1. Research the Local Market – Understand the local market needs and potential customer base that will be served within the retirement community.
2. Develop a Business Plan – A thorough business plan should include detailed financial projections, projected occupancy rates, staffing requirements, marketing goals and more.
3. Secure Financing – Determine the type of financing that best suits your retirement community and secure it.
4. Locate a Suitable Property – Consider factors such as proximity to hospitals, transportation options, nearby amenities, and local laws when choosing a suitable property.
5. Obtain Necessary Licenses and Permits – Research local requirements for any necessary licenses and permits, such as zoning laws, fire safety requirements and more.
6. Establish Policies & Procedures – Establish clear policies and procedures related to living arrangements, security protocols, health services, recreational activities, etc.
7. Hire Staff – Determine the number of staff members needed in each area and begin recruiting.
8. Provide Amenities & Services – Develop a list of amenities and services that will be available to residents, such as medical care, transportation, housekeeping, etc.
9. Market the Retirement Community – Devise a comprehensive marketing strategy utilizing print advertisements, digital campaigns and more to attract potential customers.
10. Plan for Long-Term Success – Create an actionable plan to ensure long-term success of your retirement community.