How Much Money Can A Caregiver Entrepreneur Really Make?
I spoke with a Disabled woman about 3 months ago. She told me that she lives off of $80.00/month while staying at an Assisted Living Facility.
Over $900.00 is being taken out of her Disability check so that she can receive services there. She then went on to tell me about her other financial resources.
Although Caregiving Entrepreneurship is Private Pay, imagine if she can pay YOU out of pocket if she lived at home or with a relative- for she explained that the only reason she does not live at home is because she's afraid of falling while bathing.
Note: Just because someone is on disability, doesn't necessarily mean that they cannot pay out of pocket for private care services.
I started thinking, if she paid privately, she can save money and go back home- She was paying for around the clock assistance when all she needed was scheduled baths, assistance with transportation and medication reminder.
Business is Business, money has to be spread around, and profits must be shared. The question is, are you getting YOUR FAIR SHARE OF THE PROFITS?
As a Caregiver Entrepreneur you keep all of your profits.
This is YOUR BUSINESS-YOUR CLIENTS-YOUR PROFITS.
When I first started 8 years ago, I charged $15.00/hour-$20.00/hr if I was only regularly assisting a client under 2 hours.
This is a very flexible industry in regards to time and money! Clients need around the clock services, so you can actually choose and schedule your clients according to how much money you want to make!
This amount was suggested to me by my first private Paying Client. She said it was not too much nor was it too cheap-so I listened and followed her advice.
You and your Client can also negotiate fees and occasionally a particular Patient/Client will give you more than you charge.
Once after grocery shopping for a Client, I looked down at my check and discovered that she gave me over the amount that I charge. I said, "You gave me too much"- She says, I know! I added more for gas- And oh, you helped extra with this and that....
I also had this happen with another Patient where he paid me for a couple of days that I had to take off....
"Remember, I didn't work on those days?" I said.
He smiled for a long time before changing it to the correct amount.
NOTE: Sometimes a senior or disabled client will pay you more and not say anything about it on purpose to test your honesty. Always confirm payment!
(He was definitely testing me- Formerly a sharp business owner, he knew business and finances like the back of his hand!)
On certain occasions, I have let my Clients take the lead in deciding my pay. One example is when I transported a Patient and her husband, their cat,.... AND their dog to and from the airport! (It was fun!)
They gave me $200.00 on the spot and I only assisted them for a total of 4 hours including pick up 2 weeks later. I drove their car back home and was instructed to hand over the keys to their trusted neighbor. That was it! $50.00/hour.
The day you render services is the day you get paid!
You don't have to wait 1-2 weeks, or even a couple of days to receive payment.
Another couple that I regularly assisted, paid me in advanced for the whole week- when my Patients paid me in advance, we established a bond of trust, and it made me want to be even more dedicated to them.
Some Clients even prefer to pay you a month in advance!
I took care of them and they took care of me!
How much should I charge?
A colleague of mine NEVER EVER charged UNDER $20.00/Hr for her senior care services.
Although I didn't make it a habit of accepting under what I charge, I would not lose a special potential Client over 3-5 dollars less because you never know what can come about it.
My Clients who did not need that many hours or help referred me to others who did. If I had turned them down, I would have missed out on a lot of good referrals!
How much do you want to make? Do you want to replace your income? Double or triple it? Do you want to supplement your income or have a part time business? I have done all of the above. I took it step by step.
My colleague that I mentioned earlier made almost $1500/ week with only 1 elderly diabetic Patient.
To give you a suggested amount to start off with as a Caregiver Entrepreneur, it would be $20-$25/hour.
According to 1salary.com Certified Nurses Assistants make 24,000/ year and 31,872 top. The median wage for a License Nurse is $40,455-$49,804.
As Caregiver Entrepreneurs, myself and my colleagues exceeded this amount- and many others that I saw regularly while on certain assignments have as well!
Thank you for reading and stay tuned for tomorrows post-Day 5, 8 Ways Your Salary Will Increase Every Month. (I will be going into more detail about a Caregiver Entrepreneurs Salary.)