Can anyone give me advice on how to start a supported living business?
- SuccessLv 61 month ago
The short answer is: Many of these facilities are franchises. All you need is enough money to buy the franchise and to pay people to manage and run it for you.
The slightly longer answer is:
Get a job working in one for 6 to 12 months so you know what is going on...and then write a business plan so the banks will lend you money to start.
The REALLY long answer is:
Lease a building that has 50 or more 12 x 12 rooms, a nice lobby, medical bay , reception area and office area....at LEAST 20,000 sq ft. You will HAVE to sign a 5 year lease. That will cost you about $27,000.00 per month...PLUS utilities (on a building that size they will run about $8,000 a month)
You need staff. At least 1 person per 4 people plus 4 floor managers plus an administrator plus accounting per shift. You need to staff every department EXCEPT accounting 24 hours a day so in addition to an accountant who will take care of all taxes and payroll...($ 5,000.00 per month)so if you have 50 residents, you will need 4 Administrators ($20,000 per month) on rotating shifts, plus 16 managers ( $13,867.00 per month) on rotating shifts plus 50 staff ($138,667.00 per month) on rotating shifts.
So you will need to cover $212,534.00 every month in expenses...and that does not include meals...and having a Doctor and Nurse on call.
Basically, in order to even open, you will need to come up with no less than 3 years of operating expenses UP FRONT.. that will be slightly over $700,000.00.
YOU get paid based on how much cash is left over every month AFTER you pay ALL expenses and put cash in your cash reserves.