The Home Care & Assisted Living Business Series
By Allen Chaney
The first being Home Care - The 20 Billion Dollar industry opportunity right next door.
The second opportunity is in Residential Assisted Living. The average in America today is $3,750 per month for a private room in assisted living.
We will discuss how average Americans can take advantage of this growing opportunity.
The Home Care & Assisted Living Business SeriesFeb 28, 2023
How to Buy an Assisted Living with Owner Financing?
1.) To buy an assisted living facility with owner financing, you will need to first find a seller who is willing to offer this type of financing.
2.) Once you have found a seller, you can negotiate the terms of the financing, such as the interest rate, the length of the loan, and the amount of the down payment.
3.) You will also need to provide documentation to the seller, such as financial statements and a credit report, to show that you are financially capable of making the payments.
4.) After the terms of the financing have been agreed upon, you will need to sign a purchase agreement and any other necessary legal documents.
5.) Once the documents have been signed and the down payment has been made, you will take ownership of the assisted living facility.
6.) It's also worth to consult with a real estate attorney or accountant before moving forward with the purchase.
They can help you understand the legal and tax implications of buying an assisted living facility with owner financing.
Our Accountants at Allenchaney.com can help you better understand this process!
How To Start A Home Care Service | Caregiver Recruitment 2022
Weekly Home Care & Assisted Living "Done With You" Group Training
📣 Each member will be placed in a small groups (4-7 members) of other new owners from different markets/cities.
📣 Each cohort will support, hold each other accountable and provide motivation, encouragement and best practices.
📣 6 months of group, and individual training, support and accountability. Home Care & Assisted Living "Done With You" Cohort (Mastermind Training Program):
Allenchaney.com
How To Start A Home Care Service - Live Q&A Session | AllenChaney.com
https://allenchaney.com/collections/frontpage/products/home-care-assisted-living-dfy-cohort
Each week we will meet with each cohort for a training, a progress report, accountability and deadlines. During these Zoom calls you will be able to ask questions, trade ideas with others and share your ideas, comments or concerns. Alongside the weekly training we work with you individually to ensure long-term growth and success. We meet you were you are to develop your personal business goals and make a actionable plan for reaching those goals.https://allenchaney.com/collections/frontpage/products/home-care-assisted-living-dfy-cohort
Virtual Home Care & Assisted Living (Cohort Training)
Virtual Home Care & Assisted Living "Done With You" Cohort (Mastermind Training Program)
Home Care & Assisted Living "Done With You" Cohort (Virtual Group Training Program)
6 months of group, and individual training, support and accountability. Each member will be placed in a small groups (4-7 members) of other new owners from different markets/cities. Each cohort will support, hold each other accountable and provide motivation, encouragement and best practices.
Each week we will meet with each cohort for a training, a progress report, accountability and deadlines.
During these Zoom calls you will be able to ask questions, trade ideas with others and share your ideas, comments or concerns.
https://allenchaney.com/collections/frontpage/products/home-care-assisted-living-dfy-cohort
Alongside the weekly training we work with you individually to ensure long-term growth and success. We meet you were you are to develop your personal business goals and make a actionable plan for reaching those goals.
https://allenchaney.com/collections/frontpage/products/home-care-assisted-living-dfy-cohort
The Ultimate Senior Care Business Planner: Overveiw!
The Ultimate Senior Care Business Planner
The Ultimate Senior Care Business is one of its kind. Designed specifically for anyone running a Senior Care Business, were managing referral sources is paramount. Think of it as having your very own community liaison helping you to stay on top of your referral sources, stay organized, fully focused, stop you from feeling overwhelmed and help you make every single day count. That's The Ultimate Senior Care Business Planner!
https://allenchaney.com/collections/frontpage/products/the-ultimate-senior-care-business-planner-your-daily-community-liaison-productivity-planner-for-meaningful-relationship-development
The Ultimate Senior Care Business Planner walks you first through a review of 2021 so as to give you insight on what strategies will be best going into 2022 and letting go of the things that you should let go. This is done in the "2021 Review" section, the "Your Life Map," your "2022 Bucket list" section and "Your Biggest Why" and of course your "Vision."
Next you will be guided through Branding Strategies via a series of leading questions to position your business as a viable home care solution in your immediate marketplace.
Next you will be identifying your direct competitors in your target market with our Competitive Analysis exercise. This exercise is designed to equip you with the best techniques to compete in any saturated or open market.
https://allenchaney.com/collections/frontpage/products/the-ultimate-senior-care-business-planner-your-daily-community-liaison-productivity-planner-for-meaningful-relationship-development
Next you will complete a SWOT analysis to better understand your strengths, weaknesses, opportunities and threats. This is a short activity to help you identify your company's weaknesses. It helps you focus on your strengths, reduce hazards, and maximize possibilities. This is another popular business tool that will help you minimize waste and focus on growth and sustainability.
All in all, The Ultimate Senior Care Business Planner was designed to equip those in the start up phase to the advanced stages of growth and scale. Please slowly work through the material and enjoy.
https://allenchaney.com/collections/frontpage/products/the-ultimate-senior-care-business-planner-your-daily-community-liaison-productivity-planner-for-meaningful-relationship-development
Home Care & Assisted Living "Done With You" Cohort - Leveraging Virtual Assistants
https://allenchaney.com/collections/frontpage/products/home-care-assisted-living-dfy-cohort
Home Care & Assisted Living "Done With You" Cohort (Group Training Program)
https://allenchaney.com/collections/frontpage/products/home-care-assisted-living-dfy-cohort
"The Ultimate Senior Care Business Bundle" - AllenChaney.com
The Ultimate Senior Care Business Bundle
Explained State Licensee Directory FREE REFERRAL SOURCE LIST
Each week we will meet with each cohort for a training, a progress report, accountability and deadlines. During these Zoom calls you will be able to ask questions, trade ideas with others and share your ideas, comments or concerns. Alongside the weekly training we work with you individually to ensure long-term growth and success. We meet you were you are to develop your personal business goals and make a actionable plan for reaching those goals.
Program Total is $997.00.
The payment plan is 2 payments of $497.00 or 3 payments of $337.00.
Make payments to cashapp: $Allenchaneydotcom
6 Months of Group & Individual Training - Support & Accountability.
Home Care & Assisted Living "Done With You" Cohort
6 months of group, and individual training, support and accountability.
Each member will be placed in a small groups (4-7 members) of other new owners from different markets/cities. Each cohort will support, hold each other accountable and provide motivation, encouragement and best practices. Each week we will meet with each cohort for a training, a progress report, accountability and deadlines. During these Zoom calls you will be able to ask questions, trade ideas with others and share your ideas, comments or concerns. Alongside the weekly training we work with you individually to ensure long-term growth and success. We meet you were you are to develop your personal business goals and make a actionable plan for reaching those goals.
Home Care & Assisted Living Millionaire Business Training
Each member will be placed in a small groups (4-7 members) of other new owners from different markets/cities. Each cohort will support, hold each other accountable and provide motivation, encouragement and best practices.
Each week we will meet with each cohort for a training, a progress report, accountability and deadlines. During these Zoom calls you will be able to ask questions, trade ideas with others and share your ideas, comments or concerns.
Alongside the weekly training we work with you individually to ensure long-term growth and success.
We meet you were you are to develop your personal business goals and make a actionable plan for reaching those goals.
Including: The Ultimate Senior Care Business Bundle
The Best Selling Home Care Business in a Box 2.0 (Value $297.00) Customizable Home Care Business Plan (Value $197.00) Customizable Home Care Policies and Procedures ( Value $297.00) Assisted Living Business Startup Kit ($497.00) Customizable Assisted Living Business Plan (Value $497.00) Customizable Assisted Living Policy and Procedures (Value $297.00) A copy of The amzon best selling "High Performance Planner" (5 colors to choose from) (Value $27.00) MEDICAID WAIVER Home Care Provider Certification ($497.00) Instructions Step By Step Instructions to Business Credit Establishment ($97.00) Newsletter Letter Template & Monthly Content ($197.00)Program Total is $997.00.
The payment plan is 2 payments of $497.00 or 3 payments of $337.00.
Make payments to cashapp: $Allenchaneydotcom
Home Care & Assisted Living "Done With You" Cohort (Week One: Basic Business Establishment)
Home Care & Assisted Living "Done With You" Cohort
6 months of group, and individual training, support and accountability.
Week One: Basic Business Establishment
12 Areas of Balance Daily GPS w/ Evernote Template Entity Formation Business Plan Creation Business License State Licensing Application/Guidelines (Read Them All) Business Banking FEIN Affiliations Insurance / Bond Personal Survival Budget Pull Referral Source list (State Directory)Including: The Ultimate Senior Care Business Bundle
The Best Selling Home Care Business in a Box 2.0 (Value $297.00) Customizable Home Care Business Plan (Value $197.00) Customizable Home Care Policies and Procedures ( Value $297.00) Assisted Living Business Startup Kit ($497.00) Customizable Assisted Living Business Plan (Value $497.00) Customizable Assisted Living Policy and Procedures (Value $297.00) A copy of The amzon best selling "High Performance Planner" (5 colors to choose from) (Value $27.00) MEDICAID WAIVER Home Care Provider Certification ($497.00) Instructions Step By Step Instructions to Business Credit Establishment ($97.00) Newsletter Letter Template & Monthly Content ($197.00)Program Total is $997.00.
The payment plan is 2 payments of $497.00 or 3 payments of $337.00.
Make payments to cashapp: $Allenchaneydotcom
Assisted Living Partnership | Virtual Administrative Services
Home Care Staff Structure
Office Manager: 5 Year of Experience, $13/hr+ plus profit sharing
BillingScheduling
Client Support / Satisfaction
Hiring Final Decision
Administrative Assistant: 2 years of experience, $11/hr+ minimum 20 hrs a week
Incoming/outbound calls (Service inquiries / Follow ups calls)Incoming emails
Applicaticant Intake (Documents, Scheduling)
Manager support
File Management (Lead, Client, Applicant, Caregivers)
Community Liaison:3 years of experience, $17/hr., Mileage, Commission ($250.00 per client)
Meaningful Relationship DevelopmentSpecialty Programs
In home consultations
Paid or unpaid Intern:
Office Manager SupportAdmin Support
Literature Ranks / Fliers (Place and Replenish)
Community Liaison Support
Virtual Assistant:
Email NewsletterPaper Newsletter
Search Engine Optimization (SEO)
Content Creation
Digital Marketing
List building
Monitor and Split test online ad campaigns
Lead Caregiver:
Caregiver MentorshipRandom House Checks
Monthly Caregiver Appreciation program
Incentive Programs
Sign Installer:
Create RoutesPlace Bandit Signs
Top Advisors | Building a Strong Team for Success
The Home Care Millionaire X Factor: Step by Step Guide to Building a Million Dollars Worth of Momentum
Similar to the 10x rule or growth marketing
The X Factor: a variable in a given situation that could have the most significant impact on the outcome.
There has to be an unprecedented amount of action taken to create long lasting momentum and compounding effects.
You can't passively make an serious impact.
If your capital is low in the beginning focus on scaling the things you can do with little to no capital.
250 Signs A Week. (125 per county)
250 calls a day.
250 emails a day.
100 office visits a week.
500 pieces of direct mail a week.
5 Business Networking Events a month with 30 real follow ups and lunch meetings.
$50.00/day Targeted Facebook Ads 30 Cross marketing Social Media Post a Day. (Instagram, Facebook, LinkedIn, Medium, Pinterest, YouTube, Twitter) Reply to everyone who engages!
25 Clients x $800.00 (part-time client $200/wk) x 12 Months = 240k
You literally have to become an Extraordinary Human Being willing to work 14 18 hour days to create a presence in the your marketplace.
How do I do all of this with little money and no help? Build system, schedules and a team.
Each task or series of task and assistance are added as you begin to make sales and generate income.
Hire a virtual $4.00/hr 40 hours for $160.00 of work Freelancer.com and local assistant Indeed.com $10.5/hr 20 hours $210.00 , create an unpaid collage internship program, seek volunteers.
Scale The Unscalable.
Self Improvement: Your Company’s Growth is Directly Connected to Your Personal Growth
Meditation
Fitness
Diet
HP Planner
One Book A Week
Network - Friends / Relationships
Environment ( Power of Proximity)
2020 Tactical Goals: Home Care And Assisted / Independent Living
Business Essentials
Branding Folder
Caregivers ready for assignments
System For onboarding
Develop Your Referral Network
Broaden your marketplace (5 surrounding counties)
Develop 10 Real relationships a month. (Phone calls, visits, follow-ups, commitments)
Expert Positioning:
Develop a value add presentation
Develop a newsletter
Content Syndication
Develop a Specialty Program (team up with local experts / (Ipced)
Quick Start Lead Generation:
Order 500 Bandit Signs $875.00
Create one route in each (5) county. 125 signs a week.
Get simplecrew app (upload routes)
Hire Sign Installer pay $1.00 a sign plus $25.00 for gas $150.00 a week.
Monthly Budget $1,400.00
I can guarantee 1 to 3 clients a month with little to no complaints from the sign police if routes are spread out correctly.
Assisted Living / Independent Living
Get informed about your local regulation
Real Estate Investor Groups / Investors are receptive. (Be open to partnerships with property owners)
Ownership is best. Your closer then you think. 3 years on your job, 600 credit score, downpayment program.
Remember this is a long term investment strategy, even if it takes a year, it's well worth it.
Multiple Streams of income in the same industry (Home Care, Assisted Living, Independent Living)
Bonus:
Productivity Planner
first ten people get a free copy of the Productivity Planner
Text Us At (443) 906-3603 with name, email and address
Independent Living Made Simple
Low barrier of entry 3x roi over traditional rental market rates No license requirement No medical staff Full time aid w/ transportation Offer: House Keeping Meditation Reminders 3 meals with 2 snacks (Based on physician instructions) Laundry Cable TV Internet Heating and cooling Security Safety features Private and Semi private $1700.00 for semiprivate and 1,900.00 for private. 3 bedroom with one semi private is four residences with one aid. Gross Income: $7,200.00 Aid Pay at $12.5/hr is 2k/mo Check my numbers in your local marketplace by secret shopping local facilities.
The Home Care & Assisted Living 18 Month Million Dollar Blueprint - [Explained]
This episode is a breakdown of what our new virtual learning experience will entail. AllenChaney.com
Home Care Profit Breakdown (Conservative) - Show Me The Money Part 2
20 hours a week at $18.00 an hour
Total Weekly Gross = $360.00
Total Monthly Gross = $1440.00
Caregiver Weekly Pay rate at $11.00 an hour = $220.00
Caregiver Monthly Pay rate at $11.00 an hour = $880.00
Monthly Net Profit to Agency = $560.00
Client Number 2:
40 Hours a week at $17.00 an hour
Total Weekly Gross = $680.00
Total Monthly Gross = $2,720.00
Caregiver Weekly Pay Rate at $11.00 an hour = $440.00
Caregiver Monthly Pay Rate at $11.00 an hour = $1760.00
Monthly Net to the Agency = $960.00
Client Number 3:
Live In Client $180.00 a day:
Total Monthly Gross: $5,040.00 (Every 28 days)
Caregiver Salary: $110.00 day. $3080.00 a month.
Monthly Net Profit to the Agency: $1,960.00
Total Monthly Net Income for 3 Clients: $3,480.00
Annualized $41,760.00
I call this the magic 3 and our entire staff is geared to meet this goal monthly. Nothing less and if we exceed this goal bonuses and other incentives are given. Feel free to us this or some other variation in your organization.
The home care has the advantage of scale for sure but there is a high turnover.
ALF is limited but it's a higher demand because of bed inventory and it the turnover rate is much lower.
To be in both is the golden path 💰
Show Me The Money: Assisted Living Revenue Case Study
Mortgage: 285k
Lease: 3K
Single Family 1000/sqr ft minimuim, 3/2 signal room 80 sqr ft., simi-private 120 s,qr feet, Basement or Den (Caregivers Living Quarters)
Downpayment: 12k (Down Payment Assistance)
Join First Time Home Buyers Program in your county.
Bedrooms Furnishing New*: $1,900.00
Common Areas Used*: $600.00
Kitchen Used*: $200.00
Fire Extinguisher × 2 $125.00
Small Locked Refrigerator w/ Lock $100.00
Raised Toilet Seat - $35.00 per bathroom
Wall Railing $70 per 3 foot
*Used:
Offerup
Goodwill
Craigslist
Facebook Marketplace
Monthly Fixed Cost:
Mortgage/Rent $1,780.00
Electric $125.00 (Buget Billing)
Water $33.00
Cable / Internet Bundle $184.00 (Xfinity) Home Security
Groceries $450.00 (Sam's Club)
Payroll ( Caregivers 185/day $5,100.00*, AL Manager $2,500* Manage it yourself, Delegating Nurse $150.00*
Monthly Total: $10,109.00
Consecutive Income 15k/mo:
Single Room 4.0k /2
Double Occupancy 3.5/2
Aggressive Income 19k/mo:
Single Room 5.5k / 2
Double Occupancy 4k / 2
Caregivers: The Frontline Of Home Care | The Do's and Don't's of Finding & Keeping Top Talent.
Referrals
Craigslist
Indeed.com
Churches
Retention:
Appreciation
Bonuses
zestful.com/
Continued Education: Assisted Living Manager, Certified Medical Technician, Ipced.com
Mentorship
Don't:
Hire friends
Get personal
Break your own rules
Play with the money
Overlook Clear Signs
Do's:
Set goals with your caregivers
Catch them doing something right
Sandwich The Negative
Document everything (Good and Bad)
Birthday cards, Holiday Cards, Turkeys, Christmas Bonuses
Create a support system, Team Mindset
Residential Assisted Living Startup Checklist for Success
Skills For Long Term Business Success Part - 2. Sales Skills and Money Management Skills.
Asking Questions
Finding the Pain
Taking Notes
Creating a Personalized Solution
Building a Referral Tree
Practice
Book Recommendation: The Sandler Rules: 49 Timeless Selling Principles and How to Apply Them
Financial Literacy:
Prepare for Long Term Investment
Quickbooks
Focus on what works
Invest in Education
Invest in People
Book Recommendations: Small Business Finance for the Busy Entrepreneur: Blueprint for Building a Solid, Profitable Business
Skills For Long Term Business Success | Management and Marketing - Part 1
Meaningful Relationship Development - Adding Value to Top Referral Sources in your Community.
How We Started in Home Care and our First Two Clients.