How to Start a Home-Based Senior Care Business

How to Start a Home-Based Senior Care Business

by James L. Ferry
How to Start a Home-Based Senior Care Business

How to Start a Home-Based Senior Care Business

by James L. Ferry

Paperback(Second Edition)

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Overview

Everything you need to know to start and run a profitable, ethical, and satisfying home-based business in the field of senior care. This book covers the range of senior care businesses that are increasingly in demand. It discusses the businesses that can be set up by those with special qualifications, such as nursing, social work, or other health and human services degrees, as well as those that can be run by individuals with no special training but an interest in caring for others. Topics included are: driving and errand-running businesses, geriatric or elder care management, day care, and insurance-coverage advocacy. The senior population is increasing and aging issues are everywhere—this is a timely book from an expert author that will help new business owners fill a growing market need.

Product Details

ISBN-13: 9781493007677
Publisher: Taylor Trade Publishing
Publication date: 03/03/2015
Series: Home-Based Business Series
Edition description: Second Edition
Pages: 180
Sales rank: 1,169,608
Product dimensions: 6.90(w) x 9.90(h) x 0.50(d)

About the Author

James L. Ferry began his geriatric care management career in 1992 after earning a master’s degree in social work from Rutgers University. He is a former member of the board of directors of the National Association of Professional Geriatric Care Managers. In 2003, he established Coaching Caregivers, LLC (coachingcaregivers.com), which offers solutions and support to busy adults with caregiving responsibilities.

Table of Contents

Acknowledgments xi

Introduction xiii

01 So you Want to Start Your Own Senior Care Business 1

Turn Personal Experience into a Business 2

The Income Realities of a Startup Enterpreneur 3

What It Means to Be Self-Employed 4

The Business Mindset versus the Company or Agency Mindset 5

Elevator Speech for a Highly Personalized Business 7

Resources for the Exploratory Phase 8

Specialization 11

Skills, Experience, Education, and Attitude 13

Blending the Roles of Practitioner and Manager 14

Educational Credentials and Certifications 15

Standards for Quality Service Are Vital 16

Going Solo versus Building an Organization 16

02 From Dreaming to Jumping In 20

Locating and Furnishing Your Home Office 20

Identifying Your Target Client 21

Budgeting 22

Presenting a Professional Appearance 22

Marketing Materials 23

Internet Presence 24

Telephone Expenses 25

Budgeting Your Time 26

Choosing a Specialization 28

Staff 29

03 Setting Up Your Office 31

Office Furniture 31

Communication and Computers 31

Software 32

Printers, Copiers, and Shredders 35

Forms 36

04 The Business Plan: Your Plan of Action 37

Executive Summary 40

Business Description 40

Ownership, Organization, and Management 42

Operating Plan 43

Goals 43

Financial Assumptions 44

Estimate of Startup Costs 45

Profit and Loss and Break-Even Point 46

05 Getting Started 49

Types of Company Ownership 49

Legal Matters 53

Business Checking Account 54

Marketing Materials 55

06 Financial Planning 59

Pricing 59

Labor Costs 60

General and Administrative Costs 61

Supply and Demand 62

Varying Rates 63

Travel Fees 64

Financial Management Tools 64

07 Financial Management 67

Cash Budgets 67

Large Purchases and Capital Budgets 68

Billing and Accounts Receivable 69

8 Taxes and Record Keeping 74

Hiring a Bookkeeper or Accountant 74

Bookkeeping Systems 74

Accounting Software 78

Taxes 79

09 Ethical and Legal Considerations 82

Who Is the Client? 82

Abuse, Neglect, and Exploitation 84

Client's Agents 85

Antitrust Laws 86

Insurance and Documentation 86

Dual Relationships 88

Objective Assessment 90

10 Marketing Your Senior Care Business in Your Community 91

Public Relations Initiatives 91

Public Radio and Television 94

Guerrilla Marketing 94

Networking 97

Public Speaking 99

Self-Publishing Print or E-Books 99

Networking and Professional Organizations 100

11 Virtual Marketing of Your Senior Care Business 102

Online Directories 102

Websites 103

Blogs and Newsletters 107

12 Taking Your Business to the Next Level with Staffing 109

Administrative Support 109

Short-Term Contractors 110

Staffing Agencies 111

Finding Employees 112

Interviewing Job Candidates 114

Hiring Professional Staff As Needed 115

Appendix A Sample Business Titles 117

Appendix B Service Agreement Sample 119

Appendix C Sample Proposal from a Website Designer 121

Appendix D Definitions of Important Legal Roles 124

Appendix E Senior Care Business Resources 126

Appendix F Home-Based Business Resources 129

Appendix G Hiring and Firing Employees 147

Appendix H Tax Issues 153

Index 157

About the Author 164

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