Business plan for a home for the care of the elderly

The section below describes three common methods of identifying business opportunities. Listening Listening and observing the needs of the people around the entrepreneur can give an idea of a business opportunity. Rae (2015) suggests that potential customers lament about the absence of a specific product or service they need. The entrepreneur than researches on the number of people who need the product and embarks on seizing the opportunity. Personal Experience According to Osterwalder and Pigneur (2010) assert that in some cases, an entrepreneur can identify a business opportunity from his own need he or she is unable to meet. The vote for Brexit has slowed business in the past two years and Crawley is equally affected. In 2017 and 2018, the growth rate of the economy did not exceed 2%.

The slow growth offers an opportunity for the establishment of the care home because many people are unable to afford care in their own homes and the number of elderly people seeking admission in care homes has risen. Social Factors Crawley is a small town with a population of 109,900 in 2014 (Crawley 2019). Out of the population, about 30% are above the age of 55 and need some kind of care to cope with their daily lives. At the same time, the small size of the town also presents accessibility to all services within a few minutes ride or walk. The elderly who will be housed in the business, therefore, will have all their needs met within the town. SWOT Analysis Strengths The proponent of the business has a strong passion for the elderly and has interned in such a home in the past.

The experience acquired while working as an intern in a similar home provides an inside view and experience of the challenges and opportunities for improvement of such settings. In addition, the proponent has saved sufficient funds for the establishment of the care home and he will not require any expensive loan. In the research of the town, there were only two homes for the care of the elderly at the time of writing this proposal. The two homes are operated by the Crawley Borough Council and they provide limited services with the emphasis being home care. Consequently, the users of the services are dissatisfied. The last debate to increase the number of Council homes did not pass and a similar debate to increase the number of services offered by the two homes did not get approval.

The proposal to open a private care home, therefore, will provide them with the necessary quality service they require. The elderly desire to socialize with their peers without spending too much money going to social places. A care home for them will meet that need while giving them access to professional medical and health care from the resident physician and the collaborating health facilities. Threat of New Entrants Setting up a care home requires a passion for assisting the elderly. The passion is something innate and it cannot be learnt. It is a passion shared by a few. CQC The Care Quality Commission is the official regulator of care services such as the one intended by the care home. It provides registration of the home and sets the standards of operation.

The Commission is a critical partner for the realization of the home. Friends and Extended Family Friends and extended family will provide the initial customers for the business. The proponent developed the idea of setting up a care home after identifying the need from the friends who indicated the interest in finding a care home nearby for their aged family members. Key Activities Care Services The business of the care home is to provide care services for the elderly. Care services will include regular health checkups and medical care for common old-age conditions. Serious conditions will be referred to partner health facilities where the patient requires complete hospital admission. Residents with terminal conditions will receive nursing care at the home under the supervision of clinicians and consultants.

Personal Assistance Elderly persons will receive personal assistance to perform activities they are incapable of. There are many houses that meet the requirements in Crawley Town. Wheel Chairs Many elderly persons need assistance in movement and wheelchairs are a basic requirement for the home. Hoists and Slings Elderly people are susceptible to falls and injuries that disable them completely. The caregivers need hoists to raise or lower them from their beds and seats and slings to support their arms when injured. Computers Computers are necessary for the record keeping and management of the home. Safety and Security The elderly are vulnerable to physical attacks and the home shall endeavor to provide round-the-clock security to guarantee the safety of the residents. The home will also liaise with the local police to provide further security.

Customer Relations Tailored Services The home will provide a variety of services to meet the individual needs of its users. For instance, there will be resident packages and packages for users who will spend only their days in the home. Personal Assistance Services to the elderly shall be personalized to give them a unique experience. However, it intends to partner with public and private sponsors in the future. The average fee for residency in the home shall be £1,000 per month. The home will have a capacity of 10 residents at the beginning (all who have already confirmed). The total revenue in the first year, therefore, will be £120,000. Market Research Market research for the expansion of the home after the first year will be conducted using the Ansoff Matrix: Products Existing Market penetration strategy (Provide initial product segments to the elderly of Crawley) New Product development strategy (Find other uses for the existing product) Market development strategy (Expand services to include diverse elderly needs) Diversification strategy (Increase number of packages for the elderly) Initially, the home shall offer services for the elderly in the named packages.