There are many business opportunities around us that can guarantee a steady flow of income. For instance, if you love the elderly and you enjoy working with them, you can consider opening your own assisted living business. Assisted living facilities are different from a hospital or a healthcare facility; as they intend to serve those who need someone else’s help to carry out daily tasks. If you have assisted individuals with daily living activities or are interested in doing so, an assisted living business might be a great business venture for you.
Assisted Living Business Plan
An Assisted living business consists in a helpful facility designed mainly for the elderly, aging people who need care and assistance. The facility is usually located in a secured and low-noise area. It is a facility that is well furnished with beddings, furniture, fittings and other things that can add to the comfort and ambience of the place. In this section of the plan you will understand how the business work, what its main services are and how they are carried out.
The Assisted Living industry essentially provides accommodation and personal care services for elderly people and of course other individuals who are unable to fully take care of themselves due to ailment or disability. Basically, the business provides a significant range of services such as independent living, assisted living, skilled nursing and a combination of these, which are usually referred to as continuing care retirement communities. This section of the plan will further explain the industry for the assisted living and the strategies to position the business within the marketplace.
The essence of the assisted living operations plan is to provide accommodation strictly for rent to only elderly people who would need people to help them carry out some domestic tasks that they can no longer do on their own. As a matter of fact, nurses are assigned to these facilities to help take proper care of the elderly people in the assisted living facility because some of them may be battling with a sickness or certain disability. In this part of the plan you will find a complete description of the operational plan for the business including admission’s procedures, schedules, staff training and equipment required to carry out the business’ major activities.
Your Assisted Living business should be launched into the market well prepared to favorably compete in the industry. The place should be adequately located in a visible yet distant spot to avoid loud surrounding environments, providing the right atmosphere for elderly people to rest and relax. In this chapter we will list the marketing plan and strategies that will be employed to make the business grow, with word of mouth being critical to ensure the business’ sustainability over time.
The target market for the assisted living business consists of aging population and the aged who might suffer from severe joint pains and every other age category who falls under the conditions listed by the physician as one that limits the person ability to take care of themselves partially or entirely. The demographic composition of the target market according to research that will be shown in the business plan reveals that 69% of those who resides in Assisted Facilities are female, while 31% are male and a large number of residents are 85 years+.
Some of the strategies listed in this section include: placing ads on relevant magazines, sponsor relevant community health programs that appeals to the aging population, leverage on the internet and social media to promote the brand and using radio commercials to reach elder population as it is one of their favorite media streams.
One thing is certain in the assisted living facility industry, the fact that there’s a big portion of the population that is aging is good news for businesses. The trend will continue to benefit the industry and more elderly people will require the services of assisted living. Therefore, in this chapter of the business plan the financial projections required to make sure the business is a sustainable and profitable one will be thoroughly described for a period of three to five years.
The main revenue sources for the business will come from continuing care retirement communities, assisted living facilities and homes for the elderly, nursing and other services explained in this section of the assisted living business plan that will generate money consistently.
In this section of theassisted living business plan there is a list of the major expenses as well as a guide to maintain those ongoing costs in line in order to keep the profitability of the business on track. These expenses include rent, utilities, drugs, equipment, furniture and maintenance expenses.