Posted: March 31st, 2022
Leisure World Business Plan
Startup living-assistance firm Leisure World is seeking to enter into the long-term care market as a provider of in-home caregivers. The company will seek to market itself as an alternative to the nursing home, and will use daytime television advertising as its primary mode to reaching a target of families with aging loved ones. Expenses for the organization will include insurance and certification costs, material resources, labor and advertising. Management will proceed from a top-down approach.
Description of the business
Leisure World is an alternative to nursing and long-term care facilities. For many families, the decision to find assistance for care with aging loves ones can be an extremely difficult one, both financially and emotionally. Relegating a family member to a nursing home can be both heartbreaking for the family and psychologically devastating to a loved one who must now endure the end stages of life in an unfamiliar and potentially unloving atmosphere.
It is thus that Leisure World offers a fully licensed and bonded solution for families who require assistance in meeting the medical and treatment needs for an aging or infirm family member but who do not wish to see the family member placed in a nursing care setting. Leisure World offers coordinated health care and live-in assistance for the gamut of medical conditions which might require such permanent and ongoing support. By providing families with an option that does not require off-site nursing home care, Leisure World intends to expand the possibilities of the long-term care market while simultaneously improving the quality of life for those who require such assistance or for those in the end-stages of life.
The primary target for Leisure World will be families who are coping with the responsibilities of long-term care such as day-to-day living assistance, administering of basic medical treatment requirements, provision of basic mental support and the general stresses of maintaining the environment in which the afflicted subject subsists. Therefore, marketing strategies will center on the media outlets which said targets are most likely to utilize on a day-to-day basis, and in the midst of addressing the above-noted responsibilities.
Thus, television commercials seem the most appropriate way to market the services that Leisure World offers. In particular, many caregivers are required to devote significant portions of every business day to ensuring that the afflicted subject is cared for and that his or her treatment needs are met regularly. Therefore, daytime television is a most optimal way to enter into the consciousness of the chosen target. Programming such as daily talk programs, soap operas and afternoon news programs are ideal for this purpose, both because these channels tend to engage many individuals who remain home during weekday afternoons. This could refer to the primary caregiver or to the afflicted subject himself.
An additional benefit to choosing this mode of marketing is that these hours are frequently more affordable and accessible in terms of advertising rates. The result would be a more feasible point of marketing entry for a startup company such as Leisure World, which must compete against nursing home and assisted living facilities as they advertise through the same channels.
The startup costs for any such operation will largely center four major areas of expense. First and foremost, Leisure World will be required to pay for all proper licenses, insurance coverage, legal certifications, permits and the array of other technical requirements affiliated with functioning in the context of the medical industry. Upfront, it is anticipated that this cost will amount to roughly $75,000, with the bulk of that investment being dedicated to maintaining a premium insurance policy.
A second major expense will be materials, which will include fuel required for the transportation of our healthcare professionals, any medical equipment which becomes a necessity during the course of treatment and the maintenance of an office facility in the city of Inglewood, CA and all office-based materials (i.e. computers, telephones, printers, filing systems, etc.) that are required for organizational administration. Much of the medical equipment would be covered by the insurance policy of our clients. These expenses will be largely variable, but will require the maintenance of a $50,000 materials-budget.
A third major expense will be personnel, who will also be largely covered by the insurance plans of clients. This cost should be roughly $35 per hour, the going rate for in-home medical assistance. The overall cost to our organization, including revenue and benefits, will be highly variable.
A fourth major expense will be the initial investment of $12,000 in advertising through television and print media.
All financing will be procured through application for a small-business loan.
Leisure World will proceed from a top-down management approach in which an internal core of management, administration, accounting and insurance specialization delegate to a team of trained, certified and experienced healthcare professionals with in-home caregiving qualifications.
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