The population in the UK is continuing to age year-on-year, as the quality of healthcare and advancements in medical science help us to live for longer on average. This is increasing the demand for domiciliary care services, with this burgeoning industry now worth an estimated £7.8 billion across both public and private sectors.
With ongoing concerns about NHS funding and the public services available to the elderly, it’s also fair to say that there’s a growing need for independent agencies to provide care nationwide.
Make no mistake; the private care sector in the UK is a growing entity that offers immense opportunity for aspiring entrepreneurs. With this in mind, here are some tips to launch successfully in this large and challenging market.
- Create the Perfect Business Plan
Some rules of business are universal, and they apply regardless of which sector you intend to operate in.
So, if you’re serious about launching a successful care home, it’s imperative that you create a detailed and structured business plan that combines exceptional care provision with accurate financial data.
In this particular instance, you’ll need to outline you qualifications for working in adult care, as this is a specialised industry that requires full accreditation.
You should also provide an overview about your business model and the details of the service that you intend to provide, alongside knowledge of the marketplace, your competition and the initial costs required to create a viable venture.
Attention to detail is crucial when creating your business plan, particularly when presenting your sales forecasts and potential profitability.
- Understand the Regulations
As a specialised industry, adult care in the UK is heavily regulated and governed by a number of stringent rules and regulations.
These are laid out and enforced by the Care Quality Commission (CQC), which is an independent entity that requires new businesses to register with it when they launch.
In addition, the rules dictate that you must log your registered manager. This is the individual who will manage the care services provided by your business, and they’re required to have the relevant training, skills and industry accreditations.
From here, your firm will need to follow all of the sector’s procedures and policies if it’s to remain compliant and pass inspections by the CQC.
- Partner with Service Providers that can aid your Venture
When delivering your service, it’s important to consider it’s logistical challenges and practical requirements.
For example, there’s a growing need for social care givers to ensure that their patients are mobile, as this helps them to interact with their local communities and enjoy a superior quality of life.
At the same time, you’ll need to provide transport for residents to attend their medical appointments, whether these are with the hospital or a local GP.
This means that you’ll need to liaise with companies such as Allied Fleet to access safe and functional vehicles, which have been modified to suit the individual needs of elderly residents.