Are you about starting a group home for elderly people? If YES, here is a complete sample group home business plan template & feasibility study you can use for FREE.
Okay, so we have considered all the requirements for starting a group home for elderly people. We also took it further by analyzing and drafting a sample group home marketing plan template backed up by actionable guerrilla marketing ideas for group homes. So let’s proceed to the business planning section.
Why Start a Group Home?
If you have a passion for taking care of those who can’t take care of their selves, then you may want to consider starting a group home business. This is one trade that is humanitarian based, but yet can put good food on the table. This is also a thriving industry because every day more and more people get incapacitated one way or the other.
Starting this business will to a large extent require that you do all the research that is required to be done. This is so that you are armed with ample information as you set out in the trade. Also, you will need to write a business plan. Business plans are like road maps, that tell where a business is headed for, based on projections.
You may need to acquire a business plan writing skills, if you do not have one already. On the other hand, if you do, please be sure that you do not leave out any area, as all areas are equally as important as others. So for you to be sure that no area is left out; you will be required to do some thorough checks and findings with an expert business plan writer. This is so that nothing is left out.
If you do not have an inkling or so not plan to write yours by yourself, then you may want to use the template below to write yours. It is quite easy to use a template, as you will just need to fix the things peculiar to your brand in the plan.
A Sample Group Home for Elderly Business Plan Template
- Group Home Business Overview
When it comes to caring for people who can’t take care of themselves, there are several options and one of them is to take them to group homes. In general, a group home is a private residence for the elderly, children or young people who cannot live with their families due to obvious reasons, or people with chronic disabilities who may be adults or seniors and can’t take proper care of themselves if left to live alone. Basically, the term group home referred to homes from 8 to 16 individuals, which was a state-mandated size during deinstitutionalization.
Before a group home can commence operations, there should be at least six residents and at least one trained caregiver there 24 hours a day. So also a standard group home is expected to have a house manager, night manager, weekend activity coordinator, and 4 part-time skill teachers were reported.
It is important to state that residents of group homes usually have one form of disability or the other. It could be autism, intellectual disability, chronic or long-term mental/psychiatric disorder, or physical or even multiple disabilities.
Some group homes were funded as transitional homes to prepare for independent living (in an apartment or return to family or marriage and employment), and others were viewed as permanent community homes. Society may prevent people with significant needs from living in local communities with social acceptance key to community development.
The residents of group homes sometimes need continual or supported assistance in order for them to be able to complete daily basic and simple tasks, such as taking medication or bathing, making dinners, having conversations, making appointments, and getting to work or a day service, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.
Going by the data published by the US Census Bureau, the regions that account for the largest share of establishments in the industry are the Southeast (23.9% of total establishments), Great Lakes (17.3%), West (12.9%) and Mid-Atlantic (12.7%) regions. This data basically reflects the age distribution in the United States. So also the data shows that employment in this industry is also concentrated in the Southeast, the Mid-Atlantic and the Great Lakes regions. The largest states in terms of employment are New York, California, Texas, Ohio and Florida.
The Nursing Care Facility industry of which group home is a subset of 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 24,115 licensed and registered Nursing Home Facilities responsible for employing about 1,775,943employees and the industry rakes in a whooping sum of $132bn annually with an annual growth rate projected at 2.3% percent. It is important to state that there is no company with dominant market share in this industry.
Over and above, the Nursing Care Facility / Group Home 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 with disabilities.
Group Home for Elderly Business Plan – Executive Summary
Grace & Mercy Group Home, LLC is a standard and licensed group home facility that will be located in the heart of Saint Augustine – Florida in a neatly renovated and secured housing facility. Our group home 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. We are set to take care of people with one form of disability or the other whether old or young.
Grace & Mercy Group Home, LLC is a family owned and managed business that believe in the passionate 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 group home 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. Grace & Mercy Group Home, LLC will provide a conducive home for our residence.
We will engage in services that will help our residence complete daily basic and simple tasks, such as taking medication or bathing, making dinners, having conversations, making appointments, and getting to work or a day service, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.
Grace & Mercy Group Home, LLC will be equipped with everything that will make life comfortable for the disable and 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.
Grace & Mercy Group Home, LLC is a family business that is owned and managed by Mrs. Grace Smith and her family. Mrs. Grace Smith is a licensed Group Home 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 people with disabilities.
- Our Services
Grace & Mercy Group Home, LLC is set to operate a standard Group Home service in Saint Augustine – Florida. The fact that we want to become a force to reckon with in the Nursing Care Facility industry means that we will provide our resident 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 group home 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.
Grace & Mercy Group Home, LLC will provide a conducive home for our residence; we will engage in services that will help our residence complete daily basic and simple tasks, such as taking medication or bathing, making dinners, having conversations, making appointments, and getting to work or a day service, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.
- Our Vision Statement
Our vision is to become the number one choice when it comes to group home service delivery in the whole of Florida and also to be amongst the top 20 group home service provider in the United States of America within the next 10 years.
- Our Mission Statement
Grace & Mercy Group Home, LLC is in business to establish a first class group home facility service that will take care of both the elderly and young disable as long as they can afford our services. We want to become one of the leaders in nursing care facility industry in Florida, and in The United States of America.
- Our Business Structure
Grace & Mercy Group Home, 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 nursing care 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 Florida 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.
These are the positions that will be available at Grace & Mercy Group Home, 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
- Sales and Marketing Executive
- Accounting Officer
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.
Group Home Administrator (Admin and HR Manager)
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs 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.
- Defines job positions for recruitment and managing interviewing process
- Carries 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 home activities.
Medication Management Counselors
- Responsible for providing professional medical services to our residence
- Responsible for ensuring that disable and 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
- Identifies, prioritizes, and reaches 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.
- Writes 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
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents Grace & Mercy Group Home, LLC in strategic meetings
- Helps to increase sales and growth for Grace & Mercy Group Home, 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
- Ensures compliance with taxation legislation
- Handles all financial transactions for Grace & Mercy Group Home, LLC
- Serves as internal auditor for Grace & Mercy Group Home, LLC.
- Responsible for cleaning the facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Assists our residence when they need to take their bath and carry out other household tasks
- Cleans both the interior and exterior of the facility
- Handles any other duty as assigned by the facility manager
Group Home for Elderly Business Plan – SWOT Analysis
Grace & Mercy Group Home, LLC is set to become one of the leading group home facility in Florida 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 group home business to be the number one choice of all residence of Saint Augustine and other cities in Florida. 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 people with disability and the aging population, we still went ahead to hire the services of business consultants who 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 Grace & Mercy Group Home, 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 Saint Augustine, Florida. 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.
Grace & Mercy Group Home, 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 nursing care facility industry.
The opportunities that are available to group home facilities are unlimited considering the fact that we have growing aging population and people with one form of disability or the other 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 Saint Augustine – Florida.
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 group home facility brand in same location where ours is located.
Group Home for Elderly Business Plan – MARKET ANALYSIS
- Market Trends
Because of the essential nature of services provided by nursing care facilities / group homes, the industry was able to grow even in the face of economic stagnation. In addition, the continued growth of the aging population and people with one form of disability or the other has stimulated demand for industry services.
Since the aging population is more prone to injury and illness, and therefore requires more assistance with daily activities, the larger share of senior adults has propelled demand for nursing care facilities. Despite favorable demographic trends, unsatisfactory government funding has hindered industry growth.
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 order to make group home 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 Group Home 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 Group Home Facilities.
No doubt the Nursing Care Facility industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States is expected to drive increasing demand for this specialized services and care.
- Our Target Market
Grace & Mercy Group Home, LLC is in business to service the aging population and people with disabilities in Saint Augustine – Florida and other cities in Florida. 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 group home facilities are the aging population, people with one form of disabilities or the other 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 nursing care facility industry in the United States. Our staff is 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
- People with one form of disability or the other (Both young and the elderly)
- 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 nursing care facility industry, they also compete against other home healthcare services providers such as assisted living facilities.
To be highly competitive in the nursing care 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 and people with disabilities in your facility.
Grace & Mercy Group Home, 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 and disable people.
Our staff is well groomed in all aspect of group home 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 group home 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.
Group Home for Elderly Business Plan – SALES AND MARKETING STRATEGY
- Sources of Income
Grace & Mercy Group Home, 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.
We will generate income by providing a conducive home for our residence; we will engage in services that will help our residence complete daily basic and simple tasks, such as taking medication or bathing, making dinners, having conversations, making appointments, and getting to work or a day service, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.
- Sales Forecast
One thing is certain; there would always be elderly people and people with disabilities who would need the services of group home facility.
We are well positioned to take on the available market in Saint Augustine – Florida and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our group home facility business and our residences base.
We have been able to critically examine the group home services market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Saint Augustine – Florida.
Below is the sales projection for Grace & Mercy Group Home, LLC, it is based on the location of our business and of course the wide range of related services that we will be offering;
- 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.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Grace & Mercy Group Home, LLC will be based on generating long-term personalized relationships with our residence. In order to achieve that, we will ensure that we offer top notch all – round nursing care facility services at affordable prices compare to what is obtainable in Florida.
All our employees will be well trained and equipped to provide excellent and knowledgeable nursing care facility services and customer service. We know that if we are consistent with offering high quality nursing care 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 Grace & Mercy Group Home, 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 Saint Augustine and other cities in Florida. 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 nursing care 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 Florida.
In summary, Grace & Mercy Group Home, 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 people with disability and other stake holders in Florida
- 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.
Group Home for Elderly Business Plan – Publicity and Advertising Strategy
We are in the group home 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 Grace & Mercy Group Home, LLC.
Grace & Mercy Group Home, LLC has a long term plan of building group home facilities in key cities in the United States of America which is why we will deliberately build our brand to be well accepted in Saint Augustine – Florida 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 Grace & Mercy Group Home, 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 Saint Augustine – Florida.
- 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 and people with disabilities
- 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
We are aware that for us to gain more grounds, we will need to enter the market with a very competitive price. Grace & Mercy Group Home, 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, group home 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 group home 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 Grace & Mercy Group Home, 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.
- Start – Up Expenditure (Budget)
If you are looking towards starting a nursing care 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 the United States – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of Grace & Mercy Group Home, 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 Saint Augustine – Florida 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 group home facility in Saint Augustine – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funding / Startup Capital for Grace & Mercy Group Home, LLC
Grace & Mercy Group Home, LLC is a family business that is solely owned and financed by Mrs. Grace Smith and her family. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas Grace & Mercy Group Home, 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.
Group Home for Elderly 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 Grace & Mercy Group Home, 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 group home 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.
Grace & Mercy Group Home, 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