Here are some good bits of advice on how to open an adult foster care business.
Adult Foster Care Business Basics
Adult foster care has emerged as a solution to the growing number of adults who are incapable of caring for themselves. These individuals suffer from a combination of mental, physical and emotional challenges that prohibit them from enjoying an independent living arrangement.
Before you set out to establish an adult foster care environment, it's important to check your motivations. If your only motivation is to earn a little extra money each month, there are plenty of easier and more ethically honest ways to supplement your family's income.
To be a quality proprietor in this industry, you need to truly care about taking care of the elderly. Adult foster care is a full-time commitment to people who don't easily integrate into normal family routines. Seriously, if you don't have a higher purpose for entering this field, your dedication will be quickly tested by the rigors of the job.
Things You Need to Know
Adult foster care providers are licensed by the state. In addition to basic license requirements, you will be required to submit to a home visit and interviews by designated social workers. It's their job to make sure your living situation and personal circumstances are suited to adult foster care and to match their clients to the best possible foster family.
Once you have been licensed and approved, you qualify to foster up to five residents at any given time. Your role is not medical or therapeutic, but to provide foster residents with the assistance they need to perform everyday life skills and to supervise their activities to prevent them from harming themselves or others.
Monthly compensation is provided by the state for room, board and services based on the number of residents in your care and the challenges they present. In exchange, you will be expected to provide the best possible care to your foster residents. You will also be required to maintain a channel of communication with social workers and to participate in periodic training sessions.
How to Write a Top Quality Adult Foster Care Company Business Plan
If it includes hard numbers, an adult foster care company business plan can become the catalyst for an executable business strategy.
In contemporary business culture, business plans are also litmus tests used by external interests to assess real world viability and marketability.
For the sake of accuracy, you'll want to educate yourself about how to write the market analysis section of a business plan. While a robust market analysis can be a selling point for an adult foster care business startup, weak market research is a sure giveaway for a business that hasn't invested adequate effort in planning.
Check Out the Competition
Prior to launching an adult foster care business in your area, it's a smart move to find out how many competitors you have. Try our link below to find competitors in your city. After following the link, enter your city, state and zip code to get a list of adult foster care businesses in your area.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
As part of your due diligence on opening an adult foster care business, you really ought to talk to somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. What's in it for them?
Fortunately, somebody who runs an adult foster care business in a different city will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
Where do you find an adult foster care business founder who is willing to talk to you but doesn't live nearby?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Getting Started in Adult Foster Care Business Ownership
Would-be adult foster care business business owners can either launch a new business or acquire an existing operation.
Startup adult foster care businesses can be attractive because they allow the entrepreneur to have more control and greater influence. Yet startups are also more difficult to finance because their nature is inherently risky.
On the other hand, an adult foster care business purchase is more attractive to lenders and investors. On the whole, buying a business minimizes uncertainty as well as many of the objections lenders use to disqualify startup entrepreneurs from financing.
Explore Franchising Options
The chances of making a success of your new business zoom upwards when you choose to franchise rather than going it alone.
If your goal is to start an adult foster care business, you would be wise to assess whether franchise opportunities in your space might be the right move for you.
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.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing adult foster care business, these resources will come in handy:
If you sell to adult foster care businesses, we've got better information for you elsewhere on our site. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.