The demographics of Canada’s population have begun to shift. The country’s largest portion of the population, the Baby Boomers, is hitting retirement age at an increasingly rapid pace. As of 2017, estimations speculate that 17.8% of Canada’s population will be over the age of 65 by 2021. This has great implications if you are considering opening a senior care business, as these individuals require a specialized level of care that your company can provide. A senior care business offers excellent opportunity for profit, but you probably want to consider the following key factors required for success.
Map Out Your Services
Before your company can help any elderly clientele, you need to establish what specific type of care centre your company is going to be, what services you will provide to clients, and how you will go about providing those services. If you are running a facility with residential space, and intend for clients to live on the centre’s grounds, you can provide these individuals with a wide variety of activities, transportation services, and access to entertainment and shopping. If, on the other hand, your business relies on your staff going into the homes of clients, the amount of services you can provide your customers might be slightly more restricted. It may help you to more clearly understand the possible differences in business structure to think in terms of a residential elder care facility versus a company offering home health care services. No matter how you end up delivering services, you want to offer your clients only the services that your business can realistically provide. Keep in mind that clients who are relocating to a residential facility are likely experiencing a combination of new life stress situations. Consider developing a strategic plan to address these stressors and concerns a client may have at the very beginning of your business relationship.
Permits and Certifications
When working with a population of a certain age and one that has more complex issues to manage in terms of finances and health, it is vital to obtain the appropriate permits and licencing needed to run the type of elder care business you plan on operating. It’s also going to be of importance for you and all of your staff members to become certified or renew certifications for CPR and any other life-saving techniques, procedures, or measures that may be helpful when working with seniors or elderly clients.
If you are running the type of business that involves going into your clients’ homes, it’s advisable to set up an umbrella insurance policy to protect you and your employees in the event of an injury or a lawsuit brought on by the client. Name the precise services you offer, along with their methods of delivery, so these aspects can be spelled out in detail in the insurance policy.
There are a number of senior care businesses throughout Canada that have been able to capitalize on the rapid growth of the countrys Baby Boomer generation. Home Instead Senior Care has nearly 1,000 locations inside and outside of Canada, and generates in the neighbourhood of $1 billion per year. Comfort Keepers has also seen substantial success, showing a three-year sales growth rate of over 30%. Before opening your senior care business in Canada, consider the various elements involved in the process.