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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Learn More about Online Home Plans
Building your own home is a challenging, thrilling, rewarding and sometimes frustrating process. It is one of the processes that invokes dreams people have sometimes held throughout their life and represents a one-time chance for many people. The process itself can be made easier with the many floor plans that are available online.
People who are building a home or people who are interested in architecture and design can enjoy browsing many websites that provide floor plans, from log cabins to tiny houses, from two-bedroom starter homes to homes with more than four garages. Or, some sites provide free software that allows users to design their own homes. Enjoy browsing the sites and learning more.
Design Your Own Home
Some sites provide free software that lets users create a 3D rendering of their dream home. In many cases, premium features, such as the ability to create multiple plans, are available for a fee. Users can get started choosing from thousands of items from the catalogs of leading brands that let them furnish and accent their spaces. Often, users must create an account to unlock the sites and get started creating designs. One example of a popular such site is Homestyler, and another is Floorplanner.
Draw Floor Plans Easily
When you draw a floor plan for your home, you want to be able to share it with friends and family. Many online tools allow such sharing and are simple to use. Even if you are not building a house, think about all the ways you can use a tool that allows interactive design and sharing. You might be remodeling just one room in a home, starting from scratch on an adorable small house, revamping a bathroom or garden, or even organizing a large event.
You can use online tools’ libraries to select the items you want in the space and to place them accordingly. And them, you can move them around until you get just the look you want.
Download Your Floor Plan
If you want to start with someone else’s inspiration, check out the various sites online that offer floor plans to download. Some sites, such as Floorplans or ePlans, offer powerful search functions that allow you to quickly customize your search. You can look at hundreds of plans from top designs, and you can customize many of them to suit your needs.
If you’re a savvy consumer, you’ll want to do some research before choosing the site that is best for you and to be sure that you understand the pricing guidelines. Most plans are offered for a flat fee, with additional fees based on any customization you do.
Enjoy the Process
Even if you are just thinking about building a house, the sites that offer you house plans are worth browsing. Start with their lists of frequently asked questions, for instance, which essentially walk you through the process of building a home, from permitting to pitches of rooftops.
Then, you can have fun thinking about the many styles of homes, whether farmhouse, beach house, ranch, barn style, cottage, Craftsman or traditional, and others. You can add custom touches by indicating the number of baths, bedrooms, garages and floors. You might opt to shop by plans, based on the number of bedrooms or preferred regional styles, such as Texas homes.
Leverage Online Tools
Sometimes, you can choose from particular architects and their designs. Or, you may be able to find the floor plans of builders whose work you have admired; simply search for the builder’s name and you can browse through dozens of their designs.
Have fun with the process of searching out and studying floor plans, or with creating them. You don’t have to spend much time online to discover that you are not alone in your house planning, and you have many tools at your fingertips to help you enjoy the process even more. Some sites even catalog the best home plan sites out there, narrowing the initial search down for you. Browse, compare and enjoy making your dream home come true.
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Nursing Home Business Plan – 7 Key Points
A nursing home business plan should contain seven key elements. Incorporating them into your document will help to ensure your success.
The U.S. is currently experiencing a shift in demographics. According to the U.S. Census Bureau , by the year 2034, older adults will outnumber children for the first time in U.S. history. By 2030, all Baby Boomers will be over the age of 65. As a result, this cohort will create more of a demand than ever for communities and facilities that care for the older adult population.
If you’re considering getting involved in the nursing home business, the first step you need to follow, after conducting a market feasibility study , as well as a financial feasibility analysis , is to create your nursing home business plan. A well-written and comprehensive business plan will not only help you focus on the vision for your business, but it will show investors and/or lenders that you’re committed to succeeding.
The skilled nursing business is a unique market, and success in this field requires a complete understanding of its many challenges. A business plan will help you convince financial institutions and investors that you’re well versed in the industry and have a clear picture of what you need to accomplish.
Challenges in Starting a Nursing Home Business
Operating skilled nursing facilities can be challenging in today’s market due to increased care costs for higher acuity patients, staffing shortages, reimbursement concerns, increased care alternatives, regulatory challenges, and liability issues.
This is why it’s crucial to guarantee your nursing home business plan is thorough and well-researched. Consequently, you’ll want to complete it before embarking on your new venture or attempting to procure funding. A properly formulated plan will not only convince lenders and investors that you have a viable business concept but it will also serve to hone your vision for your nursing home business.
Keep in mind that this is a brief overview of the many facets of information you’ll need to provide for your nursing home business plan. The nursing home business can be complicated, with a lot of information to cover.
The plan should contain s even main categories: (1) the executive summary, (2) a company summary, (3) the customer plan, (4) a market analysis, (5) a strategy for implementation, (6) the selection of a management team and (7) financial planning.
Items to Include in Your Nursing Home Business Plan
(1) executive summary.
The purpose of the executive summary is to give readers a brief description of your business. Thus, it must be well-written and concise. You want to draw your readers in and give them a brief synopsis of what your nursing home business plan is all about. So, keep it simple and make it engaging.
It may be the first part of your business plan, but it helps to write it last. Therefore, once you’ve covered all of the other details, it will be easier to write up the executive summary.
The executive summary should contain the following information:
(2) Company summary
In a company summary, you should state who you are, how you will operate your business, and what your goals are. The intent here is to provide your reader with a brief overview. Your company summary should include the following:
(3) Customer plan
Next, your customer plan should be a clear description of the service you’ll offer that emphasizes the benefits to your patients. One of the benefits of having a clear customer plan is it demonstrates that you have a firm and specific understanding of what your services are. You may include some of the following services:
(4) Market analysis
The market analysis is the section where you get to illustrate your knowledge of the industry and highlight your thorough research. Your intent should be to establish that you completely understand the market. This section should include the following:
(5) Strategy for implementation
In the next section, you need to summarize your sales strategy and describe your plans for implementation. “Failing to plan is planning to fail.” Thus, it is essential to articulate your implementation plan in detail.
(6) Management team
You’ll need to include a section detailing your business’s organizational team. An experienced and knowledgeable management is a key to operational success. Therefore, it is important to identify your team and their background. The following categories are relevant:
(7) Financial plan
Your financial plan is the final section of your business plan. You will not be able to complete this section until you’ve finished your market analysis and set your goals. If you engaged a third party to formulate a financial feasibility analysis, this is the section where you would place that analysis. You will need to include the following financial statements:
Do you need help creating your nursing home business plan? If so, experts can help you dive into each of these categories to create a comprehensive plan. Review some sample consulting engagements in nursing homes and assisted living to get started.
When you need proven expertise and performance
Craig fukushima, nha, mba.
Mr. Craig T. Fukushima’s health care experience spans more than 35 years with special expertise in the long term care sector, including implementation of innovative health care projects in domestic and international locations.
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Nursing Home Business Plans
Did you know each of these plans was created in LivePlan? Learn More
Home Health Care Services Business Plan
Wheatland Health Services offers a unique combination of premier home health care and community-based social services to Southeastern Kansas.
Nursing Home Business Plan
Bright House aims to be a home for 14 lucky full-time assisted living residents, offering medically-skilled care in a respectful, self-sustaining community, and offering skilled nursing care for short-term residents.
With the aging global population, the demand for high-quality elderly care will only continue to increase. And with current nursing home operations being either extremely costly or potentially lacking in quality, it’s an industry prime for disruption.
If you have an idea for a better nursing home or at-home care experience, then it’s time to put together a business plan. Download one of our Nursing Home Sample Plans today to get started on your own plan and make sure you have everything you need to launch your business.
If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.
Plan, fund, and grow.
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Nursing Home Business Plan Template
Written by Dave Lavinsky
Nursing Home Business Plan
Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their nursing homes. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a nursing home business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your nursing homes as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a nursing homes, or grow your existing nursing homes, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your nursing facilities in order to improve your chances of success. Your nursing home business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Nursing Home Businesses
With regards to funding, the main sources of funding for a nursing homes are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for nursing homes.
How to Write a Business Plan for a Nursing Home
If you want to start a nursing home or expand your current one, you need a business plan. Below we detail what should be included in each section of a business plan for a nursing home.
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of nursing homes you are operating and the status. For example, are you a startup, do you have nursing homes that you would like to grow, or are you operating nursing facilities in multiple markets?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the senior care industry. Discuss the type of nursing homes you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of nursing homes you are operating.
For example, you might operate one of the following types of nursing homes:
- Skilled Nursing Care Facilities : this type of nursing home provides skilled nursing care, rehabilitation, activities, meals, supervision, etc.
- Assisted Living Facilities: this type of nursing home provides 24-hour supervision, including meals, assistance with daily activities, healthcare service, and common services that include assistance with eating, bathing, dressing, using the bathroom, taking medication, transportation, and housekeeping.
- Independent Living Facilities: this type of nursing home are communities that offer fully equipped homes or apartments to residents. They are ideal for seniors who can maintain their independence with few medical issues impeding them.
- Alzheimer’s & Specialty Care Facilities : this type of nursing home offers 24-hour support for residents suffering from Alzheimer’s or dementia.
In addition to explaining the type of nursing facility you will operate, the Company Analysis section needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of patients in care, number of positive reviews, reaching X amount of patients served, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the nursing home industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the senior care industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy, particularly if your research identifies market trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section:
- How big is the senior care industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your nursing homes? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: elderly and aging adults, retirees, those suffering from Alzheimer’s or dementia, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of business you operate. Clearly, Alzheimer’s or dementia patients would respond to different marketing promotions than recent retirees, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other nursing homes.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes rehabilitation facilities, adult daycare programs, family of the aging adult, etc. You need to mention such competition as well.
With regards to direct competition, you want to describe the other nursing homes with which you compete. Most likely, your direct competitors will be nursing homes located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of elderly care do they provide?
- What type of nursing home are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide exercise and activities for the elderly?
- Will you provide services that your competitors don’t offer?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a nursing home business plan, your marketing plan should include the following:
Product : In the product section, you should reiterate the type of nursing home company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to a nursing home, will you provide nutritional advice and meal preparation, daily activities, rehabilitation, and any other services?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your nursing home company. Document your location and mention how the location will impact your success. For example, is your nursing homes located in a busy retail district, a residential neighborhood, near a hospital, etc. Discuss how your location might be the ideal location for your customers.
Promotions : The final part of your nursing home marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Reaching out to websites
- Partnering with hospitals and rehab facilities
- Social media marketing
- Local radio advertising
Operations Plan
While the earlier sections explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your nursing homes, including coordinating nurses’ patient schedules, coordinating with doctors, communicating with family and loved ones of the elderly, managing staff duties, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your nursing homes to a new city.
Management Team
To demonstrate your nursing homes’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in managing nursing homes. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a nursing home or successfully running a hospital or rehabilitation facility .
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement
: an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you take on one new patient at a time or multiple new patients ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets
: Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your nursing homes, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
: Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a nursing homes:
- Cost of licensing and training
- Cost of equipment and supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your nursing home location lease or list of nursing, assisted living, and rehab services you are working on.
Putting together a business plan for your nursing homes is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the senior care industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful nursing homes.
Nursing Home Business Plan FAQs
What is the easiest way to complete my nursing home business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Nursing Home Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of nursing home you are operating and the status; for example, are you a startup, do you have a nursing home that you would like to grow, or are you operating a chain of nursing homes?
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Nursing Home Business Plan Sample
AUG.01, 2018
Do you want to start nursing home business?
Do you want to start a nursing home business? Well, it may prove the right choice if you want to serve people besides earning money. A nursing home is like a residential care center for elderly people who can’t be cared at home and are too healthy to be admitted to a hospital. Due to the advancements in medical science, life expectancy has been increased, especially in the developed countries. So, the elderly people who don’t have any caretakers at home or who choose not to live independently needs a timeless service in which they are provided with mental, medical, occupational, speech and physical assistance.
If you are determined to help the retired and elderly people and also want to generate a surplus amount of money, then this is the most suitable profession for you. Before you start the nursing home business, the first step is to make its comprehensive business plan, in which you include all the details about how to open a retirement home and how will you manage it etc. In case, you don’t know how to start a home nursing care business , you can take help from this sample business plan written for a nursing home business startup named ‘Kate Nursing Home’ owned by Kate Greene.
Executive Summary
2.1 the business.
Kate Nursing Home owned by Kate Greene, will be a home to elderly people who need daily assistance and care, located at a 5 minutes’ drive from DMC Heart Hospital, Detroit. Kate Nursing Home will be a 3-floored vast building with the capacity to accommodate about 35 people.
2.2 Management
Opening a nursing home is not just a business, it is a task of great responsibility and accountability. The owner of the business will be responsible for routine works of about 35 people. The whole system will be managed by Kate, her daughter and a hired manager. Moreover, Kate will hire recreational staff to meet social, emotional, intellectual and spiritual needs of elderly people, skilled nurses, nursing assistants, accountants, housekeepers, therapists and guards.
2.3 Customers
Before starting a nursing home business, you must acknowledge the type of your customers to plan your business according to their demands and needs. The customers of a nursing home will be usually the people living in Detroit of age 60 or above. You have to use all means to provide proper care and attention to the residents of your nursing home.
2.4 Target of the Company
Our target is to fill out all our rooms within the two or three months of our launch. We aim at providing excellent temporary and permanent caring services to the elderly people of our town, and to make them feel at home. Our major purpose is to provide the elderly people of our home with comfortable and friendly environment. Besides, we also have some monetary targets; the fundamental one will be to balance the cost of startup within the next three years of launch.
Our sales and revenue targets for the next three years are summarized in the chart below:
Company Summary
3.1 company owner.
Kate Greene will be the owner of Kate Nursing Home. Kate had been awarded an MD (Doctor of Medicine) degree by the University of Michigan. She had been working in the DMC Heart Hospital for the past 20 years. Now, she has taken retirement because she wants to open a nursing home. She will work on her nursing business plan ideas , with the assistance of her daughter, who is also a doctor, and an experienced and caring team.
3.2 Why the Business is being started
Kate was interested in serving and helping people since her childhood. She didn’t become a doctor for the sake of salary, but for improving the life qualities for others. Now she had enough money and time to open up a nursing home for the people who need assistance with their daily routine, but don’t have anyone at home to pay attention to them and their needs.
3.3 How the Business will be started
Starting a nursing business requires a lot of effort, time and money. If you don’t just want to open a nursing home but also want to run it successfully benefitting more and more people, you have to put loads of effort into it.
Kate has decided to procure an existing building and turn it into a nursing home. She will rent a large building with 3 floors, at least 8 private rooms with attached baths, and 20 general bedrooms. Each floor will have five bathrooms, a kitchen, and a big sitting lounge. There will be a lawn with walking and running tracks and a therapy gym with basic equipment and machines. Each room will be well-furnished and every comfort will be provided to the residents. Kate will hire a team of housekeepers, nurses, assistants and therapists for the 24-hour assistance of the residents.
If you want to jump into this business but don’t have an idea of how to start a retirement home , we are here to help you by this sample business plan.
The costs for startup are as follows:
The startup requirements are as follows:
Services for customers
After getting the basic knowledge about how to open nursing home business , the next step is to add the services, you are going to provide, in your nursing agency business plan . Your services will decide whether you will be able to compete in the market or not.
If you want guideline on the services you should provide, you can take help from this sample business plan on how to start up a nursing home and run it successfully. Kate Nursing Home will provide the following services:
- Specialty Care: For the disabled persons who need acute care and attention, we have licensed nurses and nursing assistants who will provide them with daily assistance and personal care by serving meals, taking care of their medicinal needs, transferring them from bed to chair etc. Besides, our skilled nurses will make a daily nutrition plan for them, to assist them in improving their health.
- Temporary Assistance (of 2 months): This type of assistance will be given to your loved ones if they are ill and need proper care and therapy until they are fit and healthy again. Usually, the temporary residents of a nursing home are fighting with some physical, mental or emotional disorder. For them we’ll provide three types of therapies:
- Occupational Therapy to assist residents in fighting with some illness or injury.
- Physical Therapy for assisting them to regain their strength and flexibility.
- Speech Therapy given to the persons who have trouble producing and evaluating speech.
- Permanent Assistance: We’ll assist our permanent residents by taking care of all their needs and requirements including physical, mental and emotional needs. Elderly people usually get emotional and behavioral sickness. So, we will hire a recreational staff for arranging birthday parties, musical events, religious services, art and crafts, adopting pets, outdoor activities and picnics for them to refresh their moods.
- Evening Activities: For the people above age 60, whether they are our residents or not, we’ll arrange evening activities like playing cards or chess or learning the use of technology, to assist them in maintaining their intellect and memory.
Marketing Analysis of nursing home business
If you are going to start a nursing home business , then you surely need to make a nursing home business plan . While designing your nursing home business plan template , you must focus on the marketing analysis segment. The accuracy of your nursing business plan depends upon how keenly you focus on your target market and analyze it in your personal care home business plan .
If you are finding difficulty at writing residential care home business plan , you will be glad to know that we are providing a nursing home business plan free of cost. You can take help from this sample personal care home business plan or can also find more nursing home business plans available online. However, if you are starting this business on a very large scale then instead of writing a plan by yourself by taking help from a sample business plan personal care home , you should hire services of experts to make for you an accurate personal home care business plan according to your dimensions and finances.
5.1 Marketing Trends
Before starting a new business, you must study the marketing trends in detail to help you demonstrate the market potential of a new startup. A careful marketing analysis will help you to decide the most favorable location for your business. According to a report by IBISWorld, there are more than 31,000 nursing home businesses in the United States running successfully. The business is expanding at a rate of 2.3% and is expected to continue expanding at a much faster rate over the coming years. Because an estimate shows that 22% of the world population in 2050 will be comprised of the people of age above 60. The business is generating a revenue of $136 billion annually and is serving as a source of employment for more than 1.8 million people in the United States. These statistics clearly demonstrate that this is the good time to enter in this industry, and the business can prove extremely profitable for you if you plan it wisely and successfully.
5.2 Marketing Segmentation
While writing a business plan, you must clearly acknowledge the groups or segments of the society that can prove your prospective or potential customers. An accurate marketing segmentation can help you in devising your policies according to the demand of your customers. Our customers will include the non-acutely ill or companionless people of age 60 or above living in Detroit, or the one who has some disability and need 2-3 months of full-time rest and proper care. We will also be serving the people, whose family may be going to somewhere else for a short period of time and need a trusted care center for their loved ones. We also have arranged evening activities for the people who want some recreational and intellectual activity for themselves. Evening Activities will be available for the temporary and permanent residents of the nursing home as well as non-residents. Our experts have identified the following target groups for our services:
The detailed marketing segmentation of our target audience is as follows:
5.2.1 Elderly & Alone People: The first group of our customers will be the elderly people, who don’t have a family or any caretaker at home, who want to spend time in productive and recreational activities and can afford the charges of full-time assistance at a nursing home. Such elderly people can prove our permanent residents and we’ll provide them with our best services fulfilling all their nutritional, medical and recreational needs.
5.2.2 Disabled or Diseased: The second category includes the people who have some serious disorder or disease, and whose loved ones want them to be in a homey environment rather than a hospital. Such people need daily therapies to enhance their workability, besides the routine assistance. For such residents, Kate Nursing Home has hired experienced nurses and therapist who will make sure that the residents are given occupational, speech and physical therapies according to their needs. They will mostly be kept in specialty care or under temporary assistance.
5.2.3 Non-acutely Ill: The people whom we cannot declare as healthy, and who are not much seriously ill to be cared in a hospital will be our third and the biggest target group. Our honest and hard-working professionals will ensure that the best possible care is being delivered for such permanent residents. We will ensure that our caring and compassionate staff will treat the residents as their family. We’ll ensure extra care and attention along with the daily routine assistance to this category of our residents.
The detailed and comprehensive market analysis of our potential customers is given in the following table:
5.3 Business Target
Kate is not opening the nursing home just for the sake of money, but because she has the passion to serve humanity by helping the helpless. Our major target will be to provide a homey and comfortable environment for the elderly and disabled old people. We’ll hire the persons who are skilled, ethical, compassionate and ready to treat our residents as their own family members. Our target is to provide them with the care and assistance they need and deserve in this old age. For the sake of giving proper attention to our residents, we are not going to accommodate hundreds of people in our nursing home, instead, we will accommodate a maximum of 35 people and will comfort them with our best efforts and services.
To serve more and more elderly people efficiently, we have to make our business financially strong. For that monetary advancements, our business targets are:
- To become the most trusted and most successful nursing home in Detroit
- To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
5.4 Product Pricing
Product Pricing is the major leading factor in deciding the success and failure of a startup. If you are starting a new business, you have to keep your prices low at the initial stage, so that more and more people are attracted towards you. In this sample business plan, we are giving the product pricing scheme of Kate Nursing Home.
We haven’t priced our services very highly; we have the rates which are currently offered by other nursing homes in the city. However, we haven’t compromised on the quality of our business. All the inventory and things which our residents will need for daily usage will be available every time, and the rooms and furniture will be maintained on a daily basis.
Basically, we’ll have these three types of memberships:
- Membership for Permanent Residence for $600 per month
- Membership for Specialty care for $800 per month
- Membership for Temporary Residence for $400 per month
- Membership for Evening Activities for $150 per month
These are the charges for general accommodation, if you want a private and more comfortable room for your loved ones or for yourself, you have to pay additional charges for it. Moreover, for the people who need intense professional therapy, we’ll be taking a little bit more money to meet their medicinal needs.
If you are working on how to start a nursing home business , the most important part you should consider is your sales strategy in the business plan . Kate has done a lot of research on the sales, marketing, and advertisement techniques, so that more and more people will know about the new startup and can use the services of Kate Nursing Home either for themselves if they are above 60; or for their parents if they are unable to give them proper time or care.
Here is starting a nursing home business plan , which we have provided in order to help you in formulating yours.
6.1 Competitive Analysis
Our biggest competitive advantage is the devotion and determination of all our team. We have an excellent team which believe in serving the people who are unable to serve themselves. Our second biggest competitive advantage is the range of indoor and outdoor services we will provide to our residents. No other nursing home in this vicinity arrange the hobbies and activities for old people like adopting pets, playing games etc. Most significantly, we will teach our permanent residents to use latest social networks and websites so that they will conceive that they are not outdated and can compete with the new generation. Lastly, we have a wide parking area for the vehicles of the visitors whenever they visit their loved ones.
6.2 Sales Strategy
We will attract our customers towards us by various efforts, such as:
- We will advertise our nursing home in magazines, newspapers and social media
- We will arrange seminars and awareness sessions on giving the elders the required care and attention
- We will arrange transportation facilities with caretakers for our residents when they want to go out
- We will give 5% discount to the first 10 customers
6.3 Sales Forecast
Our sales are forecasted in the following column charts:
The detailed information about sales forecast is given in the following table:
6.4 Sales Monthly
Our forecasted monthly sales for the first year of startup are given below:
6.5 Sales Yearly
Our forecasted yearly sales for the first three years of startup are given below:
Personnel plan
If you are starting a nursing home care business , you must focus on the staff you are going to hire. You will need the staff which is compassionate enough to understand the misery and distress of the elderly people when they find that they are not cared like the way they deserve. You should keep in mind that you will be dealing with those people who get emotional at small things and hire your members accordingly if you really want to serve them.
7.1 Company Staff
Kate will hire the following staff for starting a personal home care business:
- 1 General Manager for managing the overall operations
- 2 Accountants for maintaining financial records
- 2 Cooks for preparing meals
- 5 Nurses for examining and treating the residents
- 10 Nursing Assistants for aiding the residents with their daily works
- 5 Recreational Workers for indulging residents in indoor and outdoor activities
- 5 Cleaners to maintain extreme cleanliness
- 2 Drivers for providing transportation facility
- 2 Physiotherapists for the therapy and physical exercise of the residents
- 2 Security Guards
7.2 Average Salary of Employees
The average salary of our staff is summarized in the following table:
Financial Plan
To run a nursing home business successfully you don’t only require the passion for it but also a large amount of money to meet with the daily expenses of so many people, among whom some can be disabled or suffering from any disease. For balancing your incomes with your expenses, you need a financial plan. A detailed and accurate financial plan must be devised before a personal care home business start up . In your financial plan, you have to develop an outline defining nursing home business profit and a record of your investment group business plan and expenses.
If you need some help regarding the formulation of a financial plan for your business, you can take help from this sample business plan on how to open a nursing home business. But if you are opening the nursing home on a very large scale, you must seek the help of financial experts to make you a financial plan according to your actual expenses and investments. The detailed financial plan of Kate Nursing Home for the next three years is given below.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
Download Nursing Home Business Plan Sample in pdf
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How to Write a Business Plan for a Nursing Home: Complete Guide
- August 15, 2022
Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your nursing home, you will need to prepare a solid business plan.
In this article we go through, step-by-step, all the different sections you need in your nursing home business plan. Use this template to create a complete, clear and solid business plan that get you funded.
1. Executive Summary
The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.
If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.
Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire business plan below.
Why do you need a business plan for your nursing home?
The purpose of a business plan is to secure funding through one of the following channels:
- Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
- Obtain private investments from investment funds, angel investors, etc.
- Obtain a public or a private grant
How to write an executive summary for your nursing home?
Provide a precise and high-level summary of every section that you have included in the business plan. The information and the data you include in this segment should grab the attention of potential investors and lenders immediately. Also make sure that the executive summary doesn’t exceed 2 pages.
The executive summary usually consists of the 5 main paragraphs:
- Business overview : introduce your nursing home facility: what is your business model (franchise vs. independent business; medical vs. assisted senior living facility), how many rooms will you have / how many residents will you care for? Where will the nursing home be located? Etc.
- Market overview : briefly analyze the nursing home industry in your area (market size and growth), your competitors and target customers (average income of the residents, demographic distribution, etc.). Also outline the specific problems your competitors may have that you intend to solve and how you differ vs. competition
- Management & people : introduce the management team and their industry experience. Mention your business partner(s), if any. Also give here an overview of the different teams, roles and their reporting lines
- Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? Also include here a small chart with your key financials (revenue, net profit)
- Funding ask : what loan/investment/grant are you seeking? How much do you need? How long will this last? How will you spend the money?
2. Nursing Home Business Overview
The business overview section of your business plan should cover crucial aspects of your nursing home business. You must try to address the following questions in this section:
- What services do you plan to offer in your nursing home?
- How will you make profits from your business?
- Who would be your target market?
- What would be the structure of your company?
Here is what you must include in the business overview section:
a) History, Mission & Vision
Briefly explain how did you come up with the plan to start a nursing home business. What motivated you to get into this business venture?
Address these questions in such a manner that your investors or lenders understand why you are so passionate about starting a nursing home. For example, you might have worked in a nursing home before and found immense growth potential for this type of business in your area as there is less or no competition.
You must also focus on your mission and vision for starting the nursing home. What type of service do you intend to offer to the community through your nursing home, and where do you aim to reach (it should reflect your vision. Also, include your financial and non-financial goals.
b) Business Model
Here, explain what business model you choose for your nursing home. You need to mention the following:
- What type of services would you offer? Would your nursing home focus on elderly care and disabled people or cater to everyone?
- Do you plan to offer niche services that would distinguish your nursing home from the competition? For example, long-term care facilities, Alzheimer’s care facilities, convalescent homes, or convalescent care.
How would your business make money? Provide here details on the revenue model, such as membership plans, private or semi-private room charges, personal care services, etc.
c) Legal Structure
Explain the legal structure of your nursing home in this section. Are you starting a corporation, a limited liability company, or a partnership? Who are the investors? How much equity do they actually own? Is there a board of directors? Do they have prior industry experience?
Download the Nursing home financial model
3. Nursing Home Market Overview
A complete understanding of the market where you want to operate is important for the success of your business.
You must cover here 3 important areas:
- Market trends : how big is the nursing home industry in your area? How fast is the market growing? What are the trends fuelling this growth (or decline)?
- Competition overview : how many competitors are there? How do they compare vs. your business? How can you differentiate yourself from them?
- Customer analysis: what are your target customers (residents)? How old are they? What gender? What is their average disposable income?
a) Market trends
In this section, we include the market trends where you plan to start your nursing home. It should include the total number of nursing homes in the US, the number of seniors they have, their revenue estimates, etc.
Here are some of the other specific details that you must mention in this section:
- What is the size of the nursing home industry in the US?
- Is the nursing home market expanding or declining?
- Who are the key competitors?
- What trends affect the nursing home industry?
- What is the growth forecast for the nursing home industry for the next 5 to 10 years?
b) Competition overview
Here we look at the nearest competition to your nursing home. For example, if you plan to open a nursing home in Illinois, you need to check all the nearest nursing homes in the area. Check how many seniors they have (20, 50, 100+ residents per home), what type of senior facility it is (affordable or premium?), etc.
Briefly describe each of these competitors’ firms and list their advantages and disadvantages. It won’t be possible for you to know everything about your competitor nursing homes unless you previously worked there. However, you should be able to learn important details about them, such as:
- What kinds of senior care do they offer?
- What type of nursing homes are they?
- How much do they charge (premium, inexpensive, etc.)?
- What do they excel at?
- What are their weaknesses?
c) Customer analysis
Here we look at the area’s target customers (the senior residents).
Your target customers may be retirees, people with Alzheimer’s or dementia, old and ageing adults, and seniors. So try to find out:
- Who are the seniors in the area where you want to start a nursing home (age, gender, disposable income, etc.)
- What kind of facilities do they need? Do they need medical facilities or assisted living facilities?
As you may expect, the customer segment you select will significantly affect the kind of business you run. It goes without saying that those with Alzheimer’s or dementia would react differently to marketing campaigns than, say, recent retirees.
Try to segment your target market based on their psychographic and demographic characteristics. Include a discussion of the ages, genders, locations, and income levels of the customers you hope to serve in your demographics section.
4. Sales & Marketing
This is the segment where you outline your customer acquisition strategy for your nursing home. Try to answer the following questions:
What are your Unique Selling Propositions (USPs)?
- What marketing strategies will you use?
- How will you measure the profitability and success of your marketing campaigns?
- What is your customer acquisition cost (CAC)?
- What is your marketing budget?
What marketing channels do nursing home facilities use?
Typically, nursing homes benefit from organic growth (word-of-mouth, recommendations, etc.) yet it can take years to build trust with your residents and their relatives. Therefore, you will have to invest heavily at the beginning to get yourself known.
A few marketing channels that nursing home and assisted living facilities typically use are:
- Print media (local newspapers and magazines)
- Word-of-mouth, local listing
- Partnerships with medical clinics, etc.
- TV & radio ads
Also, you must have a fair and nearly accurate estimate of your marketing budget. Failure to display a well-planned and adequate cash flow for advertising and marketing may lead to investors losing confidence.
In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win residents from competitors.
A few examples of USPs for nursing homes are:
- Medical support : do you offer onsite medical assistance (doctors)?
- Quality of service : you may offer the highest level of assistance, also known as enhanced assisted living, such as hands-on assistance with multiple activities of daily living (ADLs)
- Quality of the amenities : you may offer extra amenities your competitors don’t have (for social and recreational activities for example)
- Pricing : your facility might be more affordable vs. competitors
Your USP will depend on your business model, competitor analysis, and target audience. Whatever your USPs are, it should appeal to your target audience.
5. Management & People
You must address 2 things here:
- The management team and their experience/track record
- The organizational structure : different team members and who reports to whom?
a) Management
Small businesses often fail because of managerial weaknesses. Thus, having a strong management team is vital. Highlight the experience and education of senior managers and medical staff that you intend to hire to oversee your nursing home.
Describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeeded in their previous roles. This is especially important for the medical staff (doctors, psychologists, etc.).
b) Organization Structure
Even if you haven’t already hired anyone yet, you must provide a chart of the organizational structure of your company. Include roles from Administration (Finance, HR), to Nursing (registered nurses, supervisors, coordinators) and rehabilitation doctors / psychologists.
6. Financial Plan
The financial plan is perhaps, with the executive summary, the most important section of any business plan.
Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your nursing home is an attractive investment.
There should be 3 sections to your financial plan section:
- Your historical financials (only if you already operate the business and have financial accounts to show)
- Your startup costs of your project (if you plan to start a new nursing home, or add a few rooms to your nursing home, renovate the facilities, etc.)
- Your 5-year financial projections
a) Historical Financials (optional)
In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.
If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.
b) Startup Costs
Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For an assisted living facility, startup costs are all the expenses you incur before you open your facility. These expenses typically include:
- The lease deposit and renovation costs (if you rent an existing building)
- Construction costs (if you build a facility from the ground up)
- Furniture and medical equipment
Below is an estimation of the startup costs you can expect for a 40-units nursing home facility based on 2 scenarios:
Option 1: you rent and renovate an existing building ($675,000 – $1,290,000) Option 2: you buy land and build from scratch the facility ($2,020,000 – $3,600,000)
Note that these costs are purely for illustrative purposes and may not be relevant for you. For more information on how much it costs to start and run an assisted living facility, read our complete guide here .
c) Financial Projections
In addition to startup costs, you will now need to build a solid 5-year financial model for your nursing home.
Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.
As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.
Your financial projections should answer at least the following questions:
- How much revenue do you expect to generate over the next 5 years?
- When do you expect to break even?
- How much cash will you burn until you get there?
- What’s the impact of a change in pricing (say 15%) on your margins?
- What is your average customer acquisition cost?
You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:
- The number of residents you will care for over time ;
- Your expected revenue ;
- Operating costs to run the business ;
- Any other cash flow items (e.g. capex, debt repayment, etc.).
When projecting your revenue, make sure to sensitize pricing and the number of residents as a small change in these assumptions will have a big impact on your revenues.
7. Funding Ask
This is the last section of your nursing home business plan. Now that we have explained what your nursing home is about, what’s your strategy, where you go and how you get there, this section must answer the following questions:
- How much funding do you need?
- What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
- How long will this funding last?
- Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)
If you raise debt:
- What percentage of the total funding the loan represents?
- What is the corresponding Debt Service Coverage Ratio ?
If you raise equity
- What percentage ownership are you selling as part of this funding round?
- What is the corresponding valuation of your business?
Use of Funds
Any coworking business plan should include a clear use of funds section. This is where you explain how the money will be spent.
Will you spend most of the loan / investment in paying your employees’ salaries the first few months? Or will it cover mostly the cost for building the facility?
Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our nursing home financial model , you won’t have any issues answering these questions.
For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.
The World's Leading Business Plan Template Directory
Nursing Home Business Plan Template [Updated 2023]
I. executive summary.
This Section's Contents
Business Overview
Services offered, customer focus, management team, success factors, financial highlights.
[Company Name] is founded by [Founder’s Name], a Registered Nurse who has worked for the past twenty years in various nursing homes around [company location]. He specializes in providing skilled nursing care and light therapy for elderly and disabled patients. [Company Name] will be a clean, comfortable, and highly capable facility that will be able to provide the highest quality of care for this special segment of the population. It will be moderately priced and will work with all types of insurance.
[Company Name] will provide rooms, meals, social activities, personal care, 24-hour nursing supervision and access to medical services when needed. In addition, the facility will offer interim medical care (after a hospital stay) and respite care.
[Company Name] will serve the aging and disabled community of [company location]. Many of the aging and disabled community has special and severe conditions that prevent them from living independently and require constant oversight and 24-hour care in a comfortable facility.
The demographics of the target customer profile is as follows:
- 900,652 residents
- Average income of $60,000
- 75.4% married
- 45.7% retired and/or over the age of 55
- Median age: 39 years
[Company Name] is owned and operated by [Founder’s Name], a Registered Nurse who has worked for the past twenty years in various nursing homes around [company location]. At each nursing home he worked at, he was never satisfied with the level of care, compassion, and cleanliness of each facility. He knew in his heart that this disadvantaged segment of the population deserved a better quality of care and he set out to find a building where he could lead a team in providing the best level of nursing and rehab services in the area.
Aside from the nurses, therapists, kitchen staff, janitorial, and social worker he will have on staff, [Founder’s Name] will also employ a receptionist and Office Manager to help with the administration and operation of the nursing home.
[Company Name] has several advantages over its competition. Those advantages include:
- Compassionate Staff: Knowledgeable and friendly staff of nurses, therapists, aides, and social workers who are not only knowledgeable in their field, but place a special emphasis on compassion.
- Location: [Company Name] will be able to service the entire metropolitan area of [company location] and its surrounding areas.
- Quality Care: [Company Name] will provide expert services, and patients will receive quality treatment and care so that the resident is as comfortable as possible.
- Facility: [Company Name]’s facility will be constructed ADA-compliant, spacious, clean, and comfortable to ensure each resident enjoys maximum comfort.
- Pricing: [Company Name]’s pricing will be more affordable than its competition. The company will also work on payment arrangements with the resident and their family so that the patient won’t have to sacrifice any type of care they might require because the cost is too high. The company will also accept most types of insurance, as well as Medicare and Medicaid.
[Company Name] is seeking $250,000 in funding to launch its nursing home. The capital will be used for funding capital expenditures, construction build-out, staffing, training, marketing and advertising expenses, and working capital.
The breakout of the funding may be seen below:
- Facility design/build-out: $100,000
- Capital expenditures: $20,000
- Furniture, fixture, and equipment: $35,000
- Marketing and advertising: $10,000
- Staffing costs: $75,000
- Working capital: $10,000
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Nursing Home Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
8 steps for a successful home care business plan
With an aging population, the worldwide home healthcare market was valued at $299 billion in 2020, and is only expected to grow. If you’re an entrepreneur who sees the potential of the home care industry, you may be the perfect candidate to start a home health care service or partner with a franchise to get up and running in your neighbourhood.
But before you can secure financing for your home health care agency, you’ll need a rock-solid business plan to entice lenders and get extra cash flow.
We’re here to walk you through what goes in a business plan for the home care industry.
What is a home care business plan?
A home health care business plan is a written document that details the goals and objectives of your home health care business. It lays out the primary costs of operating your business and how you plan to turn a profit. It can also show the legal structure of your home health care agency, including employees, management structure, a sales and marketing plan, as well as the current financial health of the business.
Why should you have a business plan for home health care services?
It’s a good idea to write up a business plan, no matter what industry you’re in. It helps you see where your home health care business stands and gives you a roadmap to where your business is heading. It’s especially important if you’re looking to obtain a business loan or get outside funding or start up expenses.
If you can show investors that your home care business has cash flow, steady growth in the health care industry, and a solid client base, you’ll be well positioned to receive working capital that can further help your home care business succeed.
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First steps of creating a business plan for home health care services
You could dive straight into ‘the writing part’ of your home health care business plan, but then you’d miss ‘the thinking part’—arguably the most important step when creating a business plan. By taking a few steps back, thinking about your home healthcare business as a whole, and asking yourself some questions, you’ll have everything you need to write out your business plan.
This exercise will help you spot any gaps in your business operations, while identifying potential unknowns and barriers to entry.
Here are three key business plan elements to consider:
What is the goal of business plan for home health care services?
The most common reason for creating a home health care business plan is to show lenders you’re a viable home health care company when you ask for a business loan or additional funding. For this goal, you’ll need to go into detail about your business, showing exactly how your company operates and how you plan to make a profit.
Other goals include:
- To clarify that you have a sound home health care business strategy before using up resources
- If you’re applying for a business grant or competition
- Before taking on a partnership to see if your values and goals align
- To plan for the future of your home care business
Who is going to read your home health care business plan?
Once you’ve decided on the goal of your business plan, make sure you put yourself in your prospective readers shoes.
If you’re onboarding a new hire, you only need to add the essential information, leaving out complicated financial documents. You can add a company profile that speaks to the mission and vision of your home health care business, but you don’t necessarily have to go into detail about your financial forecast (unless one of your new employees is an accountant).
However, If your reader is a potential investor, you can still include details about your business vision, but back them up with concrete details, easily-digestible facts and figures, and a more detailed competitive analysis that shows what sets you apart in the home care market.
What’s happening in the home health care industry?
This one may sound like a no-brainer, but you’d be surprised how many entrepreneurs skip the research step, only to realize they have to go back when they’re mid-way through writing their business plan. Industry research will give you a crystal-clear picture of who’s in your market and what you’ll need to do to stay ahead of your competitors. It helps you see things through a future lens and can help you take note of any potential roadblocks to your success.
What goes into your business plan?
Now that you know what you need to do before you write your home health care business plan, what comes next?
If you’ve been staring at a blank page, unsure of where to start, we’re here to help. Here are some sample business plan sections applicable to most home health care companies.
1. Executive Summary
Your executive summary is a high-level overview that summarizes the rest of your business plan. It will be the first thing people read so it shouldn’t be longer than one page.
Your executive summary should include a short overview of what your business aims to achieve and all the relevant information on how you run your home health care business.
You can include:
- Your home health care business mission and goals
- A description of your product or service, and why it’s different from your competitors
- Your target customers and target market
- Your sales and marketing strategy
- Up-to-date financial data
- Financial projections
- Your team (who you work with)
- What you’re asking for: funding, investment, etc
2. Company Description
After completing your executive summary, you need a company description. This section should contain a thorough description of your home health care business so readers can understand what you do and why you do it.
You should add in concrete details like your business structure (are you a sole proprietorship or LLC?) and a snapshot of the home care services landscape and why you stand out.
If you are writing a homecare business plan to get funding for a franchise, look at Item 1 of the Franchise Disclosure Document (FDD). Your franchisor likely already has the information you need for your company description.
Your business mission statement should encapsulate your company values in one or two simple sentences. For example, at Nurse Next Door, our mission statement is: “Making Lives Better”
- A description of your home health care business
- Your business mission and goals
- How you fit in your industry, and where you stand out
- A more detailed breakdown of your customer base
- Your business objectives
3. Industry Analysis
Here’s where you can give a picture of what the current home care services market is like and how you plan to gain more shares in the market.
- Information about your other home health care businesses in your market
- Key distributors of nursing supplies in the market
- Market trends
- A customer analysis
- Your plan to gain more shares of the market
4. Management and Organization
Home health care businesses are only as good as the strength of their team. This section should detail the structure of your organization and lay out who works there and why that’s important. This is the spot to mention the expertise of your team as well as any supporting players like advisory board members.
This section proves you’re serious about your new business venture and have assembled the right people you need to reach business success.
- The number of skilled home health care workers on employees from registered nurses to physical therapy providers
- Your leadership team
- Advisory board members if applicable
5. Home Health Care Services Description
Here’s where you can get into the nitty gritty of the products or services you sell. This part of business planning may be easier than you think. We recommend looking at your FDD again to see if the information has already been provided by your franchisor.
- A detailed list about the products and services you sell. The following services are usually provided by a home health agency: meal preparation, physical therapy, nursing services, personal care, speech therapy, and companion care.
- Information about services you plan to implement in the future
- How you conduct background checks
6. Marketing Plan
In this section, you’re answering the question: “how will you acquire customers?” It’s important to provide a comprehensive marketing and sales plan so any potential lenders or investors can see you’ve done your homework, researched other home health care businesses, and are entering into a profitable business model.
Franchises usually have a well-thought out marketing strategy that you can tweak to fit your location and customer base. For example, Nurse Next Door offers a robust training program and supplies marketing support and materials to our franchisees.
- Price: The cost of your services and how you decided on the price
- Product: What are you selling and how are you differentiating yourself in the market?
- Promotion: How will you promote your services to customers?
- Place: Where are you selling your home care services?
7. Financial Projections
This part of your business plan essentially answers the question: “Where do you want to be in five years?”.
Using current financial statements, balance sheet, and cash flow statements along with market research, you’ll need to create a five year business forecast showing how your business revenue will grow over time. Compare the primary costs of running your business with the number of clients you plan on acquiring.
- Equipment costs
- Payroll costs
- Business insurance
- Taxes and permits
- Legal expenses
8. Appendix
Your Appendix should contain any documents you reference in the rest of your business plan, plus any relevant or supporting information.
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How To Start or Buy a Nursing Home Business
September 28, 2022
Adam Hoeksema
The nursing home industry has grown significantly in recent years as the population of elderly people increases. As one of the largest components of the healthcare industry, the nursing home sector provides essential care and services to elderly individuals who are no longer able to care for themselves. Nursing homes offer long-term care services and typically provide 24-hour staff for the residents. Nursing home services include nursing care, physical therapy, occupational therapy, and recreational activities. Different amenities available in nursing homes may include private mini-suites for some residents and recreational areas for social activities.
Nursing homes have become increasingly regulated to ensure quality of care for patients. The Centers for Medicare and Medicaid Services (CMS) sets safety and quality standards for nursing homes and conducts periodic inspections to make sure that nursing homes are providing necessary services in a safe environment. Nursing homes are also required to be accredited in order to be eligible to receive reimbursement from the government. Accreditation is achieved by meeting certain criteria and quality indicators, such as having sufficient staff and qualified personnel. Nursing home staff must ensure that all nursing home regulations are followed in order to maintain the safety and quality of care for the elderly residents.
Thinking of Starting a Nursing Home Business?
There are plenty of good reasons to open a nursing home, not least of which is that running your own business is a liberating and rewarding enterprise if it’s successful. Nursing homes provide a valuable service to those in need, and this is also a source of satisfaction for those who run them.
They’re also profitable. The cost of living in long-term care facilities is increasing at a rate that outpaces inflation , suggesting that it’s’ becoming more profitable for nursing home business owners. However, if you’re considering running the home as a nonprofit, you may be interested to know that nonprofit facilities have better resident outcomes and better rates of staff satisfaction.
In this article I want to walk through a number of tips to help you open your own nursing home, but first just a little bit of background. My name is Adam Hoeksema, I am the Co-Founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and for internal planning. We built a Financial Projection Template for Nursing Home Businesses which I will utilize and share some screenshots from as we walk through some of the financial aspects of building a nursing home business.
In this post I plan to cover the following:
- Understanding the Market for Nursing Homes
- Funding Options to Start or Buy a Nursing Home
- Startup Costs for a Nursing Home
- Nursing Home License Requirements
- Business Plan for a Nursing Home
- Nursing Home Employees
- Patient Acquisition for a Nursing Home
- Nursing Home Profit Margins
- How Much Do Nursing Homes Make
With that as a plan, let’s dive in.
Tips on How to Start a Nursing Home from Scratch
You’re starting from the beginning, and you have little to no experience, so we’re going to break it down from the start. Of course, a comprehensive guide to starting a business of any kind would be well beyond the scope of any single article, so consider these as pointers to set you off in the right direction, but be sure to delve much deeper into each section using other sources before you get going.
1. Understand your Market
The very first step to starting any business is market research. The early stages of this are free and they are absolutely invaluable, especially when planning to start a business with such significant startup costs like a nursing home.
If you’re fixed in one location, your options will be limited to that market, but if you can move, you’ll do well to investigate areas with a greater need of your services. Then, you’ll have to identify and explore the competition and see what they do.
You’ll be building an ideal customer as you go, and identifying unique ways to reach and supply them with your solution to their problem. Start looking for holes in the services that are currently provided, and build up your business model in your head, in a way that fills in these gaps. This is how you’ll stay competitive, and provide something that others don’t.
One trick to understanding the current market demand for nursing home services in an area is to call all of the other nursing homes in your target market and see if they have any open rooms available. If they all have rooms available, it might be that there is already an oversupply of nursing homes in that market. If there is a waitlist or difficulty finding a room, then you know there could be an opportunity for additional rooms.
2. Funding Options for a Nursing Home Facility
There are various funding options available to help you either build a new nursing home facility, convert an existing building into a nursing home, or to acquire an existing facility.
- SBA Loans - The SBA offers some of the best loan programs available. The SBA 504 loan program can be a great fit for an assisted living facility. This program offers financing for buildings and equipment which will be most of your startup costs.
- Traditional Bank Loans – If you have a strong personal financial situation, you may not even need the SBA and you might qualify for a traditional bank loan.
- Seller financing - I f you are looking to buy an existing nursing home facility, you might be able to secure some or all of your financing from the seller. The seller could sell you the business on contract, or they could provide a portion of the financing through a seller note in conjunction with an SBA loan .
- Investors – Another approach would be to get investors involved. With any loan, you will still need to come up with some amount of equity that is invested into the business. Whether that is from your own savings or from outside investors you will need to have at least 5% of the total purchase price of an existing nursing home, or you will need at least 10% of the startup costs if you are starting from scratch. Raising capital from investors means you will no longer have total control over the direction of your company as you’ll have to appease the shareholders. However, this money is invested at their own risk, not yours, so if you do fail, you won’t be left with a huge debt to pay back too.
However, for the healthcare industry, it’s also worth considering grants . Again, do your own research on this, but look out for grants that might cover the cost of skilled services, nutrition programs, personalized care assistance, and other elements of your business model.
Understanding the funding options is a good place to start, but to choose the right one for you will require you to know exactly what your costs are going to be, and where they’ll be coming from. For this, you’ll want to know who and what you’ve got to pay for.
3. Startup Costs for a Nursing Home
This section alone takes some serious research. There are 3 primary startup cost categories when opening a nursing home:
- Working Capital for Payroll
You can get an idea of what it would cost to purchase a nursing home facility by looking at the nursing homes for sale on BizBuySell .
If you’re buying a new building, you’re going to have to get it equipped, and if you’re taking over an existing assisted living facility, you’ll still need to know what equipment might need to be replaced in the near term. Some examples of equipment you’ll need for an assisted living facility are:
- General Furniture
- Specialized Furniture
- Medical equipment
- Bathroom equipment
- Kitchen Equipment
- Communications Equipment
There’s going to be a lot more to consider than just these listed, and from itemizing them you’ll also need to source and cost them to start building your budget. Once you’ve got your market research down, you’ll have a better idea of what size of facility you will build and how much equipment you’ll need.
4. Nursing Home License Requirements
There are several licenses and permits that you may need to get for your nursing home or assisted living facility. Here is a list of several:
- Building Permit
- Certificate of Occupancy
- Food Service License
- Business License
- Fire Safety Designation
- Health Care Facility Licensing
- Nursing Home License
- Medicaid/Medicare Certification
- Fire and Safety Inspection Certification
- Alcohol and Drug Certification
You will also need insurance to cover residents and staff alike, as well as the business itself and the property.
5. Nursing Home Business Plan
Your business plan is more than just a formal document, it’s a journey into the inner workings and the future of your business. The business plan document is split into seven major sections:
- Executive Summary – The front page of your document will cover an introduction, leading the reader through the problems, solutions, and your value proposition. This should be a general overview, and it should be appealing, but never overblown or inaccurate. This page is probably going to be the last you complete, as it’s a summary of a lot of the material from within the document.
- Market Analysis – Your market research should give you a good idea of where your company sits among the competitors and the current state of the market. Include an overview of the industry, and identify how your nursing home will contribute something unique to that market. Lay out a simple plan of action that explains how you’ll take your share of the market, and whom that share represents in terms of ideal customers and their problems.
- Company Description – Now it’s time to go into more detail about who you are and why you’re the right company for the job. List the things you can do that nobody else can, and specify how you’re going to treat the pain points of your customers. Work to set your company apart from the others in your market.
- Organizational Structure – One of the ways you can expand on the company description and how you’ll stay relevant is to display the strengths of your team. Present the management and specialists that you have on board, and how what they can do will contribute to your success. This section can include profiles and resumes of your management team and specialists, where appropriate.
- Products and Services – Here you’ll list the services you provide in the nursing home, along with any products you may sell, if you plan to. Nursing homes often offer insurance packages along with partner organizations, and these should be included. Any services the home provides should be listed here too, along with the details of how the services will be administered and by whom.
- Sales and Marketing – This section will go over your approach to finding your nursing home clients and getting your name out there. List the media avenues, such as TV or radio, and lay out your campaign plans. Detail how you’ll reach potential residents once you get going.
- Financial Projections – Your pro forma income and cash flow statements, as well as your balance sheet , should be completed and accurate for you to be able to form detailed and realistic projections of the financial future of your company. These projections will be important for you, but also absolutely critical for any investment or loan you might want to take on in the future.
For financial projections, consider using our Nursing Home and Assisted Living Projection Templat e that is specifically designed for a nursing home business and can be further customized with your input and by making use of the free support that comes with it.
6. How to Hire When Starting a Nursing Home Business
Your budget and planning sections should have established who and what you can afford, so now hiring becomes a matter of reaching out to find them. Of course, every career will need the appropriate background check and disclaimers to be filled out, but how do you find them in the first place?
Headhunting from the competition is one method, especially if you have a better salary package or benefits available. As long as you create a comfortable working culture with good compensation, many staff in less-friendly companies will be happy to switch over.
You can also start networking in appropriate groups and locations, and spread the word of your new home opening up. For lower-skilled roles, university graduates may be looking for experience, so get onto forums and social groups to find them.
For specialists, consider people with a wide range of skills at first; those who can impart their experiences onto your new staff and build up skill sets from the inside. Early investment in training can save a lot in the long run, and focus strongly on retaining the staff you do get, to save on the future cost of talent acquisition.
Once you have a team, you’ll be ready to open your doors. This means you’re going to want to have people to look after.
7. Patient Acquisition for a Nursing Home
You will likely find customers / patients for your nursing home through referrals from doctors, therapists, hospital systems, etc. Additionally, you can advertise online through Google Adwords or through platforms like A Place for Mom that helps children find long term care for their parents.
Because the lifetime value of a nursing home patient can be hundreds of thousands of dollars in revenue, the competition to acquire patients can be quite steep. This means your customer acquisition costs can also be quite high. You might spend thousands of dollars on advertising to acquire a single patient for example.
8. Nursing Home Profit Margins
Nursing home profit margins can range from 5% on the high end to 1% or even negative in some cases. Even though profit margins are in the low single digits, nursing homes generate a significant amount of revenue per patient, so a nursing home can still generate a handsome profit for an owner.
9. How Much Do Nursing Homes Make
The average nursing home in the US generates roughly $3.9 million in annual revenue.
We calculated this based on the fact that IBISworld estimates the US nursing home market to be $142 billion annually with 36,195 facilities. This averages out to just over $3.9 million in annual revenue per facility. If we apply a 3% profit margin we can estimate an annual profit per nursing home of $117,695.
In order to forecast how much profit your specific nursing home facility might generate, use our nursing home pro forma and build your own custom forecast.
Setting up a nursing home is no easy feat. It’ll take lengthy planning, lots of paperwork, and significant overheads. However, with an aging population, the demand for such a company is always going to be high, and with the right business model and sufficient financial backing, you could be on your way to a lucrative and rewarding business opportunity.
A business plan forms the framework of all of the preparation you’ll need to take on to get off the ground, so follow it clearly, and make sure your data is accurate. From there, get out and market your roles and your residential positions, and see how your idea quickly evolves into a valuable service.
About the Author
Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.
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Preparing a financial plan for your business is important if you plan to pursue business finance options such as loans, according to Inc. Business finance companies look at the short-term viability as well as the long-term potential of a bu...
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management.
Building your own home is a challenging, thrilling, rewarding and sometimes frustrating process. It is one of the processes that invokes dreams people have sometimes held throughout their life and represents a one-time chance for many peopl...
Items to Include in Your Nursing Home Business Plan · (1) Executive summary · (2) Company summary · (3) Customer plan · (4) Market analysis · (5)
Executive Summary. Opportunity. Problem. There is a lack of full-time assisted living facilities available that offer skilled and respectful care to residents
If you have an idea for a better nursing home or at-home care experience, then it's time to put together a business plan. Download one of our Nursing Home
For example, give a brief overview of the senior care industry. Discuss the type of nursing homes you are operating. Detail your direct competitors. Give an
A detailed and accurate financial plan must be devised before a personal care home business start up. In your financial plan, you have to
You must also focus on your mission and vision for starting the nursing home. What type of service do you intend to offer to the community
[Company Name] will provide rooms, meals, social activities, personal care, 24-hour nursing supervision and access to medical services when
BUSINESS PLAN. FOR AN. ASSISTED LIVING FACILITY. TO BE LOCATED IN. Platte County, Wyoming. PREPARED FOR. Platte County Hospital District.
A home health care business plan is a written document that details the goals and objectives of your home health care business. It lays out the
5. Nursing Home Business Plan · Executive Summary – The front page of your document will cover an introduction, leading the reader through the
This project will not be dually certified and is not a long term Residential Care Facility or Assisted Living Facility. Exhibit 13 shows a