The 3 Main Risks to Starting an Assisted Living Facility

Do You Know What an Assisted Living Facility is?

I know It may seem like starting a facility would be simple and end up making you a lot of money. You need to make sure that when researching the assisted living facility start-up process, you are looking up the correct information based on the type of facility you are looking to open. Assisted living facilities can come in a wide variety of occupancies and developments. If you aren’t careful, you may accidentally end up collecting incorrect data. That will lead you to financial disaster. In order to succeed, be aware of the following three risks:

1. Labor Costs

Assisted living facilities mean around the clock care. That’s the whole point. You need to be fully aware of the amount of money you’ll need to pay caretakers. There are obviously other options to minimize costs, such as enlisting family members to help out or bring on volunteers, but caretakers will always be a necessary part of the business.

2. Limited Prospects

Assisted living facilities are expensive for the residents. There’s really no way around it, what with the cost of running the facility in the first place. But the level of expense means that the majority of seniors will not be able to afford to live in a facility. This severely limits the number of residents you will get and the length of time they will be able to stay.

3. Fierce Competition

Several assisted living facilities are often competing for the same few residents. If you want your facility to be the one that families choose over all others, you will have to always be on your game. When compared to other facilities, you want to be ranked first, you want to be desired. If you can’t keep up with the competition, there is no way you will be able to keep your doors open.

StoreRanker Can Help You Mitigate Your Risks

What do you need to do to minimize your starting risks? StoreRanker’s standard health inspection forms, audits, and checklists ensure you will have access to the exact standards expected of your facility and will keep you organized. With real time access to resident feedback and expectations, you can make sure that your facility is performing at the level you want, guaranteeing that you are at the top of every potential resident’s list. To learn more about StoreRanker and how we can help you retain your “A”, contact us today at contact@storeranker.com