Before you consider how to start a senior placement agency, often referred to as a senior placement consultancy business, with the many details involved in opening and sustaining a successful business, you’d be wise to consider the following three things.
First, you’ll want to become very familiar with the market opportunity. What does 2023 look like for this segment of the senior care industry? Can you be profitable within a reasonable amount of time following the opening of a new senior placement business? What will this market niche look like over the next 5-10 years?
Once you’ve answered the senior care placement market questions, as you would before any business start-up, in considering how to start your new senior care venture, you’ll want to know how to proceed through the business planning process.
From strategic planning, competitive analysis, budgeting, hiring, sales, and marketing. Literally hundreds of details, and all key to your success as a new business owner in the senior care placement space.
Third, and perhaps the wisest, most important question you should consider as you think about how to start a senior placement agency – what organizations in this segment have been successful, and which are those that you could learn from the most?
What Does the Current and Projected Market For Senior Placement Services Look Like?
A few key senior care statistics you should know:
According to Centers for Medicare & Medicaid Services (CMS) data, in July 2022, approximately 1.2 million people resided in more than 15,000 certified nursing homes.
Today, baby boomers are between 59 and 77 years old.
While most will want to continue to live in their current homes moving forward, not all will be able to, with many seniors requiring care of various types. Some seniors will need to move to an assisted living facility while others will require the care of living in a nursing home.
There are projected to be 73.1 million people over the age of 65 in the United States by 2030. Likewise, the U.S. will need nearly 1 million new senior living units by 2040. As you think about how to start a senior placement agency, clearly the numbers bear witness to the projected needs of the aging senior segment of the population in this country.
What’s Involved in The Business Plan Process as You Consider How to Start a Senior Placement Agency?
Launching an Elder Care Placement Agency S from the ground up is obviously a lot of work.
If you’re going to start a senior care placement consultancy business of any kind from scratch, better roll up your sleeves, as there’s much to be done before you open your business!
Think about the following items you’ll need to research, develop, and include starting a Senior Living Placement Business:
- Market Analysis – You’ll need to define your territory, the geographic area your business will serve, as this will help determine your target market and the real business opportunities within this market.
- Competitive Analysis – How many key competitors operate within the market you are targeting, who are they, and what are the strengths and weaknesses of each?
- Revenue Model and Budgeting – Will your new senior placement business rely on one primary revenue model, and what will that look like? Are there multiple revenue streams possible? What are your ideas for innovation in a senior care industry niche where most companies operate under the same revenue model, providing you with a distinct competitive advantage? What budgeting, forecasting, and accounting styles best fit your business model?
- Legalities and Business Permits – Depending on the state or state where you’ll conduct business, each will have similar but often different policies, procedures, laws, and regulations that govern your industry and how you can do business.
- Sales & Marketing – How you identify potential new clients and reach these clients with your value proposition, plus your repeatable sales process will need to be spelled out within your business plan.
- Employees, Hiring & HR – From projecting your employment needs to employee compensation, bonuses and rewards, and vacation policies, a thorough business plan will include these relevant details and plans.
The process of simply considering how to start a senior placement agency from the ground up is detailed and involves careful and diligent thought, planning, and perseverance.
All these details should lead to the final consideration initially suggested. What is the best company to learn from for anyone considering starting a senior placement agency?
Actually, there’s an even wiser question. Is there a better opportunity than starting your own senior placement consultancy business from scratch, or …
Which Senior Care Placement Franchise Provides the Best Business Opportunity in 2023?
That’s the right question! Introducing, Senior Care Placement Service.
A Prime Senior Placement was founded by senior care industry veterans Tim Meehan, Joe Soles, and George Heinemann, who recognized that many families were unfamiliar with the senior housing options available and often required for their aging parents.
They were equally aware of the number of people looking for a flexible franchise model, requiring no employees and with a low entry fee.
What Makes Prime Senior Care Such a Great Senior Care Placement Franchise Opportunity?
Prime Senior Placement’s mission is simple and unwavering: to find the perfect retirement community for its clients through a process that makes each client and their loved ones feel confident and secure.
And now, Prime Senior Placement is offering franchise business owners – some who may have first considered how to start a senior placement agency on their own – financial and professional success through an easy-to-execute business model built on a solid knowledge base, superior training, and ongoing support from the company’s home office team.
The Prime Senior Placement franchise business model was designed for the owner seeking a low overhead business, requiring no employees and saving franchise owners the typical 15-30% in payroll overhead.
Prime Senior Placement franchise owners can operate their businesses as a full-time job or alongside their current job.
The company operates on a fixed royalty rate model, meaning that as a franchisee’s sales go up, so too does the money that the franchise owner keeps.
Prime Senior Placement ownership is committed to extensive training of franchise owners from the beginning and to remaining highly accessible to franchisees.
If you’re looking for more information on how to start a senior placement agency, look no further than this amazing senior care placement franchise opportunity.
Contact Prime Senior Placement today to speak with a member of our team.