Thanks to an aging population, the home healthcare business is currently booming. Many seniors want to remain in their homes as opposed to entering residential care facilities and this means that there is a need for more nurses. Home healthcare is usually much less expensive than residential care and just as effective. If you’re considering starting a home nursing business, here’s how to get started:
Create a Business Plan
Creating your own home nursing business will likely cost around $45,000. This includes any licensing costs, entity setup, the rent for your business office, marketing, and staff. It doesn’t include the cost of any qualifications you may need. You may want to take a business qualification that teaches you the ins and outs of running a business, or you may want to advance your current nursing qualification so that you can treat more patients. Online nursing degrees are a great option here, but qualifications should be obtained before you create your business plan.
Like any other kind of business, you can expect your home nursing business to run at a loss for the first few months. Because of this, you’ll need to secure some form of financing. Take the time to look into small business loans, bank loans, government grants, and angel investors, and choose the one that has the best terms for you. Be aware that you may need to present a pitch that explains why your business is needed in the area and your plans to turn a profit. With financing in hand, you can start hiring staff and marketing your company.
In addition to having the nursing and business qualifications we mentioned above, you’ll also need to get certified. Each state has its own requirements for this, so have a look at what these are before filling in the licensing paperwork. Next, you’ll need to incorporate your business, obtain a tax ID number, and receive the necessary certification for Medicare and Medicaid. Some states will also require you to pass a jurisprudence exam before you can start operating.
Unless you already have management experience, you’ll want to hire a nurse or physician with at least one year’s experience in this role. This person will help your other staff members and become a kind of resource for them. You may also want to hire a certified administrator unless you are already qualified. On top of this, you can either hire in-house staff or opt to pass your work to another agency. In the early days of your business, the agency route will be cheaper, but long term, you’ll want to have your own staff on board. Make sure to perform background checks on everyone you plan to hire.
Finally, all that is left to do is market your business in your local community. Set up social media accounts and a website. Attend tradeshows, and network with local health providers and businesses. Create an advertising plan that targets your specific demographic. The sooner you get clients on board, the sooner your business will begin to turn a profit. Good luck!