Supported living businesses are a popular and growing industry. They provide a unique set of services that can help people with disabilities live independently and autonomously. In this article, we’ll explore the basics of starting a supported living business and give you some tips on how to get started.
What is a Supported Living Business?
A Supported Living Business is a new and innovative business model that provides support services to people living with disabilities. The model is based on the premise that people with disabilities can be successful entrepreneurs if they have access to the necessary resources and support.
Supported Living Businesses provide these resources and support by providing affordable housing, employment opportunities, personal assistance, and social and recreational activities.
How to Start a Supported Living Business?
Starting a supported living business is a great way to provide quality care and support to elderly or disabled family members while generating income. There are a number of things to consider when starting this type of business, including the following:
- Research your industry. There are many different sectors of supported living businesses, from home health care and companion services to assisted living facilities and hospices. It’s important to find one that matches your personal strengths and interests, as this will help you be successful.
- Choose a location. Supporting elderly or disabled family members can be demanding physically and emotionally, so it’s important to choose a location that is comfortable for all involved. Consider factors such as climate, access to transportation, and available amenities.
- Get organized. Starting a supported living business requires a lot of planning and organizational skills. Make sure you have an effective system for billing clients, inventory management, and employee training/management.
- Seek financial advice. Before starting a business, it’s important to consult with an accountant or financial advisor to ensure everything is set up correctly and you’re able to meet your financial goals.
- Establish marketing and advertising plans. It’s important to identify how you’ll market your business and attract potential clients. Consider things like advertising, social media, and targeted marketing campaigns.
The Different Types of Supported Living
In the past, people with disabilities relied on family and friends to care for them. With the advent of supported living businesses, this is no longer the case. Supported living businesses provide individuals with disabilities with around-the-clock care and support.
There are three different types of supported living businesses: residential care homes, personal assistance services, and day programs. Residential care homes are the most expensive type of supported living business to operate, but they offer the best quality of care.
Personal assistance services are less expensive than residential care homes, but they don’t offer as many amenities. Day programs offer the lowest cost per day but they don’t provide as much individualized care as residential care homes or personal assistance services do.
If you want to start a supported living business, it’s important to research the different types of businesses before you decide which one to start with. You also need to make sure that your business is legal in your state. To learn more about starting a supported living business, read our article on how to start a supported living business.
How Much Does It Cost to Start a Supported Living Business?
Supportive living businesses can be lucrative, but they don’t come cheap. “The average cost to start a supportive living business is $40,000-$60,000, but it can vary depending on the size and scope of the business,” says Lauren Schaefer, executive director of the National Association for Supportive Living (NASL).
To get an idea of what’s involved in starting a supportive living business, Schaefer recommends speaking with an experienced provider or consulting a resource like the NSL Directory of Services. Here are some of the more common costs:
- Staff recruitment and training: This may include modules on disability rights, business administration and marketing.
- Advertising and branding: Necessary to attract attention from potential clients and generate leads.
- Office space: A supportive living business needs somewhere to house employees and provide meeting spaces.
- Supplies and equipment: From computers and printers to telephones and office furniture, a supportive living business needs plenty of inventory to function smoothly.
- Insurance: Most providers require commercial liability
How to Market Your Supported Living Business?
There is no one-size-fits-all answer to marketing your supported living and grow your business, as the best approach depends on the type of business and the location.
However, some tips for marketing a supported living business include developing a targeted marketing strategy, using social media platforms, and networking with local businesses. Additionally, it is important to keep track of statistics about your supported living business to ensure that it is meeting customer needs and generating revenue.
Starting a supported living business can be an incredibly rewarding experience. You get to help others live their best lives by providing them with the support they need and the flexibility to live as they choose. There are a few things you should keep in mind when starting this type of business, but once you have them down, getting started is easy. Give it a try!