Another critically important factor in terms of growth potential is location. Even when you’re realistic about the need to find an assisted living facility, making the best match can be challenging. Each location should have its own LLC set up. A CO confirms that all building codes, zoning laws and government regulations have been met. Your personal finances aren’t at risk; the only money that you’re gambling with is the money that you devote to the company. It is possible the state will require that your facility be modified before approval is provided. Generally, though, residents live in their own private dwelling spaces and have access to common areas where they can gather with other members of the community. Get the facility's name in the spotlight and customers will seek out more information. An independent living facility allows seniors to carry on their lives without the stress of living alone and trying to juggle the tasks that come along with living alone. Secure the proper financing for this major project. LLC formation packages usually include a free year of registered agent services. One of the greatest resources an entrepreneur can have is quality mentorship. Assisted living facility owners perform a wide range of duties each day. On average, prices range from $1,500 to $3,500 per … Owning an assisted living facility requires regular interaction with employees, residents, and medical equipment suppliers. Those independent living facility units that are federally subsidized only accommodate “low income” or “very low income” seniors, who, if eligible, pay 30 percent or less of their monthly income on rent. Kitchen/food prep staff will cost between $10 and $12 per hour. Assisted Living. Independent living facilities are provided for disabled or elderly people who are able to care for themselves with extra help. Furthermore, do not delay applying with your state's health department for the permit required to operate an assisted living facility. This cost is applied on a per-month or per-year basis. to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued. Staying in your house for another 25 years means you'll spend a quarter million dollars just to keep the lights on, the leaks out and the taxman away. Independent Living Services (ILS) Programs Find the State Plan for Independent Living (SPILs) for all U.S. states and territories. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler. After a major renovation, a new CO often needs to be issued. In general, assisted living facilities can charge between $2,000 and $4,000 per resident per month. Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more. If you have a large facility with top-notch amenities and maintain full capacity, profits have the potential to reach the six figure mark or higher. Assisted living is a great option for individuals who have difficulty with daily activities at home. Assisted living facilities are typically purchased rather than rented. You’ll need to include a market study with this proposal. Properly complete and submit the license application. If you do not want to handle advertising efforts, a marketing director will be necessary. A strong web presence will also help. Bolster your website's search engine optimization (SEO) and it will be that much easier for prospective customers and their family members to find your business on the first page or two of search engine results. Find a facility.