Many of the steps listed below can be completed in a different order or simultaneously.
Step 1: Decide what kind of business you want to run
You can start your own business from scratch or consider opening a franchise. There are pros and cons to each selection. Opening your own business usually results in lower starting costs, but you will also have no assistance on what to do next. On the other hand, if you open a franchise they will help you through much of the process, but you will have to pay licensing fees. This is only the tip of the iceberg. There are other considerations with franchising such as marketing restrictions, brand recognition, and much more. It is important to do as much research as possible on owning your business versus franchising and which franchise to open if you decide that is the best decision for you.
Step 2: Set up a business entity
You will create your company and there are many types you should look into such as a sole proprietorship, partnership, limited liability company, and so on. You must thoroughly understand each entity so you can choose the one that best fits your needs. Contacting an attorney to help you figure this out may be a good idea. From there do some research by going to your state website to learn about company structure, taxes, payroll, workers compensation, and liability insurance.
Step 3: Register for taxes
This is where you register your business for state and federal taxes.
Step 4: Research licence and permit requirements
Every city or county may have specific business licenses or permits that you must acquire. Do your research to find out which ones you need to apply for. Don’t get fined for being uninformed.
Step 5: Figure out your finances
Establish an accounting system, create a business banking account, sign up for a business credit card, and decide if you need any kind of loan. Will you need to rent a building?
Step 6: Write out your business logistics
How will you add new clients, record care given, do payroll, train employees, schedule shifts, bill, and so on? Consider using an electronic medical record such as Elara . Elara provides you with the ability to track your hospice and palliative care patients in an easy to use, affordable, and compliant application. We are a small firm and that gives us a unique ability to provide better support, move faster, and develop closer partnerships than our giant competitors.
Step 7: Hire staff
Post job openings for caregivers on multiple platforms. Start with staffing websites.
- Indeed – you can create a listing for free with some restrictions or sponsor your posting for at least $5 a day.
- Glassdoor – post jobs with a free basic account or pay for a wide variety of packages based on your needs
- CareerBuilder – offers three packages varying from $219-499/ month
- LinkedIn- useful for targeting specific talents, it has a $119.95/ month starting price
- myCNAjobs – recently ranked to be the best cost to recruit caregivers, it is $79/ month after a free trial period
Step 8: Create your company website and social media profiles
You can create your website yourself or hire someone to do it for you. Make it look professional and post only content relating to hospice and your business.
Step 9: Referrals
Do your best to connect with long term care facilities and hospitals in your area who can spread the word of your hospice.
Step 10: Marketing efforts
You can set up online ads, create materials to hand out, and keep your social media profiles updated.