6 Things You Should Know About Opening a Business to Support Senior Caregiving Services

Whether you’ve always been interested in working with senior citizens or whether you’ve recently discovered a passion for helping others, you may be interested in opening a senior caregiving support business. The caregiving industry is booming, and there may be numerous business opportunities for providing services to this market. However, before you dive in, there are a few things to know.

1. You Need to Register Your Business with the State of Iowa

To protect yourself legally and financially (not to mention, instill a sense of trust in your future customers), it’s important to set up a legal entity for your business. While there are several options to choose from and you should take time to review the pros and cons of different business types, an Iowa LLC is a common choice for new entrepreneurs. Along with certain tax advantages, an LLC protects your personal belongings from being involved in your business should you ever run into financial trouble in the future.

An Iowa S corporation is another option many new business owners choose. It offers significant tax advantages, including the option to claim deductions on the losses you report on your tax returns each year, and business owners can also benefit from self-employment tax savings. Whichever structure you choose, an online formation service is an affordable way to file all of the necessary paperwork.

2. You’ll Need a Secure, Well-Organized Invoicing Process to Receive Payments on Time

Before you can get into the details of starting a caregiving support company, you’ll need to have a strong financial system in place. For example, having a clear-cut, well-organized, and secure invoicing process can help prevent serious headaches if customers refuse to pay on time or aren’t sure how to submit their payments.

If you don’t have much experience with invoicing, an invoice maker should do the trick. This technology allows you to simply pick a premade template to use before customizing the invoice. For example, you may be able to add your own logo, text, and pictures. Search for a generator that provides free downloads in your preferred invoicing format for further simplicity.

3. Read Up on the Core Tenets of Starting a Senior-Centered Business

According to one study, about 20 percent of new businesses fail in their first year. This means that if you want to give your company a shot at true longevity, you should do your research first to avoid the pitfalls. Read up on the key tenets of starting a senior-centered company. These tenets may include:

  • Detailing a balanced budget

  • Keeping thorough records

  • Maintaining an empathetic tone in ads

  • Providing practical, helpful services

4. Sharpen Your Marketing Skills and Get in Touch With Your Professional Network to Advertise the Company

Knowing how to market your company is another key factor in getting the business off the ground. You may want to utilize multiple avenues in your early marketing efforts, including reaching out to your professional network to let them know about your new venture.

You can get creative with your marketing. For instance, you could attend local senior center events, hang up flyers in public libraries or community centers, pass out business cards, and even host informative sessions.

5. Consider Offering a Wide Variety of In-Demand or Popular Senior Services

One way you can help ensure that your company becomes profitable and can gain a wide range of customers is by offering a wide range of services. Although you don’t want to overextend yourself and provide too many services, picking out a few in-demand options to better serve your area can be a good place to start. For instance, your business may want to offer:

  • Local transportation and errand services

  • Everyday personal care and home care

  • Medical services

  • Companionship

  • Meal delivery services

6. Center Your Company Mission on Your Passion for Helping Others

Lastly, keeping every major company decision centered on your desire to help seniors can help give the company a strong foundation for growth in the future. Make sure your mission focuses on improving the lives of seniors. You may want to reinforce this message through your:

  • Motto or tagline

  • Company culture

  • Other branding efforts, such as advertising

Starting a senior caregiving support company can be a complex and potentially rewarding endeavor. Before you start breaking into this unique and competitive market, it’s best to be prepared with some key facts. Keep this guide around as you navigate the early days of starting your business.

Join other entrepreneurs in the community by registering with the FuseDSM Chamber of Commerce.

Image via Pexels