To start a for-profit group home, write a business plan, obtain an Employer Identification Number, apply for the necessary permits, secure financing and select a location for the home. Adding value-added amenities and services for residents and visitors can help to keep occupancy rates high.Continue Reading
Select the type of business entity for the group home such as corporation, limited liability company, partnership and sole proprietorship. Write a business plan detailing revenue sources and projected expenses for the company and annual occupancy targets. Consult with an accountant and attorney to ensure that all financial and legal requirements are covered in the business plan.
Visit the local IRS office or visit their website to apply for an Employer Identification Number. The EIN allows a group home to pay company taxes and hire employees as a business entity.
Research on state requirements for starting a group home, and apply for the necessary permits. Keep in mind local zoning regulations when renovating or constructing a group home.
Secure financing for the business. Sources of financing may include personal savings, commercial banks, family and friends. Present the business plan to potential investors to help them understand the expense, revenue and growth details of the business.
Choose a suitable location for the home, and contact builders, interior designers and architects with experience in building group homes. Consider residents with physical challenges when designing and building the home.
Finally, purchase industrial-strength kitchen appliances and laundry equipment. Contract with vendors for the supplies and goods needed for the day-to-day running of the home. Hire qualified staff such as food specialists, housekeepers, caregivers and admissions coordinators.Learn more about Managing a Business