How to Start a Home-Based Senior Care Business: *Develop a winning business plan *Market your unique services to families *Create a fee structure *Develop a network of trusted caregivers and service providers *Become your area's top senior care manager »

James L. Ferry began his geriatric care management career in 1992 after earning a master’s degree in social work from Rutgers University. He is on the Board of Directors of the National Association of Professional Geriatric Care Managers. In 2003, he established Coaching Caregivers LLC (coachingcaregivers.com), which offers solutions and support to busy adults with caregiving responsibilities.

How to Start a Senior Care Business shows how to start and run a profitable, ethical, and satisfying home-based business in the field of senior care. The book covers the range of senior care businesses that are increasingly in demand today.

Acknowledgments xi

Introduction xiii

01 So You Want to Start Your Own Senior Care Business 1

Turn Personal Experience into a Business 1

The Income Realities of a Startup Entrepreneur 3

What It Means to Be Self-Employed 4

The Business Mindset Versus the Agency Mindset 4

Elevator Speech for a Highly Personalized Business 5

Resources for the Exploratory Phase 6

Specialization 8

Skills, Experience, Education, and Attitude 9

Blending the Roles of Practitioner and Manager 10

Educational Credentials and Certifications 11

Standards for Quality Service Are Vital 12

Going Solo Versus Building an Organization 13

02 15

Locating and Furnishing Your Home Office 15

Identifying Your Target Client 16

Budgeting 16

Presenting a Professional Appearance 16

Marketing Materials 17

Telephone Expenses 18

Budgeting Your Time 20

Choosing a Specialization 20

Staff 21

03 Setting Up Your Office 23

Office Furniture 23

Communication and Computers 23

Software 24

Printers, Copiers, and Shredders 27

Forms 28

04 The Business Plan: Your Plan of Action 29

Executive Summary 32

Business Description 32

Ownership, Organization, and Management 35

Operating Plan 35

Goals 36

Financial Assumptions 37

Estimate of Startup Costs 37

Profit and Loss and Break-Even Point 38

05 Getting Starter 41

Types of Company Ownership 41

Legal Matters 45

Business Checking Account 46

Marketing Materials 47

06 Financial Planning 52

Pricing 52

Labor Costs 53

General and Administrative Costs 53

Supply and Demand 54

Varying Rates 55

Travel Fees 55

Financial Management Tools 56

07 Financial Management 58

Cash Budgets 58

Large Purchases andCapital Budgets 59

Billing and Accounts Receivable 60

08 Taxes and Record Keeping 63

Hiring a Bookkeeper or Accountant 63

Bookkeeping Systems 63

Accounting Software 67

Taxes 68

09 Ethical and Legal Consideration 71

Who Is the Client? 71

Abuse, Neglect, and Exploitation 72

Client's Agents 74

Antitrust Laws 75

Insurance and Documentation 75

Dual Relationships 77

Objective Assessments 78

10 Marketing Your Senior Care Business in Your Community 80

Public Relations Initiatives 80

Public Radio and Television 83

Guerrilla Marketing 84

Networking 87

Public Speaking 88

Networking and Professional Organizations 89

11 Virtual Marketing Your Senior Care Business 91

Online Directories 91

Web Sites 92

Blogs and Newsletters 96

12 Taking Your Business to the Next level with staffing 99

Administrative Support 99

Short-Term Contractors 101

Staffing Agencies 101

Finding Employees 102

Interviewing Job Candidates 104

Hiring Professional Staff As Needed 106

Appendix A Sample Business Titles 107

Appendix B Service Agreement Sample 109

Appendix C Sample Proposal from a Web Site Designer 111

Appendix D Definitions of Important Legal Roles 114

Appendix E Senior Care Business Resources 116

Appendix F Home-Based Business Resources 119

Appendix G Hiring and Firing Employees 138

Appendix H Tax Issues 144

Index 148

About the Author 153