Love for the elderly and the willingness to help them with their everyday activities are the main ingredients to start an assisted living business. It is a business in which senior citizens can get properly taken care of without having to live in hospital-like conditions but instead, in a more home-like environment. This business plan will provide you with the proper tools to start a solid business and to get the funds you require to do it.
Assisted Living Business Plan
The business model for the company consists of assisting individuals with daily living activities which can be physically challenging for them. An assisted living facility delivers support to individuals by controlling medications, preparing meals and feeding them when necessary. Also, it may involve assuming certain household tasks and assisting the patient with physical exercises. These facilities are the best option for families pursuing quality care for their aging loved ones. In this section of the plan, the business’ core activities will be described.
This segment of the business plan shows how to position the assisted living business within its intended market. Planning is the keyword here; from the actual facility and where it will be located to the training procedures required to obtain highly-skilled and patient personnel, it all matters. The primary market will be senior citizens that are either lonely or who have very busy relatives that are unable to take care of them. If you are planning to start your own business, guarantying top notch service is a good way to attract potential investors who can reinforce your business goals. This and more information will be further explained in this section.
An assisted living facility needs to follow particular state regulations both on the infrastructure as well as the technical side (that is employees, furniture and equipment to be used). Workers should not only be qualified and experienced, but homely and honest, as your clients deserve the best treatment and care possible. Among the staff to be recruited you will need: nurses, nurse’s aides, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers, apart from key administrative positions to keep the business up and running. In this part of the business plan, more detailed information will be explained to understand the company’s operation setup.
One thing that benefits this particular business is that the American population is aging, therefore business such as this will continue to grow in the coming years. The industry´s number one trend is that business owners are flexible enough to adjust their services and facilities to attract more experienced and educated residents by incorporating more technology and acclimatizing to new markets. This chapter of the assisted living business plan presents the marketing tactics that the company will employ to reach its target audience.
In the assisted living business, aging population is the main target but it is also important to offer services that can adapt to the elderly with special conditions, physical disabilities, terminal illnesses, as well as any other health problem they might have. This section of the plan helps entrepreneurs to understand the company’s target market and the marketing strategies that will be put in place to attract potential customers.
The promotional strategies for this business cannot aim to make clients but also to make the brand known for general audiences since it is a kind of company that might not be used immediately but in the future as well. Social media plays a huge role nowadays because it is now the main source of mass communication. Printing brochures and posters to place them in key spots (hospitals and medical practices) will also be advised. Billboards are also a good way to attract potential senior clients, since most of them don´t have access to Instagram, Facebook or Twitter, even though their relatives may. The goal is to reach as many people as possible to get brand awareness.
Understanding how money will come in and where it will go will be essential both from a profit-seeking perspective and from a pricing strategy point of view. The financial projections of the assisted living business are explained in this chapter of the business plan to help you understand the main money inflows and outflows you will get during the course of your business.
The assisted living business benefits from steady income coming from recurrent monthly bills sent to customers. Prices should remain competitive but also affordable for customers. One of the peculiarities of this business is that most of the payments do not come from the customer´s own pockets but from insurance companies they have contracts with or from relative. This setup translates into certainty for investors who are willing to step in, which will make the business an attractive alternative and can even lead to a franchise kind of growth. This and more specific information about the main sources of revenues are detailed in this section of the plan.
After the initial capital expenditures are in place expenses will be steadier since they will mostly be maintenance expenses, bills and salaries. Taxes need to be kept up to date, as well as yearly permits to guarantee a steady operation.