Are you about starting an assisted living facility? If YES, here is a complete sample assisted living facility business plan template & feasibility study you can use for FREE.
Okay, so we have considered all the requirements for starting an assisted living facility. We also took it further by analyzing and drafting a sample assisted living facility marketing plan template backed up by actionable guerrilla marketing ideas for assisted living facilities. So let’s proceed to the business planning section.
There are business opportunities all around us that can guarantee us 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 facility business. Assisted living facility is different from a hospital or healthcare facility; it can be likened to old people’s home.
Assisting individuals with daily living activities can be an overwhelming undertaking and it can be physically tasking and the equivalent of a full-time job. An assisted living facility provides assistance to individuals by administering medications, preparing meals, household tasks and assisting with physical exercise et al; assisted living facilities are a viable option for families seeking quality care for their aging loved ones. If you have assisted individuals with daily living activities or are interested in doing so, an assisted living business might be a great business for you.
What Does It Take to Start an Assisted Living Facility Successfully?
Starting a business such as an assisted living facility business requires that you are thorough in all your dealings and in all the steps that you take in building the business. It is true that you will need to deal with a number of people, and as such you will need to be well trained in the trade. There are loads of people out there who are willing to train people to join the bandwagon.
Setting up an assisted living facility requires hard work and serious planning. You are expected to apply and obtain permit and license to run such facility from the government, and your facility must meet the required health and safety standards before you can be allowed to operate an assisted living facility.
Aside from well – trained domestic employees that will be on your payroll, you will also need to hire nurses. Starting an assisted living facility business is indeed capital intensive, but at the same time it is a lucrative business. You are rest assured to make good returns on your investment because there will always be need for your service since people grow old daily.
Running an assisted living facility can gulp quite a lot. This is because of the various things that are involved in this. They include renting a facility, paying the workers, furnishing the facility to suit the elderly ones, the feeding, as well as some other very essential things that cannot be neglected. It is for this reason that you may need to source for funds.
If you have a great saving culture and have been able to save the amount involved up, then that is fine. On the other hand if not, there may be banks and microfinance banks to turn to for a loan. Also, there are angel investors that may be very interested in supporting your business.
A Sample Assisted Living Facility Business Plan Template
- Assisted Living Facility Business Overview
An Assisted living facility is a conducive facility designed basically for the elderly / aging people who need care and assistance. The facility is usually in a secured and less noisy area. It is a facility that is well furnished place with beddings, furniture, fittings and other things that can add to the comfort and ambience of the facility; a place that can be conducive for elderly people.
The essence of assisted living facility 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 one sickness or another.
The Assisted Living Facility industry essentially provides accommodation and personal care services for elderly people and of course other individuals who are unable to fully care for themselves due to ailment or disability. Basically, businesses in the Assisted Living Facility industry provide 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. Any business that mainly provide skilled nursing are not included in this industry.
The US Census Bureau categorizes this type of facility as homes for the elderly and continuing care retirement communities. According to the U.S. Census Bureau, the population of individuals in the United States of America between the ages of 65 and 84 is estimated to increase by 38.8 percent between 2010 and 2020, while the population above the age of 85 is also projected to increase by 18.7 percent. The increase in the aging population will definitely create a large business opportunities / market for the Assisted Living Facility industry.
From the demographic composition of the target market for Assisted Living Facility, it clearly shows that in 2006, 69 percent of those who resides in Assisted Facilities are female, while 31 percent are male and a large number of residence in Assisted Living Facilities are 85 years and above. In the United States of America, the biggest market (23 percent) for this industry is in the South – East region.
The Assisted Living Facility 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 18,076 licensed and registered Assisted Living Facility businesses responsible for employing about 909,415 employees and the industry rakes in a whooping sum of $62bn annually with an annual growth rate projected at 3.7 percent.
Over and above, the Assisted Living Facility line of businesses in developed countries are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market; the aging population and those who would also want to live in an assisted living facility community.
Assisted Living Facility Business Plan – Executive Summary
Papas & Mamas Assisted Living Facilities, LLC is a standard and licensed assisted living facility that will be located in the heart of Cape May – New Jersey in a neatly renovated and secured housing facility; an assisted home for the elderly that is specifically designed and equipped with the needed accommodation facilities / gadgets to give comfort and security to all our residence irrespective of the religious affiliations, their race, and health condition.
Papas & Mamas Assisted Living Facilities, LLC is a family owned and managed business that believe in the passionate in ensuring that the aging population are well taken care of and in the pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to venture into the hospitability industry by establishing our own assisted living facility business. We are certain that our values will help us drive the business to enviable heights and also help us attract the numbers of clients that will make our facility fully occupied year in year out.
We are going to be a health conscious and customer-centric assisted living facility business with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be enables to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners (vendors), and all our employees as well.
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. Papas & Mamas Assisted Living Facilities, LLC will provide a conducive lodging for our customers; we will engage in services such as continuing care retirement communities, assisted living facilities and homes for the elderly, independent-living facilities, providing room and board, nursing and other supervision services, assistance in daily living and housekeeping services
Papas & Mamas Assisted Living Facilities, LLC will be equipped with everything that will make life comfortable for the elderly. We will as build a fitness room and library et al. We will also install a free Wi-Fi that will enable our residence and guests surf the internet with their laptop in the room free of charge, and there will be wireless access in all the public area within the lodging facility.
Papas & Mamas Assisted Living Facilities, LLC is a family business that is owned and managed by Mrs. Ruth Bob – Simpson and her family. Mrs. Ruth Bob – Simpson is a licensed Assisted Living Administrator, nurse and social health worker with well over 25 years of experience working for leading brand 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 aging population.
- Our Services
Poppas & Mommas Assisted Living Facilities, LLC is set to operate a standard Assisted Living Facility service in Cape May, New Jersey. The fact that we want to become a force to reckon with in the Assisted Living Facility industry means that we will provide our clients a conducive and highly secured accommodation.
In all that we do, we will ensure that our customers are satisfied and are willing to recommend our facility to their family members and friends. We are in the Assisted Living Facility business to deliver excellent services and to make profits and we are willing to go the extra mile within the law of the United States to achieve our business goals, aims and objectives.
These are the services that Papas & Mamas Assisted Living Facilities, LLC will be offering;
- Continuing care retirement communities
- Assisted living facilities and homes for the elderly
- Independent-living facilities
- Providing room and board
- Nursing and other supervision
- Assistance in daily living
- Housekeeping services
- Social Work
- Home Medication Management
- Personal Assistance Services
Our Vision Statement
Our vision is to become the number one choice when it comes to assisted living facility service delivery in the whole of New Jersey and also to be amongst the top 20 assisted living facility service provider in the United States of America within the next 10 years.
- Our Mission Statement
Poppas & Mommas Assisted Living Facilities, LLC is in business is to establish a first class assisted living facility service that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. We want to become one of the leaders in the assisted living facility industry in New Jersey, and in The United States of America.
- Our Business Structure
Poppas & Mommas Assisted Living Facilities, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (nurses, nurse’s aides, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers) to man various job positions in our organization.
We are quite aware of the rules and regulations governing the assisted living facility industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our business brand to be well accepted in New Jersey and the whole of the United States.
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 that will benefit all the stake holders (the owners, workforce, and customers). 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.
This are the positions that will be available at Papas & Mamas Assisted Living Facilities, LLC;
- Chief Executive Officer
- Medication Management Counselors
- Assisted Living Administrator (Human Resources and Admin Manager)
- Nurse’s Aides
- Home Health Caregivers / Home Caregivers /County Aging Workers
- Marketing Executive
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; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- 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.
Assisted Living Administrator (Admin and HR Manager)
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Design job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- 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.
- Defining job positions for recruitment and managing interviewing process
- Carrying out staff 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 office activities.
Medication Management Counselors
- Responsible for providing professional medical services to our residence
- Responsible for ensuring that elderly people under our care takes their medication as at when due
- Responsible for handling medical emergencies
Nurses / Nurse’s Aides / Mental Health Counselors
- Responsible for managing our patients in their various houses
- Handles personal injury case management
- Responsible for offering home medication management services
Marketing and Sales Executive
- Identify, prioritize, and reach out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Document all customer contact and information
- Represent Papas & Mamas Assisted Living Facilities, LLC in strategic meetings
- Help increase sales and growth for Papas & Mamas Assisted Living Facilities, 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; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for Papas & Mamas Assisted Living Facilities, LLC
- Serves as internal auditor for Papas & Mamas Assisted Living Facilities, LLC.
- Responsible for cleaning the facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Assist our residence when they need to take their bath and carry out other household tasks
- Cleans both the interior and exterior of the facility
- Handle any other duty as assigned by the facility manager
Assisted Living Facility Business Plan – SWOT Analysis
Poppas & Mommas Assisted Living Facilities, LLC is set to become one of the leading assisted living facility in New Jersey which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business. We want our assisted living facility business to be the number one choice of all residence of Cape – May and other cities in New Jersey. 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. We must ensure that we follow due process in setting up the business.
Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of the aging population, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the assisted living facility industry.
This is the summary of the SWOT analysis that was conducted for Papas & Mamas Assisted Living Facilities, LLC;
Our strength lies in the fact that we have a team of well 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 Cape – May, New Jersey. Our location, the business model we will be operating on, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.
Poppas & Mommas Assisted Living Facilities, 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 of the highly experienced hands in the assisted living facility industry.
The opportunities that are available to assisted living facilities are unlimited considering the fact that we have growing aging population in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in New Jersey.
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new and bigger / well established assisted living facility brand in same location where our outlet is located.
Assisted Living Facility Business Plan – MARKET ANALYSIS
- Market Trends
One thing is certain in the assisted living facility industry, the fact that there are growing aging population in the United States, the trend will continue to benefit the industry; as the population ages, more elderly people will require the services of assisted living facilities.
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
Another trend in the industry is that, in other to make assisted living facilities 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 Assisted Living 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 dollars to senior citizens living in Assisted Living Facilities.
No doubt the assisted living facility industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States are expected to drive increasing demand for this specialized services and care.
- Our Target Market
Poppas & Mommas Assisted Living Facilities, LLC is in business to service the aging population in Cape – May, New Jersey and other cities in New Jersey. We will ensure that we target both self – pay customers (who do not have Medicaid cover), and those who have Medicaid cover.
Generally, those who need the services of assisted living facilities are the aging population and perhaps those who need daily help.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the assisted living facility industry in the United States. Our staff are well – trained to effectively service our customers and give them value for their monies.
Our customers can be categorized into the following;
- The aging population
- The aged who might suffer from severe joint pains and every other age categories who falls under the conditions listed by the physician.
Our Competitive Advantage
Aside from the competitions that exist amongst players in the assisted living facility industry, they also compete against other home healthcare services providers.
To be highly competitive in the assisted living facility industry means that you should be able to secure a conducive and secured facility, deliver consistent quality patient service and should be able to meet the expectations of the children / family members paying for their loved elderly parents in your facility.
Papas & Mamas Assisted Living Facilities, LLC is coming into the market well prepared to favorably compete in the industry. Our office 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 aspect of assisted living facility services and all our employees are trained to provide customized customer service to all our clients. Our services will be carried out by highly trained professional nurse’s aides, medication management counselors, county aging workers, home health caregivers and home caregivers who know what it takes to give our highly esteemed customers 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 (startups assisted living facility business and other related businesses in the United States) 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.
Assisted Living Facility Business Plan – SALES AND MARKETING STRATEGY
- Sources of Income
Poppas & Mommas Assisted Living Facilities, 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. Below are the sources we intend exploring to generate income for Papas & Mamas Assisted Living Facilities, LLC;
- Continuing care retirement communities
- Assisted living facilities and homes for the elderly
- Independent-living facilities
- Providing room and board
- Nursing and other supervision
- Assistance in daily living
- Housekeeping services
- Social Work
- Home Medication Management
- Personal Assistance Services
It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.
Below are the sales projections that we were able to come up with for the first three years of operations;
- First Year-: $100,000 (From Self – Pay Clients); $250,000 (From Medicaid Covers)
- Second Year-: $250,000 (From Self – Pay Clients); $500,000 (From Medicaid Covers)
- Third Year-: $500,000 (From Self – Pay Clients); $1,500,000 (From Medicaid Cover)
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
Assisted Living Facility Business Plan – Marketing Strategy and Sales Strategy
The marketing and sales strategy of Papas & Mamas Assisted Living Facilities, LLC will be based on generating long-term personalized relationships with our customers. In order to achieve that, we will ensure that we offer top notch all – round assisted living facility services at affordable prices compare to what is obtainable in New Jersey.
All our employees will be well trained and equipped to provide excellent and knowledgeable assisted living facility services and customer service. We know that if we are consistent with offering high quality assisted living facility service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.
Before choosing a location for Papas & Mamas Assisted Living Facilities, LLC, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Cape – May and other cities in New Jersey. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the assisted living 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 Jersey.
In summary, Papas & Mamas Assisted Living Facilities, LLC will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residence, clubs for elderly and other stake holders in New Jersey
- Advertise our business in community based newspapers, local TV and local 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.
- Attend health care related exhibitions / expos.
Assisted Living Facility Business Plan – Publicity and Advertising Strategy
We are in the assisted living facility business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote Papas & Mamas Assisted Living Facilities, LLC.
Papas & Mamas Assisted Living Facilities, LLC has a long term plan of building assisted living facilities in key cities in the United States of America which is why we will deliberately build our brand to be well accepted in Cape – May, New Jersey before venturing out. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public.
Here are the platforms we intend leveraging on to promote and advertise Papas & Mamas Assisted Living Facilities, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community health 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 Bill Boards on strategic locations all around Cape – May, New Jersey.
- Engage in road show from time to time in location with growing aging population
- Distribute our fliers and handbills in target areas with high concentration of aging population
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
Our Pricing Strategy
Poppas & Mommas Assisted Living Facilities, LLC will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.
On the average, assisted living 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 home assisted living facility service providers to bill their clients based in their discretions.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us.
- Payment Options
At Papas & Mamas Assisted Living Facilities, LLC, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
- Check (only from loyal customers)
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.
Assisted Living Facility Business Plan – Start – Up Expenditure (Budget)
If you are looking towards starting an assisted living facility business, then you should be ready to go all out to ensure that you 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 per time, you could need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.
The items listed below are the basics that we would need when starting our assisted living facility business in the United States;
- The Total Fee for Registering the Business in New Jersey – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of Papas & Mamas Assisted Living Facilities, 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.
- Cost for hiring Consultant – $2,500.
- Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- Cost for leasing a standard and secured facility in Cape – May, New Jersey for 2 years – $500,000
- Cost for facility remodeling – $20,000.
- 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
- 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 a Website: $700
- Miscellaneous: $10,000
We would need an estimate of $750,000 to successfully set up our home health care services company in Miami Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funding / Startup Capital for Papas & Mamas Assisted Living Facilities, LLC
Papas & Mamas Assisted Living Facilities, LLC is a family business that is solely owned and financed by Mrs. Ruth Bob – Simpson and her family. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas Papas & Mamas Assisted Living Facilities, LLC intends to generate our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
Assisted Living Facility Business Plan – Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Papas & Mamas Assisted Living Facilities, 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 assisted living facility services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Papas & Mamas Assisted Living Facilities, 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.
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 three years or more. 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
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Medical Equipment and vans et al: In Progress
- Purchase of the Needed 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
- Opening party / launching party planning: In Progress