If you’ve been in the aged care industry for a while, and you have an entrepreneurial bent, you may be thinking that it’s time to stop working for someone else and start building your own dream business. Thankfully, all your skills and experience in the industry mean that you’re perfectly situated to start a business in aged care. Here are the steps to take to transition from manager to owner.
Audit Your Skills
Firstly, audit your skills and knowledge. There are two stages to this: the experience you have running a business and the experience you have in the aged care industry.
In the “running a business” category think about financial management, marketing, problem-solving and networking. Don’t worry if you don’t have all the skills required; you can always hire someone to tackle those tasks for you. But it’s important to understand what skills are needed to run a business so you know where you have to educate yourself or find help.
Next, think about the skills needed in the aged care industry. Compared to those new to the industry, you already know about the regulations you need to meet, how audits are run and the education required to work in the industry. As a manager, you probably have some ideas of how owners can improve their businesses and can take those innovative ideas forward into your own business.
Now that you’ve audited your skills, look for the holes in your knowledge. At this point also think about other things you’ll need, such as financing, to move forward in your business.
Existing Business
You have the option of purchasing an existing business or creating a new one. If you buy an existing business, you will probably have ready-made customers, meaning you’ll be bringing in money immediately. However, you will also be buying the brand reputation, and this may not be a good thing, depending on how the business has been run.
If your boss is thinking about selling, purchasing the business where you already work can be a good option as you already know how it runs and have existing relationships with staff. If you’re looking to strike out on your own, think about small existing homes run independently. Creating a new custom-built facility requires a lot of initial investment, so starting with something small is usually a more affordable idea.
There are also franchise opportunities in aged care. Often these are mobile businesses providing in-home care. As the vast majority of seniors want to stay in their homes, these sorts of franchises will continue to grow.
New Opportunities
If you would rather start a new business, think about the knowledge you have of the industry. You understand the gaps in service and can build a business by filling those gaps. Technological applications that help staff work more efficiently, such as remote monitoring, can help the industry compensate for current staffing shortages, which will only grow as the population ages. If you have an innovative idea that can help the industry, you may find you’re not working directly with the elderly but are contributing directly to their quality of life.
As a current manager in the aged care industry, you have the skills and experience to run a great aged care business. Use that experience to identify the holes in the industry so you can grow your business meeting those needs. Whether you build your business by providing services directly to elderly people or by working with other aged care providers, you will be contributing directly to people’s quality of life.
For further information, contact your nearest LINK Business Broking Office.
