Home healthcare is one of the fastest growing industries in Canada, the USA & UK.
Indeed, this is the best time to start an in-home care business.
So, in this guide, we have covered all your questions regarding –
- Home care business plan
- Things to consider
- Legal requirements
- Successful operation plan
How to start in-home care business? A roadmap to a successful business & operational plan
1. Create a business plan as it defines your long-term success
You can provide home healthcare services in numerous ways but what matters the most is – business planning and forecasting.
Meaning, the importance of business knowledge is just as equal to clinical knowledge.
Because at the end of the day it is the business that should run smoothly in terms of profit and ROI.
In case you’ve never created a business plan, here is the simple process for it.
- Write an executive summary
- Define your goals and how to achieve them
- List the services you want to provide along with the location
- Analyze the expenses for equipment, rental, and resources (Operational planning)
- Financial planning (Cash-flow, balance sheet, sales forecast, break-even analysis)
- Create a marketing plan
- Competitive analysis with SWOT (Strengths, Weaknesses, Opportunities & Threats)
2. Secure funding
Home care business or startup fails due to the lack of funding and financial planning.
Means, creating solid financial planning is essential.
In fact, if you start a home care agency today – it will take you almost 6 to 9 months to make a profit.
So, make sure that you’ve enough funds to manage personal and business needs.
3. Get the Tax ID number
If you’re from Canada, you need to apply for a Tax ID from Canada Revenue Agency.
And if you’re from the USA, apply for an EIN (Employee ID Number) in the Internal Revenue Service.
4. Registration with the secretary of state
This process sounds difficult but actually, it’s not.
You just need to submit your business name to the respective state and local government.
But before submitting it, make sure that the business and domain name you’ve selected is available or not.
5. Get licenses and certifications
Your in-home care agency needs to be in line with both state and federal governments.
And to get a license and certifications, you’ll need to meet all the regulations that apply in your area or city and state.
In many states of the USA, you have to undergo a three-day survey for acquiring local and Medicare/Medicaid licenses and certifications.
Meaning, different states have different criteria for legalization.
So, the best option is to visit your local and state departments of health.
6. Now it’s time to hire staff
In many areas, people recognize businesses from their products and services.
But in-home care business, they recognize you by your staff.
Means, your home healthcare staff is the face of your business.
Thus, it’s important to hire the best people who reflect your business values and provide the most appropriate care.
However, this is the most challenging part of the home care business.
But don’t worry, we have got you covered for this.
- Post your job ads on social media and on niche job boards
- If you have high capital – a staffing agency is the best solution
- Improve your brand recognition
- Offer smart benefits like flexible working hours
- Don’t rush the interview process
- And never avoid checking legal documentation
7. Develop a marketing strategy
What separates you from others’ in-home care businesses is – an effective marketing strategy.
It allows you to grab every opportunity to achieve your business goals.
More importantly, it not just helps you in attracting more clients but also assists you in hiring the best people for home care.
And here are some of the best marketing strategies for in-home care businesses.
What to choose? Medical or non-medical in-home care business?
Initially, this is the first step to starting in-home care business.
It’s a big decision that impacts every aspect from license and certification to hiring caregivers and other staff.
Both have their own benefits and limitations.
So ultimately, it totally depends on which services you’d like to offer and your goals.
But still, we have covered every aspect of both medical and non-medical so you can make a better decision with ease.
How much does it cost to start in-home care business in Canada, USA?
This might be where you are most interested if you are serious to start in-home care business?
The start-up cost depends on the state or province in which you want to start a home healthcare agency.
Because the expenses for legalization, insurance, accounting services, office location, marketing, technology, and most importantly the cash flow for staff vary in each and every province.
And above all criteria also applies in the USA.
But still, an estimated cost to start a home care business in Canada is –
- $80,000 to $120,000 for non-medical private agencies
- $120,000 to $200,000 for non-Medicare
- $240,000 to $450,000 for Medicare Certified Agencies
How can we help you to start in-home care business?
We are an Ontario-based healthcare-focused IT company.
We have a local team of 50+ IT experts who have successfully helped several healthcare organizations with their technical and compliance needs.
So, if you have custom or ready-made development needs, let’s conduct a call and talk about how we can help you start an in-home care business with tech.