With longer life expectancy and advanced medical care, nursing homes are needed more than ever before. It can act as a good primary or secondary source of income if you do it the right way.
If you can make people feel at home and help them through the second phase of their life and have a good team of individuals to help you, then a residential assisted living business might work wonders for you.
All you need is a residential assisted living business plan before you get started with your business. Here we’ll discuss a few things about the industry and the business setup process.
If you are planning to start a new residential assisted living business, the first thing you will need is a residential assisted living business plan. Use our sample Residential Assisted Living Business Plan created using Upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new residential assisted living business, spend as much time as you can reading through some samples of hotel and lodging-related business plans.
The assisted living market in the US was valued at a whopping 83.2 billion dollars in 2020 and is expected to rise at a rapid rate going forward too. Several reasons have led to the growth of the industry, including higher life expectancy, more disposable income, and technology that makes caregiving easier and more efficient.
There is an increase in the number of people above 50 years of age who opt for assisted living facilities due to better services and more resources. Also, increased retirement funds help them get the best services present out there.
Things to Consider Before Writing a Residential Assisted Living Business Plan
Define your services
As an assisted living service, it is important to list down the services you provide and market that to your customers precisely. This helps your target audience understand your services and what you offer better, and know if your services work for them or not.
Hence, you need to define your services and promote them the right way. Defining your services also helps you gather all the necessary resources for providing the same.
Build a good team
A good and reliable team would be your biggest asset as you go about your business. A good team will help you provide efficient services that are sought after and recommended. It is also necessary to ensure that your team has all the technical and medical skills to provide efficient care.
Find a good location
An accessible location is the primary need of an assisted living service. It should be easy to acquire daily supplies around the facility and easy for friends and relatives to visit. But at the same time, it shouldn’t be too crowded to disturb the peace of the people living in your nursing home.
Invest in the necessary technology
Today there’s a wide variety of technology to monitor sick people while they sleep and provide them assistance when they need it easily. Also, some tools help you remember medicine timings for different patients, so you don’t forget it. Having such technology will help you work more efficiently and give better care to the residents of your assisted living center.
Chalking out Your Business Plan
Reading sample business plans will give you a good idea of what you’re aiming for. Also, it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample business plan for you to get a good idea about what a perfect residential assisted living business plan should look like and what details you will need to include in your stunning business plan.
Residential Assisted Living Business Plan Outline
This is the standard business plan outline which will cover all important sections that you should include in your business plan.
- Executive summary
- Problem Definition & Validation
- Strategic Objectives
- Operational Objectives
- Mission statement
- Keys to success
- Financial Highlights
- Home Aid – 3-Year Revenue Highlights
- Business Overview
- Company Ownership/Legal Entity
- Interior Operating Facilities
- Hours of Operation
- Startup summary
- Products & Services
- Core Services
- Live-in Care
- Packages Offered
- Hourly Care
- Service Execution
- Core Services
- Market Analysis
- Market segmentation
- Market Trends
- Target market
- Competitive Advantage
- SWOT analysis
- Strategy & Implementation
- Distribution Strategy
- Marketing and Promotions Strategy
- Pre-Launch Strategies
- Launch Strategies
- Post-Launch Strategies
- Positioning Statement
- The planned positioning of Home Aid’s Market
- Sales strategy
- Pricing strategy
- Operational Plan
- Organization chart
- Management Team
- Personnel Plan
- Hiring plan
- Jane Doe
- Amanda Doe
- John Green
- Home Aid
- Financial plan
- Important Assumptions
- Brake-even Analysis
- Projected Profit and Loss
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics, you can copy this residential assisted living business plan into your business plan and modify the required information and download your residential assisted living business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.
Download a sample residential assisted living business plan
Need help writing your business plan from scratch? Here you go; download our free residential assisted living business plan pdf to start.
It’s a modern business plan template specifically designed for your residential assisted living business. Use the example business plan as a guide for writing your own.