The U.S. government projects that there will be 72.1 million people over the age of 65 by the year 2030. That will represent approximately 19 percent of the population, indicating a remarkable business opportunity to serve the needs of seniors and the very elderly. People over the age of 55 have different interests and physical needs than younger people, and a Senior Center can meet many of the social needs while accommodating physical limitations.
There are a couple of directions the business can take, and they are quite different. For example, the business may be structured as a senior citizen daycare center to assist caregivers who work or just need a periodic break from their stressful daily duties. This type of facility must be run by a medical professional who can administer medications and provide basic health care. However, a senior center can also be more like a social club where local seniors pay membership fees for the right to participate in activities like bridge tournaments, senior exercise classes, dance events, and art classes.
Either way, it is important to check the state and federal licensing requirements and have a clear understanding of facility, staffing and reporting requirements.
• Description of type of clients targeted, i.e. mobile and active seniors, seniors with physical or mental disabilities, etc.
• Facility location that is easily accessible by caregivers or club members and meets zoning regulations
• Types of activities offered, i.e. meals, medication dispensing, transportation, games, special events, group trips to the local mall or to go sightseeing, craft classes, exercise and nutritional programs, etc.
• Membership rates or rate schedule for adult daycare services
• Finding and hiring qualified staff – all businesses will need staff who can pass background checks, but an adult daycare center may need to employ one or more healthcare professionals, depending on the clientele and federal or state requirements
• Space requirements and financial analysis of lease versus purchase options
• Space remodeling requirements to meet fire, safety, electrical, and disability regulations and to ensure building is senior-accessible, obtaining necessary inspections and permits
• Customer contract stating rates, payment options, services included, etc.
• Prepare a five-year proforma income statement, balance sheet, and cash flow projection
Starting a senior center usually requires financing because of the expense of building or remodeling space, purchasing licenses and permits, buying transportation vans, equipping the facility, and buying activity supplies. This type of business can qualify for angel investing, equity financing, or bank loans, if the business plan is well-developed and includes a carefully thought-out marketing strategy.
Contact OGS Capital (https://www.ogscapital.com/) consultants to get professional assistance in senior care business plan development. OGS Capital offers a high degree of professionalism and extensive experience in business planning coupled with industry experience.
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