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How To Write a Nurse Staffing Agency Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for a nurse staffing agency that wants to improve its strategy or raise funding.

A well-crafted business plan not only outlines the vision for your company but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every nurse staffing agency owner should include in their business plan.

Download the Ultimate Staffing Agency Business Plan Template

What is a Nurse Staffing Agency Business Plan?

A nurse staffing agency business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, areas of competitive advantage, and information about your team members. Your nurse staffing agency business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Create a Nurse Staffing Agency Business Plan?

A nurse staffing agency business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs looking to get involved in staffing agencies can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Nurse Staffing Agency Business Plan

The following are the key components of a successful nurse staffing agency business plan:

Executive Summary

The executive summary of a nurse staffing agency business plan is a one- to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your nurse staffing agency  
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your healthcare staffing agency. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your nurse staffing agency , you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your nurse staffing firm, mention this.

You will also include information about your chosen nurse staffing agency business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a nurse staffing agency’s business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the healthcare industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, a nurse staffing agency business’ customers may include:

• Private practices
• Nursing homes

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or nurse staffing services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, or launch a direct mail campaign. Of course, you may also promote your nurse staffing agency business via word-of-mouth or a referral program.

Operations Plan

This part of your nurse staffing agency business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a nurse staffing agency include reaching $X in sales. Other examples include adding new staff, reaching a certain number of customers, maintaining a retention threshold, or launching a new service.

Management Team

List your team members including their names and titles, as well as their expertise and experience relevant to healthcare staffing. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss

Sample Income Statement for a Startup Nurse Staffing Agency

Balance Sheet

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Nurse Staffing Agency

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• investments

Below is a sample of a projected cash flow statement for a startup nurse staffing agency .

Sample Cash Flow Statement for a Startup Nurse Staffing Agency

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Plan for Success

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your nurse staffing agency company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A well-written business plan is an essential tool for any startup nurse staffing agency. It not only lays out your business vision but also provides a step-by-step process of how you are going to accomplish it. The business plan can help to attract investors.  

Finish Your Nurse Staffing Agency Business Plan in 1 Day!

The Ultimate 7-Figure Nurse Staffing Agency Business Plan Nurse Staffingpreneurs

As the healthcare industry continues to grow and evolve, the demand for qualified and reliable staffing solutions is higher than ever. If you are considering starting a nurse staffing agency, it is essential to have a solid business plan in place to ensure your success. In this article, we will outline the key components of a nurse staffing agency business plan.

Executive Summary: The executive summary is the first section of your business plan and should provide a brief overview of your agency’s goals and services. You should discuss the current market conditions and why there is a demand for your services. Outline the unique selling points of your agency, such as a strong network of healthcare facilities, a comprehensive screening process, and a commitment to matching the right candidates with the right jobs.

Market Analysis:  Conduct a market analysis to determine the size and growth potential of the healthcare staffing industry, as well as to identify your target market and competition. Analyze the demand for healthcare staffing services in your area and the specialties that are most likely to use your services. Research the prices and services offered by your competitors and determine how you can differentiate yourself from them.

Organization and Management:  Describe the structure and ownership of your company, including the roles and responsibilities of key personnel. Discuss the experience and qualifications of your management team, as well as their plans for expanding the business. Outline the systems and processes you will use to ensure the smooth and efficient operation of your agency, including compliance with healthcare regulations and industry standards.

Service or Product Line: Describe the types of healthcare staffing services you will offer, such as temporary, temp-to-perm, direct placement, and payroll services. Discuss the benefits of these services to your clients and the unique features that set your agency apart from others. Outline the steps you will take to screen and select candidates, as well as to ensure their qualifications and licensure are up to date.

Marketing and Sales: Describe your marketing and sales strategies, including how you will generate leads, attract and retain clients, and promote your brand. Outline your pricing strategy, including any discounts or incentives you will offer to clients. Discuss the methods you will use to measure the effectiveness of your marketing and sales efforts and to make adjustments as needed.

Financial Projections:   Provide financial projections for the first three to five years of your agency’s operations, including revenue and expense projections, as well as cash flow and balance sheet projections. Discuss the key assumptions underlying your projections and the risks that may impact your results. Provide a detailed analysis of the costs associated with starting and operating your agency, including start-up costs, ongoing expenses, and financing needs.

Conclusion In conclusion, a well-crafted business plan is essential for starting a successful nurse staffing agency. It provides a roadmap for your agency’s growth and helps you stay focused on your goals. By following these key steps, you can start your healthcare staffing agency with confidence and set yourself up for success in this growing industry.

Now…Let’s Make This Real.

In the next section of this article, we will be providing an example of a real 7-Figure profitable nurse niche’ staffing agency business plan. This example will give you an idea of how to structure and present your own business plan, and provide valuable insights into the key components that make up a successful nurse staffing agency business. By reviewing this example, you will gain a better understanding of what it takes to build a profitable and sustainable 7-figure business in the nurse staffing industry. Let’s dive in…

Executive Summary:

Your Business Name Here is a nurse staffing agency that aims to provide quality staffing services to healthcare facilities in the United States. The company will be headquartered in [Location], and will be launched with a capital investment of $1,000,000. The company’s primary objective is to provide a reliable and efficient staffing solution for healthcare facilities, while also offering a fair and reasonable compensation package to its employees.

Market Analysis:

The demand for nurses in the United States is growing at a rapid pace due to an aging population and an increase in chronic illnesses. According to the Bureau of Labor Statistics, the employment of registered nurses is projected to grow by 7% from 2019 to 2029, faster than the average for all occupations. Additionally, the COVID-19 pandemic has increased the demand for healthcare workers, particularly nurses.

Our target market will include healthcare facilities such as hospitals, nursing homes, clinics, and private practices. We will focus on building long-term relationships with our clients by providing excellent customer service, flexible staffing options, and competitive pricing.

Marketing and Sales Strategy:

Our marketing and sales strategy will include a combination of online and offline methods. We will create a professional website that showcases our services and includes client testimonials. We will also utilize social media platforms such as LinkedIn and Facebook to reach potential clients and establish a strong online presence.

In addition, we will attend industry conferences and events to network with potential clients and establish relationships with key decision-makers. We will also create brochures and other marketing materials to distribute at these events and to potential clients.

Financial Projections:

Your Business Name Here expects to generate $5m in revenue during its first year in operation. This revenue will come from staffing services provided to healthcare facilities. We anticipate an average profit margin of 15% on these services.

Our initial start-up costs will include office space rental, equipment, staff salaries, marketing, and legal fees. We anticipate these costs to be approximately $500,000.

During our first year of operation, we plan to hire five full-time employees to assist with staffing, marketing, and administrative tasks. These employees will be compensated at market rates and will receive benefits such as health insurance, paid time off, and retirement plans.

Conclusion:

Your Business Name Here has a strong business plan that is poised to take advantage of the growing demand for healthcare staffing services in the United States. With a well-crafted marketing and sales strategy, a focus on customer service, and a talented team of employees, we believe that we can meet the needs of our clients while also generating a healthy profit. We look forward to launching our business and serving the healthcare community.

Recruitment & Staffing As A Business

Staffingpreneurs Academy is the number one learning space and community providing the most comprehensive program for validating, creating, launching and scaling your very own profitable niche recruitment and staffing business. Staffingpreneurs Academy is the only implementation program of its kind that not only shows you exactly.

How to set up and launch your niche recruitment and staffing business like a pro, but also how to get it up, how to get it running, how to generate revenue, how to earn a profit every month, right, all while putting people to work and helping employers build and sustained.

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Start a Nursing Agency Business

As the Baby Boomer generation ages, the need for nursing agency services increase. If you are interested in starting a nursing agency business to provide service to the baby boomers, you will definitely have a large and growing market. Starting a nursing agency business seems to be one of the biggest trends in helping fill the current nurse shortage.

If you are a nursing agency business owner, an entrepreneur that wants to start a nursing agency business, nurse staffing agency, nurse registry, or simply want to become an independent nurse contractor you will likely be asking: “Where do I start?”. If you are looking for answers to these questions and all other related ones, then this book is for you.

Our  Nursing Agency Start Up Package is an all-inclusive package that provides everything you need to start a successful nursing agency.  Get the best business plan guide, comprehensive nursing agency business plan sample, comprehensive guide to market research for new and established businesses, revenue/expense calculators, and forms, templates and training material that will save you time in your research. All you need to know about starting and operating a successful nursing agency.

One of the most challenging parts of starting a nursing agency business is knowing how to quickly and cost effectively create a nursing agency business plan and develop all the required nursing agency documents, forms, templates, and manuals that allow you operate your agency professionally. If you're ready to start your nursing agency business, you want to start with an already completed sample business plan that has already been used in that industry.

You will benefit from our Nursing Agency Business Start up Package . It includes over 100 comprehensive, professionally formatted nursing agency forms, documents and templates in WORD and EXCEL formats. Our nursing agency business plan sample and all our forms, documents and templates are FULLY CUSTOMIZABLE so you can add your business logo, customize footers, and make changes to meet your start up and growing business needs.

Do you want to start a nursing agency business but you’re not sure the opportunity is right for you? If so, then our Nursing Agency Business Start up Package package is exactly what you need. With over 25 years of home health care management experience in a wide range of senior care markets and fields, our team found that many people who wanted to start a nursing agency business were not sure about how to do it. We created this comprehensive package so that you can use our proven method and business plan template to evaluate whether starting a nursing agency business is your calling or not. Our Nursing Agency Business Start Up Package will be the first step on your path to success!

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Private Duty Nursing Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Private Duty Nursing

A private duty nursing business is a business that provides expert nursing care and medical assistance to patients in their homes or other private settings. Private duty nurses give one-on-one care and support to patients of all ages who need ongoing medical care or have complicated medical needs.

Private duty nursing firms are mostly privately owned and operated, and they may employ licensed practical nurses (LPNs) or registered nurses (RNs) who are trained and skilled in delivering specialized care to patients with a variety of medical diseases.

These businesses may provide a variety of services, including pharmaceutical management, wound care, respiratory treatment, infusion therapy, and others.

According to available data, the global market for private nursing services was valued at $415.7 billion in 2021 and is predicted to reach $848.7 billion by 2031, growing at a 7.5% CAGR between 2022 and 2031. Private nursing services are provided by nurses who hold a Licensed Practical Nurse (LPN) or Registered Nurse (RN) license.

Steps on How to Write a Private Duty Nursing Business Plan

Executive summary.

Red Rose® Private Nursing Services, Inc. is a new private duty nursing business that will be based in Denver, Colorado but operates across neighboring cities such as Aurora, Arvada, Broomfield, Centennial, Golden, Lakewood, Littleton, Westminster, Thornton, Englewood, with the purpose of providing compassionate and professional care to patients who require skilled nursing care in the comfort of their own homes.

Our skilled registered nurses and licensed practical nurses give each patient tailored care, ensuring that their particular needs are satisfied, and their health is maximized. Red Rose® Private Nursing Services, Inc. is dedicated to providing the finest level of care to our patients.

We accomplish this by offering continual training and instruction to our employees, using evidence-based procedures, and remaining current on the newest breakthroughs in medical technology and therapies. Roseline Murdock is the founder and CEO of Red Rose® Private Nursing Services, Inc.

Company Profile

A. our products and services.

Red Rose® Private Nursing Services, Inc. will offer the following services;

• Medication management
• Infusion therapy
• Ventilator management
• Personalized Care Plans
• Health and Wellness Services

b. Nature of the Business

Our private-duty nursing business will operate with a business-to-consumer and business-to-business model.

At Red Rose® Private Nursing Services, Inc., our business model is built on providing exceptional care at an affordable price. We work closely with insurance providers to ensure that our patients are able to access the care they need without financial burden.

c. The Industry

Red Rose® Private Nursing Services, Inc. will operate in the healthcare industry.

d. Mission Statement

At Red Rose® Private Nursing Services, Inc. we are committed to providing quality, compassionate, and professional care to individuals in their homes. We are dedicated to improving the quality of life of our patients and their families by delivering personalized care that is tailored to their specific requirements.

e. Vision Statement

At Red Rose® Private Nursing Services, Inc., we aspire to be Denver, Colorado’s premier provider of private duty nursing care. We seek to do this by offering high-quality, evidence-based care that is tailored to each patient’s specific needs.

f. Our Tagline (Slogan)

Red Rose® Private Nursing Services, Inc. – The Private Duty Nursing Care That Truly Cares!

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Red Rose® Private Nursing Services, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our personal assets by limiting the liability to the resources of the business itself. The LLC will protect our CEO’s personal assets from claims against the business, including lawsuits.

h. Our Organizational Structure

• Chief Executive Officer (Owner)
• Human Resources and Admin Manager
• Accountants/Cashiers

i. Ownership/Shareholder Structure and Board Members

• Roseline Murdock (Owner and Chairman/Chief Executive Officer) 54 Percent Shares
• Laura Nelson (Board Member) 16 Percent Shares
• Frank Greene (Board Member) 10 Percent Shares
• Jude Duke (Board Member) 10 Percent Shares
• Henry McCarron (Board Member and Secretary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Availability of highly skilled and experienced nursing staff
• Ability to provide personalized care in the comfort of patients’ homes
• 24/7 availability, providing peace of mind to patients and families
• Strong relationships with insurance providers and healthcare organizations
• Commitment to ongoing education and training for staff to ensure the highest quality of care.

b. Weakness

• Limited reach and market share due to being a small business
• Dependence on insurance reimbursements for revenue
• Challenges in recruiting and retaining qualified nursing staff
• Difficulty in managing and coordinating care for patients with complex medical conditions
• Lack of brand recognition and marketing efforts.

c. Opportunities

• Extending services to new geographic areas and customer groups
• Diversifying services to include more medical specialties and associated services
• Forming alliances with healthcare institutions and community groups in order to increase referrals and brand recognition
• Using technology to streamline operations and improve patient outcomes
• Capitalizing on the growing demand for home healthcare services as the population ages.

i. How Big is the Industry?

The private duty nursing service industry is indeed a big industry and as a matter of fact, the global market for private nursing services was valued at $415.7 billion in 2021 and is expected to reach $848.7 billion by 2031, rising at 7.5 percent CAGR from 2022 to 2031.

ii. Is the Industry Growing or Declining?

The private duty nursing service industry is experiencing growth owing mostly to the aging population in the United States and a growing demand for receiving medical care in the comfort of patients’ homes. As the need for healthcare services rises, the industry is anticipated to expand more.

Yet, the industry may confront difficulties such as labor shortages, regulatory compliance, and shifts in healthcare policies and insurance payments. Generally, the private duty nursing business is on the rise, with potential for future growth and expansion.

iii. What are the Future Trends in the Industry

Technology is becoming more common in the private duty nursing industry, and this trend is projected to continue. Smart home technology, telemedicine services, and electronic health records are examples of this.

Private duty nursing companies are striving toward more tailored care programs that take into account each resident’s specific needs and preferences. This involves providing personalized meal planning, medication management, and other services suited to the needs of each resident.

Private duty nursing companies are increasingly concerned with sustainability and minimizing their environmental impact. This involves implementing energy-efficient appliances, recycling programs, and other environmentally friendly measures.

iv. Are There Existing Niches in the Industry? If YES, List them

No, there are no existing niches when it comes to private duty nursing business.

v. Can You Sell a Franchise of Your Business in the Future?

Red Rose® Private Nursing Services, Inc. intends to sell franchises in the near future, with a focus on major cities in the United States of America and Canada with a growing aging population and a burgeoning healthcare services industry.

• Increasing competition from larger, more established healthcare organizations.
• Variations in insurance reimbursements and healthcare policies.
• Regulatory and compliance challenges in the healthcare industry
• Economic downturns that may result in decreased demand for non-essential healthcare services.
• Nursing staff shortages due to industry-wide labor shortages.

i. Who are the Major Competitors?

• Atria Senior Living
• All Heart Home Care
• Aveanna Healthcare
• Bayada Home Health Care
• BrightStar Care
• BrightStar Lifecare
• CareGivers America
• Comfort Keepers
• FirstLight Home Care
• Griswold Home Care Visiting Angels
• Home Healthcare of America
• Home Instead Senior Care
• Interim HealthCare
• Maxim Healthcare Services
• Nurse Next Door
• Kindred at Home
• Premier Home Health Care Services
• VNA Health Group.

ii. Is There a Franchise for Private Duty Nursing Business?

Yes, there are franchise opportunities for private duty nursing businesses and some of them are;

• Always Best Care Senior Services
• ComForCare Home Care
• Homewatch CareGivers
• Right at Home
• Synergy HomeCare
• Visiting Angels.

iii. Are There Policies, Regulations, or Zoning Laws Affecting Private Duty Nursing Business?

Indeed, there are county and state regulations as well as zoning laws for private duty nursing businesses. Please keep in mind that in the United States, local or state restrictions and zoning requirements for private duty nursing enterprises can differ based on region.

In truth, certain states may mandate licensing or certification for private duty nursing businesses, while others may not. Zoning restrictions may also differ, with some cities and counties permitting these enterprises to operate in residential districts while others limit them to commercial areas.

• Marketing Plan

a. Who is your Target Audience?

I. age range.

Our target market comprises adults above 65 years old.

ii. Level of Educational

We will attend to all clients irrespective of their level of education as long as they can communicate.

iii. Income Level

We will work with clients of different income levels as long as they can afford our services, especially with the fact that there are options for government funding.

iv. Ethnicity

We are open to working with people from different ethnic groups.

v. Language

We are open to working with people irrespective of the language they speak, but we will prefer clients who speak English, Spanish, and French.

vi. Geographical Location

Our services will be open to people from different geographical locations.

vii. Lifestyle

Red Rose® Private Nursing Services, Inc. will not restrict any client from accessing our services because of their lifestyle, culture, or race.

b. Advertising and Promotion Strategies

• Content marketing
• Deliberately Brand Our Office Facility
• Email marketing
• Events and sponsorships
• Pay-per-click (PPC) advertising
• Referral marketing
• Search engine optimization (SEO).

i. Traditional Marketing Strategies

• Broadcast Marketing -Television & Radio Channels.
• Marketing through Direct Mail.
• Print Media Marketing – Newspapers & Magazines.
• Out-of-home (OOH) advertising – Public transit like Buses and Trains, Billboards, Street shows, and Cabs.
• Leverage direct sales, direct mail (postcards, brochures, letters, fliers), tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.

ii. Digital Marketing Strategies

• Affiliate Marketing
• Content Marketing.
• Email Marketing.
• Influencer Marketing.
• Mobile Marketing.
• Social Media Marketing Platforms.
• Search Engine Optimization (SEO) Marketing.

iii. Social Media Marketing Plan

• Create a personalized experience for our customers and their families.
• Create an efficient content marketing strategy.
• Create a community for our target market and potential target market.
• Create profiles on relevant social media channels.
• Gear up our profiles with a diverse content strategy.
• Start using chatbots.
• Run cross-channel campaigns.
• Use brand advocates.

c. Pricing Strategy

Red Rose® Private Nursing Services, Inc.’s pricing strategy will consider factors such as the value of the service offered, and the level of competition in the market. We will also analyze the competition’s pricing and services to ensure the business remains competitive while maintaining profitability. Here is our pricing strategy:

• Tiered Pricing
• All-Inclusive Pricing
• Ala Carte Pricing
• Move-In Specials
• Long-Term Contracts
• Medicaid and Medicare Programs
• Private Pay.

Sales and Distribution Plan

A. sales channels.

• Direct sales: This involves the private duty nursing business’s sales team directly reaching out to potential clients, such as small and medium-sized healthcare-related businesses, through email, phone, or in-person meetings.
• Referral sales: This involves leveraging existing clients, business partners, and other industry contacts to refer potential clients to the private duty nursing business.
• Online sales: This involves using digital channels such as the company’s website, social media, and online advertising to generate leads and attract potential clients.
• Broker or agent channels: This involves working with brokers or agents who act as intermediaries between the private duty nursing business and potential clients, referring clients to the company in exchange for a commission.
• Partner channels: This involves working with strategic partners, such as doctors, hospitals, and other healthcare service providers, to offer factoring services to their clients.
• Industry-specific sales channels: This involves targeting specific industries that may have a higher demand for private-duty nursing services.
• Trade shows and events: This involves participating in industry trade shows and events to generate leads and build relationships with potential clients.

b. Inventory Strategy

Our inventory strategy will involve managing and tracking the availability of essential supplies such as food, medication, medical equipment, and cleaning products. The strategy will also involve setting par levels for inventory, monitoring usage, and ordering supplies in advance to ensure that there are no shortages.

We will also implement software systems to automate inventory management and improve efficiency. Having effective inventory management will help ensure that residents receive high-quality care while reducing waste and minimizing costs for the business.

c. Payment Options for Customers

Here are the payment options that Red Rose® Private Nursing Services, Inc. will make available to her clients;

• Apple Pay and Google Wallet
• Gift cards and store credit
• Credit and debit cards
• Installment payments
• Cash on service delivery.

d. Return Policy, Incentives, and Guarantees

As a private duty nursing services provider, the nature of our business does not permit us to offer a traditional return policy, incentives, or guarantees.

e. Customer Support Strategy

Providing exceptional customer support is crucial for the success of our private-duty nursing business. Here are some customer support strategies that we will adopt:

• Provide multiple communication channels for patients and their families
• Offer personalized attention
• Set clear expectations.
• Maintain transparency.
• Offer value-added services.

Operational Plan

Our private duty nursing business operational plan is a detailed document that defines the day-to-day operations of the business, such as staff roles, resident care plans, facility upkeep, and financial management. Specific goals and objectives, as well as strategies for accomplishing those goals, will be included in the plan.

It will also handle risk management, emergency readiness, and regulatory and policy compliance. The operational plan is an essential component of a private duty nursing organization’s overall business strategy and acts as a guide for day-to-day management.

a. What Happens During a Typical Day at a Private Duty Nursing Business?

• The office is open for the day’s work
• Routine staff meetings
• Nurses are assigned and they visit clients to provide the needed private nursing care.
• Documentation
• Harmonization with healthcare providers
• Administrative tasks such as scheduling appointments, billing, invoicing, and managing supplies and equipment.
• The business is closed for the day.

b. Production Process

There is no production process when it comes to private duty nursing business.

c. Service Procedure

The service procedure for a private duty nursing business revolves around clients (patients or their family members) requesting personalized services. Once the price and terms of service are agreed upon, a private duty nurse is assigned to the client.

d. The Supply Chain

The supply chain is not applicable to a private-duty nursing business.

e. Sources of Income

At Red Rose® Private Nursing Services, Inc. we will make money from patient fees, government programs such as Medicaid or Veterans Affairs, and private pay options such as long-term care insurance or personal funds.

Financial Plan

A. amount needed to start your private duty nursing business.

Red Rose® Private Nursing Services, Inc. would need an estimate of $150,000 to successfully set up our private duty nursing business in the United States of America. Please note that this amount includes the salaries of all our staff for the first month of operation.

b. What are the Cost Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $1,300.
• Marketing, Branding, and Promotions – $1,000.
• Business Consultant Fee – $2,500.
• Insurance – $5,400.
• Rent/Lease – $70,000.
• Other start-up expenses including commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
• Operational Cost (salaries of employees, payments of bills et al) – $30,000
• Start-up Inventory – $25,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Furnishing and Equipping – $35,000
• Website: $600
• Opening party: $4,000
• Miscellaneous: $5,000

c. Do You Need to Build a Facility? If YES, How Much will it cost?

Red Rose® Private Nursing Services, Inc. will not build a new facility for our private duty nursing business; we intend to start with a long-term lease and after 10 years, we will start the process of acquiring our own facility.

d. What are the Ongoing Expenses for Running a Private Duty Nursing Business?

• Staffing costs (salaries, benefits, and training for caregivers, nurses, and administrative staff)
• Facility expenses (rent, utilities, property taxes, maintenance, and insurance)
• Food and supplies (groceries, medications, medical supplies, personal care items, and cleaning supplies)
• Marketing and advertising
• Administrative expenses (office supplies, legal fees, accounting services, and software or technology systems)
• Resident care expenses (medical equipment, therapy services, and other specialized care needs)
• Compliance expenses.

e. What is the Average Salary of your Staff?

• Chief Executive Office (President) – $60,000 annually
• Administrator – $45,00 annually
• Nurses – $46,000 annually
• Account Officer – $40,000 annually
• Front Desk Officer – $32,000 Per annually
• Cleaners – $22,000 Per Annum

f. How Do You Get Funding to Start a Private Duty Nursing Business?

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
• Source for soft loans from your family members and friends.

Financial Projection

A. how much should you charge for your product/service.

Red Rose® Private Nursing Services, Inc. will charge based on what is obtainable in the United States. The average hourly rate for a private nurse is $24.00, and the average monthly cost for full-time care is $4,767. Please note that we will offer various pricing options and also accept government programs or private pay options, such as long-term care insurance, to help offset the cost of care.

b. Sales Forecast?

• First Fiscal Year (FY1): $250,000
• Second Fiscal Year (FY2): $350,000
• Third Fiscal Year (FY3): $420,000

c. Estimated Profit You Will Make a Year?

• First Fiscal Year (FY1) (Profit After Tax): $100,000
• Second Fiscal Year (FY2) (Profit After Tax): $180,000
• Third Fiscal Year (FY3) (Profit After Tax): $280,000

d. Profit Margin of a Private Duty Nursing Business Product/Service

The ideal profit margin we hope to make at Red Rose® Private Nursing Services, Inc. will be between 10 and 20 percent on each job carried out irrespective of the distance covered.

Growth Plan

A. how do you intend to grow and expand by opening more retail outlets/offices or selling a franchise.

Red Rose® Private Nursing Services, Inc. will grow our private duty nursing business by first opening our offices in key cities in the United States of America within the first five years of establishing the business and then start franchising in the nearest future.

b. Where do you intend to expand to and why? (Geographical locations)

Red Rose® Private Nursing Services, Inc. plans to expand to;

• Atlanta, Georgia
• Charlotte, North Carolina
• Dallas, Texas
• Denver, Colorado
• Minneapolis, Minnesota
• Nashville, Tennessee
• Phoenix, Arizona
• Portland, Oregon
• San Diego, California
• Tampa, Florida.

The cities listed above have a growing aged population with a significant demand for private duty nursing services, making them potentially viable markets for private duty nursing enterprises, which is why we want to expand to these geographic locations.

The founder of Red Rose® Private Nursing Services, Inc. aims to exit the company through a merger and acquisition. We wish to merge with a global private duty nursing firm so that when the founder retires, the company’s management can be placed in trusted hands.

The purpose of merging with two or more international private duty nursing firms is to achieve synergy, in which the total (the new company) is greater than the sum of its parts, and with a well-structured management team and board of trustees.

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How to Write a Nursing Business Plan

by Don Simkovich

Published on 8 May 2019

Providing care, comfort, and health education is a way to improve the quality of life for families and give them relief when faced with an illness or personal question. Nurses with an entrepreneurial spirit have a range of profitable options when starting a health business. Taking time to write the nursing business plan proves a vital first step to capture the business model and know how many months are needed to reach profitability.

1. Identify the Nursing Business Plan Purpose

Identify personal and professional reasons for starting a nursing business whether it's a desire to set a schedule around family needs or use the knowledge of a graduate degree in a for-profit setting. List related experiences: caring for elderly relatives; counseling parents on their child's health needs; or sitting through training at local hospitals. Evaluate the profit potential of your idea and then ask contacts in the health field if others have the same need.

2. Select a Business Model

health concept image by drx from Fotolia.com

Decide if the most effective business model is to form an independent company, join a home health franchise operation or start a division within a larger health care corporation. Compose the mission statement as the first step. Write it as “directed and focused as possible," states the Small Business Administration, so if potential business partners or investors read it then they will have a clear picture of the business purpose.

Edit the first draft of the mission statement to make sure the wording distinguishes how the health service will benefit the target clients like “helping senior citizens remain comfortable in their homes and offering peace of mind to extended family”.

3. Find a Unique Selling Proposition

Describe how the company will function and what level of personnel are needed: Nurse Practitioners, Registered Nurses, or Licensed Vocational Nurses. Write distinguishing characteristics such as an “the only all male nursing business" or offering personnel with varying skill levels to match the variety of patient needs.

4. Create a Budget

Create a budget for supplies and necessary equipment. Include information like purchasing quality medical equipment at below market prices to show a commitment to quality and profitability. State whether strategic relationships with medical device companies, pharmaceutical companies or established medical clinics will be utilized. Look for care home business plan examples online to help with your drafting.

5. Comply with Licensing Requirements

Read the state board of registered nursing requirements to stay up-to-date with the “ongoing communication of competency standards to consumers, registered nurses, advanced practice nurses . . . and other regulators” as stated by the California Board of Registered Nursing. Verify that health practitioners in the company will stay current with licensing requirements by taking the proper continuing education units.

6. Make Financial Projections

Use a spreadsheet or software program to estimate the length of time to reach profitability. Account for the cost of state licenses, malpractice insurance and the costs of continuing education. Estimate travel costs, if any, and project when in the first three years or five years how much money will be needed for new equipment or supplies. Estimate the client revenue. Run a report to see when the client revenue will be greater than the expenses.

7. Write an Executive Summary

Write the Executive Summary last to state the most pertinent information about why the business exists, qualifications for providing health care, and the need in the marketplace like addressing the “rapid growth [that] is expected in hospital outpatient facilities, such as those providing same-day surgery, rehabilitation, and chemotherapy”, according to the Bureau of Labor Statistics Occupational Outlook.

The business plan must also include how income and expenses will be tracked.

Do not inflate the income potential and accidentally reduce the number of possible expenses.

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• The 7 Step Business Plan for a Medical Staffing Agency

By Adam Day

• Uncategorized

April 22, 2021

A strong business plan can make or break a new startup. Therefore, if you’re looking to open a healthcare staffing agency, a solid business plan should be your first port of call.

Not only does it provide a clear road map for getting your business up and running, it’s also the first step in applying for a business loan. Furthermore, with so much to handle from financing to legal protection, the act of writing it all down with actionable steps can take a huge load off your mind and make that mountain ahead seem a lot easier to climb 

To help you in your journey, we’ve outlined below in seven easy steps how you can create a business plan for a medical staffing agency.

1. Outline Your Business Goals and Purpose

Start by writing out in clear terms what your business goals are for starting a healthcare staffing agency.

It should be concise and easy to understand. Furthemore, If you’re going to be applying for a business loan, this is your chance to lay out why you’ll need the funds and what your growth targets are. 

2. Decide on the Type of Business You’ll Be Running

Every staffing agency must decide on the type of ownership structure it will operate under. You have a few options, and each have their own pros and cons. Take some time to decide which one might work best for you depending on your personal and business goals. 

• Sole Proprietorship – This is where one person owns the entire business under their own name. Any debts or liabilities that the business takes on are the sole personal responsibility of the owner.
• Joint Partnership – When two or more people open a business together, they enter into a partnership. Depending on the arrangement, each owner may hold an equal or different share in the business. All debts and liabilities are still considered personal. 
• A Limited Liability Company – An LLC comes with significant tax benefits and can be opened under sole proprietorship or joint partnership. Another benefit to this arrangement is that it offers the legal protection of being a corporation. 
• A Corporation – Functions much the same as an LLC, with the important difference that it is owned by its shareholders, whereas an LLC is owned by one or more individuals. 

Whatever type of business you decide on, keeping track of employee time and attendance will make your life a whole lot easier. Learn more about our staffing agency software here . 

3. Ensure Liability Protection

As a nurse staffing agency, you’re in a rather unique position regarding legal protection. Your staff will be working in several different locations, some safer than others and you need to ensure that both they and you have proper protection.

Outline the type of liability insurance you’ll need and how it will protect your company from any damages caused. Since you’re operating in the medical industry, it’s advisable that you go with premium liability insurance. 

You’ll also need proper worker’s compensation in case one of your employees suffers an injury on the job. Your insurance program should cover both medical costs and rehabilitation. As an added bonus, it may also be worth getting short or long-term disability insurance on top of the base package. 

4. Investigate Funding Options

Whatever agency you operate within, when you first get started, you’ll likely be operating out of a spare room.

Furthermore, for the first few months, as you try to hire staff and find clients, your business will probably be in the red, financially speaking.

This is perfectly normal. That being said, eventually you’re going to have to find extra funding before your business can really take off. Employees will have to be paid before you even have clients and you’ll have advertising, recruiting, and operating costs to cover. 

To get yourself through these first early months, outline a plan for how you will fund your business venture. Some of it can come from your own personal savings, but in all likelihood, you’re going to need a business loan to cover the rest. Research what loan options are available and what the requirements are to be approved.

5. Make Revenue Projections

Key to the success of any business venture is an accurate revenue projection. This will be crucial when it comes time to apply for a business loan, so lay out your expected earnings for each month and yearly quarter for the first 2-3 years. It should be properly cited with market reports and financial statements to back up your projections. Be aggressive in your goals, but also realistic. Your loan officer will want to see clear evidence that you can cover your monthly loan payments and any other debts or liabilities you may have taken on.

This is also a good time to think about how you can achieve critical mass, the point at which you have enough staff and clients that your business becomes self-sustaining. When you first get started, you’ll be operating on a shoestring budget and largely dependent on whatever funding you could get.

Try to get a clear sense of how much you’ll need to grow before you can compete in the medical market effectively and remain competitive. Your point of critical mass will be an ever-changing target, so be aware that you’ll need to revise it over time. The revenue projections you make will have a direct impact on the balance between your medical staffing agency’s bill rate vs pay rate .

Revenue projections and medical staffing analysis is made easier by using our staffing agency software . Learn more here. 

6. Develop a Marketing Plan

This is where you will lay out your marketing plans and how you intend to achieve them. You’ll need to outline two marketing plans, one for attracting medical employees and another for clients.

For your medical employees, brainstorm a bunch of ideas for how you can draw talent. For instance, reach out to local schools that specialize in nursing and medical care. You could even try teaming up with a local faculty to encourage new graduates to join your agency. Other methods for finding staff include reaching out on social media or asking medical staff you already have on the books to reach out through their connections and pitch job offers.

As for clients, draw up a list of all the nearby hospitals, health clinics, and anywhere else that needs medical staff. These will be the targets for your marketing campaign, and you should have a clear idea for how you can attract their business.

If you have a unique selling proposition (USP), this is your chance to showcase it and explain how you will compete with other staffing agencies. You should also research any educational events in your area. Medical personnel are always in need of continuing education credits to maintain their professional licenses, and these events can be a great place to find both new recruits and new business clients.

7. Bring It All Together

Type out everything in a single document with each area categorized and properly indexed. It should be easy to present to lenders and provide a clear blueprint for how your business will operate and grow in the future. A basic business plan should include the following:

• An executive summary
• Company ownership structure and financing
• Market analysis and business plan
• Pricing model and marketing plan
• An appendix section listing supporting information

Bottom Line

There you have it! While there is no blueprint for how to open a healthcare staffing agency, if you follow these 7 steps your chance of success will drastically increase. 

Once you’re up and running, make sure you finalize your temp agency markup rates to ensure you’re profitable but don’t price yourself out of the market.

Furthermore, to offer unique value and attract the best medical professionals, invest in staffing agency software in order to streamline your time and attendance, payroll and HR.

Want to learn more about how Timerack can benefit your medical staffing agency? Book a personalized demo here . 

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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 Nursing Home 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 for a Nursing Home

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.

Finish Your Business Plan Today!

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 a sample of 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

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 residential care 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

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 home is a worthwhile endeavor. If you follow the sample 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?

Don’t you wish there was a faster, easier way to finish your Nursing Home business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.

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With November being National Entrepreneurship Month, now is the perfect time to explore your options as a nurse. We’ll explore 20 entrepreneurial and business ideas for nurses that fit well with a nurse’s skill set. If you’ve been thinking about moving away from bedside nursing but still want to use your education and skills, consider some of the following options.

Business Ideas for Nurse Entrepreneurs

Over 20 U.S. states now give full-practice authority to nurse practitioners (NPs). The idea of opening your own private practice may have crossed your mind if you live in one of these states. However, that is just one of many ways nurses can use their skills in business.

There are several options open to nurses such as consulting, coaching, and education. These business ideas for nurses are for those who want to explore their entrepreneurial spirit.

1. Private Practice

In nearly half the states in the U.S., NPs have full-practice authority. This means that NPs have full authority to order and evaluate testing, diagnose conditions, and treat patients. This improves patient access to healthcare, reduces costs, and streamlines care.

NPs who want to practice independently must practice in one of the full-practice authority states. You will need strong clinical, diagnostic, and business skills to maintain and grow your practice. It is important to start with a business plan that identifies every detail, including:

• Insurance strategies
• Start-up capital
• Focus of your practice
• National provider identifier
• Malpractice insurance

Many see setting up the practice, billing challenges, and governmental oversight as disadvantages to owning your own practice. However, you can balance that against choosing treatment, such as holistic nursing , that might fit your patient’s needs and being in control of the growth and expansion of your practice.

2. Nurse Freelancer

A nurse freelancer works under a short-term contract with a healthcare organization. They can find their own clients or work through an agency. Nurse freelancers may work in a hospital, clinic, doctor’s office, or home healthcare company. But the options are not limited to healthcare. Nurses with skills from other degrees or hobbies can earn additional money. For example, nurse freelancers may teach dance classes, sell photography, teach a foreign language, or be wellness coaches.

Nurses must have strong organizational and time management skills. These skills help give you the freedom to be your own boss and the flexibility to set your schedule. Most nurses also find there are more out-of-pocket costs than having a full-time job. There is also less job security, and other challenges that come with running your own business.

3. Medical Spa

A medical spa is a facility within a medical practice that provides aesthetic treatments under the care of a licensed healthcare provider. Treatments often include noninvasive options to rejuvenate the skin and body. You may also open a practice with a board-certified dermatologist or plastic surgeon.

After graduating from an NP program, nurses need experience and training with a dermatologist or plastic surgeon. They may then seek certification from the Plastic Surgical Nursing Certification Board . Courses are available through the American Association of Aesthetic Medicine and Surgery and International Association for Physicians in Aesthetic Medicine.

4. Homecare Agency

The home health sector is a fast-growing industry. As one of the largest generations ages and retires, they require care at home. According to the Centers for Disease Control and Prevention, 60% of adults have at least one chronic disease and 40% have two or more.

In 2019, the home health industry supported the employment of 1.4 million people to meet the needs of the 71.2 million baby boomers who required care. Nurses who want to start their own agency will require a business plan, employer ID number, funding, and a state license.

Nurses will need strong business skills as they will likely be running the business and not providing care as a home health nurse themselves. The earning potential is an advantage. The rising cost of equipment and difficulty seeking payment from Medicare and Medicaid can be challenging. In the beginning, you may need to take on much of the day-to-day aspects of running the business, along with your overall business goals.

5. Cannabis Agency

As researchers learn more about the body’s endocannabinoid system, cannabis and cannabidiol (CBD) oil are becoming more important in treating several health conditions. Nurses have a distinct advantage of understanding the health benefits of CBD oil, including:

• Pain management
• Fibromyalgia

There are several options for nurses who want to help their clients with CBD. They may open a medical marijuana shop, sell CBD oil, educate the public on the benefits, or combine a love for cooking with baking cannabis products.

Like other business ventures, nurses must have strong business skills, good customer relations and communication skills, and a knowledge of the local regulations.

6. Intravenous Infusions

Nurses can be certified as intravenous ( IV ) infusion nurses. IV nurses are experts in the administration of medications and fluids. They may use an IV line, central line, or catheter. As more patients seek care at home, the need for these professionals on an outpatient basis is growing.

Nonhospital use of IV hydration is becoming more popular. It is used to administer vitamins, hydration, and treatment to increase energy or improve skin quality. There are opportunities to open your own business or join a franchise business dedicated solely to the administration of IV hydration.

There are advantages to joining a franchise as you start with a recognizable name and support. However, you are limited to using the franchise suppliers’ products and the services the franchise allows. If you choose to open your own company, you’ll need to:

• Find funding
• Create a business plan
• Apply for licenses and permits
• Build your team
• Get malpractice insurance for your providers

7. Content Editing Business

Being a nurse writer or content editing is a fast, affordable business you can start from home. It is easiest to get started by targeting a specific market. For instance, nurses who need a refresher on grammar, punctuation, and writing may consider an online course. Nurses also have an in-depth knowledge of medical jargon and physiology, which lends to medical, health, and wellness writing.

It’s important to familiarize yourself with several style guides, such as APA, MLA, and the Chicago Manual of Style. You must also determine what you will charge for your services. It would be best to establish yourself as a business for tax purposes, permits, and marketing plans. You might consider applying for posted jobs to get testimonials from satisfied clients before pitching companies on your services.

8. Legal Nurse Consultant

Nurses must hold an active registered nurse (RN) license in the state where they practice to be legal nurse consultants . These professionals analyze and evaluate documentation and testimony to offer a medical opinion on the delivery of healthcare and patient outcomes. They may also determine the nature and cause of documented injuries. The legal nurse consultant assesses if healthcare guidelines were followed during care.

Nurses must have strong nursing skills in documentation, communication, and critical thinking. To sit for the certification examination by the American Association of Legal Nurse Consultants (AALNC), a nurse must have 2,000 hours of clinical experience. The AALNC offers a review course to help pass the 200 multiple-choice exam.

This business idea for nurses requires little start-up costs and may be done from the comfort of your home as a remote RN job . However, nurses must maintain their license and certification and do their own marketing to find clients.

9. Specialized Care Provider

Nurse entrepreneurs can become specialized care providers inside an organization and then serve clients in their own business. For example, nurses with extensive experience in breastfeeding can become certified lactation counselors . They help new parents successfully breastfeed their infants.

After working as a labor and delivery nurse , a nurse may get additional training as a doula versus a midwife . Nurses who focus on health and wellness may choose to practice holistic or alternative medicine or help clients with stress reduction.

In each case, the specialized care provider must have a background in business management, good communication skills, and a drive to help their clients. Most of these businesses require little overhead. However, these are typically not 9-to-5 businesses, so you must be prepared for calls or patient visits any time of the day or night.

10. Independent Massage Therapy

Massage therapists must have a deep knowledge of human anatomy. Nurses who want to start their own massage therapy business have the advantage of experience and knowledge of the human body. A massage therapy program can take up to 15 months to complete. Community colleges usually offer these programs. To become certified, ensure the state accredits the program.

The state requirements for practical experience vary among states. After your education is complete, you may be required to take a state licensing exam or the Massage and Bodywork Licensing Examination. In some states, it may also be necessary to be certified to practice as a massage therapist.

Nurses must have a dedicated structure for their clients. The business requires communication skills, strong upper body strength, and endurance.

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11. Acupuncturist

The practice of acupuncture requires a strong foundation in anatomy and physiology. Acupuncture uses a unique system to stimulate specific points on the body to improve health and reduce illness. It is one of the most researched complementary and alternative medicine practices.

The minimum education required is an accredited master’s acupuncture program. Most states also require a certification examination. National board certification also confirms a certain skill level and knowledge needed for a successful practice.

Nurses must have a place to treat patients, equipment, malpractice insurance, and billing procedures. Nurse acupuncturists may work collaboratively with other healthcare practitioners.

12. Wellness Coach

Opportunities for health and wellness coaches are growing. More people are seeking out education and motivation to make lifestyle changes that impact their health. Health and wellness coaches work with nutritionists, fitness coaches, and complementary healthcare professionals to improve health. Clients may hire a wellness coach to help them lose weight, reduce stress, quit smoking, or achieve a better work-life balance.

Nurses must complete a minimum number of hours of education and experience. To be board certified, you must graduate from an accredited program. Wellness coaches must have strong assessment and communication skills. The practice focuses on education, motivation, and communication with clients.

Wellness coaches can work online, over the phone, or in person. How you choose to interact with clients determines your overhead expenses.

13. Yoga Instructor

Yoga is rooted in Indian philosophy. However, in the U.S. it typically emphasizes physical postures, breathing techniques, and meditation. Evidence shows that this complementary strategy can help people quit smoking, reduce stress, relieve menopausal symptoms, and lose weight.

The move to practicing and teaching yoga is popular among holistic nurses whose focus is on using more natural practices to maintain and improve health. Yoga instruction programs range from 200-500 hours, depending on your goal as an instructor.

Although certification is not required to practice, it does offer you the benefit of teaching in a studio space. As a certified instructor, you may teach private classes, in a studio, open your own studio, or teach online.

14. Medical or Pharmaceutical Product Sales

Medical equipment and pharmaceutical sales representatives are always in high demand. Many sales reps work on commission, which means that while they sell for a specific company, their salary is based on commission.

These reps sell medical supplies, equipment, or pharmaceuticals to doctors, clinics, facilities, and hospitals. It is their job to contact customers, answer questions, explain the product features, and negotiate the final sale. Pharmaceutical sales reps must become a certified national pharmaceutical representative. Once you’ve decided on your specialization, it’s important to get relevant experience. For example, if you are interested in psychiatric pharmaceutical sales, you’ll want to get an internship and shadow a sales rep in that market.

Nurses working in pharmaceutical or medical sales must be experts at networking, communication, sales, and marketing. This business idea for nurses offers you the opportunity to grow your network independently and develop your sales skills.

15. Nurse Health Tutor

Were you a whiz at writing care plans? Can you list many of the body’s over 200 bones off the top of your head? Do you understand the relationship between the gut and the brain? You may be fully qualified to become a nurse or health tutor working from home . Nursing students and other students struggling with health concepts look for tutors who can help them learn.

Nurses who want to work as tutors may work for tutoring companies, colleges or universities, or independently. Nurse tutors must have strong communication skills and love nurse teaching . They have patience with their students. Nurse tutors should also have a sound invoicing system. The initial start-up costs and overhead are low. Nurses who work independently must also develop their own marketing strategies.

16. Nurse Influencer

Nurses are already influencers in their immediate circle of friends and family. You likely have been asked several questions about health and wellness. You can also use social media platforms to influence many others in their efforts to seek health and wellness.

One paper in the Nursing Forum describes a nurse influencer this way: “A nurse influencer is a nurse who has a platform to affect change through demonstrating integrity, a dedication to learning, and excellent communication of ideas and information.”

You need a professional profile on the social media platforms of your choice, such as Instagram, TikTok, Facebook, or YouTube. It’s easier to establish yourself on one platform before adding another. Nurses can make money on these platforms after building their followers. The more followers you have, the more likely you are to land advertising or sponsorship gigs.

It would help if you enjoyed writing because you’ll be doing that every day. Nurse influencers must also network with other influencers and either guest post on their blogs or appear in their podcasts or videos. The start-up costs are minimal and may include the cost of hosting a blog or a good microphone for podcasts and videos.

17. Childbirth Educator or Doula Services

Nurses who are childbirth educators or provide a doula service are involved in education before birth and are often present during delivery. After spending at least two years on a maternity unit, you may be interested in furthering your education and services. This allows you to branch out and work independently of hospitals and clinics.

The International Childbirth Education Association (ICEA) has a certified professional childbirth educator and birth doula program. It verifies that you have the necessary knowledge and skill to carry out pregnancy, labor, and delivery procedures. Parents, childbirth educators, and doulas have to make informed decisions, such as deciding between at-home births versus hospital births .

A doula offers continuous physical, emotional, and educational support to a woman before, during, and after childbirth but not clinical support. Candidates have to apply for the certification examination within two years of completing the ICEA certification program.

18. Health Blogger

A nurse is in a unique position of being able to share health information with clients, friends, family, and the general public. There is no additional certification or education necessary to be a health blogger. However, you must share accurate, evidence-based information.

In the beginning, it may be easier to put your blog on a site, such as WordPress, but the company may take down your content without notice. It is best to purchase a host site with a company and own your URL outright. This offers more protection as you grow your audience. You can make money as your audience increases by advertising products to your readers.

Health bloggers must have good writing and communication skills, have an interest in researching their topic, and a focus on learning marketing skills. Nurse entrepreneurs may choose to be health bloggers alongside another health and wellness business option as it is not a full-time job. However, it’s important to note that it can take months to build your audience and make money from your efforts.

19. Public Speaker

When you want to be a public speaker, it makes sense to take purposeful steps to lead you to your goal. Define and refine your message and then decide how you’ll tell it. Popular public speakers are engaging, entertaining, and know how to tell a good story. It’s stories that keep people captivated and more likely to learn from your content. Nurses have a lot of good stories to tell (leaving out patient names, of course!).

You’ll need to be comfortable speaking in front of groups of people or on camera. If your audience is allowed to ask questions, you’ll need to think quickly about your answers. Public speaking usually involves traveling, and you must have a professional website. Public speakers network easily and are comfortable marketing their services.

20. Nurse Author or Historian

Nurses who contribute content to articles, blogs, historical books, or movie scripts about healthcare are in high demand. Healthcare is constantly evolving and changing. Television and movie scriptwriters need healthcare consultants to ensure they get the information right.

You may fact-check medical details in books, articles, or videos to accurately represent the nurses’ role. If you have editorial training, your skills may be used to ensure the final manuscript represents the nursing skills and culture of the period.

Nurse authors and historians can also use their knowledge to contribute to articles and blogs, maintain their own blogs, or write books and scripts about nursing. Nurse authors must have an active RN license to use the credential. If you have retired your license, you can use your degree to signify your education.

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FREE 4+ Nursing Business Plan Samples [ School, Service, Agency ]

Nurses are arguably the most trusted healthcare professionals in the world. They are and have always been the front liners of global healthcare and public health. The field and industry of nursing is quite broad. It covers roles such as general public health, illness prevention, medicine, rehabilitation , recovery and so much more. Because of this very extensive scope, there is nothing more important to a nursing business than being prepared and planning ahead for every circumstance that they may encounter. That’s why a tool such as a nursing business plan is very important for every nursing business in the world.

Nursing Business Plan

4+ nursing business plan samples, 1. nursing service business plan, 2. nursing care clinic business plan, 3. corporate nursing business plan, 4. nursing school business plan, 5. nursing business continuity plan, what is a nursing business plan, elements of a nursing business plan, what are the five elements of a business plan, what makes a good nurse, who reads a business plan.

Businesses are not simple entities to manage, especially if the nature of the business involves medicine and healthcare. Planning ahead ensures that the nurses are able to provide well-rounded care for their patients and clients. Business plans do that really well. Business plans are largely important documents that any business or company of all shape or scale or type must have.

It can provide them with a roadmap that the business can follow in order to ensure success and avoid potential problems. Operating a business without a business plan is generally discouraged as those who do typically just don’t last very long. A well written business plan can come with a slew of benefits, including being able to come up and explore new business ventures without having to invest too much money or resources into it, because you’ve already covered that in your plan. To get properly acquainted with a nursing business plan, check out these samples that we have listed right below. After getting to know what the document is and how it works, you can then use these samples as a guide or even as a template for when you develop your own business plan.

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A business plan is a written document that outlines how a business would define and achieve the goals that it has set. A business plan lays out a roadmap that the management can follow derived from the perspectives of its different departments, marketing , financial , and operational. It’s a largely important document that is usually used to attract prospective clients and investors especially before the company is able to establish an impressive reputation. Although the document is especially useful for new and startup businesses, every company should be able to establish a business plan for their operations.

This will allow them to have something to review and periodically update to see if the goals that they have set are met or if the company is just actually doing good overall. A business plan should be able to outline all the projected and estimated costs of a project or a venture that they are currently working with. Even among competitors in the same industry, it still incredibly rare for competing companies to have identical business plans. Separate businesses tend to have their own way of dealing with things.

The length and coverage of a business plan depends entirely on the nature of the business and the circumstances that they are currently working with. In usual cases, all information should fir into a 15 to20 page document. Although no two business plans are alike, they usually work with all the same components or elements. These elements will be discussed in more detail below.

• Executive summary First and foremost, the company should be able to outline all its relevant information regarding what it is, their mission-vision values, company leadership, employees, operations, and general location. Essentially, executive summaries should talk about what the business is, the nature of all its operations, and all other necessary details.
• Products and services The next section is where the company should outline all the products or services that they may offer. It should include pricing, service lifespan, and what other benefits the customer may receive. Other factors that may be included is manufacturing and production process, patents, and proprietary technology.
• Market analysis A company needs to have a crystal clear idea of its target customers and their target demographics. It should be able to outline who or what the competition is in the industry, and have a better idea on how to stay ahead in the local industry. It will also describe the expected consumer demand for the services and tell you how easy or difficult would be to take advantage of the market.
• Financial planning This section is where the financial status of the company will be reflected. It is presented to attract the attention of the prospective clients and investors that may be reading your plan. Financial statements, balance sheets, and other relevant information regarding the company’s finances.
• Budget Every company needs to set a proper budget in place. This includes costs, staffing, manufacturing, development, marketing, and all other business related expenses.
• Situation analysis
• Services positioning
• Setting objectives

Kindness, trustworthiness, empathy, caring, and compassion are some of the traits that people already have. Nurses take these innate goodness and escalates it really well. helping them communicate and empathize properly and clearly with their patients that are possibly at the worst moments of their lives.

Business plans are usually summarized for the people who work in and around the business or company. It’s only presented in full without any revisions when presenting to outside entities such as investors, lenders, suppliers, clients, and other executives.

Nursing is not an easy profession, much more when operating in a business. That’s why a business plan is one of the most vital tools a nurse can have when running their own industry. To at least take some weight off their backs.

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An Evidence-Based Business Planning Process

Brandt, Julie A. MSN, RN, NE-BC; Reed Edwards, Donna MA, RN, NEA-BC; Cox Sullivan, Sheila PhD, RN, CNE; Zehler, Jean K. MSE, RN, NE-BC; Grinder, Sandra MSN, RN, CPHQ; Scott, Karen J. MSN, RN; Cook, Judy H. MNSc, RN, APRN-BC; Roper, Debra MSN, RN; Dickey, Aurora MSHA, RN, BC; Maddox, Kathleen L. BSN, RN

Authors' Affiliation: Associate Director, Patient Care Services/Nurse Executive (Ms Brandt); Deputy Nurse Executive (Ms Reed Edwards); Associate Chief, Nurse Research (Dr Cox Sullivan); Magnet Coordinator (Ms Zehler); Associate Chief, Nurse Operations (Ms Grinder); Associate Chief, Nurse Medical Surgical Areas (Ms Scott); Associate Chief, Nurse Community Living Center (Ms Cook); Associate Chief, Nurse Specialty Areas (Ms Roper); Associate Chief, Nurse Ambulatory Care (Ms Dickey); Acting Associate Chief, Nurse Education (Ms Maddox), Central Arkansas Veterans Healthcare System, Little Rock.

Corresponding author: Ms Reed Edwards, Central Arkansas Veterans Healthcare System, 4300 W 7th, Little Rock, AR 72205 ( [email protected] ).

Using a systematic, evidence-based approach for developing a business plan allows nurse executives to forecast the needs of the organization, involve nursing staff at all levels, evaluate the direction of the profession, and present a plan with clear, concise goals. The authors describe 4 steps necessary in developing an effective evidence-based business plan.

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Follow these tips to quickly develop a working business plan from this sample.

1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

How to Start a Business With No Money

Industry Business Planning Guides

How to Write a Business Plan for Investors

How to Create a Business Plan Presentation

Business Plan Template

Simple Business Plan Outline

How to Write a Business Plan

10 Qualities of a Good Business Plan

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How to Write a Business Plan for a Nursing Home: Complete Guide

• January 3, 2023

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?

Nursing Home Financial Model

Download an expert-built 5-year Excel financial model for your business plan

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.

Related Posts

How Profitable is a Nursing Home? Revenue & Profits Analysis

• February 22, 2023

How to Build a Financial Model for a Nursing Home

How to Open a Nursing Home in 9 Steps: Checklist

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15 Business Ideas for Nurse Entrepreneurs

Sally Lauckner is an editor on NerdWallet's small-business team. She has over 15 years of experience in print and online journalism. Before joining NerdWallet in 2020, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content and specializing in business financing. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She is based in New York City.

Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. She is based in Santa Monica, California.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

For those with an entrepreneurial mindset, there’s an endless list of potential business opportunities and ways to build a side hustle. One of the keys to starting your own business and turning it into a successful enterprise is to play to your strengths. For those with a nursing degree, there are a number of business opportunities that you’ll have that aren’t available to others — you'll have the ability to leverage your medical degree, experience and skills to launch your own business.

A study by RN Network found that 50% of nurses consider leaving their jobs due to burnout, overwork and high-stress levels. Opening your own business and relying on your skills and certifications as a nurse, therefore, can be a new, refreshing opportunity. Looking for a place to start? In this guide, we've compiled a list of the 15 best business ideas for nurses — plus we'll break down some tips for choosing the right entrepreneurial path for you.

Top business ideas for nurse entrepreneurs

There are a number of different business ideas for nurses out there — whether you're looking for a home-based business idea or an idea that allows you to travel to different clients in your area, there are a variety of options that may align with your skills, interests and schedule.

1. Legal nurse consultant

For nurses who are detail-oriented and love to dive into the details of a patient file, becoming a legal nurse consultant, or LNC, can be a great business idea.

An LNC is a consultant that offers expert advice for legal cases. An attorney might consult with a legal nurse consultant to better understand the facts of their case or an LNC might be asked to analyze testimony in a legal case to look for errors.

There are a number of different ways in which legal nurse consultants can work within the legal system. One of the benefits of this position is that as a legal nurse consultant and business owner, you choose which cases you work on. Overall, this health care business idea gives you a lot of control over your schedule and how you spend your time.

2. Nurse health coach

Many nurses work in a clinical setting where they’re part of a team that treats and diagnoses patient symptoms. For some, this can feel limiting, as you only have so much say in how a patient is treated.

If this applies to you, becoming a health coach might be one of the best nurse entrepreneur business ideas for you. A nurse health coach is someone who helps people to assess their health goals and creates a plan to achieve them. This type of work takes a holistic look at a patient’s health and focuses not only on the symptoms, but also the broader picture.

As a nurse health coach, you might consult with doctor’s offices or hospitals. More often, nurse health coaches run their own practice and see patients on a one-on-one basis.

Seeing the long-term outcomes in patients’ health can be highly rewarding and is ideal for nurses who want to work closely with their patients to help them achieve their goals.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

3. Specialized care provider

Becoming a specialized care provider is a great business idea for nurses who have learned a specialized set of skills throughout their career and want to apply those skills in their own business. Similarly, becoming a specialized care provider can be one of the best small business ideas for nurse practitioners as well — especially if they want to branch out on their own and work in-depth in one area.

Some examples of specialized care provider businesses include:

Childbirth training.

Fertility consulting.

Lactation consulting.

Telehealth.

In-home care.

Holistic or alternative medicine services.

Mindfulness and stress reduction.

There are a number of ways to take a nursing degree and pair it with a passion to turn it into a business. If there’s a specific aspect of nursing that you love or have extensive experience in, think about how you can turn it into a business. All you need is passion and the time and patience to turn your idea into a reality.

4. Wellness coach

As more and more patients move away from taking medication to solve their health issues, they’re looking for alternative methods and more holistic approaches.

By pairing a nursing degree with a holistic approach to health, you can become a wellness coach. Becoming a health coach will likely require additional training and certification , but it will pair well with the knowledge you already have as a nurse.

When it comes to business ideas for nurses, becoming a wellness coach fits the belief system and knowledge base of many nurses, making this a simple transition.

Moreover, becoming a wellness coach is a great home-based business idea for nurses — as you can opt to work with and see clients in your own space, or, if you choose, travel to meet them. Plus, a large part of wellness coaching often involves building and maintaining an online presence, something that can also be done from home.

5. Nurse blogger

Many people turn to the internet for information on anything, including (if not especially) medical ailments. And while there are plenty of helpful resources out there, there’s also a lot of misinformation — and in the medical field, this can be especially dangerous. As a nurse, you have a specific knowledge base that can be very helpful to a number of people. Thus, one of the best nurse entrepreneur ideas for you might be to start a blog using your nursing credentials and knowledge.

This is an especially easy business to start as a side hustle. In addition to your full-time job as a nurse, you can offer to be interviewed by reporters to provide a medical context to certain articles. You might also start your own blog to share your perspective on nursing and the medical industry.

Your blog can be your entire business or you can use blogging to grow your business. Plus, just like becoming a wellness coach, starting your own blog is a great home-based business idea for nurses, whether as a side hustle or full-time gig.

6. Freelance writer or editor

If you don't want to commit to starting your own blog, you might utilize your medical knowledge and expertise to write or consult for other publications. There are a number of medical sites that might be hiring freelance writers, as well as hospitals or other medical offices who are looking for copywriters or editors with a medical background to contribute to their websites.

In addition, you might find medical journals and academic research publications that could benefit from the expertise of a medical professional to help them with their writing, editing and publication. Again, offering up your services as a freelance writer or editor is a great way to start your own business as a nurse, from home, with significant flexibility and freedom.

Plus, once you've found a client or a handful of clients that use your services, you may be able to branch out into other types of writing and marketing to grow your freelance business.

7. Hospice caregiver

As the baby-boom generation ages, the demand for in-home senior care and end-of-life care will increase. Although the work of a hospice caregiver does deal with the end of someone’s life, it requires more skills than just nursing. Many hospice caregivers are focused on the wellbeing of the patient as the wellbeing of family members. Juggling the physical and mental wellbeing of multiple people doesn’t make this job easy, but it can be very rewarding.

Starting a business as a hospice caregiver can be hard work, not only as a business owner but as a person — as you might expect, the work of a hospice caregiver takes an emotional toll.

Therefore, before you invest in this business idea for nurses, it’s important to remember that if you choose to go into this line of work, you need to be aware of the business risks as well as the risks to your own health. However, if you excel at brightening people’s days and enjoy being able to improve this difficult part of a person’s life, then this could be the perfect fit for you.

8. Childbirth education or doula

On the other hand, you may choose a service-based business idea focused on the beginning of a person’s life, rather than the end. Many nurses choose to start a business as a doula, or someone who provides childbirth education to pregnant women.

Starting your own business as a childbirth educator can take a few different paths. Some doulas work one-on-one with pregnant women to prepare them for the birthing process. These doulas are on-call and are on-site for the birth.

Another option for this type of nurse entrepreneur idea is to offer classes to people who are preparing for childbirth. Teaching classes can be slightly less intense work than helping couples one-on-one and being present for the births themselves.

In either case, however, these business ideas allow you to utilize your medical background, as well as take part in an exciting and rewarding part of life — without requiring the strict, intensive schedule of a hospital or doctor's office.

9. Fitness nurse

Next, a top business idea for nurses that can be done from home or on-the-go, becoming a fitness nurse involves working with clients to create a personalized health plan that includes exercise, nutrition and lifestyle changes. This type of health care business is focused on preventing disease instead of treating it.

This new type of nursing might be just the right way to combine your skills with a passion and start a business — especially if you're enthusiastic about fitness and exercise. Of course, to best serve your clients, you may decide to obtain some additional certifications for nutrition and personal training specifically. Alternatively, you may decide to hire and work with people who specialize in these fields.

10. Medical product sales

While many of these business ideas for nurses have focused on using the skills you’ve acquired as a nurse, there is another option for using your knowledge of the medical industry as a whole. You can start a business selling medical products. This might include products for nurses or for the general medical industry. Some examples include selling scrubs, accessories, medical equipment or medicine.

Starting a business in medical product sales is a great way to use the skills you already have as a nurse. Familiarity with the tools used to treat patients and medications gives you firsthand experiences to help sell products.

Plus, starting your own medical sales business allows you to take advantage of the perks of entrepreneurship — like being your own boss and setting your own schedule.

11. Telehealth consulting

If you're skilled with technology, the best business for you to start, as a nurse, could be related to telehealth. Telehealth is becoming more and more popular within the medical field — allowing patients to converse with nurses and doctors through phone or video calls. This means patients don’t have to leave their homes to receive diagnoses and prescriptions, and medical professionals can see more patients in a day.

Starting a business as a telehealth consultant can allow you to practice as a nurse, just like you do now, but without the commute. As a telehealth consultant, you can also set a schedule that’s more flexible for both you and your patients — including early mornings or later at night, when regular doctors’ offices aren’t typically open.

Once again, like many of these ideas, telehealth consulting is a perfect home-based business idea for nurses as well.

12. Education specialist or course creator

Next, if you have a particular affinity for teaching others, the best nurse entrepreneur business idea might be for you to become an education specialist or online course creator. First, becoming an education specialist could involve a variety of different tasks. You might start as a teaching assistant at a nursing school, or acquire the credentials you need to become a full-time professor.

Similarly, you might work with schools, childcare centers or local government agencies to teach health classes or seminars, like CPR certification, when needed. Along these lines, you might also take advantage of an online class platform to develop and sell your own courses related to nursing, medicine and wellness. If you have particular expertise, you might be able to create a series of lessons dedicated to that subject.

As we've seen throughout our list of the best business ideas for nurses, this opportunity allows you to start something of your own that leverages your expertise. Plus, you have the flexibility to work from home or travel, or do a little of both.

13. Medical billing and coding contractor

If you're looking for a small business idea that's a little different, but still related to the medical field, you might become a medical billing and coding specialist. These individuals work with hospitals and doctor's offices to translate medical records for billing to insurance providers and other payers.

Although some employers may require a specific medical billing and coding certificate, as a nurse, you'll likely be familiar with the processes and be able to pick up the required skills very quickly. Additionally, medical billers and coders can operate as independent contractors, as well as find part-time or full-time positions with one employer.

Ultimately, it would be up to you to decide where you'd like to take this nurse business idea and how you'd like to operate your business.

14. Career coach

For nurses who enjoy mentoring others and offering job advice, the best business idea to start might be a career coaching business. Similar to any coaching business, you'd work with students, young professionals and other clients to help them apply for jobs, plan their career paths and prepare for interviews.

As a medical professional with experience in the field, you'd be able to serve as a great resource to those also looking to become nurses, nurse practitioners or doctors. You'll be able to offer general career and professional advice, as well as clue your clients into the details and nuances of the medical field.

In addition, as a career coach, you can operate your business virtually, have clients come into your home, or even open your own office — depending on what you'd prefer. Plus, as you work on your coaching business, gain clients and see success, you might be able to market your services on a larger scale to colleges, universities and other education organizations.

15. Child care provider

Finally, the best business idea for nurses with previous experience working with kids might be becoming a child care provider. As a medical professional, you could start a variety of childcare-related businesses — you might start a daycare center, become an in-home caregiver for children with specific medical needs, or serve as a medical consultant or resource for other childcare businesses.

Of course, certain ideas, like starting a daycare, will require special licenses and permits, whereas others may be easier to start from home or as a side hustle. In any case, your credentials as a medical professional will make it easier to market your services and work with different parents, caregivers and organizations.

Start Your Dream Business

How to choose the right nurse entrepreneur idea

As you can see, there are a variety of business ideas for nurses, however, before you invest time and money into a specific idea, you'll want to think about these three things to help you determine which idea is best for you:

Assess your skills

Ask yourself these questions to figure out your skills and passions:

What aspects do I like most about my current job or the health care system?

What aspects of my current job do I enjoy the least?

Is there a specific population of patients that I prefer to work with?

Do I enjoy sales?

Would I prefer a job that deals less with people and more with the background and administrative tasks of the health care industry?

Am I good at noticing problems and finding solutions?

What weaknesses slow me down at my current job?

What types of tasks am I best at and do I enjoy?

These questions are a good way to get a better understanding of what types of work you enjoy and what you’re especially good at. Use this information to inform what type of business you choose to start.

Align your schedule

Do you want to start your business as a side hustle or invest in your idea full time? If you're going to start a side hustle, you'll need to take your current schedule into consideration.

Starting your business as a side hustle and building it into a full-time endeavor is a good way to determine whether there’s enough demand for your business, as well as to work through any workflow or operational issues before you completely dive in. This way, you maintain the income from your current job while building your new business.

On the other hand, of course, you might decide to go all-in on your business idea — and in that case, you'll want to make sure you do your research beforehand so you have an idea of the amount of demand you can expect, who your market is, how much startup capital you’ll need, and more.

Feed your passion

While there are many reasons to start your own business, an important one to focus on is doing something that you’re truly passionate about. Operating your own business can certainly increase your income, but that shouldn’t be the sole reason you go into business for yourself. Focus on picking a business that will allow you to do more of the things you love and less of the things you don’t.

Choosing a business idea for nurses that meshes with your passion will make the long hours that you’ll inevitably work (at least when you’re first getting things off the ground) just a little bit easier.

25 Most-Profitable Small Business Ideas For Nurses

New profitable nurse businesses are developing and evolving quickly throughout our nation. Unique niche ideas are popping up in cities and online. Nurses are beginning to realize their exceptional potential in the business world. You, too, may be wondering about a nurse-owned business. Questions such as “What options are there for nurse-owned ventures?” and “Can I be successful as a business owner?” may be going through your mind. Even more important, you may not realize that owning a business can be profitable. Are you seeking a career as an independent small business nurse owner that can pay well? You may wonder, “What are the most profitable small business ideas for nurses?” You have come to the right place if you have these internal conversations. Here, I illuminate the most profitable small business ideas for nurses, where you can easily top the $100K mark. These ventures range from simple home business companies that require little time or cash for a start-up to more elaborate ideas that you can expand to reap top-dollar. Let’s jump right into this exciting topic!

What Are The Most Profitable Small Business Ideas For Nurses?

Small business #1: legal nurse consultant, about the small business:, how to start this small business:, potential earnings:, small business #2: staffing agency, small business #3: home health agency, small business #4: senior care assistance, small business #5: night shift new baby nurse, small business #6: private duty nurse.

• Stethoscope, BP cuff, thermometer, glucometer (and supplies) • A means to advertise your business, such as a web page, Facebook, local social media pages, and LinkedIn account • Malpractice insurance

Small Business #7: Home Medical Equipment Sales

Small business #8: online nurse education specialist/writer.

• Writing CEs for nurse education sites • Developing nursing checklists, flow sheets, and protocols • Writing nursing workbooks and textbooks • Educational podcasts • Educational Facebook support • Study guides and flashcards for nursing students • Medical care plan development

Small Business #9: Medical Writer

Small business #10: cannabis nurse, small business #11: intravenous infusion.

• Nausea/vomiting • Dehydration • Morning sickness • Hangover • Weakness • Athletic post-workouts • Vitamin infusions • Immunity boost • Anti-Aging • Skin health • Jet lag

Small Business #12: Senior Consultant/Advocate

• Educating families and seniors about available resources • Assist in placement in assisted living or other care arrangements • Offer nursing support post-hospitalization • Help decipher medical bills and payment arrangements • Champion for fair and quality medical treatment and billing • Serve as a go-between for the client and insurance company

Small Business #13: Online Supplement Company

Small business #14: health and wellness and beauty.

• Wellness retreats (a growing trend!) • Health product sales such as essential oils, dietary supplements • Work-out clothing and gear sales • Healthy food sales • Organic beauty products • Anti-aging products • Wellness center • Clinics on wellness • Juice bars • Wellness spa (to include skin and Botox treatments)

Small Business #15: Nursing Gear Retailer

Small business #16: healthy meal delivery service, small business #17: sick child care, small business #18: nurse career coach, small business #19: speaker, small business #20: hospice nurse, small business #21: nursing education consultant.

• Teaching online or in-person nursing classes • Guest speaking on educational nursing topics or specialty medical topics • Blogs and podcasts to assist student and new grad nurses • Nurse class and test review courses and workbooks and flashcards • Support and guidance social media outlets for nurses • Developing CEU’s • Writing nursing and other medical staff text and workbooks • Developing flow sheets and “cheat” sheets for nurses and aides

Small Business #22: Specialty Sales

Small business #23: healthcare app developer.

• Tracker for fitness • Weight loss app • Support apps for physical and mental wellness • Software to support nurses and nursepreneuer • Specialized nursing apps such as study apps, flow sheets, reminders/organizers, and skill instruction

Small Business #24: Diabetic Care

• Contract with local physicians to do diabetic teaching sessions • Hold diabetes seminars and clinics in local community and senior centers • Write a diabetes care and support blog • Podcast to showcase your diabetes expertise • Contract with home health agencies, hospice, and skilled nursing facilities for diabetic care and education

Small Business #25: Foot and Wound Care

Bonus 5 important factors to consider while deciding which small business is right for you as a nurse, factor #1: what am i an expert in, factor #2: do i want to spend a lot of money, factor #3: do i want to hire employees, factor #4: do i want my business to be virtual, factor #5: am i tech and social networking savy, my final thoughts.

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‘Nursing Times wants to ensure that the voices of nurses and midwives are heard’

STEVE FORD, EDITOR

• You are here: Specialist nurses

How to write a robust business case for service development

19 June, 2017

Strategic recommendations and practical tips to help nurses write thorough and convincing business cases. This article is accompanied by a self-assessment questionnaire so you can test your knowledge after reading it

At a time of cuts and savings in the healthcare system, how can nurses convince decision makers to put money into improving or expanding services? A clear, concise and comprehensive business case is a good place to start. This article provides nurses with strategic recommendations and practical tips, stressing that a strong business proposal will need to be linked to local and national priorities, and articulated in the language of financial constraints. Nurses are often reluctant to write business cases but, with the right knowledge and support, they can successfully bring a service improvement idea into the strategic arena.

Citation: Carter H (2017) How to write a robust business case for service development. Nursing Times [online]; 113: 7, 25-28.

Author:  Helen Carter is an independent healthcare adviser, Carter Consulting, Oxford.

• This article has been double-blind peer reviewed
• Scroll down to read the article or  download a print-friendly PDF here
• Assess your knowledge and gain CPD evidence by taking the  Nursing Times Self-assessment test

Introduction

Writing a business case, while time-consuming, is not complicated – but getting it wrong can be costly and frustrating. At a time when the healthcare system is trying to cut costs, nurses who want to improve or expand services need to able to write business cases that stand out and convince decision makers. This article outlines the national context, provides practical advice for all nurses – and specialist nurses in particular – and gives tips for linking a local service improvement idea to an organisation’s general targets and constraints. The advice given is not a guarantee that nurses will win their case; however, as integrated health and social care moves forward, it will certainly allow them to share their expertise of working with specific patient groups and identify how their roles can add quality to service provision.

What is a business case?

A business case is a formal, structured written document submitted to those responsible for approving and/or funding a service development initiative or project. You will need one if you want to obtain, for example, large or costly pieces of equipment, better information technology systems, additional staff, service changes or new services. A business case is usually made at a local level. By contrast, a business plan is the overarching document describing a major initiative or the strategy of an entire organisation – the two terms are sometimes used interchangeably. To increase the chances of a business case gaining approval, it can help to present it as part of a wider initiative, rather than in isolation.

Writing a business case is a time consuming process that usually follows a period of data collection, audit and analysis. It is not difficult in itself, but getting it right can be tricky, especially if the authors are not aware of the local, regional and national priorities that will influence the decision. A business case should reflect the organisation’s priorities, values and goals, and its author(s) should try to understand the complexity of service development and funding.

Understanding the national context

Year on year, there is a continued focus in the NHS on improving productivity to make savings by 2020/21. Clinical staff are expected to participate in the efforts to improve efficiency and reduce costs while maintaining high-quality services.

For nurses who are keen to be part of the current transformation of health and social care, this is a good time to try to influence the process, but they need to understand the national context and learn to articulate the needs of their services in the language of financial constraint. If they do so, there is a realistic possibility they will secure the resources needed to enhance services. There are a number of national documents, frameworks and priorities of which they need to be aware.

Better Care Fund

The Care Act (2014) provided a legal framework for the allocation of money from the Better Care Fund, which organisations can access to promote the integration of health and social care. The Department of Health and the Department for Communities and Local Government (2016) have identified the national conditions that bodies responsible for Better Care Fund plans are expected to fulfil in 2016/17.

Sustainability and transformation plans

Sustainability and transformation plans ( STPs ) were announced in NHS planning guidance at the end of 2015. NHS organisations are now required to develop five-year plans to determine the key priorities for their geographical areas and identify how services are going to be delivered in an integrated way across health and social care.

There is a push towards strengthening primary and community services, as well as encouraging individuals to take responsibility for their health. From April 2017, STPs will be the only way to secure additional NHS funding, with the best plans receiving funding quickly.

The King’s Fund has assessed STPs (Ham et al, 2017) and concluded that:

• They offer the best hope for the NHS and its partners to sustain services and transform the delivery of health and social care;
• They are wide-reaching and propose changes in several areas, from prevention to acute and specialised services;
• A high priority for many STPs is to redesign services in the community to reduce demand for in-hospital care;
• Proposals to reconfigure hospitals could improve quality but need to be scrutinised and considered on their own merits;
• Proposals to reduce capacity in hospitals will only be credible if there are robust plans to provide alternatives in the community;
• Cuts in social care and public health, as well as the lack of earmarked funds to support transformation, will affect the ability of NHS organisations and their partners to implement STPs.

In its assessment, The King’s Fund points out that there is widespread criticism, anger and anxiety in the face of these latest proposals, which appear to be reinventing the wheel or overcomplicating a system that is already suffering hardship (Ham et al, 2017).

NHS England mandate

The government published its mandate to NHS England (NHSE) in January 2016 (DH, 2016a). This set out the objectives, budget and how NHSE’s performance would be measured for the current financial year. On 31 March 2016, NHSE published the NHS outcomes framework and indicators for 2016/2017 (DH, 2016b), which set the priorities for the coming year. The key themes were improving health, transforming care, controlling costs and enabling change.

The DH (2016a; 2016b) set out indicators and improvement areas to which NHSE would be held to account, which included:

• Preventing people from dying early;
• Enhancing the quality of life for people with long-term conditions;
• Helping people to recover from episodes of ill health or injury;
• Ensuring people have positive experiences of care;
• Treating and caring for people in a safe environment and protecting them from avoidable harm.

Key components of a business case

The key components of a business case are described in Table 1. It is likely that your organisation already has a business case template; alternatively, examples can be sourced online. Your organisation may also have a template for risk assessment, which will help you identify risks; these may become apparent as you scope the project.

Before you start writing, remember to find out what your local policy is in terms of:

• Processes to follow;
• People to consult;
• Authorisations to be gained.

This will help avoid disappointment if your bid is not well received.

Nurses who want to get involved in writing a business case need an in-depth knowledge of the scope, feasibility and issues of the proposal. This will involve plenty of discussions with stakeholders. It is important to include stakeholders, patients and line managers in any initial discussions and brainstorm exercises. Qualitative and quantitative feedback from patients can give a strong sense of how services work and why gaps in services are a cause of concern.

Many charities aim to support specialist nursing roles and are likely to be able to provide national data, as well as possible funding sources, to support a bid. For example, the British Heart Foundation (2015) has published evidence of the success of the role of cardiac nurse specialists in the community. Nurses considering writing a business case can benefit from seeking advice from charities in their specialist area.

The five-case model

To help public sector organisations bid for funds, HM Treasury has devised the ‘five-case model’ (HM Treasury, 2015). This requires business cases for new initiatives to contain evidence that:

• The intervention is supported by a compelling case for change that fits with other parts of the organisation and the wider public sector – the ‘strategic case’;
• The intervention represents best value for public money – the ‘economic case’;
• The proposed deal is attractive to the marketplace, can be procured and is commercially viable – the ‘commercial case’;
• The proposed spending is affordable – the ‘financial case’;
• What is required from all parties is achievable – ‘the management case’.

Financial considerations

In the current economic climate, nurses are expected to streamline their work to make savings. However, they are not traditionally taught how to be financially astute, and often lack confidence in the area of service development. By developing the confidence needed to deal with financial issues, nurses can influence change in practice and make their ideas a reality.

When writing a business case, it is vital to identify the financial impact and implications – how much is the initiative expected to cost? How much is it likely to save? A new service will need funding, so the costs and benefits of developing it should be fully researched. All financial aspects must be considered, and presented in as much detail as possible. Estimates are acceptable as long as they are based on the most up-to-date evidence available; they can be updated as the project moves forward. If an organisation is going to invest money in a project, leaders and commissioners will want to know the return on investment (Box 1).

Box 1. Return on investment

To calculate the return on investment (ROI), the benefit (or return) of an investment is divided by its cost, and the result is expressed as a percentage or a ratio.

ROI = (gain from investment) divided by (cost of investment)

The ROI provides an evaluation of the benefits of an investment over a period to time, so it can be used to predict savings and indicate value for money.

Source: Investopedia

As the BHF (2017) explains: “the financial section of any business case is crucial and will be analysed closely. When putting this section together, it’s important to get help and advice from your organisation’s finance department to make sure that any additional or hidden costs are stated clearly.’

The financial section also needs continual review, so if things go haywire, the project is rethought, refocused – or ended.

Questions to consider are:

• What are the estimated costs?
• How will the project contribute to savings, and over what time period?
• What is the measure of success?
• What predictions are being made and how have they been calculated?
• What are the opportunities to update information throughout the project?

Practical tips

Below are some practical tips on how to write a business case that will be taken seriously and stand out from other proposals in a board meeting. Some may seem trivial, but decision makers are human beings who all have their dislikes – to make sure nothing is going to trigger the ‘reject’ or ‘delete’ button, you need to:

• Be clear who your audience is and write at their level of understanding;
• Know your specialty and how it fits into the wider context;
• Be concise;
• Be specific;
• Be factual;
• Use reliable sources of data. Avoid anecdotes – but do use case studies if they add to the proposal;
• Know your finances;
• Make the document interesting to the reader;
• Avoid abbreviations (or add a glossary at the end);
• Use the format that is standard in your organisation;
• Check grammar and spelling;
• Get someone to proofread your proposal.

The British Association of Dermatologists has a checklist that helps clinicians maximise the chances of decision makers supporting their business case (Box 2).

Box 2. Business case checklist

• Is the need clearly stated?
• Does the proposal contribute to the achievement of NHS policy and priorities, and the trust’s objectives and plans?
• Are the benefits clearly stated?
• Is it clear how the benefits will be realised?
• Are the demand, capacity and income forecasts robust?
• Are the capital and revenue costs robust?
• Is it clear why the preferred option has been selected?
• Is the project affordable?
• Are the risks and plans to mitigate them explicitly stated?
• Do the main stakeholders support the project?
• Does the team have the capacity and capability to deliver it?

Source: Adapted from the British Association of Dermatologists

Another useful checklist is the SMART acronym, according to which your project needs to be:

• S – specific
• M – measurable
• A – achievable
• R – realistic
• T – time-bound

What is the value of specialist nurses?

When writing a business case, you may want to demonstrate the value there is in employing specialist nurses. The Royal College of Nursing (2010) has identified that the role can save money, arguing that it helps to:

• Reduce waiting times;
• Avoid unnecessary hospital admissions or readmissions (through reduced complications post surgery, enhanced symptom control and improved patient self-management);
• Reduce the length of post-operative hospital stays;
• Free up consultant appointments for other patients;
• Deliver services at the point of need or in the community;
• Reduce patient drop-out rates;
• Educate health and social care professionals;
• Introduce innovative service delivery frameworks;
• Give direct specialist advice to patients and families.

The BHF (2015) adds that specialist nurse roles are also important in providing care throughout patients’ disease trajectories, from diagnosis to end of life.

There have been concerns that the role of specialist nurses may become overlooked or misunderstood and, in 2014, the RCN highlighted that funding issues were having a negative impact on the role, stating that we were in a situation: “whereby funds are being transferred from the NHS for integrated health and social care with no guarantee that the money will be spent on care provision” (RCN, 2014).

There are different ways to approach integration across organisations, services or between individuals, and different models have been successfully implemented in the UK and beyond (Goodwin and Smith, 2011). The RCN calls for nurse-led teams in hospitals and the community, and in specialist services to develop working relationships and collaborate across health and social care (RCN, 2014).

As Fletcher (2011) pointed out, specialist nurses are held in high regard by patients, and consistently so, compared with other health professionals. It is crucial to gain feedback from patients. However, as Fletcher explained, this feedback in itself is not sufficient evidence for commissioners, as it can be considered anecdotal, and specialist nurses: “need to ensure they have evidence their services are cost-effective and improve patient safety and outcomes.”

Writing a business case can be frustrating. It is made easier by engaging decision makers from the outset to ensure the proposal is set within the national context and identify how it will help the organisation to reach its targets.

You will need to gain the right strategic support and source as much accurate data and information as possible. Researching ideas, gaining feedback from stakeholders inside your organisation and, where possible, influencing people from partner organisations, will help your project gain momentum. Involving patients and getting qualitative feedback to support the quantitative data will enhance your proposal.

Nurses are often reluctant to write business cases, and it mainly falls to leaders or commissioners. However, with the right support, they can develop the confidence to articulate a service development idea formally and bring it into the strategic arena.

• A business case is a formal document submitted to decision makers for approval and/or funding of a service development initiative
• A convincing business case must link the proposed service improvement to local, regional and national priorities and constraints
• The financial section of a business case will be analysed closely, so costs and benefits need to be made clear
• If nurses learn to articulate the needs of their services in the language of financial constraints, they have a good chance of securing funding
• The current move towards more integrated health and social care means this is a good time for nurses to try to influence decisions

• Test your knowledge with Nursing Times Self-assessment after reading this article. If you score 80% or more, you will receive a personalised certificate that you can download and store in your NT Portfolio as CPD or revalidation evidence.
• Take the Nursing Times Self-assessment for this article

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The Business Plan

The business plan will differ depending on the funding model (fee for service, alternative funding plans, health networks, etc.). The following are some things to consider in terms of revenue and expenses:

Revenue sources

Provincial health insurance programs : Increasing the number of patient visits or roster size through improved capacity and access can bring in more revenue. In many provinces, as long as the physician interacts with the patient, the visit can be billed. Indeed in some provinces, procedures such as cervical screening, immunizations and injections can also be billed without an interaction with the physician. The average fee-for-service bill for an office visit is $30; a physician-RN team should be able to easily accommodate two additional patients per hour, thus increasing revenue by $60 and covering the RN’s compensation.

Where deliverables or outcome targets (such as P4P) affect revenue, the ability to provide more care to more patients may provide a higher compensation range.

Non-insurable services : Certain services could increase in a team practice due to increased capacity. This will increase revenue. These services include medicals, form completion, travel immunizations and other procedures that are not covered under provincial insurance plans. In some practices, this added revenue will come from directly billing the patients for these services.

Research revenue : A physician-RN team may have more capacity to become involved in research programs, resulting in an increase in revenue.

Enhancements in care : Depending on the funding arrangements, an increase in screening (e.g., cervical screening) and immunization (e.g. tetanus, flu, pneumonia vaccines) will not only improve patient care, but add revenue for the practice

Nursing salary : The average mid-level Canadian salary for nurses is $30.00-$40.00 per hour. Being an RN is very challenging, requiring experience and advanced knowledge. In order to recruit and retain the best RNs, a competitive salary may be an important consideration.

Benefits : Many primary care practices do not offer employee benefits. Physicians in such practices should consider topping up base salaries to compensate for this (typically an additional 15-25 per cent).In practices where some or all of these benefits are available, the cost of providing these benefits (employer contributions) would be a consideration.

Overhead : Additional office costs will undoubtedly be incurred as a physician-RN team treats more clients. These extra costs should be a consideration in a primary care practice. Typical overhead costs include office support salaries, medical supplies and facility costs (electricity, maintenance, phones, electronic medical records, etc.).

Equipment:  More equipment may be necessary as an RN adds to the number and diversity of patients that are treated in a physician-RN primary care practice. One-time equipment expenses at the time an RN is added may include: stethoscope, blood pressure cuffs (different sized cuffs), otoscope, thermometer, baby scale, adult scale, steadiometer (height measurement), exam table, exam light, computer, printer, software and licence and office furniture.

Space rental : Additional space may be necessary to accommodate the registered nurse, which would be an additional cost. Link to section 1.4

Payroll expenses : Employer contributions to CPP and EI (if relevant) are usually in the range of 8-12 per cent.

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Election latest: Sunak admits he got job 'because of a mistake'

Rishi Sunak and Sir Keir Starmer have faced the latest Q&A of this year's election, this time hosted by The Sun. Scroll through the Politics Hub to catch up on our updates and analysis from the event.

Monday 24 June 2024 22:00, UK

• General Election 2024

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• Sunak: I got this job as the result of a mistake
• PM reveals Tories are investigating betting scandal
• The party leaders who  do   still want to talk about Brexit
• Farage attacks Johnson in defence of Ukraine war comments
• Chancellor deletes pic of wife's ballot which broke electoral rules
• Live reporting by Faith Ridler

Expert analysis

• Paul Kelso: Are parties being honest about tax and spend plans?
• Sophy Ridge: PM running out of time to get his message across
• Sam Coates: Tories braced for more names in betting scandal

Election essentials

• Manifesto pledges: Alliance Party | Conservatives | DUP | Greens | Labour | Lib Dems | Plaid Cymru | Reform | SNP | Sinn Fein | Workers Party
• Trackers:  Who's leading polls? | Is PM keeping promises?
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• Follow Sky's politics podcasts: Electoral Dysfunction | Politics At Jack And Sam's
• Read more:  Who is standing down? | Key seats to watch | What counts as voter ID? | Check if your constituency is changing | Guide to election lingo | Sky's election night plans

Its 10pm - here's your late night general election bulletin.

We're into the last full week of the election campaign, with just 10 days left until polling day - and things are heating up.

Here's a run down of everything you may have missed:

• Rishi Sunak  today said he is not being investigated by the Gambling Commission over the betting scandal;
• He confirmed the Conservative Party is carrying out its own investigation - and will pass its findings on to the Gambling Commission ;
• The prime minister later took part in an election Q&A with The Sun, in which he insisted he only took the top job "as the result of a mistake" made by Liz Truss ;
• He also failed to confirm whether he called a summer election to avoid potential legal trouble over Rwanda flights taking off in July;
• Meanwhile, economists have lambasted a "conspiracy of silence" from the main parties over their tax and spending plans - read more below:
• Over to Labour, which has offered to meet Harry Potter author JK Rowling to provide her with "assurances" over the protection of women-only spaces; 
• Sir Keir Starmer also took part in the election Q&A, and he admitted that he "understands" why people are confused by his shift in stance on Jeremy Corbyn;
• And Lord Richard Dannatt, the former head of the army, has said Nigel Farage is "not worth listening to about anything" - particularly relating to the war in Ukraine;
• The Reform leader said last week the West had contributed to the invasion of Ukraine;
• He has launched a blistering attack aimed at his one-time ally Boris Johnson - highlighting a front page showing Mr Johnson holding a similar stance on Russia back in 2016.

A flurry of general elections since 2015 has brought an unprecedented churn in our parliamentary representatives.

This year, two in five MPs aren't seeking re-election and the picture for the Conservatives is record-breakingly grim.

An unparalleled total of 23% of Conservative MPs are calling it a day in 2024, more than the previous high of 22% of Tories who quit in 1997, another year of boundary changes.

In contrast, only 15% of Labour MPs are resigning.

There are many reasons MPs quit: from retirement, family commitments and health concerns to career change, abolished constituencies, and the prospect of defeat.

But their decision to depart can reveal much about life in Westminster and have a significant impact on parliament's mix of experience, demographics, and the direction of political parties.

Dr Sofia Collignon, associate professor in Comparative Politics, analyses the churn in our representatives here:

Wales is a Labour heartland, but it's clearly in the sights of other parties during this election campaign.

Reform UK even launched its manifesto in a town in the south of the country, Merthyr Tydfil.

Although Wales has its own parliament and makes most of its own decisions, they still elect MPs who stand in Westminster.

Sky's Wales reporter Tomos Evans explains how the cost of living, steel industry and nuclear energy will be key issues for voters.

By David Blevins , senior Ireland correspondent

Northern Ireland's first and deputy first ministers have condemned the Conservative Party for the impact of Brexit on the region.

Sinn Fein's Michelle O'Neill told Sky News the current government had "played fast and loose" with the Good Friday Agreement.

Emma Little-Pengelly, of the Democratic Unionist Party (DUP), said Northern Ireland was the victim of the Tories having "botched Brexit".

Doug Beattie, the Ulster Unionist Party (UUP) leader, accused the "chaotic" Tory government of "destroying the cohesion of the United Kingdom".

Tactical voting is a talking point at every election - but it could play a particularly big role this time round.

The polls suggest huge public discontent with the Tories, but there are many seats where Labour - widely projected to form the next government - are not the main challengers.

It's contests like these where the Lib Dems, Reform UK, and the Greens might hope to make gains.

Below, Sky's political correspondent  Serena Barker-Singh explains what tactical voting is when it comes to an election and how it could impact parliament's makeup come 5 July.

Our live poll tracker collates the results of opinion surveys carried out by all the main polling organisations - and allows you to see how the political parties are performing in the run-up to the general election.

It shows a drop in support in recent days for Labour and the Tories - with a jump for Reform and the Liberal Democrats.

Read more about the tracker here .

Tonight on Politics Hub With Sophy Ridge , both our Tory and Labour guests faced questions over a report suggesting neither party are being honest with voters about their tax and spending plans.

The Institute for Fiscal Studies launched its report on their election manifestos this morning, warning public services will have to be cut over the next parliament, unless government debt or taxes rise further.

Labour and the Tories have both ruled out tax rises on working people, but also downplayed the risk of cuts to key public services.

So, are they being honest? Our business correspondent Paul Kelso takes a closer look at the numbers...

That concludes our coverage of tonight's Politics Hub With Sophy Ridge  - the show will return tomorrow at 7pm. Stick with us here for more updates and analysis throughout the evening.

Five years ago it was indisputably the Brexit election, but this time round it's become something of an elephant in the room.

But in Northern Ireland, none of the party leaders are shy of talking about the impact of Britain leaving the EU.

Our  senior Ireland correspondent  David Blevins   has spoken to them all about the legacy of the 2016 referendum - and how a new government at Westminster might change things.

As David notes, to "get Brexit done" the Tory government put a trade border in the Irish Sea between Northern Ireland and Great Britain - something that was once unthinkable.

Michelle O'Neill, Sinn Fein:

"I think there's an opportunity now with what potentially looks like a Labour government coming into play to reverse the damage of Brexit. 

"And actually, I would hope we get to the point where actually we reverse the Brexit decision altogether. 

"That may not be where Labour are headed, but I think there is an opportunity to reset relationships, critically between London and Dublin, because those have been very much fractured."

Emma Little-Pengelly, DUP: 

"The Conservative Party and the UK government botched Brexit and Northern Ireland was the victim of that. 

"We called out the Conservative Party on this at every single stage. 

"We had to fight incredibly hard to try to undo the damage made by the decisions made by the Conservative Party in government. 

"But of course it was us fighting for that, while others were agitating and pushing for rigorous implementation of that really bad deal."

Naomi Long, Alliance: 

"What we need to do looking forward is say... how do we make the benefits of the Windsor Framework work in our advantage? 

"We have a unique position in Northern Ireland in terms of trade: we can trade freely into GB, we can trade freely with the Irish Republic, but more than that, we are a foot in the European Union."

Colum Eastwood, SDLP:

"Brexit has been a disaster for the whole of the UK, I would argue, economically and in many other ways, but we felt it much more keenly here because we share a border with the European Union.

"We had to do an awful lot of work to put things back together after the mess that was made by Brexit and Boris Johnson and the DUP. 

"From our perspective, there's no better outcome than actually being back in the European Union lock, stock, and barrel."

Doug Beattie, UUP:

"Brexit was a defining moment. 

"It absolutely undermined the cohesion of the United Kingdom, and I think we can see the out workings of that even today. 

"And whatever government gets in - and we all think it's going to be a Labour government - I think they're going to have to work on that cohesion as one of their main outputs."

Northern Ireland has been front and centre of UK politics since the 2016 EU referendum, proving a critical issue in particular to the ill-fated premierships of Theresa May and Boris Johnson.

But you'd be forgiven for thinking it's not taken quite such a pivotal role this time, likely not helped by the two main parties' reluctance to speak about how Brexit has been going.

In Northern Ireland, there are five main parties contesting 18 seats at Westminster: two unionist, two nationalist and one neutral.

Our senior Ireland correspondent David Blevins has spoken to the country's party leaders about their hopes for the 4 July poll.

The first and deputy first ministers took the opportunity to condemn the Conservative Party for the impact of Brexit.

Sinn Fein's Michelle O'Neill told Sky News the current government had "played fast and loose" with the Good Friday Agreement.

And Emma Little-Pengelly, of the Democratic Unionist Party (DUP), said Northern Ireland was the victim of the Tories having "botched Brexit".

Election a chance for a 'reset'

Other party leaders were similarly damning of the Tories.

Doug Beattie, the Ulster Unionist (UUP) leader, accused the "chaotic" Tory government of "destroying the cohesion of the United Kingdom".

Colum Eastwood, leader of the Social Democratic and Labour Party (SDLP), accused them of "wrecking the place" for 14 years.

Naomi Long, leader of the neutral Alliance Party, said the election offered the opportunity for a "reset" on relations.

It's now the turn of Gillian Keegan, the education secretary, to respond to the IFS's damning report this morning that suggested that no party manifesto was properly costed ahead of this election.

She says the pandemic and resulting economic fallout continues to ease off under Conservative stewardship and that the costings in their manifesto are accurate. 

"It's not unrealistic to say we're going to put [civil service] staffing levels back down to 2020 [levels], and we're going to put the welfare bill in the same place it was a 2020 - that's not too unrealistic," she says. 

It's those cuts that will allow the Tories to deliver spending cuts, the party's manifesto claims.

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