One of the most important industries in the UK is the care industry.
This is because it provides an essential service to the country and its people. This is why opening a new care home could be a good idea. Not only does it have the potential to be a successful business, but it also can help the local community.
Before you open a care home, there are some key things you will need to think about, which we will cover below.
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Consider Your Business Plan
As with any new business venture, you will need a solid and effective business plan. The care home market involves a lot of different types of businesses, so you will need to consider where you will sit in the market. Will your care cater to a specific time of care? This is a great question that you should think about as early as possible.
Your care business plan should have everything covered. If you’re in doubt about what should go in, then it may be a good idea to attend care networking events and seminars. You may be able to find out further answers here.
This is also a great way to meet other business leaders with whom you could connect. For example, you could meet a commode chair supplier, which will help you get what you need for your new care home.
Your business plan should also cover your projected expenditure as well as your income. This allows you to gain further insight into how to run the care home daily. You may also need to do this so you can pitch to investors.
This business plan will need to show your understanding of the care home market. This will include a national scale and a more local one. In general, you should consider the care home market to understand the legal requirements.
You could gain further market experience by engaging in volunteer work, or by contacting an industry expert. You may be able to purchase specific analytical data that you have commissioned, which can also be a part of your business plan.
Think About Your Initial Costs
One of the key things you need to consider when opening your care home is how much it will cost you. It’s likely that you will need to source some funding, as well as have your own funds ready to go. There are a variety of different costs associated with starting your own care home business.
For example, you will need to consider how you will afford the premises. If you don’t own any property outright, you will have to look for commercial or residential property to work with. It may be best for you to own the property outright, but that will require investment.
Other initial costs will include kitting out the rooms with high-quality furniture and care equipment. The equipment you source will largely depend on what sort of care you are looking to provide. There will be certain pieces of furniture that are simply a necessity.
Examples include beds and commode chairs, both of which are indispensable in a care home. A commode chair is a portable chair that has a built-in toilet. They are ideal for those in a care home with limited mobility.
Anyone looking to open a care home should know about these, and search for high-quality options. Experts such as the NHC Group provide quality, cost-effective equipment and furniture. You can browse the range from their website and find solutions that suit your care home.
Working with a business partner who fully understands the industry is important. If you work with another business for a long time, then you will be able to create a business relationship. An effective business relationship allows you to get more of the goods that you need. You may be able to bulk buy what you need, saving you money over time.
Consider Your Pricing Strategy
Speaking of money, it’s important that you carefully consider your pricing strategy. Care homes still need to charge for their services, which means you will need to think about how much you will charge. The amount you charge will depend on a few factors. For one, where you are based in the UK could dictate the market.
If you’re unsure how much is usually charged for care services, it will be in your best interest to look at other care homes in the surrounding area. This could be an effective way for you to find out exactly what the average is in your area.
You should be able to find out all this information via their website. It’s also important to know that a price cap is coming to the care industry. From October 2023, the care cost cap comes in, which introduces a new £86,000 cap on the amount anyone will have to pay for their personal care.
This encapsulates residential care as well as nursing care. It’s not something that may directly impact your pricing strategy, but it’s something that you will need to think about, especially when looking to open a brand-new care home.
Think About The Location
We touched upon this earlier, but you will need to think about the location of where your care home will be. This relates to the county, as well as the potential area around that county. You may decide that Somerset desperately needs care facilities, but you will still have to find somewhere specific.
You may decide that being based in the city is not ideal, or you may prefer being closer to other facilities. This should be something that you figure out early. It could also come down to your budget. As such, you should seriously consider your budget and how much you can invest into a facility.
It could be that being on the outskirts is much more cost-effective or provides you with bigger facilities. You should ensure you are looking at multiple properties and areas, just so you know you’re getting yourself the best deal possible. Consider finding areas that are lacking in care homes to provide an essential service to that area.
Consider The Employee Demand
It is incredibly unlikely that you would be able to run a care home by yourself. Even if you only had one or two patients, you won’t be able to provide all the care yourself. Instead, you should consider hiring employees. You will need experienced and trained employees to help provide adequate care.
The care industry In the UK has a big demand for employment. In 2022, there were approximately 1.8 million people employed by businesses in the health and social work services sector. This means you should have plenty of opportunities to hire and find experienced workers in the market.
Some care homes partner with training providers to hire workers who engage in essential training courses before they provide care. When in the facility, they will be supervised and not eligible to complete certain tasks and take on specific responsibilities.
Hopefully, by now, you have more of an idea of what you need to consider when opening a care home. It won’t be something that can be done overnight, and it is likely that you will have to think about much more than what was listed in this article.
Do your research, and consult industry experts so that you are as prepared as possible.
