Senior Services: Your Guide to Starting a Business That Supports Senior Caregivers
When it comes to senior caregiving, most people think of the seniors themselves. However, few people consider the individuals who care for the elderly, such as adult children, grandchildren, nieces and nephews, and other caregivers. These caregivers do so much to ensure the health and safety of their older loved ones yet receive little help or recognition in the process. You can change that by offering services that support caregivers directly. Use this guide from Jamhuri Healthcare Services for help building a sustainable business model within the vast and rapidly growing senior caregiving market.
Decide Which Services To Offer
When deciding which services to offer to senior caregivers, you ultimately need to consider what the seniors themselves need. What services can you take over to lighten the load of caretakers? Though every older person’s needs are different than the next, below are a few in-demand services:
You can offer each of these services via a more comprehensive business model, or you can narrow your offerings to meet more niche demands. When deciding which services to offer, consider everything from current demand to growth to profitability.
Pick a Business Structure
Once you’ve decided what services to offer, it’s time to select a business structure. The U.S. Small Business Administration warns that the type of structure you choose affects everything from day-to-day operations to taxes to financial liability. It’s important that you choose your structure wisely to protect your investment and bottom line.
Of all business structures from which to choose, both an LLC and S Corp offer the most benefits for small businesses. Yet, an S Corp may have a slight advantage over an LLC in the following ways:
- It is a pass-through entity for tax purposes
- It offers self-employment tax savings
- It provides business owners the option to claim losses as tax deductions
- It offers asset protection
- It is easily convertible
Additionally, S Corps are easy to form. While it doesn’t hurt to seek professional help with the structuring process, you can easily form an S Corporation online via a formation service. In doing so, you can avoid hefty lawyer fees and other associated costs.
Make Billing a Priority
Of all the details to figure out when forming your business, billing is perhaps the most important. It also happens to be one of the most overlooked.
For your business to run smoothly at all times, you need an invoicing system in place that helps you to get paid quickly and on time. Some steps you can take for smoother billing include communicating the terms of a contract early on, keeping contracts simple, and making payment easy for customers. You should also send invoices promptly — preferably weeks before they are due.
Though not necessary, it doesn’t hurt to beautify your invoices. Use an invoice generator to create branded invoices that boost your company’s logo and photos. Also, customize the text to be in line with your service offerings and customers’ needs. Finally, make sure the software you use allows customers to download invoices in your preferred format.
From deciding what to offer to selecting the appropriate business structure, you have a lot to consider when building a business that caters to senior caregivers. Yet, if you invest time into the above factors, you can build a sustainable business in no time.