Find (more) money

The first raise is perhaps the most important one any founder will run. This starting capital will get the organisation running, transforming it from an idea into reality.

Developing an adequately complex financial and revenue model is an essential process. It enables the organisation to understand how it will earn money, how it will be used, and, crucially, what the cash requirements are to allow it to flourish.

At this stage, the choice of type of care organisation will make a big difference to this process. As an introductory agency, simply creating care teams by introducing those who need care to those who need it where you take a fee, is not regulated and requires little or no starting capital. You can get started, bearing in mind the time and effort you will need to spend creating your organisation.

However, if you are aiming to provide regulated care, that is, personal care that includes assistance with personal hygiene and grooming, help with dressing, support with eating and drinking, and administration of medication and medical treatments, then the capital requirement is much more significant.

The sources of funding are detailed here, but in the early phases, we recommend raising money through donation(s), grant(s), or a community share offer.

Do not underestimate the amount of time and effort this process will take: it will require patience, a deep understanding of your business economics, and some luck. Social care is not well funded at the point of delivery, but perhaps even more so when founding a new company.

Deep research into available funding sources, building relationships with funders, and being prepared to complete many bids is par for the course.