a dense ...

Bishop Place

815 SE Klemgard

Pullman, WA 99163

1-855-238-4376

Bishop Place is a senior care community located at 815 SE Klemgard in Pullman, Washington. The neighboring area is heavily populated, with around 32,000 poeple living in the zip code of 99163. It is a mostly working class ...

10 miles away from Moscow, ID

Avalon Care Center - Pullman

NW 1310 Deane

1-855-229-7494

Medicare (5)

Avalon Care Center - Pullman is a 48 unit senior housing community located in Pullman, Washington. The community is in a primarily lower income area, with an average per-family income of $33,585. It has a dense population, with ...

11 miles away from Moscow, ID

Kenwood Square

1225 NW Nye St

YellowPages (1)

Located at 1225 NW Nye St Apt 309, Kenwood Square is a senior housing community in Pullman, Washington. With roughly 32,000 individuals residing in the zip code of 99163, the neighboring area has a dense population. It is ...

Whitman Senior Living Community

1285 SW Center St

1-855-224-5130

Whitman Senior Living Community is a senior care community located at 1285 SW Center St in Pullman, Washington. With approximately 32,000 poeple living in the zip code of 99163, the neighboring area is heavily populated. It is a ...

12 miles away from Moscow, ID

Pleasant Valley Residential Care Facility

1911 17th Ave

Lewiston, ID 83501

Located at 1911 17th Ave, Pleasant Valley Residential Care Facility is a senior housing community in Lewiston, Idaho. The encompassing area has a dense population, with roughly 35,000 individuals residing in the 83501 zip code. It is a ...

22 miles away from Moscow, ID

Prestige Care and Rehabilitation - Clarkston

1242 11th St

Clarkston, WA 99403

SeniorAdvice (1)

Prestige Care and Rehabilitation - Clarkston is located at 1242 11th St in Clarkston, Washington. It is a 90 bed nursing facility. The facility is in a mostly middle income area, with a median family income of $42,707. ...

Tendercare Homes

1297 Libby St

Located at 1297 Libby St in Clarkston, Washington, Tendercare Homes is a 6 bed care home. The neighboring area has an average population density, with about 21,000 individuals residing in the zip code of 99403. It is a ...

Geni Mertsching

Geni Mertsching is a senior housing facility located at 1297 Libby St in Clarkston, Washington. The facility is in a mostly middle class area, with a median household income of $42,707. With around 21,000 people residing in the ...

Brookdale Lewiston

2975 Juniper Dr

1-855-243-3078

Located at 2975 Juniper Dr, Brookdale Lewiston is a senior housing community serving Lewiston, Idaho. The surrounding area has a dense population, with roughly 35,000 individuals residing in the 83501 zip code. It is a mostly middle income ...

Hill-Ray Plaza

801 S Vista Point Dr Ofc 99

Colfax, WA 99111

Hill-Ray Plaza is a senior housing facility serving people over 55. It is located at 801 S Vista Point Dr Ofc 99 in Colfax, Washington. The community is in a primarily middle income area, with an average household ...

23 miles away from Moscow, ID

Colonial Manor

611 Bryden Ave

Colonial Manor is a senior community located at 611 Bryden Ave in Lewiston, Idaho. The community is in a primarily middle class area, with a median per-household income of $44,428. It is densely populated, with around 35,000 individuals ...

Prestige Care and Rehabilitation - The Orchards

1014 Burrell Ave

1-855-233-7205

Prestige Care and Rehabilitation - The Orchards is a 127 room nursing home facility located in Lewiston, Idaho. The facility is in a largely middle income area, with a median household income of $44,428. It is heavily populated, ...

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6 Best Independent Living Communities in Moscow, ID

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The cost of independent living in Moscow is about $3,743 per month. To find the best independent living for your preferences and budget, browse these 6 options. Read 30 reviews, see photos, and learn about amenities that make independent living the ideal next step for adults 55+ who wish to enjoy friendships and hobbies without the hassle of cooking and home maintenance.

As you explore independent living near you, you may also want to consider options in areas like You may also consider nearby communities such as Lewiston , Pullman and Clarkston .

Moscow Independent Living Facilities | 30 Reviews

Regency pullman.

My loved one is currently a member at Regency Pullman and everything has been great for her at this facility so far. The staff is very friendly and helpful. They treat the residents with respect and...

Bishop Place

The staff was very friendly and helpful. The Facilities slightly dated. Room sizes and amenities offered to the residents are decent. Overall I would recommend Bishop Place to others looking.

Palouse Hills Assisted Living

Palouse Hills is such a nice facility. They are really dedicated to what they are doing and it was quite a bit cheaper than others in the area. The turnover is very low because the lady who runs it has been...

Good Samaritan Village

Ridge pointe retirement comm, kenwood square.

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Cost of independent living in Moscow, ID

Average monthly cost of independent living in moscow, id vs. nearby cities, average monthly cost of independent living in moscow, id vs. the state and national average, average monthly cost of independent living in moscow vs. other types of senior living, median monthly costs of independent living in moscow, id by room type, discover the many ways to pay for senior living, what families are saying about independent living in moscow, recent reviews for independent living in moscow, bishop place in pullman, wa, brookdale lewiston, moscow independent living services and amenities, availability of select dietary accommodations in moscow independent living, availability of select dining options in moscow independent living, availability of select programs and activities in moscow independent living, frequently asked questions, what are the top-rated independent living facilities near moscow, idaho.

Regency Pullman , Bishop Place and Brookdale Lewiston are the top-rated independent living facilities near Moscow, Idaho. See full list of communities.

How many independent living facilities are there near Moscow, Idaho?

There are 6 independent living facilities near Moscow, Idaho. See the full list.

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• Lewiston, Idaho
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