Every self-employment costs money – small amounts such as the fees for the registration at the tax or trade office or also larger sums, if certain licenses or working materials are needed. Even if you start your own business in senior care, start-up capital is necessary. In this article you will learn what the difference is between start-up and equity capital, how much money you need approximately and what options there are for start-up financing for life helpers.
Do I need equity capital or start-up capital as a founder of a new business??
First, let's clarify the terms: If you're self-employed in senior companionship, startup capital is necessary – but it doesn't have to be your equity capital. The term "start-up capital" includes all the money you have at your disposal to finance your self-employment. These include, for example, business start-up loans, government subsidies or even your own capital, i.e. the money that you yourself would like to contribute to the company from savings.
In other words, it is not possible to set up a business without start-up capital – but it is possible without equity capital. Startup capital is important because at the beginning of the startup, expenses are higher than income. Exactly this gap is closed with the start-up capital. Expenses can be, for example:
- Costs for work equipment (laptop, car, clothing)
- Costs for advertising (newspaper ads, online ads, flyers)
- Fees (registration with the tax or trade office, software licenses, franchise fees)
Your own living expenses during the start-up must also be covered, of course. That is why a solid business and financial plan is an important basis to finance self-employment.
Working as an independent living assistant
Everything you need in terms of information about becoming a life helper:
Can I start my own business without any start-up capital??
If you want to open a restaurant, you need start-up capital in the 6- or maybe even 7-figure range. In contrast, starting a business as a life helper is comparatively inexpensive – but you can't do it completely without start-up capital. This starts with the fees that are mandatory to pay for the startup, and some basic equipment is also necessary.
Want to become a life coach for seniors, but your net worth is limited? In steps 4 and 5 on your way to the first day of work, we discuss in detail various options for financing the start-up of a life coach. Together with you we will check which of these are suitable for you.
Financial support for life helpers: these options are available
If there is not enough equity to start your own business in senior care, there are several financing options to consider. Are you entitled to unemployment benefit I? Then, as a self-employed senior caregiver, you can apply for the start-up grant, provided you meet some basic requirements. As part of our internal training courses for expectant life helpers, we explain in detail how to apply for this. Since our own foundation, we have successfully applied for this for the overwhelming majority of our expectant life helpers.
Another option for start-up financing for life aides is a self-employment business start-up loan. Senior companionship is needed: We are trending older and older, and already many seniors rely on assistance in their daily lives. As a life assistant, you are practicing a profession with a future – this makes it easier to apply for a start-up loan. In order for the bank to be willing to provide you with start-up capital as a business founder, you need a convincing business plan. This is another area we can help you with when you become a senior living caregiver. So if there's not enough equity, that's not necessarily a deal breaker.
Would you like to learn more about how you can finance your self-employment as a self-employed senior caregiver? Then first request our free brochure, which tells you everything you need to know about how to proceed, and then fill out our questionnaire for interested parties. In the application process, financial planning is an important step that we take together.
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How much start-up capital do you need to be a life helper for seniors?
In addition to the usual smaller amounts involved in setting up a business (business registration, etc.), there are mainly three main items for which you will need startup capital if you want to become a senior living helper:
- Reserves for your own living expenses
- Funds for your work equipment
- Funds for the franchise fees
At the side of SeniorenLebenshilfe, you can save a lot of time during the start-up and development of your self-employment, and you can take care of your first clients after only a short time. Nevertheless, you need reserves during the transition period to cover your running costs. So how much money you need here to start your own business depends a lot on your personal situation: Are you possibly already receiving unemployment benefits? Can your partner finance you both for a while?? Accordingly, this item is high or low.
Start-up capital for working equipment is also quite different for start-up entrepreneurs. For example, do you already have your own car that you can use as a life helper? Have a laptop and a cell phone? Then you will need less financial support to become self-sufficient.
The franchise fees for expectant life helpers are based on the package you opt for. If you're setting up for the first time, you should opt for a comprehensive range of help: We will then work with you through all the steps on your path to independence, apply for funding (where possible), support you with regular coaching sessions, feedback meetings and much more. A detailed overview of our services and our franchise packages can be found in our detailed brochure – request it free of charge.
In our brochure you will also find an explanation that will help you calculate for yourself how much start-up capital you will need as a self-employed senior companion and what you can earn as a life assistant. But don't worry: We go through all these numbers with you step by step within the application process. We discuss your personal life situation and determine exactly which financing options and start-up capital make sense for your business start-up.