Demand for care homes is expected to grow significantly in the coming years, making now the perfect time to begin the process of building your care home business. After all, the UK's aging population is undergoing significant growth; currently, over 65s - the demographic most likely to require care home services - account for 19% of the population. In the next fifty years, that percentage will jump to 27%.
That offers a tremendous opportunity for new care home businesses to find clients. Indeed, even though there are some 7,500 care home providers in the UK, we're still finding that demand is outstripping demand.
Of course, setting up a care home business is slightly more complicated than starting other types of businesses. It's not possible to simply get set up and begin offering beds. In this post, we'll run through some of the key things that developing businesses must consider during the development phase.
Market Research
We mentioned above that demand for care home services was high, but that doesn't mean that it's high in all areas across the UK. Some areas don't require a new care home because its demographics are out of sync with the people who typically require these services. Others don't need one because there are already several successful care homes operating in the area.
Conducting thorough market research is crucial for figuring out where your care should be located, the services it'll offer, and how much it'll cost. Note that you don't necessarily have to avoid an area because there are already care homes there, but you will have to make sure that you're offering something that isn't already available.
Legal and Compliance Matters
Due to the nature of the services they provide, care home businesses are subject to more legal and compliance factors than other types of businesses. You'll need to adhere to the latest policies and procedures for care homes to be compliant with CQC (Care Quality Commission), as well as obtain a food hygiene certificate. There's also a requirement to have the right staff-to-resident ratio so that you can offer the highest level of care.
Excellent Staff
Staff quality is important for the success of all businesses; in the care home sector, it's vital. The people working for your organisation will have a huge impact on the client's experience, which will ultimately determine whether they stay with your business (or not), recommend it to your friends (or not), and whether they feel they get good value for money (or not). If you're not planning on running the care home yourself, you'll need to ensure that you hire a registered care home manager to do it on your behalf (note: you'll need to obtain certification if you'll be the one in charge). From there, it's about putting together hiring processes that push the best candidates in your direction.
Marketing
Finally, you'll need to go through the process of marketing your business, which is vital for attracting residents. This can involve having an in-depth website, running PPC campaigns, and local SEO. A marketing agency can assist with this.
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