Top Online Tools for Assisted Living Investing Success
Oct 29, 2024
Running an assisted living business can feel like juggling a hundred balls at once. You're handling payroll, managing invoices, and making sure your staff gets paid correctly. It's a lot! But here's some good news: there are online tools that can make your life much easier. Let's talk about how these tools can help you run your business better and give you more time to focus on growing it.
Check out the video, too:
What Are These Business Tools?
Different companies created these online tools to help you with specific tasks like accounting, payroll, and storing files. Many of them offer free trials, so you can try before you buy. While most of these tools cost money, they save you time - and time is super valuable when you're running a business!
Why Use These Tools?
As an assisted living business owner, you can't do everything yourself. Trying to manage every little thing can wear you out fast. That's where these online tools come in handy. They can take care of tasks like payroll or invoicing, letting you focus on the big picture of your business.
For example, using a payroll vendor means you don't have to become an expert on tax rules or worry about making mistakes that could get you in trouble. Instead, you can let the tool handle the hard stuff while you focus on what you do best: running your facility.
Top Tools for Assisted Living Businesses
Here are some types of online tools that can make your life as an assisted living owner easier:
- Payroll Vendors: Gusto is a great payroll tool for small businesses like yours (use the link here to get a $100 gift card when you run your first payroll!)
- Accounting Software: QuickBooks can help you keep track of your money. It makes it easier to manage your income, expenses, and taxes (use the link here to get 75% off your first 6 months of QuickBooks!).
- Invoicing Tools: Apps like FreshBooks let you send and track bills, making sure you get paid on time.
- Cloud Storage: Services like Google Drive or Dropbox let you store and share important documents safely.
- Professional Email: Using a service like Google Workspace or Microsoft 365 makes your emails look more professional.
- Website and Logo Design: Tools like Wix or Canva can help you create a professional-looking website and logo without hiring a designer.
Should You Pay for These Tools?
Many business owners wonder if they should pay for services they think they can do themselves. While you can handle some tasks on your own, learning to do everything well takes a lot of time and know-how. This can distract you from your main job of running your facility.
As an assisted living business owner, your time is better spent making sure your residents are well cared for and growing your business. Investing in these tools gives you more time to focus on what's really important. I highly recommend Gusto (payroll) and QuickBooks (bookkeeping) for some of the most important tools you can use.
Choosing the Right Tools
There are lots of tools out there, but you don't need all of them. It's important to do your research and choose tools that fit your budget and business goals. Just because a tool is popular with big companies doesn't mean it's right for your small assisted living facility. Focus on finding tools that work for you and your business.
Wrapping Up
Online tools for your assisted living business can save you time, reduce mistakes, and let you focus on growing your business. Whether it's handling payroll (using Gusto), managing bills, or keeping your finances in order (using QuickBooks), these tools can help you run your facility more efficiently. In the long run, the cost of these tools is worth it for the time and energy they save you.
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Show full transcript 👇
Transcript
00:00:00
the owner of a small assisted living facility or any small business you're likely going to want to find some third-party applications to help you be a little more efficient and a little more successful in today's video we'll start getting into what a third-party application is and why you might consider using them for your facility or your small business hi everybody i'm brandon gustafson i own and operate two assisted living facilities and i created this channel to help people like you learn the ins and
00:00:27
outs of investing in assisted living welcome to assisted living investing [Music] hey everybody welcome back to the channel uh in my last video i talked about how i almost gave up on assisted living and what that process was like make sure you go and watch that video to learn a little bit about um kind of the thought process that we went through as our administrator quit which i'll also link up above in a previous video and the story behind that i think it was it was a good process to kind of go through and kind
00:01:06
of share that information with you so you can kind of learn about it and what what to do when that type of a situation happens to you and hopefully it doesn't happen to you but if it does i hope that that will be a good way for you to kind of learn about the process there in today's video i'm going to get into online business tools that are going to be available to you as a business owner and why you should consider using a tool that's online with a third party application to help you kind of get
00:01:36
through this process of owning your business so an intro to kind of third-party applications third-party applications are tools that are there to you know other people have created them you usually have to pay for them but they save you a ton of time as a small business owner you don't have all the time and the resources to do everything yourself and finding a good third party application is really really going to help you out and something else to kind of keep in mind is a lot of these kind of applications and
00:02:08
things that you'll be using were are going to have a free trial for you to test them out and see if it's going to work for you see if their application fits and if it's going to work and i would say also just remember a lot of these creators of these third-party applications they started out as small businesses or they are currently a small business they're just like you they're trying they've got this idea and they have found a solution that they want to share with the world and that's why they
00:02:33
have created these applications now they are able to sell that idea out to people and as you are kind of going through the process of starting your business starting your facility keep that in mind if you found something some kind of a tool or something like that that other people are going to be able to use um start thinking maybe i could also sell this maybe this is a tool that i could use to to sell i would encourage you to do that if you've got ideas that that you use and it saved you tons of time
00:03:01
and effort and money and things like that share it with the world people will pay for it and it's a good avenue for you to kind of go down and starting another small business kind of another side hustle and getting things up and running so i highly encourage you to share your wisdom with the world and let people know about it so i'm going to give a quick overview of some of the different types of third-party applications that i'm going to be talking about here in future videos so some of these types of third-party
00:03:30
applications you might consider using our things like payroll somebody the payroll vendor somebody's going to run the payroll process for you and take care of all the legal things that you need and give you a checklist and things like that payroll vendors highly recommend them they're going to save you so much time and effort invoicing if you need to send out invoices to your residents getting an invoice system in place is going to be helpful for being able to do that accounting software so something like
00:03:57
quickbooks it's going to allow you to kind of keep your books in place and make sure that everything is where it needs to be is something you want to consider getting an email server so using google or microsoft to manage your email and having an email that looks professional that has your domain name on it cloud storage again microsoft or google are great options for this using onedrive or google drive or those different types of things dropbox finding a good way to get cloud storage that's going to allow you to
00:04:30
share things remotely with team members and things like that putting out policies and procedures in those locations and all those things extremely beneficial highly recommended and then there are other things like uh creating logos or creating a website or um you know some of those tools that help you be a little bit more professional um creating stickers for your website those types of things there are resources out there that everybody could help you out with you just have to look for them and find them so we're
00:04:59
going to get into those in a few in the next few videos and then another thing that i'm going to mention is staffing agencies you might hear that and i talked about this in a previous video they can be expensive but they can really help you out and when you're in a bind and so developing relationships with them is is going to be good for you and help you kind of get through the process so it's something else that you want to be aware of a question that i'm sure you're asking
00:05:23
yourself as i go through these things and mention you know oh you want to get this one you want to do this for accounting and payroll and invoicing and things like that is should i be paying for an application it's a big question that i often see is why would i pay for something that i can do by myself just as well and it's true you probably could do those things by yourself but something you have to recognize is that when you are doing it you need to become an expert in that thing and there's a lot of stuff that you've got
00:05:53
to do it and you don't have all of the time especially if you're an operator like me who has a full-time job um you don't have the time to learn all of the rules for payroll in your state you want to pay somebody that has done all that information all you've got to do is go in and click a few buttons and then you're done and payroll is run and w2s go out and 1099s and just everything that goes through that process taxes and deductions and just everything is taken care of for you you don't want to try to
00:06:19
figure it out by yourself and potentially put yourself in a situation where you get audited or you're in a bad situation because you did it incorrectly or something like that you want to pay somebody to get it done you don't have the time to become the expert in that and run a facility and run a small business and do this you don't have the time for it so hire it out and pay the fees that you need to do it just be smart and use those tools that other people have created for you i would
00:06:48
also suggest so that you are making sure that you do the research that you need to use an application that you're going to be comfortable with using and that it fits within your budget don't go and get the most expensive application because everybody loves it it's likely that because it works for a large company doesn't mean it's going to work for a small company you want to find something that's going to fit you fit your budget fit the the culture and the style that you want to build
00:07:14
it's okay to do something on your own for time while you're trying to figure out what your budget's going to be and things like that but your goal as a business owner should be generating income that you can offload some of the work and brain capacity so that you can do things that is a more valuable use of your time at the highest level of what you can do with your skills hire those things out generate income so you can do that that's what you need to be shooting for as a goal as a business owner as an
00:07:43
owner of assisted living whatever it is you want to make sure that you're kind of doing those things is what i would suggest in my next video i'm going to get into some of the payroll vendor options kind of review those for you and and suggest to you who i use and why i use them and then we'll kind of go from there um and so go ahead and watch that video if you liked this video if you found it helpful to kind of learn a little bit more about third-party applications why you should pay for it smash that like button let me
00:08:11
know comment down below if there are different types of vendors or different applications that you like to use so that the group and the community can learn from you as well and to learn more about investing in assisted living make sure you visit me on assisted assistedlivinginvesting.net i've got other content up there free resources you can set up a call with me and make sure you follow me on my other social media platforms as well and remember it doesn't take a lot just a little bit just keep going keep making
00:08:37
progress step by step by step if you do it if you're consistent and you're diligent i promise you that you will be successful thanks for watching and have a great day [Music]
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