Performing Market Research to Launch Your Assisted Living Business: A Step-by-Step Guide

assisted living business business planning competition analysis crime rates income ranges location selection market research political landscape zoning laws May 28, 2025

Starting an assisted living business is an exciting journey, but before you dive in, you need to ensure that you’re choosing the right market. The success of your business will depend heavily on the area you select. This guide will walk you through the key market research steps to help you identify the best location for your assisted living facility.

Let’s get started! 🚀

Check out this video, too; 

Why Market Research is Crucial for Your Assisted Living Business

Choosing the right location for your assisted living business is one of the most important decisions you’ll make. Not only will it determine your target audience, but it will also affect your competition, pricing, and regulatory hurdles.

To make sure you’re starting on solid ground, you need to do your homework! 📚 Understanding local demand, income levels, crime rates, political landscape, and more is key to making informed decisions.


Step 1: Define Your Base Criteria (Start with the Basics)

Before diving in, let's start by considering some basic factors that will help you narrow down your search:

  • Population & Demographics 📊: Look at the number of seniors and those who need long-term care in different areas. You need to make sure there’s enough demand for your services.

  • Income Levels 💸: Residents will need to be able to afford assisted living, so understanding local income ranges is crucial. Choose areas where people can afford your services.

  • Healthcare Accessibility 🏥: Access to hospitals and doctors is important for your residents. Make sure your location is close to essential healthcare services.

These basic criteria will help you zero in on a few locations worth exploring!


Step 2: Consider the Deep Criteria (Dig a Little Deeper)

Once you’ve got your base criteria in place, it’s time to dig deeper into the factors that could make a big difference in your decision:

  • Crime Rates 🚨: Low crime rates are important for both residents’ and staff’s safety. A safe area should always be a top priority.

  • Political Landscape 🏛️: Understanding the local politics helps you anticipate any potential regulations or restrictions that could affect your business.

  • State Taxes 💼: Look into state income and corporate taxes. Higher taxes can eat into your profits, so factor that into your decision-making.

  • Nearby Markets 🏙️: Check if other population centers are nearby. A larger pool of potential clients is always a good thing!

These deeper criteria can reveal subtle but important differences that will help you make an informed decision on the best location.


Step 3: Know Your Competition

Understanding the competitive landscape is crucial for evaluating your market’s potential.

  • Saturation 🏢: If the area is oversaturated with assisted living facilities, it might be tough to stand out. However, a lack of facilities could signal unmet demand.

  • Waiting Lists 📅: Long waiting lists at existing facilities are a good indicator of high demand for assisted living in that area.

  • Talking to Other Owners 💬: Reach out to other facility owners for insights. They may not want to share too much, but even short conversations can give you valuable market data!


Step 4: Do Your Own Research (Or Hire Someone Who Can)

While you can find a lot of data on market trends and demographics, sometimes it’s best to hire a consultant for a more detailed feasibility study.

However, if you’re looking to save money, much of this research can be done on your own! 🌟 Use local government websites, census data, and online tools to gather information.

💡 Pro Tip: The more research you do on your own, the better you’ll understand your market and be prepared to make the right decision. Check out the Launchpad Bundle for our Market Research Guide to help you make a decision.


Step 5: Don’t Forget to Consider Regulations

Every state and local municipality has its own rules for assisted living businesses. Be sure to:

  • Check Zoning Laws 🏙️: Does the area you’re interested in allow assisted living facilities? Make sure the location fits with local zoning regulations.

  • Understand Licensing 📝: Each state has different requirements for licensing and operating. Make sure your location is compliant with state laws!

This step is crucial for avoiding costly delays in your business launch.


 

Next Steps: Take Action Today!

🚀 Want to launch your assisted living business in the next 12 months?

Step 1: Download the Business Plan Checklist to start planning.
Step 2:  Apply to the Assisted Living Investing Mastermind for expert coaching.
Step 3: Follow this guide, take action, and bring your vision to life!

Got questions? Drop them in the comments below! ⬇️

Download Your FREE Calculator

Send Me My Calculator

Stay connected with news and updates!

Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.

We hate SPAM. We will never sell your information, for any reason.