Assisted Living Facility, Million Dollar Assisted Living Business with Entrepreneur Tomika Turner

Summary

In this engaging video, the host interviews Tamika Turner, a serial entrepreneur who shares insights into starting and running an assisted living facility business. Tamika, who began as a caregiver and has grown to own multiple businesses, discusses the financial potential, the importance of comfort and quality in facilities, and the necessity of proper licensing and staffing with certified nurses. She emphasizes the value of networking and the significant investment required, including the initial capital outlay and ongoing payroll expenses. The conversation also touches on the personal journey of building a successful business from the ground up.

Takeaways

• 💼 The speaker is a serial entrepreneur with multiple businesses, including assisted living facilities and a consulting service.
• 🏠 Starting an assisted living facility can be lucrative, with the potential to earn over a million dollars once established.
• 🛠️ The first year involves setting up the home, ensuring comfort for residents, and obtaining necessary licenses and permits.
• 💰 Initial capital needed to start a small assisted living business could be around $25k or more, covering home acquisition, furnishing, licensing, and staffing.
• 📝 The importance of owning the home used for the business to avoid eviction risks and to meet regulatory requirements is highlighted.
• 📐 Local zoning regulations, such as distance from other facilities and land area requirements, must be considered when starting an assisted living facility.
• 🤝 Networking is crucial for the business, as is the quality of the facility, which can affect the reputation and success of the business.
• 👪 The speaker advocates for hiring family members if they can contribute positively to the business, but emphasizes the importance of professionalism.
• 🏥 Payroll is a significant expense, with the speaker spending between $40k to $60k per month, underscoring the scale of the operation.
• 💼 The speaker's entrepreneurial journey includes self-funding and leveraging one business to support the growth of another.
• 📈 To achieve a million-dollar annual income, having multiple facilities is suggested, as a single facility may not reach that scale.

Q & A

What is the potential income for an established assisted living facility business?

An established assisted living facility business can potentially make over a million dollars a year.

What are some of the initial costs and considerations for starting an assisted living facility?

Initial costs include purchasing and furnishing a home, obtaining licenses and permits, and setting up policies and procedures. It is also important to ensure the home is comfortable and suitable for residents.

Why is it recommended to own the home for an assisted living facility rather than renting?

Owning the home ensures that clients are not at risk of eviction, which can happen if a landlord decides to sell or has other plans for the property.

What is the minimum capital suggested to start an assisted living facility at a small scale?

At least $25,000 is suggested to start an assisted living facility at a small scale, covering the costs of the home, furniture, licenses, permits, and staff.

What is the importance of calling planning and zoning before starting an assisted living facility?

Calling planning and zoning ensures that the property meets local requirements for opening an assisted living facility, such as distance from other facilities and square footage.

How does the number of residents and rooms in an assisted living facility affect the business income?

The income is directly related to the number of residents and rooms. For example, a private home care with four rooms and two people per room could generate significant monthly income based on the rates charged.

What are the staffing requirements for an assisted living facility?

An assisted living facility must have at least a Certified Nursing Assistant (CNA) and a Registered Nurse (RN). Depending on the state, a Licensed Practical Nurse (LPN) may also be required.

How does Tamika Turner's personal background influence her approach to business?

Tamika Turner's experience as a teenage mother and her work as a caregiver have instilled in her a strong sense of determination and a focus on quality in her business practices.

What is the role of networking in the success of an assisted living facility business?

Networking is crucial for finding clients, hiring quality staff, and establishing a reputation for providing excellent care in the assisted living industry.

How does the speaker emphasize the importance of quality in assisted living facilities?

The speaker stresses the importance of quality by discussing the need for comfortable furnishings, well-trained staff, and a clean, well-maintained environment to attract and retain clients.

What is the significance of the speaker's associate's degree in healthcare management in relation to the business?

The speaker's associate's degree in healthcare management provides a foundational understanding of the healthcare industry, which is beneficial for managing an assisted living facility effectively.

How does the speaker describe the process of becoming a consultant in the assisted living industry?

The speaker describes a self-taught process, starting from the bottom as a caregiver, learning through observation, reading policies, and eventually gaining enough knowledge and experience to consult for others in the industry.