How to Start a Group Home for Baby Boomers

Potential business plan: A group home for baby boomers

As a baby boomer leader on the move, why not think about starting a baby boomer group home, as a potential entrepreneurial project? Perhaps you could establish a group home for baby boomers as a new, small business that would generate some extra income. Living in a baby boomer group home might be the perfect answer for any baby boomer, in urgent need of a place to live.

To start a group home for baby boomers requires a business plan proposal. This would be subject to change, at any time. Consider some of the initial questions that must be considered with regard to developing a basic business plan for a group home, designated for baby boomers.

Is there a need for group homes for baby boomers? Yes, there is definitely a need for group homes for baby boomers, in many parts of the country. It appears that many more baby boomers will require a place to live, in the near future.

Why is this kind of a business appropriate, at this time? A baby boomer group home, as a small business project, is particularly appropriate at this time, because many baby boomers are being displaced, as the direct result of the rapidly rising numbers of mortgage delinquencies and foreclosures, as well as the increasing rate of unemployment for baby boomers. Numerous baby boomers have already lost their homes, because of the current recession.

Why would a group home be an appropriate project for a baby boomer leader, in a time of severe economic decline? Many baby boomer leaders have the ability to take on this kind of a project because they are busy, active and productive citizens, who are not ready to retire yet. Many others want something interesting to do, because of early retirement from their previous jobs. Baby boomers have strong entrepreneurial spirits and this kind of a project could present a challenge for them. Numerous baby boomers possess excellent financial, managerial and project development skills. Some baby boomers are in an excellent financial position to start a new business. A lot of baby boomers have varying degrees of expertise in different fields. They could draw from their background experience, in order to succeed in this kind of a business venture. 

Many baby boomers are caring and compassionate people, who want to help others baby boomers.

What about the current cost of real estate, with regard to establishing a group home for baby boomers? The cost of real estate is currently on the decline everywhere. Interest rates are relatively low, so investing in a piece of property for a baby boomer group home, would appear to be an excellent investment.

Where would the baby boomer group home be located? The ideal baby boomer group home could be located in any city, village or in a country setting.

What would be needed in a group home for baby boomers? Baby boomers require the same, basic essentials needed in any home. This could vary, depending upon who was going to reside in the baby boomer group home. It would also depend upon how many baby boomers or others, lived there.

What is the current status of baby boomers? The majority of baby boomers are relatively happy, healthy and independent people. They do not require supervision and would not need to have anyone in constant attendance. Many baby boomers are health and fitness oriented and do not require nursing care. What they do need is a comfortable place to live. An extended family group home would help to meet many of their mental, emotional, physical and spiritual needs, as well.

Define what a group home for baby boomers would be like. A group home for baby boomers would be like any other home in the community. It would not appear different, in any way.

Describe a typical group of baby boomers living in a group home. The baby boomers living in a group home would be loving and caring people, who are approximately the same age. They may be employable or still employed. They could come from different backgrounds with regard to race, creed or culture or have various academic backgrounds.

What would be the primary criterion for selecting baby boomers to live in a group home? The age of the baby boomer would be the primary criterion for residency in a baby boomer group home. Baby boomers, born between 1945 and 1960, the first fifteen years after World War II, should qualify as potential residents. That could be extended, if it was deemed to be appropriate.

What other criteria for baby boomers should be taken into consideration? Initially, the health status of each baby boomer would be assessed by a physician. Baby boomers would also need to demonstrate a willingness to live and participate in a group home setting. Compatibility with other baby boomers as an extended family, would be important. Appropriate references would be required.

What kinds of rules and regulations would the baby boomers be subjected to in a group home environment? As adults, baby boomers would be able to come and go, as they please. A group home setting could prove to be ideal for them, but like any other family home, some regulations would have to be established. This could include concerns like drinking, smoking and gambling. Other issues may need to be regulated like the number of visitors allowed or the use of parking facilities.

What is the potential target group for candidates to live in a baby boomer group home? The target group for a baby boomer group home would be single baby boomers. This could be extended to include couples. For instance, the owners of the baby boomer group home might be a couple, who live on the premises. Or the proprietor could have his or her own residence on the same property, or elsewhere.

Why would baby boomers want to live in a group home? Many baby boomers are currently down-sizing or selling their homes, because they have lost their spouses or perhaps their children have grown up and moved away. Some baby boomers do not have families. Many baby boomers would be happy, living in a group home with other baby boomers, as their extended family.

How large should a baby boomer group home be? The size of the group home for baby boomers would depend upon how many people were going to live there. On a small scale, this could be a four bedroom house, inhabited by three baby boomers and the owner or four baby boomers. It could also be a larger home with more baby boomers, as extended family members.

What would be the anticipated cost to the baby boomers, while living in a baby boomer group home? The cost of living in a group home would be less than baby boomers have to pay, in order to live in their own homes or apartments. Initially, the cost would be worked out between the owner of the group home and individual baby boomers. It would be calculated to cover the cost of maintaining and running the baby boomer group home efficiently and profitably. Normally, approximately one third of a person's income is designated for shelter or housing. The cost would take into consideration special needs of baby boomers.

What would be the anticipated owner's expenditures with regard to establishing and operating a group home for baby boomers? Initially, the prospective baby boomer group homeowner would pay the cost of registering the group home, as a business. He or she would be a sole proprietor. A license to operate a group home may be required, depending upon the location of the group home. Establishing a group home for baby boomers, would entail the purchase of a suitable home, in an appropriate area. This would require real estate fees, a title search, a down payment, a monthly mortgage payment and property taxes. It may be possible to rent a piece of property deemed suitable for a baby boomer group home. Home insurance and liability insurance would be paid quarterly or monthly. Heat and hydro would be paid bi-monthly. Telephone, long distance telephone service, Internet service or cable would be paid monthly. Other costs like water, maintenance and garbage disposal would be paid, as required. A bookkeeper, lawyer and accountant may be needed, depending upon the proprietor's degree of expertise, in these areas. The cost of a vehicle, insurance coverage, gas and maintenance could be included in the expenses of a group home. Advertising costs may be needed, but this kind of business often functions well on word- of-mouth advertising.

How would a home for baby boomers be financed? This kind of a business could be financed through a mortgage company, a bank or credit union, an organization or a private lender.

How would the group home generate income? The owner of the baby boomer group home would assume the responsibility for the mortgage payments or rent, taxes and utilities. The money would be derived from the monthly payments received from the baby boomer extended family. Each baby boomer would pay a monthly fee based upon his or her income to cover the monthly and annual expenses of the group home. Ideally, a financial safety net would be established.

Would there be additional expenses for the baby boomers? Each baby boomer would be expected to provide his or her food and clothing, as well as personal life insurance, medical, dental or other health care coverage. Each baby boomer would be responsible for his or her transportation, unless a group home vehicle was provided. Some individual baby boomers might prefer to provide their own furniture or other luxury items and would assume the cost for these.

What are some of the potential benefits of a baby boomer group homes? An extended family setting in a group home would be appropriate for many baby boomers who are alone. Baby boomers could offer peer support to each other. This would benefit each one as they adjust to changes in life style, retirement, living as singles and transitions in the economy. Individual baby boomers could work on their own specific projects and participate in designated group projects. These might include special events like parties, picnics and fund raising events for group home improvements.

Who would run a baby boomer group home? A baby boomer group home would be an ideal, small business for a retired professional person or a couple. A registered nurse, teacher or counselor, would be able to manage a baby boomer group home effectively.

Could a counseling facility be part of a baby boomer group home? Counseling could provide another source of income for the potential owner of a baby boomer group home. This might include counseling for specific issues or concerns, like weight loss and management, fitness training, financial counseling and Christian counseling. If the baby boomer group home was owned by a professional person who was a qualified counselor, many of the baby boomer issues could be resolved without requiring additional counseling facilities.

Are there any group homes for baby boomers in existence, at this time? The concept of a baby boomer group home appears to be new. This could offer a solution regarding housing for single baby boomers. There are no currently no known group homes, designated as specific for baby boomers only.

Why establish a group home that is specific for baby boomers? Baby boomers may not qualify for kinds of housing available for others with special needs, like the handicapped, disabled, veterans or seniors.

How would the baby boomer group home function? The baby boomer group home would function like any other home, with the baby boomers gradually becoming part of a larger, extended baby boomer family. The baby boomers would share the responsibility for the baby boomer family, basic tasks like cooking, cleaning, housework, laundry, gardening and yard work. How this is regulated could be determined by the baby boomer extended family, based upon what each individual baby boomer wanted to assume the responsibility for, or what he or she was able to do.

In conclusion, one might suggest that establishing a group home for baby boomers appears to be an excellent idea. It is a unique and different concept. This business plan is partly based upon the assumption that the majority of baby boomers would be willing to live and work together with other baby boomers, in order to create an appropriate home environment and provide a baby boomer extended family for everyone. Baby boomer group homes could help to resolve the pending housing crisis for many homeless baby boomers. This covers a number of basic issues and concerns with regard to the establishment of a business plan for a baby boomer group home.

In reality, establishing group homes for baby boomers may be the ideal investment of our era. This project may offer some entrepreneurial baby boomer leaders a golden opportunity to make a profitable investment. Starting a baby boomer group home does not appear to be that difficult and could be welcomed as a new trend in housing.