August 31, 2018
A) BUSINESS PLAN SUMMARY
1) What services will be provided?
• Dining services, Transportation services, Health Services, Activities including educational, exercise and recreational, Housekeeping and maintenance services as well as security.
2) How did the idea of the business come about?
• My mom thought of the idea. She pitched it to the family and we all thought it was a great idea. We started thinking about what roles everyone can play in the business and we all have a part that we are satisfied with.
3) Who owns the business?
• It will be a family owned business
4) What previous experience did you have before attempting to start this business?
• Me, my mom and my sister have all worked as CNAs so we all have experience with patient care. My sister also has a psychology degree which could be useful. Also, my great grandma has been bed ridden for about a year or two now so everyone in the family has chipped in with taking care of her.
5) What will make this business successful?
• I think what will make the business successful is how passionate about helping others we all are and because it is family owned it lets people know that we value family, so we will be able to provide the best care for their loved one.
B) MARKETING PLAN
1) How are residents needs being satisfied?
• I think we satisfy customers basic needs, we are there to assist them, but we allow them to be independent, so they still have their sense of freedom.
2) What is the benefit of your services?
• We provide families the ability to be at ease knowing that their loved one is in good hands and we provide residents with the quality care.
1) What is currently happening in this industry?
• The assisted living industry is growing as the senior population rises there will be an increased need for facilities to assist them.
1) What kind of residents are you looking for?
• We are looking for elderly residents that need a little assistance but for the most part can still help themselves.
2) How many residents will your business have?
• We plan on starting out with three residents and hopefully we can expand to more later.
3) What kind of information will you look for to determine if the resident is a good fit?
• I think residents will choose us if we are a good fit for them. I believe once they meet us we will be able to determine if it will be mutually beneficial for the resident, their families and us.
1) Who are you in competition with?
• Our competitors are other assisted living facilities that have more experience.
2) What will make customers choose your business over your competition?
• I think mostly we will promote how much family means to us and that will make us stand out because we want people to know we are not driven by money or any other materialistic factor but that we care.
1. Where is the location of your business?
• Our business will be located right here in Savannah, GA where all my family has been born and raised. We hope to find a nice neighborhood and home that provides a nice homey feeling.
1) What will be the cost of services?
• Cost will depend on the expenses we incur and how much funding we needed to start up the business, but we will try to keep it as affordable as possible and allows residents to choose from different options.
1) Where do you see your business in 5 years? 10 years?
• We hope that our business is very prosperous in five years we hope that we have gotten the business up and running and that we are doing very well with the residents we have. In 10 years we hope to be expanding and getting more residents.
1) How do you plan on promoting your business?
• We plan on getting business cards, flyers and social media will be a big platform.
C) MANAGEMENT DESCRIPTION
1) Who does your management team consist of?
• Our team will consist of family members and we will all have different areas that we run.
2) What are the roles everyone will have?
• Everyone will chip in with ideas and running the business, but I will work with my mom and sister to manage the business, funds and residents. My mom will mostly provide patients with their medication or any health services they require. My aunt will oversee the transportation services. My uncle will oversee dining services. My brother will oversee maintenance and my other sister in charge of housekeeping. Also, someone will always be present for security purposes.
3) What other kinds of people do you need on your team.
• A lawyer, accountant, insurance agent etc.
D) FINANCIAL PLAN
1) What kind of funding do you need? Creditors? Investors?
• Everyone in the family plans on investing in the business. Also, we will try to refrain from getting other investors outside of family for now because we would like it to remain a family business, but we will probably take out loans from the bank.