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Learn More about Online Home Plans
Building your own home is a challenging, thrilling, rewarding and sometimes frustrating process. It is one of the processes that invokes dreams people have sometimes held throughout their life and represents a one-time chance for many people. The process itself can be made easier with the many floor plans that are available online.
People who are building a home or people who are interested in architecture and design can enjoy browsing many websites that provide floor plans, from log cabins to tiny houses, from two-bedroom starter homes to homes with more than four garages. Or, some sites provide free software that allows users to design their own homes. Enjoy browsing the sites and learning more.
Design Your Own Home
Some sites provide free software that lets users create a 3D rendering of their dream home. In many cases, premium features, such as the ability to create multiple plans, are available for a fee. Users can get started choosing from thousands of items from the catalogs of leading brands that let them furnish and accent their spaces. Often, users must create an account to unlock the sites and get started creating designs. One example of a popular such site is Homestyler, and another is Floorplanner.
Draw Floor Plans Easily
When you draw a floor plan for your home, you want to be able to share it with friends and family. Many online tools allow such sharing and are simple to use. Even if you are not building a house, think about all the ways you can use a tool that allows interactive design and sharing. You might be remodeling just one room in a home, starting from scratch on an adorable small house, revamping a bathroom or garden, or even organizing a large event.
You can use online tools’ libraries to select the items you want in the space and to place them accordingly. And them, you can move them around until you get just the look you want.
Download Your Floor Plan
If you want to start with someone else’s inspiration, check out the various sites online that offer floor plans to download. Some sites, such as Floorplans or ePlans, offer powerful search functions that allow you to quickly customize your search. You can look at hundreds of plans from top designs, and you can customize many of them to suit your needs.
If you’re a savvy consumer, you’ll want to do some research before choosing the site that is best for you and to be sure that you understand the pricing guidelines. Most plans are offered for a flat fee, with additional fees based on any customization you do.
Enjoy the Process
Even if you are just thinking about building a house, the sites that offer you house plans are worth browsing. Start with their lists of frequently asked questions, for instance, which essentially walk you through the process of building a home, from permitting to pitches of rooftops.
Then, you can have fun thinking about the many styles of homes, whether farmhouse, beach house, ranch, barn style, cottage, Craftsman or traditional, and others. You can add custom touches by indicating the number of baths, bedrooms, garages and floors. You might opt to shop by plans, based on the number of bedrooms or preferred regional styles, such as Texas homes.
Leverage Online Tools
Sometimes, you can choose from particular architects and their designs. Or, you may be able to find the floor plans of builders whose work you have admired; simply search for the builder’s name and you can browse through dozens of their designs.
Have fun with the process of searching out and studying floor plans, or with creating them. You don’t have to spend much time online to discover that you are not alone in your house planning, and you have many tools at your fingertips to help you enjoy the process even more. Some sites even catalog the best home plan sites out there, narrowing the initial search down for you. Browse, compare and enjoy making your dream home come true.
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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Nursing Home Business Plan Template
Written by Dave Lavinsky
Nursing Home Business Plan
Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their nursing homes. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a nursing home business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your nursing homes as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a nursing homes, or grow your existing nursing homes, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your nursing facilities in order to improve your chances of success. Your nursing home business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Nursing Home Businesses
With regards to funding, the main sources of funding for a nursing homes are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for nursing homes.
How to Write a Business Plan for a Nursing Home
If you want to start a nursing home or expand your current one, you need a business plan. Below we detail what should be included in each section of a business plan for a nursing home.
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of nursing homes you are operating and the status. For example, are you a startup, do you have nursing homes that you would like to grow, or are you operating nursing facilities in multiple markets?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the senior care industry. Discuss the type of nursing homes you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of nursing homes you are operating.
For example, you might operate one of the following types of nursing homes:
- Skilled Nursing Care Facilities : this type of nursing home provides skilled nursing care, rehabilitation, activities, meals, supervision, etc.
- Assisted Living Facilities: this type of nursing home provides 24-hour supervision, including meals, assistance with daily activities, healthcare service, and common services that include assistance with eating, bathing, dressing, using the bathroom, taking medication, transportation, and housekeeping.
- Independent Living Facilities: this type of nursing home are communities that offer fully equipped homes or apartments to residents. They are ideal for seniors who can maintain their independence with few medical issues impeding them.
- Alzheimer’s & Specialty Care Facilities : this type of nursing home offers 24-hour support for residents suffering from Alzheimer’s or dementia.
In addition to explaining the type of nursing facility you will operate, the Company Analysis section needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of patients in care, number of positive reviews, reaching X amount of patients served, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the nursing home industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the senior care industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy, particularly if your research identifies market trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section:
- How big is the senior care industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your nursing homes? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: elderly and aging adults, retirees, those suffering from Alzheimer’s or dementia, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of business you operate. Clearly, Alzheimer’s or dementia patients would respond to different marketing promotions than recent retirees, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other nursing homes.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes rehabilitation facilities, adult daycare programs, family of the aging adult, etc. You need to mention such competition as well.
With regards to direct competition, you want to describe the other nursing homes with which you compete. Most likely, your direct competitors will be nursing homes located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of elderly care do they provide?
- What type of nursing home are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide exercise and activities for the elderly?
- Will you provide services that your competitors don’t offer?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a nursing home business plan, your marketing plan should include the following:
Product : In the product section, you should reiterate the type of nursing home company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to a nursing home, will you provide nutritional advice and meal preparation, daily activities, rehabilitation, and any other services?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your nursing home company. Document your location and mention how the location will impact your success. For example, is your nursing homes located in a busy retail district, a residential neighborhood, near a hospital, etc. Discuss how your location might be the ideal location for your customers.
Promotions : The final part of your nursing home marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Reaching out to websites
- Partnering with hospitals and rehab facilities
- Social media marketing
- Local radio advertising
Operations Plan
While the earlier sections explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your nursing homes, including coordinating nurses’ patient schedules, coordinating with doctors, communicating with family and loved ones of the elderly, managing staff duties, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your nursing homes to a new city.
Management Team
To demonstrate your nursing homes’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in managing nursing homes. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a nursing home or successfully running a hospital or rehabilitation facility .
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement
: an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you take on one new patient at a time or multiple new patients ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets
: Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your nursing homes, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
: Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a nursing homes:
- Cost of licensing and training
- Cost of equipment and supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your nursing home location lease or list of nursing, assisted living, and rehab services you are working on.
Putting together a business plan for your nursing homes is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the senior care industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful nursing homes.
Nursing Home Business Plan FAQs
What is the easiest way to complete my nursing home business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Nursing Home Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of nursing home you are operating and the status; for example, are you a startup, do you have a nursing home that you would like to grow, or are you operating a chain of nursing homes?
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Nursing Home Business Plan
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Bright House
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.
There is a lack of full-time assisted living facilities available that offer skilled and respectful care to residents. In addition, there are not enough medically skilled short-term care facilities for patients in CT.
Bright House aims to be that home for 14 lucky full-time assisted living residents, offering medically-skilled care in a respectful, self-sustaining community, and offering skilled nursing care for short-term residents. On our beautiful, newly remodeled 6 acre property (the former Wayfield Bed and Breakfast) in the small college town of Middletown, CT, Bright House brings together decades of experience and innovative, alternative visions of the potential in our elderly family members’ latest years.
The aging of the Baby Boomers is a well-known and much discussed fact of our times. More and more of this population, many of whom were instrumental in creating the counter-culture of the 1960’s and 70’s, are unhappily surprised about the options available to them as they age. Fortunately, just as AARP (formerly known as the American Association of Retired Persons) has become a major representative of this non-traditional group, elder-care alternatives along the Eden Care model are being founded.
Residents’/Patients’ Needs
Our own experience, based on years of caring for elderly patients, is that people seeking assisted living care and skilled nursing care have many of the same needs:
- To be treated with respect and dignity
- To be actively engaged in a community of some kind
- To be involved in his/her own treatment and living plan
- To be cared for by skilled, medically-knowledgeable clinicians and caregivers, working as a team
You may notice that our list of "needs" seems to go in the opposite order to that of most hospital-model nursing homes; this is not an accident. Unfortunately, most of our elderly population who need care are treated with the billing system’s needs, and not their own, in mind.
Families’ Needs
Similarly, the families of people seeking caring environments have their own set of needs they are seeking to fulfill:
- Peace of mind about their loved-ones’ physical and mental state
- Relief from the time-consuming job of caring for their family members themselves
- Relief from the feelings of guilt which often overcome them when they find they do not have the physical, emotional, or intellectual resources to personally provide appropriate care for those they love
The big, unstated elephant-in-the-room for families seeking care is the feeling of being a bad daughter or son or spouse, who is not willing or able to put her life on hold to take care of a much-loved family member. At Bright House, we do not seek to dismiss this feeling, but to reassure families in everything we do that the choice to let us take care of their family member is a loving, kind, and generous act.
Competition
There are a number of different options for families seeking nursing home care, from in-hospital recovery centers, to for-profit chains, to specialized care for people with Alzheimer’s, AIDS, diabetes, and so on. The specialized care facilities, which are usually nonprofit, and offer individualized nursing care, come closest to our care model, but are usually reserved for people with a particular ailment in need of intensive medical assistance.
At Bright House, we promote the dignity and self-worth of all of our residents, and strive to give them excellent quality of life, as defined by the residents, individually and as a group. To that end, we encourage resident group decision-making through the House Councils, access to all areas of their homes here at Bright House, and self-determination in activities, socialization, and food preferences. Bright House is not just a caregiving facility—it is their home, and their community.
Expectations
Financial highlights by year.
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Nursing Home Business Plan – 7 Key Points
A nursing home business plan should contain seven key elements. Incorporating them into your document will help to ensure your success.
The U.S. is currently experiencing a shift in demographics. According to the U.S. Census Bureau , by the year 2034, older adults will outnumber children for the first time in U.S. history. By 2030, all Baby Boomers will be over the age of 65. As a result, this cohort will create more of a demand than ever for communities and facilities that care for the older adult population.
If you’re considering getting involved in the nursing home business, the first step you need to follow, after conducting a market feasibility study , as well as a financial feasibility analysis , is to create your nursing home business plan. A well-written and comprehensive business plan will not only help you focus on the vision for your business, but it will show investors and/or lenders that you’re committed to succeeding.
The skilled nursing business is a unique market, and success in this field requires a complete understanding of its many challenges. A business plan will help you convince financial institutions and investors that you’re well versed in the industry and have a clear picture of what you need to accomplish.
Challenges in Starting a Nursing Home Business
Operating skilled nursing facilities can be challenging in today’s market due to increased care costs for higher acuity patients, staffing shortages, reimbursement concerns, increased care alternatives, regulatory challenges, and liability issues.
This is why it’s crucial to guarantee your nursing home business plan is thorough and well-researched. Consequently, you’ll want to complete it before embarking on your new venture or attempting to procure funding. A properly formulated plan will not only convince lenders and investors that you have a viable business concept but it will also serve to hone your vision for your nursing home business.
Keep in mind that this is a brief overview of the many facets of information you’ll need to provide for your nursing home business plan. The nursing home business can be complicated, with a lot of information to cover.
The plan should contain s even main categories: (1) the executive summary, (2) a company summary, (3) the customer plan, (4) a market analysis, (5) a strategy for implementation, (6) the selection of a management team and (7) financial planning.
Items to Include in Your Nursing Home Business Plan
(1) executive summary.
The purpose of the executive summary is to give readers a brief description of your business. Thus, it must be well-written and concise. You want to draw your readers in and give them a brief synopsis of what your nursing home business plan is all about. So, keep it simple and make it engaging.
It may be the first part of your business plan, but it helps to write it last. Therefore, once you’ve covered all of the other details, it will be easier to write up the executive summary.
The executive summary should contain the following information:
(2) Company summary
In a company summary, you should state who you are, how you will operate your business, and what your goals are. The intent here is to provide your reader with a brief overview. Your company summary should include the following:
(3) Customer plan
Next, your customer plan should be a clear description of the service you’ll offer that emphasizes the benefits to your patients. One of the benefits of having a clear customer plan is it demonstrates that you have a firm and specific understanding of what your services are. You may include some of the following services:
(4) Market analysis
The market analysis is the section where you get to illustrate your knowledge of the industry and highlight your thorough research. Your intent should be to establish that you completely understand the market. This section should include the following:
(5) Strategy for implementation
In the next section, you need to summarize your sales strategy and describe your plans for implementation. “Failing to plan is planning to fail.” Thus, it is essential to articulate your implementation plan in detail.
(6) Management team
You’ll need to include a section detailing your business’s organizational team. An experienced and knowledgeable management is a key to operational success. Therefore, it is important to identify your team and their background. The following categories are relevant:
(7) Financial plan
Your financial plan is the final section of your business plan. You will not be able to complete this section until you’ve finished your market analysis and set your goals. If you engaged a third party to formulate a financial feasibility analysis, this is the section where you would place that analysis. You will need to include the following financial statements:
Do you need help creating your nursing home business plan? If so, experts can help you dive into each of these categories to create a comprehensive plan. Review some sample consulting engagements in nursing homes and assisted living to get started.
When you need proven expertise and performance
Craig fukushima, nha, mba.
Mr. Craig T. Fukushima’s health care experience spans more than 35 years with special expertise in the long term care sector, including implementation of innovative health care projects in domestic and international locations.
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The World's Leading Business Plan Template Directory
Nursing Home Business Plan Template [Updated 2023]
I. executive summary.
This Section's Contents
Business Overview
Services offered, customer focus, management team, success factors, financial highlights.
[Company Name] is founded by [Founder’s Name], a Registered Nurse who has worked for the past twenty years in various nursing homes around [company location]. He specializes in providing skilled nursing care and light therapy for elderly and disabled patients. [Company Name] will be a clean, comfortable, and highly capable facility that will be able to provide the highest quality of care for this special segment of the population. It will be moderately priced and will work with all types of insurance.
[Company Name] will provide rooms, meals, social activities, personal care, 24-hour nursing supervision and access to medical services when needed. In addition, the facility will offer interim medical care (after a hospital stay) and respite care.
[Company Name] will serve the aging and disabled community of [company location]. Many of the aging and disabled community has special and severe conditions that prevent them from living independently and require constant oversight and 24-hour care in a comfortable facility.
The demographics of the target customer profile is as follows:
- 900,652 residents
- Average income of $60,000
- 75.4% married
- 45.7% retired and/or over the age of 55
- Median age: 39 years
[Company Name] is owned and operated by [Founder’s Name], a Registered Nurse who has worked for the past twenty years in various nursing homes around [company location]. At each nursing home he worked at, he was never satisfied with the level of care, compassion, and cleanliness of each facility. He knew in his heart that this disadvantaged segment of the population deserved a better quality of care and he set out to find a building where he could lead a team in providing the best level of nursing and rehab services in the area.
Aside from the nurses, therapists, kitchen staff, janitorial, and social worker he will have on staff, [Founder’s Name] will also employ a receptionist and Office Manager to help with the administration and operation of the nursing home.
[Company Name] has several advantages over its competition. Those advantages include:
- Compassionate Staff: Knowledgeable and friendly staff of nurses, therapists, aides, and social workers who are not only knowledgeable in their field, but place a special emphasis on compassion.
- Location: [Company Name] will be able to service the entire metropolitan area of [company location] and its surrounding areas.
- Quality Care: [Company Name] will provide expert services, and patients will receive quality treatment and care so that the resident is as comfortable as possible.
- Facility: [Company Name]’s facility will be constructed ADA-compliant, spacious, clean, and comfortable to ensure each resident enjoys maximum comfort.
- Pricing: [Company Name]’s pricing will be more affordable than its competition. The company will also work on payment arrangements with the resident and their family so that the patient won’t have to sacrifice any type of care they might require because the cost is too high. The company will also accept most types of insurance, as well as Medicare and Medicaid.
[Company Name] is seeking $250,000 in funding to launch its nursing home. The capital will be used for funding capital expenditures, construction build-out, staffing, training, marketing and advertising expenses, and working capital.
The breakout of the funding may be seen below:
- Facility design/build-out: $100,000
- Capital expenditures: $20,000
- Furniture, fixture, and equipment: $35,000
- Marketing and advertising: $10,000
- Staffing costs: $75,000
- Working capital: $10,000
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Nursing Home Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
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Nursing Home Business Plan Sample
AUG.01, 2018
Do you want to start nursing home business?
Do you want to start a nursing home business? Well, it may prove the right choice if you want to serve people besides earning money. A nursing home is like a residential care center for elderly people who can’t be cared at home and are too healthy to be admitted to a hospital. Due to the advancements in medical science, life expectancy has been increased, especially in the developed countries. So, the elderly people who don’t have any caretakers at home or who choose not to live independently needs a timeless service in which they are provided with mental, medical, occupational, speech and physical assistance.
If you are determined to help the retired and elderly people and also want to generate a surplus amount of money, then this is the most suitable profession for you. Before you start the nursing home business, the first step is to make its comprehensive business plan, in which you include all the details about how to open a retirement home and how will you manage it etc. In case, you don’t know how to start a home nursing care business , you can take help from this sample business plan written for a nursing home business startup named ‘Kate Nursing Home’ owned by Kate Greene.
Executive Summary
2.1 the business.
Kate Nursing Home owned by Kate Greene, will be a home to elderly people who need daily assistance and care, located at a 5 minutes’ drive from DMC Heart Hospital, Detroit. Kate Nursing Home will be a 3-floored vast building with the capacity to accommodate about 35 people.
2.2 Management
Opening a nursing home is not just a business, it is a task of great responsibility and accountability. The owner of the business will be responsible for routine works of about 35 people. The whole system will be managed by Kate, her daughter and a hired manager. Moreover, Kate will hire recreational staff to meet social, emotional, intellectual and spiritual needs of elderly people, skilled nurses, nursing assistants, accountants, housekeepers, therapists and guards.
2.3 Customers
Before starting a nursing home business, you must acknowledge the type of your customers to plan your business according to their demands and needs. The customers of a nursing home will be usually the people living in Detroit of age 60 or above. You have to use all means to provide proper care and attention to the residents of your nursing home.
2.4 Target of the Company
Our target is to fill out all our rooms within the two or three months of our launch. We aim at providing excellent temporary and permanent caring services to the elderly people of our town, and to make them feel at home. Our major purpose is to provide the elderly people of our home with comfortable and friendly environment. Besides, we also have some monetary targets; the fundamental one will be to balance the cost of startup within the next three years of launch.
Our sales and revenue targets for the next three years are summarized in the chart below:
Company Summary
3.1 company owner.
Kate Greene will be the owner of Kate Nursing Home. Kate had been awarded an MD (Doctor of Medicine) degree by the University of Michigan. She had been working in the DMC Heart Hospital for the past 20 years. Now, she has taken retirement because she wants to open a nursing home. She will work on her nursing business plan ideas , with the assistance of her daughter, who is also a doctor, and an experienced and caring team.
3.2 Why the Business is being started
Kate was interested in serving and helping people since her childhood. She didn’t become a doctor for the sake of salary, but for improving the life qualities for others. Now she had enough money and time to open up a nursing home for the people who need assistance with their daily routine, but don’t have anyone at home to pay attention to them and their needs.
3.3 How the Business will be started
Starting a nursing business requires a lot of effort, time and money. If you don’t just want to open a nursing home but also want to run it successfully benefitting more and more people, you have to put loads of effort into it.
Kate has decided to procure an existing building and turn it into a nursing home. She will rent a large building with 3 floors, at least 8 private rooms with attached baths, and 20 general bedrooms. Each floor will have five bathrooms, a kitchen, and a big sitting lounge. There will be a lawn with walking and running tracks and a therapy gym with basic equipment and machines. Each room will be well-furnished and every comfort will be provided to the residents. Kate will hire a team of housekeepers, nurses, assistants and therapists for the 24-hour assistance of the residents.
If you want to jump into this business but don’t have an idea of how to start a retirement home , we are here to help you by this sample business plan.
The costs for startup are as follows:
The startup requirements are as follows:
Services for customers
After getting the basic knowledge about how to open nursing home business , the next step is to add the services, you are going to provide, in your nursing agency business plan . Your services will decide whether you will be able to compete in the market or not.
If you want guideline on the services you should provide, you can take help from this sample business plan on how to start up a nursing home and run it successfully. Kate Nursing Home will provide the following services:
- Specialty Care: For the disabled persons who need acute care and attention, we have licensed nurses and nursing assistants who will provide them with daily assistance and personal care by serving meals, taking care of their medicinal needs, transferring them from bed to chair etc. Besides, our skilled nurses will make a daily nutrition plan for them, to assist them in improving their health.
- Temporary Assistance (of 2 months): This type of assistance will be given to your loved ones if they are ill and need proper care and therapy until they are fit and healthy again. Usually, the temporary residents of a nursing home are fighting with some physical, mental or emotional disorder. For them we’ll provide three types of therapies:
- Occupational Therapy to assist residents in fighting with some illness or injury.
- Physical Therapy for assisting them to regain their strength and flexibility.
- Speech Therapy given to the persons who have trouble producing and evaluating speech.
- Permanent Assistance: We’ll assist our permanent residents by taking care of all their needs and requirements including physical, mental and emotional needs. Elderly people usually get emotional and behavioral sickness. So, we will hire a recreational staff for arranging birthday parties, musical events, religious services, art and crafts, adopting pets, outdoor activities and picnics for them to refresh their moods.
- Evening Activities: For the people above age 60, whether they are our residents or not, we’ll arrange evening activities like playing cards or chess or learning the use of technology, to assist them in maintaining their intellect and memory.
Marketing Analysis of nursing home business
If you are going to start a nursing home business , then you surely need to make a nursing home business plan . While designing your nursing home business plan template , you must focus on the marketing analysis segment. The accuracy of your nursing business plan depends upon how keenly you focus on your target market and analyze it in your personal care home business plan .
If you are finding difficulty at writing residential care home business plan , you will be glad to know that we are providing a nursing home business plan free of cost. You can take help from this sample personal care home business plan or can also find more nursing home business plans available online. However, if you are starting this business on a very large scale then instead of writing a plan by yourself by taking help from a sample business plan personal care home , you should hire services of experts to make for you an accurate personal home care business plan according to your dimensions and finances.
5.1 Marketing Trends
Before starting a new business, you must study the marketing trends in detail to help you demonstrate the market potential of a new startup. A careful marketing analysis will help you to decide the most favorable location for your business. According to a report by IBISWorld, there are more than 31,000 nursing home businesses in the United States running successfully. The business is expanding at a rate of 2.3% and is expected to continue expanding at a much faster rate over the coming years. Because an estimate shows that 22% of the world population in 2050 will be comprised of the people of age above 60. The business is generating a revenue of $136 billion annually and is serving as a source of employment for more than 1.8 million people in the United States. These statistics clearly demonstrate that this is the good time to enter in this industry, and the business can prove extremely profitable for you if you plan it wisely and successfully.
5.2 Marketing Segmentation
While writing a business plan, you must clearly acknowledge the groups or segments of the society that can prove your prospective or potential customers. An accurate marketing segmentation can help you in devising your policies according to the demand of your customers. Our customers will include the non-acutely ill or companionless people of age 60 or above living in Detroit, or the one who has some disability and need 2-3 months of full-time rest and proper care. We will also be serving the people, whose family may be going to somewhere else for a short period of time and need a trusted care center for their loved ones. We also have arranged evening activities for the people who want some recreational and intellectual activity for themselves. Evening Activities will be available for the temporary and permanent residents of the nursing home as well as non-residents. Our experts have identified the following target groups for our services:
The detailed marketing segmentation of our target audience is as follows:
5.2.1 Elderly & Alone People: The first group of our customers will be the elderly people, who don’t have a family or any caretaker at home, who want to spend time in productive and recreational activities and can afford the charges of full-time assistance at a nursing home. Such elderly people can prove our permanent residents and we’ll provide them with our best services fulfilling all their nutritional, medical and recreational needs.
5.2.2 Disabled or Diseased: The second category includes the people who have some serious disorder or disease, and whose loved ones want them to be in a homey environment rather than a hospital. Such people need daily therapies to enhance their workability, besides the routine assistance. For such residents, Kate Nursing Home has hired experienced nurses and therapist who will make sure that the residents are given occupational, speech and physical therapies according to their needs. They will mostly be kept in specialty care or under temporary assistance.
5.2.3 Non-acutely Ill: The people whom we cannot declare as healthy, and who are not much seriously ill to be cared in a hospital will be our third and the biggest target group. Our honest and hard-working professionals will ensure that the best possible care is being delivered for such permanent residents. We will ensure that our caring and compassionate staff will treat the residents as their family. We’ll ensure extra care and attention along with the daily routine assistance to this category of our residents.
The detailed and comprehensive market analysis of our potential customers is given in the following table:
5.3 Business Target
Kate is not opening the nursing home just for the sake of money, but because she has the passion to serve humanity by helping the helpless. Our major target will be to provide a homey and comfortable environment for the elderly and disabled old people. We’ll hire the persons who are skilled, ethical, compassionate and ready to treat our residents as their own family members. Our target is to provide them with the care and assistance they need and deserve in this old age. For the sake of giving proper attention to our residents, we are not going to accommodate hundreds of people in our nursing home, instead, we will accommodate a maximum of 35 people and will comfort them with our best efforts and services.
To serve more and more elderly people efficiently, we have to make our business financially strong. For that monetary advancements, our business targets are:
- To become the most trusted and most successful nursing home in Detroit
- To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
5.4 Product Pricing
Product Pricing is the major leading factor in deciding the success and failure of a startup. If you are starting a new business, you have to keep your prices low at the initial stage, so that more and more people are attracted towards you. In this sample business plan, we are giving the product pricing scheme of Kate Nursing Home.
We haven’t priced our services very highly; we have the rates which are currently offered by other nursing homes in the city. However, we haven’t compromised on the quality of our business. All the inventory and things which our residents will need for daily usage will be available every time, and the rooms and furniture will be maintained on a daily basis.
Basically, we’ll have these three types of memberships:
- Membership for Permanent Residence for $600 per month
- Membership for Specialty care for $800 per month
- Membership for Temporary Residence for $400 per month
- Membership for Evening Activities for $150 per month
These are the charges for general accommodation, if you want a private and more comfortable room for your loved ones or for yourself, you have to pay additional charges for it. Moreover, for the people who need intense professional therapy, we’ll be taking a little bit more money to meet their medicinal needs.
If you are working on how to start a nursing home business , the most important part you should consider is your sales strategy in the business plan . Kate has done a lot of research on the sales, marketing, and advertisement techniques, so that more and more people will know about the new startup and can use the services of Kate Nursing Home either for themselves if they are above 60; or for their parents if they are unable to give them proper time or care.
Here is starting a nursing home business plan , which we have provided in order to help you in formulating yours.
6.1 Competitive Analysis
Our biggest competitive advantage is the devotion and determination of all our team. We have an excellent team which believe in serving the people who are unable to serve themselves. Our second biggest competitive advantage is the range of indoor and outdoor services we will provide to our residents. No other nursing home in this vicinity arrange the hobbies and activities for old people like adopting pets, playing games etc. Most significantly, we will teach our permanent residents to use latest social networks and websites so that they will conceive that they are not outdated and can compete with the new generation. Lastly, we have a wide parking area for the vehicles of the visitors whenever they visit their loved ones.
6.2 Sales Strategy
We will attract our customers towards us by various efforts, such as:
- We will advertise our nursing home in magazines, newspapers and social media
- We will arrange seminars and awareness sessions on giving the elders the required care and attention
- We will arrange transportation facilities with caretakers for our residents when they want to go out
- We will give 5% discount to the first 10 customers
6.3 Sales Forecast
Our sales are forecasted in the following column charts:
The detailed information about sales forecast is given in the following table:
6.4 Sales Monthly
Our forecasted monthly sales for the first year of startup are given below:
6.5 Sales Yearly
Our forecasted yearly sales for the first three years of startup are given below:
Personnel plan
If you are starting a nursing home care business , you must focus on the staff you are going to hire. You will need the staff which is compassionate enough to understand the misery and distress of the elderly people when they find that they are not cared like the way they deserve. You should keep in mind that you will be dealing with those people who get emotional at small things and hire your members accordingly if you really want to serve them.
7.1 Company Staff
Kate will hire the following staff for starting a personal home care business:
- 1 General Manager for managing the overall operations
- 2 Accountants for maintaining financial records
- 2 Cooks for preparing meals
- 5 Nurses for examining and treating the residents
- 10 Nursing Assistants for aiding the residents with their daily works
- 5 Recreational Workers for indulging residents in indoor and outdoor activities
- 5 Cleaners to maintain extreme cleanliness
- 2 Drivers for providing transportation facility
- 2 Physiotherapists for the therapy and physical exercise of the residents
- 2 Security Guards
7.2 Average Salary of Employees
The average salary of our staff is summarized in the following table:
Financial Plan
To run a nursing home business successfully you don’t only require the passion for it but also a large amount of money to meet with the daily expenses of so many people, among whom some can be disabled or suffering from any disease. For balancing your incomes with your expenses, you need a financial plan. A detailed and accurate financial plan must be devised before a personal care home business start up . In your financial plan, you have to develop an outline defining nursing home business profit and a record of your investment group business plan and expenses.
If you need some help regarding the formulation of a financial plan for your business, you can take help from this sample business plan on how to open a nursing home business. But if you are opening the nursing home on a very large scale, you must seek the help of financial experts to make you a financial plan according to your actual expenses and investments. The detailed financial plan of Kate Nursing Home for the next three years is given below.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
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Home » Business ideas » Healthcare & Medical » Nursing Home
How to Write a Nursing Home Business Plan [Sample Template]
Are you about starting a nursing home? If YES, here is a complete sample nursing home business plan template & feasibility report you can use for FREE . Okay, so we have considered all the requirements for starting a nursing home . We also took it further by analyzing and drafting a sample nursing home marketing plan template backed up by actionable guerrilla marketing ideas for nursing homes. So let’s proceed to the business planning section.
Why Start a Nursing Home Business?
When it comes to caring for people, there are several options and one of them is to take them to nursing homes. A nursing home is a private residence for the elderly, children or young people who cannot live with their families due to health reasons.
The law in the united states and in some countries states that before a nursing home can commence operations, there should be at least six residents and at least one trained nurse/caregiver there 24 hours a day and 7 days a week. Also, a standard nursing home is expected to have a house manager, night manager, weekend activity coordinator, and 2 or more caregivers/nurses depending on the size of the facility.
Running a nursing home involves housing residents and helping them handle basic day to day tasks like bathing, taking their drugs, exercising, cleaning them up amongst others. There are people that are gifted with the ability of taking care of senior citizens. If you think that you have a flair for taking care of the elderly, then you should consider starting a nursing home in your city.
If you have decided to start a nursing home in your city or county, then you should ensure that you carry out thorough feasibility studies and also market survey. Business plan is yet another very important business document that you should not take for granted when launching your the business.
Below is a sample nursing home business plan template that can help you to successfully write your own with little or no hassles.
A Sample Nursing Home Business Plan Template
1. industry overview.
The Nursing Care Facilities industry consists of For-profit nursing homes, nonprofit nursing homes, government nursing homes and skilled nursing facilities, for-profit skilled nursing facilities, nonprofit skilled nursing facilities and hospice centers .
Operators in this industry provide residential and personal-care services for elderly individuals (senior citizens) who are unable to fully care for themselves due to old age or one form of age-related disability. Demographic trends have supported the growing demand for nursing homes, and the industry has experienced strong growth over the last half a decade.
This growth is expected to improve, driven by an improving economic environment and the continued aging of the population, which will expand the industry’s markets. The Nursing Care Facilities Industry is indeed a very large industry and pretty much thriving in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.
Statistics has it that in the United States of America alone, there are about 31,123 licensed and registered Nursing Care Facilities scattered all across the country responsible for employing about 1,716,785 employees, and the industry rakes in a whooping sum of $132 billion annually with an annual growth rate projected at 1.6 percent between 2013 and 2018. Please note that the Nursing Care Facilities industry has no companies with major market shares.
A recent report published by IBISWORLD shows that the Nursing Care Facilities industry has boomed during the five years to 2015, driven by the aging population and a growing need for dementia care.
The report further stated that the industry, which provides residential and personal-care services for elderly individuals who are unable to fully care for themselves, has been increasingly orienting itself toward the provision of dementia care as the population continues to age; this can include medical and social assistance with the activities of daily living, such as bathing, eating and dressing.
Although franchises that primarily provide inpatient nursing and rehabilitation services are excluded from this industry, many facilities provide some nursing care and other medical supervision.
The report further shows that due to the necessity of services provided by nursing care facilities, industry revenue grew steadily during the five-year period alongside the continued aging of the baby boomer population, which spurred demand for industry services.
Over the five years to 2018, the number of adults aged 65 and older is expected to increase at an annualized 3.3 percent to 52.5 million people. Since the elderly are more prone to injury and illness, and therefore require more assistance with daily activities, the growing share of senior adults propelled demand for nursing care facilities.
In 2018, industry revenue is expected to grow. The nursing home line of business in developed countries is still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market.
2. Executive Summary
St. Paul Linus® Nursing Home, LLC is a licensed nursing care facility that will be located in the heart of New Orleans – Louisiana in a neatly renovated and secured housing facility. Our nursing home facility is equipped with the needed accommodation and gadgets to give comfort and security to all our residents irrespective of religious affiliations, race, and health conditions.
St. Paul Linus® Nursing Home, LLC is a family owned business that believes in the passionate pursuit of excellence. We are certain that our values will help us drive the business to enviable heights and also help us attract the number of residents that will make our facility fully occupied year in year out.
Despite the fact that we are a nursing home facility, we are going to be health conscious and customer-centric with a service culture that will be deeply rooted in the fabric of our organization. With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele.
Our accommodation facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located. St. Paul Linus® Nursing Home, LLC will provide a conducive home for our residents; we will help residents in our facility complete daily basic and simple tasks such as taking medication or bathing, making dinner, having conversation, making appointments, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.
St. Paul Linus® Nursing Home, LLC will be equipped with everything that will make life comfortable for the elderly. We will build a fitness room, library and also install a free Wi-Fi that will enable our residents surf the internet in their rooms free of charge, and there will be wireless access in all the public area within the lodging facility.
St. Paul Linus® Nursing Home, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.
St. Paul Linus® Nursing Home, LLC is a family business that is owned and managed by Anthonia Lawson and her immediate family members.
Mrs. Anthonia Lawson who is a native of Fort Myers-Cape Coral is a licensed non – medical home care administrator and social health worker with over 20 years’ experience working for leading brands in the industry. She has a Master’s Degree in Public Health and she is truly passionate when it comes to taking care of the elderly and people with one form of disability or the other.
3. Our Products and Services
St. Paul Linus® Nursing Home, LLC is set to operate a standard nursing home facility in New Orleans – Louisiana. The fact that we want to become a force to reckon with in the Nursing home facility industry means that we will provide our residents a conducive accommodation.
In all that we do, we will ensure that our residents are satisfied and are willing to recommend our facility to their family members and friends. St. Paul Linus® Nursing Home, LLC will provide the following services to her clients;
- Alzheimer’s disease and dementia care
- Respite care
- End-of-life care
- Interactive care and other services
- Providing room and board
- Nursing and other supervision
- Assistance in daily living
- Housekeeping services
4. Our Mission and Vision Statement
- St. Paul Linus® Nursing Home is a business that wants to become a pacesetter in the nursing care facility industry not just in Louisiana, but through out the region.
- Our mission is to build a nursing home facility that will meet and surpass the needs of all the residents of our facility; we want build a profitable and successfully business that in the nearest future will sell franchise all across the United States.
Our Business Structure
St. Paul Linus® Nursing Home, LLC will be built on a solid foundation. From the kickoff, we have decided to recruit only qualified professionals (non – medical home care administrators, nurse’s aides, medication management counselors, county aging worker, rehabilitation counselors, and home caregivers) to man various job positions in our organization.
We are quite aware of the rules and regulations governing the nursing care industry which is why we decided to recruit only experienced and qualified employees. We hope to leverage on their expertise to build our business to be accepted in Minnesota.
When hiring, we will look out for applicants that are not just qualified and experienced, but homely, honest, customer centric and are ready to work to help us build a prosperous business. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more.
These are the positions that will be available at St. Paul Linus® Nursing Home, LLC;
- Chief Executive Officer
- Facility Administrator (Human Resources and Admin Manager)
Nurse’s Aides
- Home Caregivers / County Aging Workers
- Sales and Marketing Executive
- Accounting Officer
- Security Officer
5. Job Roles and Responsibilities
Chief Executive Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board.
Facility Administrator (Admin and HR Manager)
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily home activities.
- Responsible for managing our residents
- Handles personal injury case management
Marketing and Sales Executive
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Documents all customer contact and information
- Represents St. Paul Linus® Nursing Home, LLC in strategic meetings
- Helps to increase growth for St. Paul Linus® Nursing Home, LLC.
Accountant/Cashier
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for the organization
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for St. Paul Linus® Nursing Home, LLC
- Serves as internal auditor for St. Paul Linus® Nursing Home, LLC.
Security Officers
- Ensures that the facility is secured at all time
- Controls traffic and organize parking
- Patrols around the building on a 24 hours’ basis
- Submits security reports weekly
- Any other duty as assigned by the facility administrator
- Responsible for cleaning the facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Assists our residents when they need to take their bath and carry out other household tasks
- Handles any other duty as assigned by the facility manager
6. SWOT Analysis
St. Paul Linus® Nursing Home, LLC is equipped to become one of the leading nursing homes in New Orleans – Louisiana which is why we are willing to take our time to cross every ‘T’ and dot every ‘I’ as it relates to our business. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation.
Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of people, we still went ahead to hire business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis. This is the summary of the SWOT analysis that was conducted for St. Paul Linus® Nursing Home, LLC;
Top on the list of what we will count as our strength is that we have a team of qualified professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of New Orleans – Louisiana and they are professionals who have what it takes to grow a business from scratch to profitability in record time.
Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely come to the fore and position us to stay highly competitive.
St. Paul Linus® Nursing Home, LLC is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business and also to attract some experienced hands in the industry.
- Opportunities:
The opportunities that are available to nursing homes are unlimited considering the fact that we have a growing aging population in the United States. We are going to position our business to make the best out of the opportunities that will be available to us in New Orleans – Louisiana.
An unstable federal reimbursement model amid an uncertain regulatory environment will likely present threat to our business. Although federal funding for Medicare and Medicaid is expected to increase in 2018, continuing reimbursement pressure and regulatory uncertainty will remain a potential threat to the industry.
Another threat that may likely confront us is the arrival of a new nursing home facility, non – medical home care facility or group home facility brand in same location where ours is located.
7. MARKET ANALYSIS
- Market Trends
Because of the essential services provided by nursing homes, senior care homes, non – medical home care facilities and group homes et al, the industry was able to grow even in the face of economic stagnation. In addition, the continued growth of the aging population and people with one form of disability or the other has stimulated demand for industry services.
Since the aging population is more prone to injury and illness, and therefore requires more assistance with daily activities, the larger share of senior adults has propelled demand for senior care homes, non – medical home care facilities and of course nursing care facilities. Despite favorable demographic trends, unsatisfactory government funding has hindered industry growth.
The trend in the industry is that, players in the industry are now flexible enough to adjust their services and facilities to attract more knowledgeable and educated residents by incorporating more technology and adapting to new markets. It is now trendier to find nursing care facilities with internet and Wi-Fi.
One more trend in the industry is that, in other to make nursing homes more affordable for low income individuals, many states in the United States of America are enacting changes to the portion of Medicaid which can be applied to nursing homes, senior care facilities and group Home Facilities.
Before now, only individuals living in nursing homes were typically provided Medicaid assistance, but in recent time, there are now a growing number of states that have recognized the importance of offering Medicaid to senior citizens living in nursing care facilities.
Without a doubt, the Nursing home industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States is expected to drive demand for this specialized service.
8. Our Target Market
St. Paul Linus® Nursing Home, LLC is in business to take care of the aging population/senior citizens in New Orleans – Louisiana and other cities in Louisiana. We will ensure that we target both self – paying customers (who do not have Medicaid cover), and those who have Medicaid cover.
Largely, those who need the services of nursing home facilities are the aging population, and people with one form of disabilities or the other. Our customers can be categorized into the following;
- The aging population/senior citizens
- Every other age category that falls under the conditions listed by the physician.
Our competitive advantage
Apart from the competition that exists amongst players in the nursing home business, they also compete against other home healthcare service providers such as non-medical home care facilities, assisted living facilities and senior care facilities amongst others.
To be highly competitive in the nursing home industry means that you should be able to secure a conducive facility, deliver consistent quality service and should be able to meet the expectations of the family members paying for their loved ones in your facility.
St. Paul Linus® Nursing Home, LLC is coming into the market well prepared to favorably compete in the industry. Our facility is well positioned (centrally positioned) and visible, we have good security and the right ambience for elderly people.
Our staff are well groomed in all aspects of care and all our employees are trained to provide customized customer service to all our residents. Our services will be carried out by highly trained professional nurse aides, county aging workers and home caregivers who know what it takes to give our highly – esteemed residents value for their money.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
St. Paul Linus® Nursing Home, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry.
We will generate income by providing a conducive home for our residents (senior citizens); we will help our residents complete daily basic and simple tasks like taking their medication or bathing, making dinners, having conversations, making appointments, budgeting their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.
These are the services we will offer to generate income for the business;
10. Sales Forecast
One thing is certain, there would always be elderly people and citizens with one form of disability or the other who would need our services.
We are well positioned to take on the available market in New Orleans – Louisiana and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our nursing home facility.
We have been able to examine the senior scare facility market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projection for St. Paul Linus® Nursing Home, LLC, it is based on the location of our business and of course the wide range of related services that we will be offering;
- First Fiscal Year: $100,000 (From Self – Pay Clients): $250,000 (From Medicaid Covers)
- Second Fiscal Year: $250,000 (From Self – Pay Clients): $500,000 (From Medicaid Covers)
- Third Fiscal Year: $500,000 (From Self – Pay Clients): $1,500,000 (From Medicaid Cover)
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy adopted by St. Paul Linus® Nursing Home, LLC will be based on generating long-term personalized relationships with our residents. In order to achieve that, we will ensure that we offer top notch services at affordable prices compared to what is obtainable in New Orleans – Louisiana.
All our employees will be well trained and equipped to provide excellent services as it relates to our business offering. We know that if we are consistent with offering high quality nursing care service, we will increase the number of our residents by more than 25 percent for the first year and then more than 40 percent in subsequent years.
Prior to choosing a location for St. Paul Linus® Nursing Home, LLC, we conducted a thorough market survey and feasibility studies so as to penetrate the available market and become the preferred choice for residents of New Orleans. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.
We hired experts who have good understanding of the nursing home facility industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in New Orleans – Louisiana.
In summary, St. Paul Linus® Nursing Home, LLC will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residents, clubs for elderly and senior citizens with disability and other stake holders in New Orleans – Louisiana
- Advertise our business in community – based newspapers, local TV and radio stations
- List our business on yellow pages’ ads (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with hospitals, government agencies and health insurance companies to canvas for clients via referrals.
- Attend health care related exhibitions/expos to market our services.
11. Publicity and Advertising Strategy
We are in the business to become one of the market leaders and also to maximize profits hence we are going to explore all available to promote St. Paul Linus® Nursing Home.
St. Paul Linus® Nursing Home, LLC has a long-term plan of building nursing home facilities in key cities all across the United States of America which is why we will deliberately build our brand to be accepted in New Orleans – Louisiana before venturing out.
Here are the platforms we intend leveraging on to promote and advertise St. Paul Linus® Nursing Home, LLC;
- Place adverts on both print (community – based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs that appeals to the aging population
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around New Orleans – Louisiana
- Distribute our fliers and handbills in target areas with high concentration of aging population and senior citizens with disabilities
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo.
12. Our Pricing Strategy
St. Paul Linus® Nursing Home, LLC will ensure that all our services are offered at highly competitive prices compared to what is obtainable in the United States of America.
On the average, nursing homes, senior care facilities and group home facility service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies , Medicare and Medicaid are responsible for the payment. In view of that, it is easier for nursing care service providers to bill their clients based in their discretion.
Payment Options
The payment policy adopted by St. Paul Linus® Nursing Home, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that St. Paul Linus® Nursing Home, LLC will make available to her clients;
- Payment via bank transfer
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
When it comes to starting a nursing home facility, you should raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap. You would need money to secure a standard residential facility big enough to accommodate the number of people you plan accommodating, you need money to acquire supplies, pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to carry your overhead.
The items listed below are the basics that we would need when starting our nursing home facility in the United States;
- The total fee for registering the business in the United States of America- $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of St. Paul Linus® Nursing Home, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Consultant – $2,500.
- The cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- The cost for leasing a standard and secured facility in New Orleans – Louisiana for 2 years – $250,000
- The cost for facility remodeling – $50,000.
- Other start-up expenses including stationery ( $500 ) and phone and utility deposits – ( $2,500 ).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for start-up inventory (stocking with a wide range of products such as toiletries, food stuffs and drugs et al) – $50,000
- Cost for the purchase of storage hardware (bins, rack, shelves,) – $3,720
- The cost for the purchase of furniture and gadgets (Beds, Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
- The cost of Launching our official website: $700
- Miscellaneous: $10,000
We would need an estimate of $750,000 to successfully set up our nursing home facility in New Orleans – Louisiana.
Generating Fund/Startup Capital for St. Paul Linus® Nursing Home, LLC
St. Paul Linus® Nursing Home, LLC is owned and financed by Mrs. Anthonia Lawson and her immediate family members. They do not intend to welcome any external business partners which is why they decided to restrict the sourcing of the startup capital to 3 major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting St. Paul Linus® Nursing Home, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our nursing care services a little bit cheaper than what is obtainable in the industry and we are prepared to survive on lower profit margin for a while.
St. Paul Linus® Nursing Home, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re training of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check : Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Medical Equipment and vans et al: In Progress
- Purchase of the needed supplies, furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Establishing business relationship with clubs for the elderly, hospitals, government agencies and health insurance companies in the United States of America: In Progress.
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How to Write a Business Plan for a Nursing Home: Complete Guide
- August 15, 2022
Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your nursing home, you will need to prepare a solid business plan.
In this article we go through, step-by-step, all the different sections you need in your nursing home business plan. Use this template to create a complete, clear and solid business plan that get you funded.
1. Executive Summary
The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.
If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.
Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire business plan below.
Why do you need a business plan for your nursing home?
The purpose of a business plan is to secure funding through one of the following channels:
- Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
- Obtain private investments from investment funds, angel investors, etc.
- Obtain a public or a private grant
How to write an executive summary for your nursing home?
Provide a precise and high-level summary of every section that you have included in the business plan. The information and the data you include in this segment should grab the attention of potential investors and lenders immediately. Also make sure that the executive summary doesn’t exceed 2 pages.
The executive summary usually consists of the 5 main paragraphs:
- Business overview : introduce your nursing home facility: what is your business model (franchise vs. independent business; medical vs. assisted senior living facility), how many rooms will you have / how many residents will you care for? Where will the nursing home be located? Etc.
- Market overview : briefly analyze the nursing home industry in your area (market size and growth), your competitors and target customers (average income of the residents, demographic distribution, etc.). Also outline the specific problems your competitors may have that you intend to solve and how you differ vs. competition
- Management & people : introduce the management team and their industry experience. Mention your business partner(s), if any. Also give here an overview of the different teams, roles and their reporting lines
- Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? Also include here a small chart with your key financials (revenue, net profit)
- Funding ask : what loan/investment/grant are you seeking? How much do you need? How long will this last? How will you spend the money?
2. Nursing Home Business Overview
The business overview section of your business plan should cover crucial aspects of your nursing home business. You must try to address the following questions in this section:
- What services do you plan to offer in your nursing home?
- How will you make profits from your business?
- Who would be your target market?
- What would be the structure of your company?
Here is what you must include in the business overview section:
a) History, Mission & Vision
Briefly explain how did you come up with the plan to start a nursing home business. What motivated you to get into this business venture?
Address these questions in such a manner that your investors or lenders understand why you are so passionate about starting a nursing home. For example, you might have worked in a nursing home before and found immense growth potential for this type of business in your area as there is less or no competition.
You must also focus on your mission and vision for starting the nursing home. What type of service do you intend to offer to the community through your nursing home, and where do you aim to reach (it should reflect your vision. Also, include your financial and non-financial goals.
b) Business Model
Here, explain what business model you choose for your nursing home. You need to mention the following:
- What type of services would you offer? Would your nursing home focus on elderly care and disabled people or cater to everyone?
- Do you plan to offer niche services that would distinguish your nursing home from the competition? For example, long-term care facilities, Alzheimer’s care facilities, convalescent homes, or convalescent care.
How would your business make money? Provide here details on the revenue model, such as membership plans, private or semi-private room charges, personal care services, etc.
c) Legal Structure
Explain the legal structure of your nursing home in this section. Are you starting a corporation, a limited liability company, or a partnership? Who are the investors? How much equity do they actually own? Is there a board of directors? Do they have prior industry experience?
Download the Nursing home financial model
3. Nursing Home Market Overview
A complete understanding of the market where you want to operate is important for the success of your business.
You must cover here 3 important areas:
- Market trends : how big is the nursing home industry in your area? How fast is the market growing? What are the trends fuelling this growth (or decline)?
- Competition overview : how many competitors are there? How do they compare vs. your business? How can you differentiate yourself from them?
- Customer analysis: what are your target customers (residents)? How old are they? What gender? What is their average disposable income?
a) Market trends
In this section, we include the market trends where you plan to start your nursing home. It should include the total number of nursing homes in the US, the number of seniors they have, their revenue estimates, etc.
Here are some of the other specific details that you must mention in this section:
- What is the size of the nursing home industry in the US?
- Is the nursing home market expanding or declining?
- Who are the key competitors?
- What trends affect the nursing home industry?
- What is the growth forecast for the nursing home industry for the next 5 to 10 years?
b) Competition overview
Here we look at the nearest competition to your nursing home. For example, if you plan to open a nursing home in Illinois, you need to check all the nearest nursing homes in the area. Check how many seniors they have (20, 50, 100+ residents per home), what type of senior facility it is (affordable or premium?), etc.
Briefly describe each of these competitors’ firms and list their advantages and disadvantages. It won’t be possible for you to know everything about your competitor nursing homes unless you previously worked there. However, you should be able to learn important details about them, such as:
- What kinds of senior care do they offer?
- What type of nursing homes are they?
- How much do they charge (premium, inexpensive, etc.)?
- What do they excel at?
- What are their weaknesses?
c) Customer analysis
Here we look at the area’s target customers (the senior residents).
Your target customers may be retirees, people with Alzheimer’s or dementia, old and ageing adults, and seniors. So try to find out:
- Who are the seniors in the area where you want to start a nursing home (age, gender, disposable income, etc.)
- What kind of facilities do they need? Do they need medical facilities or assisted living facilities?
As you may expect, the customer segment you select will significantly affect the kind of business you run. It goes without saying that those with Alzheimer’s or dementia would react differently to marketing campaigns than, say, recent retirees.
Try to segment your target market based on their psychographic and demographic characteristics. Include a discussion of the ages, genders, locations, and income levels of the customers you hope to serve in your demographics section.
4. Sales & Marketing
This is the segment where you outline your customer acquisition strategy for your nursing home. Try to answer the following questions:
What are your Unique Selling Propositions (USPs)?
- What marketing strategies will you use?
- How will you measure the profitability and success of your marketing campaigns?
- What is your customer acquisition cost (CAC)?
- What is your marketing budget?
What marketing channels do nursing home facilities use?
Typically, nursing homes benefit from organic growth (word-of-mouth, recommendations, etc.) yet it can take years to build trust with your residents and their relatives. Therefore, you will have to invest heavily at the beginning to get yourself known.
A few marketing channels that nursing home and assisted living facilities typically use are:
- Print media (local newspapers and magazines)
- Word-of-mouth, local listing
- Partnerships with medical clinics, etc.
- TV & radio ads
Also, you must have a fair and nearly accurate estimate of your marketing budget. Failure to display a well-planned and adequate cash flow for advertising and marketing may lead to investors losing confidence.
In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win residents from competitors.
A few examples of USPs for nursing homes are:
- Medical support : do you offer onsite medical assistance (doctors)?
- Quality of service : you may offer the highest level of assistance, also known as enhanced assisted living, such as hands-on assistance with multiple activities of daily living (ADLs)
- Quality of the amenities : you may offer extra amenities your competitors don’t have (for social and recreational activities for example)
- Pricing : your facility might be more affordable vs. competitors
Your USP will depend on your business model, competitor analysis, and target audience. Whatever your USPs are, it should appeal to your target audience.
5. Management & People
You must address 2 things here:
- The management team and their experience/track record
- The organizational structure : different team members and who reports to whom?
a) Management
Small businesses often fail because of managerial weaknesses. Thus, having a strong management team is vital. Highlight the experience and education of senior managers and medical staff that you intend to hire to oversee your nursing home.
Describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeeded in their previous roles. This is especially important for the medical staff (doctors, psychologists, etc.).
b) Organization Structure
Even if you haven’t already hired anyone yet, you must provide a chart of the organizational structure of your company. Include roles from Administration (Finance, HR), to Nursing (registered nurses, supervisors, coordinators) and rehabilitation doctors / psychologists.
6. Financial Plan
The financial plan is perhaps, with the executive summary, the most important section of any business plan.
Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your nursing home is an attractive investment.
There should be 3 sections to your financial plan section:
- Your historical financials (only if you already operate the business and have financial accounts to show)
- Your startup costs of your project (if you plan to start a new nursing home, or add a few rooms to your nursing home, renovate the facilities, etc.)
- Your 5-year financial projections
a) Historical Financials (optional)
In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.
If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.
b) Startup Costs
Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For an assisted living facility, startup costs are all the expenses you incur before you open your facility. These expenses typically include:
- The lease deposit and renovation costs (if you rent an existing building)
- Construction costs (if you build a facility from the ground up)
- Furniture and medical equipment
Below is an estimation of the startup costs you can expect for a 40-units nursing home facility based on 2 scenarios:
Option 1: you rent and renovate an existing building ($675,000 – $1,290,000) Option 2: you buy land and build from scratch the facility ($2,020,000 – $3,600,000)
Note that these costs are purely for illustrative purposes and may not be relevant for you. For more information on how much it costs to start and run an assisted living facility, read our complete guide here .
c) Financial Projections
In addition to startup costs, you will now need to build a solid 5-year financial model for your nursing home.
Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.
As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.
Your financial projections should answer at least the following questions:
- How much revenue do you expect to generate over the next 5 years?
- When do you expect to break even?
- How much cash will you burn until you get there?
- What’s the impact of a change in pricing (say 15%) on your margins?
- What is your average customer acquisition cost?
You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:
- The number of residents you will care for over time ;
- Your expected revenue ;
- Operating costs to run the business ;
- Any other cash flow items (e.g. capex, debt repayment, etc.).
When projecting your revenue, make sure to sensitize pricing and the number of residents as a small change in these assumptions will have a big impact on your revenues.
7. Funding Ask
This is the last section of your nursing home business plan. Now that we have explained what your nursing home is about, what’s your strategy, where you go and how you get there, this section must answer the following questions:
- How much funding do you need?
- What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
- How long will this funding last?
- Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)
If you raise debt:
- What percentage of the total funding the loan represents?
- What is the corresponding Debt Service Coverage Ratio ?
If you raise equity
- What percentage ownership are you selling as part of this funding round?
- What is the corresponding valuation of your business?
Use of Funds
Any coworking business plan should include a clear use of funds section. This is where you explain how the money will be spent.
Will you spend most of the loan / investment in paying your employees’ salaries the first few months? Or will it cover mostly the cost for building the facility?
Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our nursing home financial model , you won’t have any issues answering these questions.
For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.
Home Care Business Plan Template
You will have a clear, concise idea of what the business is about and how the founder and current president, [owner name], intends to start, grow and continue strong and steady growth.
The purpose of a business plan is to create a plan, a blueprint or roadmap on paper to follow. It’s for you to really think through how your business will operate and about areas of the business you haven’t thought about. You’ll be most successful when you put in the effort and really THINK about it. Your goal is to develop a fairly simple plan first to start your Home Care Agency which often is enough for most small businesses getting started using their own capital. If you’re seeking one or more investors, a different, more comprehensive plan will serve you better with much more consideration in which case.
Executive Summary
The Executive Summary is a summary of the highlights of your business plan. While it appears first in the layout of your plan, most find it easiest to complete the Executive Summary last. It should be succinct and no more than 2 pages.
Business Description
The Business Description provides a complete overview about your business idea/concept/ service/ etc. It differs from the Executive Summary in that it goes into detail about the description. Challenge to yourself to truly THINK about what you see your business described as. Your business should be unique, differing from your competition. Describe who, what, why, where and how it’s different. Use the example to help get you started.
Your Home Care
provides [medical / non-medical] care services to [elderly, disabled and people of all ages physical conditions and cognitive abilities] who would like to remain living at home, yet require assistance with certain daily or weekly activities. Working closely with clients and their families we provide personalized assistance in client’s own home, the hospital, long-term assisted living facilities and other places of residence with things like:
Non-Medical Services
- Warm Companionship
- Meal Preparation
- Incidental Transportation
- Light Housekeeping
- Errands & Shopping
- Medication Reminders
- Laundry & Linen Washing
- Recreational Activities
- Personal Hygiene & Dressing Assistance
- Senior Information Resource
- Alzheimer’s care / Dementia care
- Respite Care
Home Health Care Services (Medical)
- Professional Nursing
- Personal care
- Senior care
- Pediatric nursing
- IV therapy
- Physical Therapy
- Occupational Therapy
- Speech Therapy
To be known as the crème-de-la-crème of home care providers in our market, providing the very best, first-rate care to clients in our geographical market by employing only proven, hard-working, professional, honest, compassionate and ethical home care providers in the market who are dedicated provide outstanding home care services and improving the quality of clients’ lives.
To assist every client with improving their quality of life, encouraging independence and allowing them to be comfortable with excellent care in their own homes by providing first-class, professional care with respect, dignity, compassion, the highest ethical standards and honor
Value Proposition
What makes your home care agency services/products better than all the others? This shouldn’t be price – it will be difficult to defend and by differentiating yourself solely by price, it sets your business up as a commodity driven service – often suffering with poor service in lieu of charging a fair price for excellent services .
Industry Analysis
What does the home care industry look like? Are there trends in your geographic area? What do your target clients buy, eat, education, income, habits, health levels, lifestyles, etc. The more detail you have the better your chances of success. This is an opportunity to find a specific niche that may be present in your own backyard. No example is provided in this area because you should know this. If you don’t – you need to do the homework to know and understand your market and the industry if you plan to enter it.
Competition
Who are your competitors? Specifically, by name, location, age of the agency, what they specialize in and how they are different from you. What market share do they have? Are there any other service companies that could be considered competitors? (i/e: really inexpensive care homes, private caregiver market, etc). Even if there are no “direct” competitors, there will ALWAYS be some that are close
Marketing Strategies
How will you get your product into the marketplace? Think of non-conventional (viral Marketing) methods that are cheaper than traditional (TV, radio, print) and have a higher Impact. Examples:
Networking –meeting people and creating the relationships with the many faces who refer clients to various home care service providers. By attending the opportunities for networking, meeting business leaders and more.
Online Promotions
Website. Develop an informative website and will include the website address in all online and offline marketing collateral.
Press Releases. Work with online press release distribution firms to generate awareness of our services by issuing press releases to leading search engines and online news sites.
Social Media Marketing. Promote your agency on Facebook, Twitter, LinkedIn and other social media channels that may be frequented by your target market. All social sites will be used to generate a buzz about your services and build your agency’s image. The goal is solely to build connections with the health care industry and consumers and convince them to avail your services.
E-mail Marketing. Implement an e-mail marketing campaign to target local health care facilities and professionals that could provide client referrals to agency.
E-mail Program. Regularly distribute a newsletter to highlight new services, employees, agency certifications and home care industry news. Include links to lure subscribers to visit your website for further information.
Offline Promotions
- Cold Calls. Develop a list of local health care facilities, senior organizations and social centers to cold call in an effort to gain client referrals.
- Brochures/Flyers. Develop informational (postcard) brochures and flyers and distribute via a targeted direct mail campaign.
- Press Releases. Share press releases highlighting news about our agency to print news outlets in our target area.
- Business Cards. Distribute business cards in high-profile gatherings and share them indiscriminately to spread word of mouth regarding your services.
- Exhibitions. Participate in health care industry trade shows and events hosted by senior organizations and other relevant industry events, workshops and seminars to generate buzz about your agency.
- Organization Affiliation – Joining local and regional organizations like Health Care Industry Orgs, and Insurance company orgs.
- Public Speaking – By speaking to organizations, senior centers, doctor, nurse and discharge planner meetings, etc. we’ll become seen as experts in our given niche.
Business & Health Fairs – Attending and showing the presence at these shows brings more
Barriers to Entry
What will stop you from entering your market place? Regulations, competition, cost of entry, monopoly, syndication? Also, how will your setup your own barriers to entry for other potential entrants into the marketplace?
State and county laws can thwart certain services from being provided by increasing the requirements and certification levels. Are there any present in your area? Maybe it’s obtaining the State Survey sign off or Medicare certification. List the obstacles that could keep you from getting started and growing.
Distribution Channel
How will you get your services/product to your market? For example – if you cover 3 counties – how will you manage logistics? Who will provide the care? Who will do the follow up visits and ensure care quality? Will you team with another company that provides a complimentary business where you can team with one another?
Team Summary
Often this can be the most important part of your business plan. Who else believes in the idea of you entering the home care industry and the experience of your team in the various areas? (Technical, business, marketing, operations, HR, etc.)
Personnel Plan
You will initially hire four staff members to manage the agency’s operations. Each hired staff member will meet the state of Colorado educational and training requirements. Additional recruiting will occur as the agency enters the expansion phase.
Organizational Hierarchy (example):
- CEO/ Administrative Director
- Administrative Assistant
- Home Care Aide
The Administrative Director will be responsible for planning, implementing, organizing, and developing in-home care services. This work includes, but is not limited to: operations administration, community/client education and staff supervision. This individual also will assume all social work services during the agency’s initial phase.
The Administrative Assistant will perform routine clerical and organizational tasks. This individual will organize files, draft messages, schedule in-home care appointments and support other staff.
Home Care Aides will administer in-home client services. These individuals will assist with activities such as bathing and dressing, and will provide services such as light housekeeping, errand services, personal care and companionship.
Financial Analysis
Insert all the financial projections and forecasts here. Cash flow, income statements, balance sheet, as well as start-up income required. This is arguably the most important part of your business plan, spend plenty of time on this and be able to justify any assumptions.
SWOT Analysis
S trengths W eaknesses O pportunities T hreats
Consider the conditions in which your service business will operate. What are your Strengths and Weaknesses? These are internal (team, company, service). Opportunities and threats are external (local, regional and national market place, trends, etc.)
- Comprehensive Home Care and Geriatric Services. Custom home care and geriatric services aimed at enabling staff to deliver reliable, responsive care.
- Experienced, Well-Trained Staff. Staff members will undergo initial and continuing education and training programs required by the home care industry.
- Long Operational Hours. Provide service during normal business hours and also will be available for on-call emergencies 24 hours, seven days a week.
- Lack of Brand Identity and Image. As a start-up business, currently lack a brand identity and image. Will need adequate time to create awareness of your agency.
- Low Staffing Numbers. Professionals hired to manage the agency’s initial operations will be experienced, yet you may not have enough staff to effectively cover the needs of the market. This could cause slow growth of your operation, which management could not afford.
- Small Marketing Budget. A sizable marketing budget is required to get the most out of the agency’s initial launch. Anticipate needing a larger budget to make a substantial impact on the market.
Opportunities
- Growing Market. The home care market is rapidly increasing which presents extensive opportunities for new agencies entering the sector.
- Aging Population. As the U.S. population continues to age, the demand for personal home care and companionship is expected to significantly increase.
- Affordability and Comfort. Home care services are less expensive than nursing homes and assisted living facilities. Studies show that most people would prefer to receive care in their own homes versus a facility or hospital.
- Expandable Business Model. Home care agencies have the ability to expand into other markets as consumer needs grow.
- v Local Competition. Several local competitors have national, well-recognized and trusted brands.
- v Professional Staff. Recruiting, hiring and retaining quality, professional staff pose substantial risks. You will conduct extensive candidate research and background checks to eliminate some of the risks associated with employee recruitment and retention. Because studies predict patients will outnumber caregivers in the near future, you will need to position the agency as an attractive place to work with competitive and fair pay and benefits.
- v Business Cash Flow and Funding. While the owner is using personal cash flow to cover start-up expenses, continuing to maintain adequate cash flow and solicit funding from outside sources presents a challenge you must overcome to succeed.
- v Regulatory Changes. Federal health care laws like the Affordable Health Care Act and changes to Medicare and Medicaid payments can greatly affect your agency. In addition, state home care aide certification laws also could impact your business.
Goals and Objectives
What are your overall business goals? Your financials should include a lot of the income and expense goals. These goals/objectives are about identifying what you plan to accomplish with your business. It could be as simple as create a new career of owning a business or more in depth like using 10% of net profits going to a certain cause you believe in. The possibility of these things
Critical Success Factors
What needs to be achieved that will enhance chances of your agency’s success? Identify what the possibility of these things happening are.
Exit Strategies
How will you (or any investors) exit out of this project (if you want to) and make excellent return or to move onto your next “big idea”?
Future Developments
What future plans do you have for your services (and products, if any)? As your company grows, what other plans do you have for your services? Do you want to grow into a regional or state-wide provider? Maybe you want to expand into medical and non-medical. The sky is the limit to what you’d like to do.
Add any additional information here that may not fit into the sections above (quotes, Recommendations, statistics, etc.). Your completed financials & projections should be included in the Financial Projections, however, you could place them in this section.
Assisted Living Facility Business Plan Template
Assisted living facility business plan.
You’ve come to the right place to create your assisted living facility business plan.
We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their assisted living facilities.
Below is a template to help you create each section of your Assisted Living Facility business plan.
Executive Summary
Business overview.
Portland Village Assisted Living is a startup assisted living facility located in Portland, Oregon. The company is founded by James Martin, an experienced assisted living facility manager who has transformed the struggling PALF Oregon facility into a thriving business through efficient and strategic management decisions. Now that James has garnered a reputation for being a positive driver for change in the industry, he is ready to venture out with his new facility, Portland Village Assisted Living. James is confident that his experience and expertise in change management, problem solving, and policy implementation will quickly garner support for his new assisted living facility. James plans on recruiting a team of highly qualified professionals including registered nurses, activity directors, and maintenance staff to help manage the day to day complexities of assisted living.
Portland Village Assisted Living will provide a comprehensive array of services that will appeal to its target clientele of seniors living in the Portland area who are looking to get the most out of their assisted living experience. Portland Village Assisted Living will ensure that every need of the residents is being met. Portland Village Assisted Living will be the ultimate choice in Portland for assisted living while being the most reasonably priced facility for the services provided compared to other assisted living facilities in the area.
Product Offering
The following are the services that Portland Village Assisted Living will provide:
- Assistance with everyday living needs
- Dining program
- Emergency call systems and 24-hour onsite security
- Exercise, education, and recreation programs
- Health and wellness programs
- Housekeeping and laundry service
- Social and religious programs
- Transportation accommodations
Customer Focus
Portland Village Assisted Living will target all seniors over the age of 65 who need a little help with one or more daily activities such as bathing, dressing, or managing their medications. No matter the resident, Portland Village Assisted Living will deliver a caring, comfortable environment with a customer-first focus in every aspect of the facility.
Management Team
Portland Village Assisted Living will be owned and operated by James Martin. He recruited a Registered Nurse, Jessica Williams, to be the Nursing Director and help manage the day-to-day nursing needs of the residents.
James Martin is a graduate of the University of Oregon with a Master’s degree in Healthcare Management. He has been working at a local assisted living home for over a decade as an Administrator. James’s leadership and problem solving skills have allowed him to develop a reputation for driving positive change in the industry.
Jessica Williams has been a Registered Nurse and worked with James at the PALF Oregon facility for over ten years. James relies strongly on Jessica’s organization, expertise, and focus when caring for residents. Jessica has worked in the assisted living industry for so long, she understands all aspects required in managing the nursing needs of residents.
Success Factors
Portland Village Assisted Living will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly qualified team of healthcare and management professionals that are able to effectively maintain a welcoming environment for all residents and staff.
- Comprehensive menu of services that allows for a resident to have all of their needs met. Portland Village Assisted Living takes care of everything from daily assistance and medication management to entertainment and dining programs. Portland Village Assisted Living has something for everyone with its extensive list of educational, social, and recreational activities available.
- Portland Village Assisted Living offers the best pricing for a facility with this level of comprehensive services.
Financial Highlights
Portland Village Assisted Living is seeking $1,000,000 in debt financing to launch the assisted living business. The funding will be dedicated towards a down payment to purchase the facility and new furnishings for the facility. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, working capital, and marketing costs for the print ads and association memberships. The breakout of the funding is below:
- Down payment on facility: $500,000
- Furnishings and improvements for units and common areas: $150,000
- Three months of overhead expenses (payroll, supplies, utilities): $150,000
- Marketing costs: $100,000
- Working capital: $100,000
The following graph below outlines the pro forma financial projections for Portland Village Assisted Living.
Company Overview
Who is portland village assisted living.
Portland Village Assisted Living is a newly established assisted living facility in Portland, Oregon. Portland Village Assisted Living will be the most welcoming, affordable, and secure assisted living facility in the area. Portland Village Assisted Living will provide a comprehensive menu of assisted living services to suit the needs of any resident over the age of 65. Their customer-focused approach will include a wide range of activities available, 24/7 nursing staff, onsite security, and a customizable dining program.
Portland Village Assisted Living will be able to provide its residents with the best quality care in a friendly, supportive environment. The team of professionals are highly qualified and experienced in healthcare management, resident issues, and activity oversight. Portland Village Assisted Living handles all challenges of the residents and ensures all issues are taken care of expeditiously while delivering the best service.
Portland Village Assisted Living History
Portland Village Assisted Living is owned and operated by James Martin, an experienced assisted living facility manager who has transformed the struggling PALF Oregon facility into a thriving business through efficient and strategic management decisions. James is confident that his experience and expertise in change management, problem solving, and policy implementation will quickly garner support for his new assisted living facility. James plans on recruiting a team of highly qualified professionals including registered nurses, activity directors, and maintenance staff to help manage the day to day complexities of assisted living.
Since incorporation, Portland Village Assisted Living has achieved the following milestones:
- Registered Portland Village Assisted Living, LLC to transact business in the state of Oregon.
- Has negotiated the purchase of a 20 unit facility in a centrally located area that is close to multiple hospitals and healthcare facilities.
- Began recruiting a staff of activity directors, nurses, maintenance managers, and housekeepers to work at the facility.
Portland Village Assisted Living Services
Industry analysis.
The United States Assisted Living industry is currently valued at $87.4B and is expected to grow as much as 5.48% over the next eight years. The primary driver for market growth is the increasing number of senior citizens seeking assistance, companionship, and security that can be provided by assisted living facilities. The rise in the senior population due to a rise in life expectancy is forecast to grow rapidly in the coming years. Approximately 8.5% of the global population is 65 years old or above. The number of Americans ages 65 and older is projected to reach 95M by 2060.
Some of the key factors driving the U.S. assisted living facility market growth include a growing awareness and desire of seniors to age in home-based services and the lower cost of assisted living facilities versus nursing homes. There are currently around 30,000 facilities in the U.S. Approximately 800,000 seniors live in these assisted living facilities across the country. The average assisted living facility resident is between 76-82 years old with an average income of $50,000-$70,000.
Customer Analysis
Demographic profile of target market.
Portland Village Assisted Living will target all seniors over the age of 65 living in the Portland area who are looking to get the most out of their assisted living experience. Specifically, Portland Village Assisted Living will target seniors who need a little help with one or more daily activities such as bathing, dressing, or managing their medications. No matter the resident, Portland Village Assisted Living will deliver a caring, comfortable environment with a customer-first focus in every aspect of the facility.
The precise demographics for Portland, Oregon are:
Customer Segmentation
Portland Village Assisted Living will primarily target the following customer profiles:
- Men and women at least 65 years old who need help with only a few activities of daily living such as bathing or walking.
- Men and women at least 65 years old with high blood pressure.
- Men and women at least 65 years old with Alzheimer’s disease or other dementias.
Competitive Analysis
Direct and indirect competitors.
Portland Village Assisted Living will face competition from other companies with similar business profiles. A description of each competitor facility is below.
PALF Oregon
PALF Oregon is an established assisted living facility in Portland, Oregon. This company operates an expansive assisted living facility with 24/7 nursing staff, an abundance of education and social activities provided throughout the day, and resort-style living accomodations. Their list of services includes health and wellness programs, educational workshops, supervised recreation activities, and a full menu of nutritious foods served from 6AM-9PM. PALF Oregon is also able to provide transportation accommodations, medication administration, and one-on-one fitness coaching.
PALF Oregon’s promise is to deliver quality care with honesty and integrity, and 24/7 availability of the nursing team. PALF Oregon’s team of experienced healthcare and management professionals ensures activities run smoothly, property maintenance is proactive, and residents get the care they need, when they need it.
OR Home Assisted Living
OR Home Assisted Living is a Portland, Oregon-based assisted living facility that provides outstanding senior care for individuals over the age of 75. OR Home Assisted Living takes the risk out of finding quality assisted living care. They provide comprehensive assisted living services for qualified tenants, and maintain stringent standards for their nursing and activity staff. The owners of OR Home Assisted Living are former healthcare professionals so they understand how an assisted living facility should be managed. Residents can depend on their unique screening processes to hire only highly qualified staff. Amenities offered include a full-service restaurant, rec center, and health club.
Oregon’s Best Assisted Living
Oregon’s Best Assisted Living is a trusted Portland assisted living facility that provides superior service to residents 65 years old and over. They are able to provide a comprehensive health and wellness regimen, highly qualified nursing staff, and superior security. Oregon’s Best Assisted Living is a condominium style environment for seniors who need minimal assistance with just a few daily activities such as dressing or walking. This facility provides a packed schedule of activities that seniors can enjoy throughout their tenure in the facility including clubs, classes, and social events.
Competitive Advantage
Portland Village Assisted Living will be able to offer the following advantages over their competition:
- Highly qualified team of healthcare, management, and security professionals that are able to effectively maintain a welcoming environment while ensuring safety and security for all residents and staff.
- Comprehensive menu of services that allows for a resident to have all of their needs met. Portland Village Assisted Living takes care of everything from daily assistance and medication management to entertainment and dining programs.
- Portland Village Assisted Living offers competitive pricing for a facility with this level of services compared to other facilities in the area.
Marketing Plan
Brand & value proposition.
Portland Village Assisted Living will offer the unique value proposition to its clientele:
- Friendly, knowledgeable, and highly qualified team of professionals that are able to cater to each individual resident’s needs.
- Portland Village Assisted Living has something for everyone with its extensive list of educational, social, and recreational activities available.
Promotions Strategy
The promotions strategy for Portland Village Assisted Living is as follows:
Word of Mouth/Referrals
James Martin has built up an extensive list of contacts over the years by providing exceptional service to his residents. Many of these contacts have communicated to James that they intend to help spread the word of Portland Village Assisted Living to their friends and families.
Professional Associations and Networking
Portland Village Assisted Living will become a member of professional associations such as the International Council on Active Aging (ICAA), American Seniors Housing Association (ASHA), and the National Investment Center for Seniors Housing & Care (NIC). The company will attend industry conferences and events to network with other professionals and promote Portland Village Assisted Living.
Print Advertising
Portland Village Assisted Living will invest in professionally designed print ads to display in programs or flyers at industry networking events.
Website/SEO Marketing
Portland Village Assisted Living will develop and maintain an attractive website that will be well organized, informative, and list all their services that Portland Village Assisted Living is able to provide. The website will also list their contact information and list their available units and pricing.
The company’s in-house marketing director will manage Portland Village Assisted Living’s website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Portland assisted living facility” or “assisted living near me”, Portland Village Assisted Living will be listed at the top of the search results.
Social Media Marketing
The company’s marketing director will create and maintain an active presence on multiple social media platforms including LinkedIn, Twitter, Facebook, Instagram, and YouTube to promote the facility.
The pricing of Portland Village Assisted Living will be moderate, so residents feel they receive real value when choosing this facility over higher-priced competitors.
Operations Plan
The following will be the operations plan for Portland Village Assisted Living.
Operation Functions:
- James Martin will be the Owner and Administrator of the company. He will oversee all staff and manage client relations. James has spent the past year recruiting the following staff:
- Jessica Williams – Director of Nursing who will manage the nursing staff and services.
- Kim Smith – Admissions Coordinator who will manage all resident admissions and acclimation processes.
- Ben Davis – Marketing Director who will provide all marketing materials, campaigns, and PR initiatives for Portland Village Assisted Living.
- John Anderson – Maintenance Director who will oversee all maintenance staff and projects at the facility.
- Anna Rodriguez – Housekeeping Coordinator who will oversee all housekeeping staff for the facility.
Milestones:
Portland Village Assisted Living will have the following milestones complete in the next six months.
8/1/2022 – Finalize contract for purchase of the facility.
8/15/2022 – Finalize personnel and staff employment contracts for the management team.
9/1/2022 – Begin refurbishment and furnishing of the facility.
9/15/2022 – Begin networking at industry events.
9/22/2022 – Begin marketing campaign to attract the first residents.
11/1/2022 – Portland Village Assisted Living opens for business.
Financial Plan
Key revenue & costs.
The revenue drivers for Portland Village Assisted Living are the assisted living fees they will charge to the residents for staying at their facility. Residents pay monthly fees for their stay and have the option of month-to-month or annual leases.
The cost drivers will be the overhead costs required in order to staff an assisted living facility. The expenses will be the payroll cost, utilities, supplies, and marketing materials.
Funding Requirements and Use of Funds
Key assumptions.
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Occupied Units: 15
- Average Fees per Month: $60,000
- Payments on Facility Purchase per Year: $100,000
Financial Projections
Income statement, balance sheet, cash flow statement, assisted living business plan faqs, what is an assisted living facility business plan.
An assisted living facility plan is a plan to start and/or grow your assisted living facility. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your assisted living facility business plan using our Assisted Living Facility Business Plan Template here .
What are the Main Types of Assisted Living Facilities?
There are a number of different kinds of assisted living facilities, some examples include: Residential Living, Memory Care, and Rehabilitation Facility.
How Do You Get Funding for Your Assisted Living Facility Business Plan?
Assisted Living Facilities are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start an Assisted Living Facility Business?
Starting an assisted living facility business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop An Assisted Living Facility Business Plan - The first step in starting a business is to create a detailed assisted living facility business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your assisted living facility business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your assisted living facility business is in compliance with local laws.
3. Register Your Assisted Living Facility Business - Once you have chosen a legal structure, the next step is to register your assisted living facility business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your assisted living facility business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Assisted Living Facility Equipment & Supplies - In order to start your assisted living facility business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your assisted living facility business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful assisted living facility business:
- How to Start an Assisted Living Facility Business
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