sample business plan for assisted living home

Assisted Living Facility Business Plan Template

Written by Dave Lavinsky

Assisted Living Facility Business Plan

You’ve come to the right place to create your assisted living facility business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their assisted living facilities.

Assisted Living Facility Business Plan Example

Below is a template to help you create each section of your sample residential care home business plan.

Executive Summary

Business overview.

Portland Village Assisted Living is a startup assisted living facility located in Portland, Oregon. The company is founded by James Martin, an experienced assisted living facility manager who has transformed the struggling PALF Oregon facility into a thriving assisted living business through efficient and strategic management decisions. Now that James has garnered a reputation for being a positive driver for change in the industry, he is ready to venture out with his new facility, Portland Village Assisted Living. James is confident that his experience and expertise in change management, problem solving, and policy implementation will quickly garner support for his new assisted living facility. James plans on recruiting a team of highly qualified professionals including registered nurses, activity directors, and maintenance staff to help manage the day to day complexities of assisted living.

Portland Village Assisted Living will provide a comprehensive array of services that will appeal to its target clientele of seniors living in the Portland area who are looking to get the most out of their assisted living experience. Portland Village Assisted Living will ensure that every need of the residents is being met. Portland Village Assisted Living will be the ultimate choice in Portland for assisted living while being the most reasonably priced facility for the services provided compared to other assisted living facilities in the area.

Product Offering

The following are the services that Portland Village Assisted Living will provide:

• Assistance with everyday living needs
• Dining program
• Emergency call systems and 24-hour onsite security
• Exercise, education, and recreation programs
• Health and wellness programs
• Housekeeping and laundry service
• Social and religious programs
• Transportation accommodations

Customer Focus

Portland Village Assisted Living will target all seniors over the age of 65 who need a little help with one or more daily activities such as bathing, dressing, or managing their medications. No matter the resident, Portland Village Assisted Living will deliver a caring, comfortable environment with a customer-first focus in every aspect of the facility.

Management Team

Portland Village Assisted Living will be owned and operated by James Martin. He recruited a Registered Nurse, Jessica Williams, to be the Nursing Director and help manage the day-to-day nursing needs of the residents.

James Martin is a graduate of the University of Oregon with a Master’s degree in Healthcare Management. He has been working at a local assisted living home for over a decade as an Administrator. James’s leadership and problem solving skills have allowed him to develop a reputation for driving positive change in the industry.

Jessica Williams has been a Registered Nurse and worked with James at the PALF Oregon facility for over ten years. James relies strongly on Jessica’s organization, expertise, and focus when caring for residents. Jessica has worked in the assisted living industry for so long, she understands all aspects required in managing the nursing needs of residents.

Success Factors

Portland Village Assisted Living will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of healthcare and management professionals that are able to effectively maintain a welcoming environment for all residents and staff.
• Comprehensive menu of services that allows for a resident to have all of their needs met. Portland Village Assisted Living takes care of everything from daily assistance and medication management to entertainment and dining programs. Portland Village Assisted Living has something for everyone with its extensive list of educational, social, and recreational activities available.
• Portland Village Assisted Living offers the best pricing for a facility with this level of comprehensive services.

Financial Highlights

Portland Village Assisted Living is seeking $1,000,000 in debt financing to launch the assisted living business. The funding will be dedicated towards a down payment to purchase the facility and new furnishings for the facility. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, working capital, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

• Down payment on facility: $500,000
• Furnishings and improvements for units and common areas: $150,000
• Three months of overhead expenses (payroll, supplies, utilities): $150,000
• Marketing costs: $100,000
• Working capital: $100,000

The following graph below outlines the pro forma financial projections for Portland Village Assisted Living.

Company Overview

Who is portland village assisted living.

Portland Village Assisted Living is a newly established assisted living facility in Portland, Oregon. Portland Village Assisted Living will be the most welcoming, affordable, and secure assisted living facility in the area. Portland Village Assisted Living will provide a comprehensive menu of assisted living services to suit the needs of any resident over the age of 65. Their customer-focused approach will include a wide range of activities available, 24/7 nursing staff, onsite security, and a customizable dining program.

Portland Village Assisted Living will be able to provide its residents with the best quality care in a friendly, supportive environment. The team of professionals are highly qualified and experienced in healthcare management, resident issues, and activity oversight. Portland Village Assisted Living handles all challenges of the residents and ensures all issues are taken care of expeditiously while delivering the best service.

Portland Village Assisted Living History

Portland Village Assisted Living is owned and operated by James Martin, an experienced assisted living facility manager who has transformed the struggling PALF Oregon facility into a thriving business through efficient and strategic management decisions. James is confident that his experience and expertise in change management, problem solving, and policy implementation will quickly garner support for his new assisted living facility. James plans on recruiting a team of highly qualified professionals including registered nurses, activity directors, and maintenance staff to help manage the day to day complexities of assisted living.

Since incorporation, Portland Village Assisted Living has achieved the following milestones:

• Registered Portland Village Assisted Living, LLC to transact business in the state of Oregon.
• Has negotiated the purchase of a 20 unit facility in a centrally located area that is close to multiple hospitals and healthcare facilities.
• Began recruiting a staff of activity directors, nurses, maintenance managers, and housekeepers to work at the facility.

Portland Village Assisted Living Services

Industry analysis.

The United States Assisted Living industry is currently valued at $87.4B and is expected to grow as much as 5.48% over the next eight years. The primary driver for market growth is the increasing number of senior citizens seeking assistance, companionship, and security that can be provided by assisted living facilities. The rise in the senior population due to a rise in life expectancy is forecast to grow rapidly in the coming years. Approximately 8.5% of the global population is 65 years old or above. The number of Americans ages 65 and older is projected to reach 95M by 2060.

Some of the key factors driving the U.S. assisted living facility market growth include a growing awareness and desire of seniors to age in home-based services and the lower cost of assisted living facilities versus nursing homes. There are currently around 30,000 facilities in the U.S. Approximately 800,000 seniors live in these assisted living facilities across the country. The average assisted living facility resident is between 76-82 years old with an average income of $50,000-$70,000.

Customer Analysis

Demographic profile of target market.

Portland Village Assisted Living will target all seniors over the age of 65 living in the Portland area who are looking to get the most out of their assisted living experience. Specifically, Portland Village Assisted Living will target seniors who need a little help with one or more daily activities such as bathing, dressing, or managing their medications. No matter the resident, Portland Village Assisted Living will deliver a caring, comfortable environment with a customer-first focus in every aspect of the facility.

The precise demographics for Portland, Oregon are:

Customer Segmentation

Portland Village Assisted Living will primarily target the following customer profiles:

• Men and women at least 65 years old who need help with only a few activities of daily living such as bathing or walking.
• Men and women at least 65 years old with high blood pressure.
• Men and women at least 65 years old with Alzheimer’s disease or other dementias.

Competitive Analysis

Direct and indirect competitors.

Portland Village Assisted Living will face competition from other assisted living facilities with similar business profiles. A description of each competitor facility is below.

PALF Oregon

PALF Oregon is an established assisted living facility in Portland, Oregon. This company operates an expansive assisted living facility with 24/7 nursing staff, an abundance of education and social activities provided throughout the day, and resort-style living accomodations. Their list of services includes health and wellness programs, educational workshops, supervised recreation activities, and a full menu of nutritious foods served from 6AM-9PM. PALF Oregon is also able to provide transportation accommodations, medication administration, and one-on-one fitness coaching.

PALF Oregon’s promise is to deliver quality care with honesty and integrity, and 24/7 availability of the nursing team. PALF Oregon’s team of experienced healthcare and management professionals ensures activities run smoothly, property maintenance is proactive, and residents get the care they need, when they need it.

OR Home Assisted Living

OR Home Assisted Living is a Portland, Oregon-based assisted living facility that provides outstanding senior care for individuals over the age of 75. OR Home Assisted Living takes the risk out of finding quality assisted living care. They provide comprehensive assisted living services for qualified tenants, and maintain stringent standards for their nursing and activity staff. The owners of OR Home Assisted Living are former healthcare professionals so they understand how an assisted living facility should be managed. Residents can depend on their unique screening processes to hire only highly qualified staff. Amenities offered include a full-service restaurant, rec center, and health club.

Oregon’s Best Assisted Living

Oregon’s Best Assisted Living is a trusted Portland assisted living facility that provides superior service to residents 65 years old and over. They are able to provide a comprehensive health and wellness regimen, highly qualified nursing staff, and superior security. Oregon’s Best Assisted Living is a condominium style environment for seniors who need minimal assistance with just a few daily activities such as dressing or walking. This facility provides a packed schedule of activities that seniors can enjoy throughout their tenure in the facility including clubs, classes, and social events.

Competitive Advantage

Portland Village Assisted Living will be able to offer the following advantages over their competition:

• Highly qualified team of healthcare, management, and security professionals that are able to effectively maintain a welcoming environment while ensuring safety and security for all residents and staff.
• Comprehensive menu of services that allows for a resident to have all of their needs met. Portland Village Assisted Living takes care of everything from daily assistance and medication management to entertainment and dining programs.
• Portland Village Assisted Living offers competitive pricing for a facility with this level of services compared to other facilities in the area.

Marketing Plan

Brand & value proposition.

Portland Village Assisted Living will offer the unique value proposition to its clientele:

• Friendly, knowledgeable, and highly qualified team of professionals that are able to cater to each individual resident’s needs.
• Portland Village Assisted Living has something for everyone with its extensive list of educational, social, and recreational activities available.

Promotions Strategy

The promotions strategy for Portland Village Assisted Living is as follows:

Word of Mouth/Referrals

James Martin has built up an extensive list of contacts over the years by providing exceptional service to his residents. Many of these contacts have communicated to James that they intend to help spread the word of Portland Village Assisted Living to their friends and families.

Professional Associations and Networking

Portland Village Assisted Living will become a member of professional associations such as the International Council on Active Aging (ICAA), American Seniors Housing Association (ASHA), and the National Investment Center for Seniors Housing & Care (NIC). The company will attend industry conferences and events to network with other professionals and promote Portland Village Assisted Living.

Print Advertising

Portland Village Assisted Living will invest in professionally designed print ads to display in programs or flyers at industry networking events.

Website/SEO Marketing

Portland Village Assisted Living will develop and maintain an attractive website that will be well organized, informative, and list all their services that Portland Village Assisted Living is able to provide. The website will also list their contact information and list their available units and pricing.

The company’s in-house marketing director will manage Portland Village Assisted Living’s website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Portland assisted living facility” or “assisted living near me”, Portland Village Assisted Living will be listed at the top of the search results.

Social Media Marketing

The company’s marketing director will create and maintain an active presence on multiple social media platforms including LinkedIn, Twitter, Facebook, Instagram, and YouTube to promote the facility.

The pricing of Portland Village Assisted Living will be moderate, so residents feel they receive real value when choosing this facility over higher-priced competitors.

Operations Plan

The following will be the operations plan for Portland Village Assisted Living.

Operation Functions:

• James Martin will be the Owner and Administrator of the company. He will oversee all staff and manage client relations. James has spent the past year recruiting the following staff:
• Jessica Williams – Director of Nursing who will manage the nursing staff and services.
• Kim Smith – Admissions Coordinator who will manage all resident admissions and acclimation processes.
• Ben Davis – Marketing Director who will provide all marketing materials, campaigns, and PR initiatives for Portland Village Assisted Living.
• John Anderson – Maintenance Director who will oversee all maintenance staff and projects at the facility.
• Anna Rodriguez – Housekeeping Coordinator who will oversee all housekeeping staff for the facility.

Milestones:

Portland Village Assisted Living will have the following milestones complete in the next six months.

8/1/2022 – Finalize contract for purchase of the facility.

8/15/2022 – Finalize personnel and staff employment contracts for the management team.

9/1/2022 – Begin refurbishment and furnishing of the facility.

9/15/2022 – Begin networking at industry events.

9/22/2022 – Begin marketing campaign to attract the first residents.

11/1/2022 – Portland Village Assisted Living opens for business.

Financial Plan

Key revenue & costs.

The revenue drivers for Portland Village Assisted Living are the assisted living fees they will charge to the residents for staying at their facility. Residents pay monthly fees for their stay and have the option of month-to-month or annual leases.

The cost drivers will be the overhead costs required in order to staff an assisted living facility. The expenses will be the payroll cost, utilities, supplies, and marketing materials.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Occupied Units: 15
• Average Fees per Month: $60,000
• Payments on Facility Purchase per Year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Assisted Living Business Plan FAQs

What is an assisted living facility business plan.

An assisted living facility plan is a plan to start and/or grow your assisted living facility. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your assisted living facility business plan using our Assisted Living Facility Business Plan Template here .

What are the Main Types of Assisted Living Facilities?

There are a number of different kinds of assisted living facilities, some examples include: Residential Living, Memory Care, and Rehabilitation Facility.

How Do You Get Funding for Your Assisted Living Facility Business Plan?

Assisted Living Facilities are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.  Potential investors will need your assisted living business plan PDF or in Word format.

A well crafted assisted living business plan is essential to securing funding from any type of potential investor.

What are the Steps To Start an Assisted Living Facility Business?

Starting an assisted living facility business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Write An Assisted Living Facility Business Plan - The first step in starting a business is to create a detailed assisted living business plan that outlines all aspects of the venture. This should include market research on the assisted living industry and potential target market size, information on the services you will offer, marketing strategies, pricing details and a solid financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your assisted living facility business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your assisted living facility business is in compliance with local laws.

3. Register Your Assisted Living Facility Business - Once you have chosen a legal structure, the next step is to register your assisted living facility business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your assisted living facility business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Assisted Living Facility Equipment & Supplies - In order to start your assisted living facility business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your assisted living facility business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful assisted living facility business and how to write a residential assisted living business plan:

• How to Start an Assisted Living Facility Business

How to Write an Assisted Living Business Plan + Free Sample Plan PDF

Elon Glucklich

7 min. read

Updated April 3, 2024

Free Download: Sample Nursing Home Business Plan Template

With the U.S. senior population expected to reach 80 million by 2040 , the demand for assisted living services is skyrocketing. 

Seniors are living longer, and many are looking for amenities like health care, fitness, and recreation services as they age. This surge in demand, plus consistently high occupancy rates in well-run facilities, means starting an assisted living facility or improving your existing facility can be an incredibly lucrative business venture.

However, achieving success requires more than just filling rooms. From ensuring the health and wellbeing of your residents, to navigating license and permitting requirements, to understanding your market to securing funding for your facility, you’ll need to think strategically to ensure your care facility reaches its full financial potential. 

A business plan organizes your market, customer, and competitive research, so you can prioritize the most profitable services and develop marketing strategies to attract the right residents. Think of it as your roadmap for defining a successful business model. It’s the type of proof of concept that lenders or investors will need to see before they’ll feel comfortable funding your venture .

• What should you include in an assisted living business plan?

Here are a few sections we recommend including in an assisted living facility business plan:

Executive summary

Market analysis, competitive analysis, marketing plan, financial plan.

No two assisted living business plans will be exactly alike. A residential assisted living business owner’s market research and growth strategy will vary depending on the market or markets they’re operating in. And while some assisted living developers own large portfolios of facilities in multiple locations, others may be focused on a single location.

If you’re starting a new assisted living business, it’s likely that you’re seeking a bank loan or outside investment. Business plans written for funding typically follow a detailed and proven structure to impress lenders and potential investors.

Below we’ll highlight some of the most important business plan sections for an assisted living business. 

Your executive summary is your facility’s elevator pitch. 

It’s the first, and sometimes only, section of your business plan that a lender or investor will read. So your executive summary needs to be engaging.

In no more than two pages, draw the reader in with an overview of your business opportunity and mission. Why are you passionate about serving seniors? What problems are you solving for residents and their families?

Describe what sets you apart. Maybe you’re opening a new facility in a location with pristine views and landscaping. Or maybe you’re offering innovative care programs.

Briefly mention your team’s qualifications and commitment to resident care. Touch on the factors that will be key to your success, such as hiring highly trained staff or introducing programs tailored to residents’ needs.

With significant startup costs to run an assisted living facility, it’s crucial that you understand both the broader senior living industry and the dynamics in your market. The market analysis section is where you show potential funders of your project that you’ve done your research.

Get to know your potential residents. Start by analyzing the size and projected growth of the senior population in your area. The U.S. Census Bureau is an excellent source of demographic information, and should include the age breakdown of your community.

It’s also important to determine the characteristics of your potential residents. Are you targeting:

• Active seniors seeking independent living with some support
• Seniors dealing with, or recovering from, surgeries or other medical issues
• Seniors with memory care and other intensive needs

You may be targeting a combination of these services in your assisted living project. But no matter who your ideal customers are, you need to demonstrate through your study of industry and demographics trends that there is a demand for the services you’re offering. 

Identifying your competition is crucial if you’re planning an assisted living facility. A lender or investor will expect your business plan to analyze your facility’s competitors, and demonstrate that there’s room in the market for a new entrant.

Start by researching and listing your competitors. These could be:

• Other licensed assisted living facilities
• Independent living communities
• Adult foster homes
• In-home caregiving services

Note their size, services offered, and any specializations they offer. What are their strengths and weaknesses? Are they large chains or smaller, family-owned facilities? 

Consider factors like:

• Level of care

Be honest about your facility’s strengths and weaknesses compared to the competition. Do you offer a unique activity program? Are your rooms more spacious?  Focus on what sets you apart.

Answering these questions will help you determine how to stand out and win over potential residents and their families.

Remember: Solid research is key. Back up your assumptions about your target market and competition with data and analysis. This shows potential investors and partners that you have a strong grasp of the assisted living landscape.

By the end of your competitive analysis, you should be able to state why a family would choose you over your competitors. 

This is where you turn your market and competitive research into an actionable plan to attract residents to your facility.

By now, you should have plenty of information about the senior living market in your area. Now it’s time to document how you’ll reach families seeking senior care services for their loved ones.

Start by thinking broadly about tactics to reach your target customers:

• Networking with healthcare providers and elder care professionals to spread awareness of your facility
• Advertising online, through television commercials, in printed publications and on social media
• Appearing at community events

Each of these strategies accomplish the goal of boosting your visibility. Make sure your messaging through these marketing channels emphasizes the factors that set your business apart from competitors. They might include: 

• A focus on personalized care
• Top-of-the-line amenities
• A vibrant social calendar

Additionally, spend some time in your marketing plan to discuss your pricing and sales process. Document your pricing and how it compares to your competition. And detail how you will turn prospects into residents. Will families tour in-person? Can they schedule virtual consultations? The plan should detail the entire journey prospects will experience, from initial awareness of your facility to moving in.

Finally, remember to track the results of your marketing efforts. This helps you refine your strategy and get the most out of your marketing budget.

This section is where your careful planning turns into actual numbers . While it might seem intimidating, don’t worry – you don’t need a finance degree to get this right. Here’s what a typical assisted living financial plan includes:

Sales forecast : Project occupancy rates and income from resident services. Be realistic, especially in the first year, and consider different pricing tiers if applicable.

Expense budget : List all planned spending, including:

• Staffing (one of your largest costs)
• Food, maintenance, and supplies
• Insurance, marketing, and licensing fees
• Legal and professional services

Profit & Loss (P&L) : This combines income and expenses to show if you’re profitable.

Cash flow statement : Crucial for managing bills. Shows when money comes in and out, so you avoid cash shortages.

Balance sheet : This snapshots your facility’s financial health, listing assets (like your building), liabilities (like loans), and overall equity.

Important notes

Startup costs : If seeking funding, detail costs like renovations, equipment, and initial staffing.

Assumptions: Be transparent about any predictions you’re making (occupancy rates, growth, etc.). This adds credibility.

Use of funds: Explain to potential investors exactly how their money will fuel your success.

Industry-specific costs: Research sample financials for assisted living facilities to ensure you cover all your bases.

Remember, your financial plan is a living document. Revisit it regularly to track your progress and adjust your strategy as needed.

• Download your free assisted living one page sample business plan

Download our assisted living sample business plan right now for free. You can download other medical and health business plans , or check out Bplans’ collection of over 550 free sample business plans to find more inspiration. If you’re considering other types of senior care businesses, read our article on how to write a home health care business plan .

With tons of opportunity, but significant upfront costs, it’s crucial to do your homework before investing funds in your assisted living plan. Writing a business plan is one of the best ways to put yourself on a path to a financially viable business.

And the business plan is an absolute must if you’re looking for outside funding to help you turn your dream into a reality.

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Elon is a marketing specialist at Palo Alto Software, working with consultants, accountants, business instructors and others who use LivePlan at scale. He has a bachelor's degree in journalism and an MBA from the University of Oregon.

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Residential Assisted Living Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Assisted Living Facility

A residential assisted living business is a type of senior care facility that provides housing and support services for seniors who need assistance with their daily living activities.

Residential assisted living is typically smaller-scale homes, with fewer residents than a nursing home or assisted living facility.

In addition to providing basic care services, residential assisted living facilities may also offer social and recreational activities, transportation services, and other amenities to help seniors maintain their independence and quality of life.

In many cases, residential assisted living facilities are operated by private individuals or companies, rather than by larger healthcare organizations.

As a result, residential assisted living may offer a more flexible and personalized approach to senior care than other types of facilities.

Steps on How to Write a Residential Assisted Living Business Plan

Executive summary.

St. Lucas® Assisted Living Facility, LLC is a new Residential Assisted Living business that will be located in Oregon, Florida.

Our facility will offer personalized and high-quality care services to seniors who require assistance with daily living, such as bathing, dressing, medication management, and meal preparation.

We will provide a home-like environment that fosters independence, dignity, and socialization, and we will strive to maintain a high quality of life for our residents.

Our management team has extensive experience in the senior care industry, and we have carefully selected and trained our staff to provide the highest quality of care services.

We have also established relationships with healthcare providers and local organizations to ensure that our residents have access to the healthcare services and amenities they need.

St. Lucas® Assisted Living Facility, LLC is well-positioned to become a leading provider of high-quality and personalized senior care services in the Oregon, Florida area.

We are committed to maintaining the highest standards of care, and we look forward to serving our community’s seniors and their families.

Company Profile

A. our products and services.

St. Lucas® Assisted Living Facility, LLC will offer the following services;

• Personalized Care Plans
• Health and Wellness Services
• Social and Recreational Activities
• Nutritious Meals and Snacks
• 24-Hour Staff Support
• Transportation Services
• Housekeeping and Maintenance Services.

b. Nature of the Business

Our residential assisted living business will operate with a business-to-consumer.

c. The Industry

St. Lucas® Assisted Living Facility, LLC will operate in the assisted living industry.

d. Mission Statement

Our mission at St. Lucas® Assisted Living Facility, LLC is to provide high-quality and personalized care services to seniors in a home-like environment that fosters independence, dignity, and socialization.

e. Vision Statement

At St. Lucas® Assisted Living Facility, LLC, our vision is to be the leading provider of personalized and homelike senior care services in our community.

f. Our Tagline (Slogan)

St. Lucas® Assisted Living Facility, LLC – Home Away from Home for the Elderly!

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

St. Lucas® Assisted Living Facility, LLC 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.

h. Our Organizational Structure

• Head of Residential Assisted Living (President)
• Assisted Living Administrator
• Medication Management Counselors
• Nurse’s Aides
• Home Health Caregivers / Home Caregivers / County Aging Workers Fundraiser
• Account Officer
• Front Desk Officer
• Security Guards

i. Ownership/Shareholder Structure and Board Members

• Paul Peterson (Owner and Chairman / Chief Executive Officer) 52 Percent Shares
• Henry Johnson (Board Member) 18 Percent Shares
• Emmanuel Linus (Board Member) 10 Percent Shares
• Jael Martins (Board Member) 10 Percent Shares
• James Cornelius (Board Member and Secretary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Experienced management team with expertise in the senior care industry
• High staff-to-resident ratio, allowing for personalized care
• Focus on maintaining a strong sense of community and socialization for residents
• Convenient location in a growing senior population area
• Strong relationships with healthcare providers and local organizations
• Specialized training for staff to provide the highest quality of care services.

b. Weakness

• Limited capacity due to physical space limitations
• Dependence on a small team of staff members, making us vulnerable to staff turnover and potential loss of expertise
• High start-up costs for the facility set-up, equipment, and staffing.

c. Opportunities

• Growing demand for personalized and homelike senior care services
• Potential for partnerships with local hospitals and healthcare providers
• Expansion into related senior care services such as hospice care or memory care.

i. How Big is the Industry?

The Residential Assisted Living industry was worth over $19.3 billion in revenue in 2021, and it is expected to continue to grow at an annual rate of 5.2% through 2026.

ii. Is the Industry Growing or Declining?

The residential assisted living industry has been growing steadily in recent years, as the population of seniors in need of long-term care continues to increase. According to a report by IBISWorld, the residential assisted living industry generated $19.3 billion in revenue in 2021, and it is expected to continue to grow at an annual rate of 5.2% through 2026.

The COVID-19 pandemic has also contributed to increased demand for residential assisted living services, as many seniors and their families have sought out safer and more personalized care options. The pandemic has also highlighted the need for improved infection control measures and staffing levels in residential assisted living facilities.

iii. What are the Future Trends in the Industry

Technology is becoming more prevalent in residential assisted living facilities, and this trend is expected to continue. This includes the use of smart home technology, telehealth services, and electronic health records.

Residential assisted living facilities are moving towards more personalized care plans that take into account each resident’s unique needs and preferences. This includes offering individualized meal plans, medication management, and other services tailored to each resident’s needs.

Residential assisted living facilities are increasingly focused on sustainability and reducing their environmental footprint. This includes incorporating energy-efficient appliances, recycling programs, and other green initiatives.

iv. Are There Existing Niches in the Industry?

No, there are no existing niches when it comes to the residential assisted living business.

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

St. Lucas® Assisted Living Facility, LLC has plans to sell franchises in the nearest future and we will target major cities with thriving factoring services markets in the United States of America and Canada.

• Competition from other assisted living facilities and senior care providers in the area
• Regulatory and compliance changes that may impact operations and increase costs
• Economic downturns or changes in healthcare policies may affect funding for senior care services.

i. Who are the Major Competitors?

• Other residential assisted living facilities that offer similar services and amenities in the same geographic area
• Skilled nursing facilities
• Home healthcare providers
• Continuing care retirement communities (CCRCs)
• Memory care facilities
• Adult daycare centers
• In-home caregivers.

ii. Is There a Franchise for Residential Assisted Living Business?

No, there is no franchise opportunity for a residential assisted living business.

iii. Are There Policies, Regulations, or Zoning Laws Affecting Residential Assisted Living Business?

Yes, there are policies, regulations, and zoning laws affecting residential assisted living businesses in the United States of America. These regulations vary by state and local jurisdiction, but here are some examples of the types of regulations that may apply to residential assisted living facilities:

• Most states require residential assisted living facilities to be licensed , which involves meeting specific standards for staff training, resident care, safety, and sanitation.
• Local zoning laws may restrict the location of residential assisted living facilities, including the type of residential area where they can be located and the number of residents they can accommodate.
• Residential assisted living facilities must comply with building codes that ensure safety and accessibility for residents, including requirements for fire safety, emergency exits, and accessibility features.
• Residential assisted living facilities must comply with state and federal health and safety regulations, including infection control procedures, medication management, and emergency preparedness plans.
• Residential assisted living facilities must meet staffing requirements for the number and qualifications of staff members, including requirements for licensed nurses and certified nursing assistants.
• Residential assisted living facilities must protect the rights of residents, including the right to privacy, dignity, and autonomy.
• Residential assisted living facilities must carry liability insurance and meet other insurance requirements.

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 don’t have any restrictions on the level of education of our clients.

iii. Income Level

There is no cap on the income level of those we will welcome to our facility.

iv. Ethnicity

There is no restriction when it comes to the ethnicity of the people we will welcome to our facility.

v. Language

There is no restriction when it comes to the language spoken by the people we will welcome to our facility.

vi. Geographical Location

Anybody from any geographical location will be welcome to our facility.

vii. Lifestyle

St. Lucas® Assisted Living Facility, LLC will not restrict any client from accessing our facility because of their lifestyle, culture, or race.

b. Advertising and Promotion Strategies

• Content marketing
• Deliberately Brand Our 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.
• 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

St. Lucas® Assisted Living Facility, LLC’s pricing strategy should take into account factors such as the cost of the value of service offering, 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.

Our sales channels will include both direct and indirect channels and they are:

• Direct sales: This involves the residential assisted living 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 residential assisted living 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 residential assisted living 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 residential assisted living 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 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 St. Lucas® Assisted Living Facility, LLC 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 residential assisted living services provider, we may not offer a traditional return policy, incentives, or guarantees.

e. Customer Support Strategy

Providing exceptional customer support is crucial for the success of our residential assisted living business. Here are some customer support strategies that we will adopt:

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

By implementing these strategies, our residential assisted living business can provide excellent customer support and build long-term relationships with all our clients (residents).

Operational Plan

The operational plan for our residential assisted living business is a detailed document that outlines the day-to-day operations of the business, including staff responsibilities, resident care plans, facility maintenance, and financial management.

The plan typically includes specific goals and objectives, as well as strategies for achieving those goals. It will also address risk management, emergency preparedness, and compliance with regulations and policies.

a. What Happens During a Typical Day at a Residential Assisted Living Business?

A typical day at a residential assisted living business involves providing care and support for residents with a variety of needs.

The day may begin with breakfast and medication administration, followed by activities such as exercise classes, social events, and games. Staff members provide assistance with activities of daily living (ADLs) as needed, such as bathing, dressing, and grooming.

Medical care may include regular check-ins with healthcare providers, medication management, and assistance with medical equipment. Meals are typically provided throughout the day, with snacks and beverages available as needed. Residential assisted living businesses may also offer specialized therapies or services, such as physical therapy or salon services.

Staff members are available around the clock to provide care and support for residents, and emergency procedures are in place to ensure the safety and well-being of all residents.

b. Production Process

There is no production process when it comes to residential assisted living businesses.

c. Service Procedure

Not applicable.

d. The Supply Chain

A supply chain is not applicable to a residential assisted living business.

e. Sources of Income

At St. Lucas® Assisted Living Facility, LLC we will make money from resident 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 residential assisted living business.

St. Lucas® Assisted Living Facility, LLC would need an estimate of $350,000 to successfully set up our residential assisted living 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 Costs 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 – $150,000.
• Other start-up expenses include 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?

St. Lucas® Assisted Living Facility, LLC will not build a new facility for our residential assisted living business; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.

d. What are the Ongoing Expenses for Running a Residential Assisted Living 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?

• Head of Residential Assisted Living (President) – $45,000 Per Annum
• Assisted Living Administrator – $36,034 Per Annum
• Medication Management Counselors – $35,600 Per Annum
• Nurse’s Aides – $30,660 Per Annum
• Home Health Caregivers/Home Caregivers/County Aging Workers – $32,878 Per Annum
• Account Officer – $35,000 Per Annum
• Front Desk Officer – $28,000 Per Annum
• Cleaners – $22,000 Per Annum
• Security Guard – $22,000 Per Annum.

f. How Do You Get Funding to Start a Residential Assisted Living 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.

St. Lucas® Assisted Living Facility, LLC will charge based on what is obtainable in the United States. Our average monthly cost for a one-bedroom unit is $4,000. Please note that we will offer various pricing options and also accept government programs or private pay options, such as long-term care insurance,.

b. Sales Forecast?

• First Fiscal Year (FY1): $250,000
• Second Fiscal Year (FY2): $450,000
• Third Fiscal Year (FY3): $520,000

c. Estimated Profit You Will Make a Year?

• First Fiscal Year (FY1) (Profit After Tax): $150,000
• Second Fiscal Year (FY2) (Profit After Tax): $200,000
• Third Fiscal Year (FY3) (Profit After Tax): $300,000

d. Profit Margin of a Residential Assisted Living Business Product/Service

The ideal profit margin we hope to make at St. Lucas® Assisted Living Facility, LLC 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.

St. Lucas® Assisted Living Facility, LLC will grow our residential assisted living business by first opening other 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?

St. Lucas® Assisted Living Facility, LLC plan to expand to;

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

The reason we intend to expand to this geographic location is the fact that available statistics show that the cities listed above have a growing elderly population and a high demand for senior care services, making them potentially attractive markets for residential assisted living businesses.

St. Lucas® Assisted Living Facility, LLC’s founder intends to exit the business through a merger and acquisition. We want to merge with a global residential assisted living company so that the company’s management can be placed in trusted hands when the founder retires.

The goal of combining two or more international residential assisted living businesses on a global scale is to achieve synergy, in which the whole (the new company) is greater than the sum of its parts (the former two separate entities), and with a well-structured management team and board of trustees.

Related Posts:

• How Much Do Assisted Living Facility Owners Make Yearly?
• Assisted Living Facility Policy and Procedure Manual
• How to Write a Rate Increase Letter for Assisted Living
• What is an Assisted Living Facility Core Competency Test?
• How to Write a Vision Statement for an Assisted Living Facility

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Home » Sample Business Plans » Healthcare

Assisted Living Facility Business Plan [Sample Template]

There are business opportunities all around us that can guarantee us steady flow of income. For instance, if you love the elderly and you enjoy working with them, you can consider opening your own assisted living facility business. Assisted living facility is different from a hospital or healthcare facility; it can be likened to old people’s home.

Assisting individuals with daily living activities can be an overwhelming undertaking and it can be physically tasking and the equivalent of a full-time job.

An assisted living facility provides assistance to individuals by administering medications, preparing meals, household tasks and assisting with physical exercise et al; assisted living facilities are a viable option for families seeking quality care for their aging loved ones.

Starting a business such as an assisted living facility business requires that you are thorough in all your dealings and in all the steps that you take in building the business. It is true that you will need to deal with a number of people, and as such you will need to be well trained in the trade. There are loads of people out there who are willing to train people to join the bandwagon.

Setting up an assisted living facility requires hard work and serious planning. You are expected to apply and obtain permit and license to run such facility from the government, and your facility must meet the required health and safety standards before you can be allowed to operate an assisted living facility.

Aside from well – trained domestic employees that will be on your payroll, you will also need to hire nurses, renting a facility, paying the workers, furnishing the facility to suit the elderly ones, the feeding, as well as some other very essential things that cannot be neglected. It is for this reason that you may need to source for funds.

A Sample Assisted Living Facility Business Plan Template

1. industry overview.

An Assisted living facility is a conducive facility designed basically for the elderly/aging people who need care and assistance.

The facility is usually in a secured and less noisy area. It is a facility that is well furnished place with beddings, furniture, fittings and other things that can add to the comfort and ambience of the facility; a place that can be conducive for elderly people.

The essence of assisted living facility is to provide accommodation strictly for rent to only elderly people who would need people to help them carry out some domestic tasks that they can no longer do on their own. As a matter of fact, nurses are assigned to these facilities to help take proper care of the elderly people in the assisted living facility because some of them may be battling with one sickness or another.

The Assisted Living Facility industry essentially provides accommodation and personal care services for elderly people and of course other individuals who are unable to fully care for themselves due to ailment or disability.

Basically, businesses in the Assisted Living Facility industry provide a significant range of services such as independent living, assisted living, skilled nursing and a combination of these, which are usually referred to as continuing care retirement communities. Any business that mainly provide skilled nursing are not included in this industry.

The US Census Bureau categorizes this type of facility as homes for the elderly and continuing care retirement communities. According to the U.S. Census Bureau, the population of individuals in the united states of America between the ages of 65 and 84 is estimated to increase by 38.8 percent between 2010 and 2022, while the population above the age of 85 is also projected to increase by 18.7 percent.

The increase in the aging population will definitely create a large business opportunities / market for the Assisted Living Facility industry.

From the demographic composition of the target market for Assisted Living Facility, it clearly shows that in 2006, 69 percent of those who resides in Assisted Facilities are female, while 31 percent are male and a large number of residence in Assisted Living Facilities are 85 years and above.

In the United States of America, the biggest market (23 percent) for this industry is in the South – East region. The Assisted Living Facility industry is indeed a very large industry and pretty much thriving in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.

Statistics has it that in the United States of America alone, there are about 18,076 licensed and registered Assisted Living Facility businesses responsible for employing about 909,415 employees and the industry rakes in a whooping sum of $62bn annually with an annual growth rate projected at 3.7 percent.

Over and above, the Assisted Living Facility line of businesses in developed countries are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market; the aging population and those who would also want to live in an assisted living facility community.

2. Executive Summary

Papas & Mamas Assisted Living Facilities, LLC is a standard and licensed assisted living facility that will be located in the heart of Cape May – New Jersey in a neatly renovated and secured housing facility; an assisted home for the elderly that is specifically designed and equipped with the needed accommodation facilities / gadgets to give comfort and security to all our residence irrespective of the religious affiliations, their race, and health condition.

Papas & Mamas Assisted Living Facilities, LLC is a family owned and managed business that believe in the passionate in ensuring that the aging population are well taken care of and in the pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to venture into the hospitability industry by establishing our own assisted living facility business.

We are certain that our values will help us drive the business to enviable heights and also help us attract the numbers of clients that will make our facility fully occupied year in year out.

We are going to be a health conscious and customer-centric assisted living facility business with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be enables to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners (vendors), and all our employees as well.

Our accommodation facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located.

Papas & Mamas Assisted Living Facilities, LLC will provide a conducive lodging for our customers; we will engage in services such as continuing care retirement communities, assisted living facilities and homes for the elderly, independent-living facilities, providing room and board, nursing and other supervision services, assistance in daily living and housekeeping services

Papas & Mamas Assisted Living Facilities, LLC will be equipped with everything that will make life comfortable for the elderly.

We will as build a fitness room and library et al. We will also install a free Wi-Fi that will enable our residence and guests surf the internet with their laptop in the room free of charge, and there will be wireless access in all the public area within the lodging facility.

Papas & Mamas Assisted Living Facilities, LLC is a family business that is owned and managed by Mrs. Ruth Bob – Simpson and her family. Mrs. Ruth Bob – Simpson is a licensed Assisted Living Administrator, nurse and social health worker with well over 25 years of experience working for leading brand in the industry.

She has a Master’s Degree in Public Health and she is truly passionate when it comes to taking care of the aging population.

3. Our Products and Services

Poppas & Mommas Assisted Living Facilities, LLC is set to operate a standard Assisted Living Facility service in Cape May, New Jersey. The fact that we want to become a force to reckon with in the Assisted Living Facility industry means that we will provide our clients a conducive and highly secured accommodation.

In all that we do, we will ensure that our customers are satisfied and are willing to recommend our facility to their family members and friends.

We are in the Assisted Living Facility business to deliver excellent services and to make profits and we are willing to go the extra mile within the law of the United States to achieve our business goals, aims and objectives. These are the services that Papas & Mamas Assisted Living Facilities, LLC will be offering;

• Continuing care retirement communities
• Assisted living facilities and homes for the elderly
• Independent-living facilities
• Providing room and board
• Nursing and other supervision
• Assistance in daily living
• Housekeeping services
• Social Work
• Home Medication Management
• Personal Assistance Services

4. Our Mission and Vision Statement

• Our vision is to become the number one choice when it comes to assisted living facility service delivery in the whole of New Jersey and also to be amongst the top 20 assisted living facility service provider in the United States of America within the next 10 years.
• Poppas & Mommas Assisted Living Facilities, LLC is in business is to establish a first class assisted living facility service that will take care of both highly placed clients and lowly placed clients as long as they can afford our services.
• We want to become one of the leaders in the assisted living facility industry in New Jersey, and in The United States of America.

Our Business Structure

Poppas & Mommas Assisted Living Facilities, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (nurses, nurse’s aides, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers) to man various job positions in our organization.

We are quite aware of the rules and regulations governing the assisted living facility industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our business brand to be well accepted in New Jersey and the whole of the United States.

When hiring, we will look out for applicants that are not just qualified and experienced, but homely, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more. This are the positions that will be available at Papas & Mamas Assisted Living Facilities, LLC;

• Chief Executive Officer

Medication Management Counselors

• Assisted Living Administrator (Human Resources and Admin Manager)
• Nurse’s Aides
• Home Health Caregivers/Home Caregivers/County Aging Workers
• Marketing Executive

5. Job Roles and Responsibilities

Chief Executive Officer:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board.

Assisted Living Administrator (Admin and HR Manager)

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.
• Responsible for providing professional medical services to our residence
• Responsible for ensuring that elderly people under our care takes their medication as at when due
• Responsible for handling medical emergencies

Nurses/Nurse’s Aides/Mental Health Counselors

• Responsible for managing our patients in their various houses
• Handles personal injury case management
• Responsible for offering home medication management services

Marketing and Sales Executive

• Identify, prioritize, and reach out to new clients, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
• Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Document all customer contact and information
• Represent Papas & Mamas Assisted Living Facilities, LLC in strategic meetings
• Help increase sales and growth for Papas & Mamas Assisted Living Facilities, LLC.

Accountant/Cashier

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for the organization
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for Papas & Mamas Assisted Living Facilities, LLC
• Serves as internal auditor for Papas & Mamas Assisted Living Facilities, LLC.
• Responsible for cleaning the facility at all times
• Ensure that toiletries and supplies don’t run out of stock
• Assist our residence when they need to take their bath and carry out other household tasks
• Cleans both the interior and exterior of the facility
• Handle any other duty as assigned by the facility manager

6. SWOT Analysis

Poppas & Mommas Assisted Living Facilities, LLC is set to become one of the leading assisted living facility in New Jersey which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business. We want our assisted living facility business to be the number one choice of all residence of Cape – May and other cities in New Jersey.

We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.

Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of the aging population, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the assisted living facility industry.

This is the summary of the SWOT analysis that was conducted for Papas & Mamas Assisted Living Facilities, LLC;

Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of Cape – May, New Jersey. Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.

Poppas & Mommas Assisted Living Facilities, LLC is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business and also to attract some of the highly experienced hands in the assisted living facility industry.

• Opportunities:

The opportunities that are available to assisted living facilities are unlimited considering the fact that we have growing aging population in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in New Jersey.

Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new and bigger / well established assisted living facility brand in same location where our outlet is located.

7. MARKET ANALYSIS

• Market Trends

One thing is certain in the assisted living facility industry, the fact that there are growing aging population in the United States, the trend will continue to benefit the industry; as the population ages, more elderly people will require the services of assisted living facilities.

The trend in the industry is that, players in the industry are now flexible enough to adjust their services and facilities to attract more knowledgeable and educated residents by incorporating more technology and adapting to new markets

Another trend in the industry is that, in other to make assisted living facilities more affordable for low income individuals, many states in the United States of America are enacting changes to the portion of Medicaid which can be applied to Assisted Living Facilities.

Before now, only individuals living in nursing homes were typically provided Medicaid assistance, but in recent time, there are now a growing number of states that have recognized the importance of offering Medicaid dollars to senior citizens living in Assisted Living Facilities.

No doubt the assisted living facility industry will continue to grow and become more profitable because the aging baby-boomer generation in United States are expected to drive increasing demand for this specialized services and care.

8. Our Target Market

Poppas & Mommas Assisted Living Facilities, LLC is in business to service the aging population in Cape – May, New Jersey and other cities in New Jersey. We will ensure that we target both self – pay customers (who do not have Medicaid cover), and those who have Medicaid cover.

Generally, those who need the services of assisted living facilities are the aging population and perhaps those who need daily help.

The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the assisted living facility industry in the United States.  Our staff are well – trained to effectively service our customers and give them value for their monies. Our customers can be categorized into the following;

• The aging population
• The aged who might suffer from severe joint pains and every other age categories who falls under the conditions listed by the physician.

Our Competitive Advantage

Aside from the competitions that exist amongst players in the assisted living facility industry, they also compete against other home healthcare services providers.

To be highly competitive in the assisted living facility industry means that you should be able to secure a conducive and secured facility, deliver consistent quality patient service and should be able to meet the expectations of the children / family members paying for their loved elderly parents in your facility.

Papas & Mamas Assisted Living Facilities, LLC is coming into the market well prepared to favorably compete in the industry. Our office facility is well positioned (centrally positioned) and visible, we have good security and the right ambience for elderly people.

Our staff are well groomed in all aspect of assisted living facility services and all our employees are trained to provide customized customer service to all our clients.

Our services will be carried out by highly trained professional nurse’s aides, medication management counselors, county aging workers, home health caregivers and home caregivers who know what it takes to give our highly esteemed customers value for their money.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups assisted living facility business and other related businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Poppas & Mommas Assisted Living Facilities, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Papas & Mamas Assisted Living Facilities, LLC;

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. Below are the sales projections that we were able to come up with for the first three years of operations;

• First Year-: $100,000 ( From Self – Pay Clients ); $250,000 ( From Medicaid Covers )
• Second Year-: $250,000 ( From Self – Pay Clients ); $500,000 ( From Medicaid Covers )
• Third Year-: $500,000 ( From Self – Pay Clients ); $1,500,000 ( From Medicaid Cover )

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

The marketing and sales strategy of Papas & Mamas Assisted Living Facilities, LLC will be based on generating long-term personalized relationships with our customers. In order to achieve that, we will ensure that we offer top notch all – round assisted living facility services at affordable prices compare to what is obtainable in New Jersey.

All our employees will be well trained and equipped to provide excellent and knowledgeable assisted living facility services and customer service.

We know that if we are consistent with offering high quality assisted living facility service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.

Before choosing a location for Papas & Mamas Assisted Living Facilities, LLC, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Cape – May and other cities in New Jersey.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the assisted living facility industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in New Jersey.

In summary, Papas & Mamas Assisted Living Facilities, LLC will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters to residence, clubs for elderly and other stake holders in New Jersey
• Advertise our business in community based newspapers, local TV and local radio stations
• List our business on yellow pages ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing
• Leverage on word of mouth marketing (referrals)
• Enter into business partnership with hospitals, government agencies and health insurance companies.
• Attend health care related exhibitions/expos.

11. Publicity and Advertising Strategy

We are in the assisted living facility business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote Papas & Mamas Assisted Living Facilities, LLC.

Papas & Mamas Assisted Living Facilities, LLC has a long term plan of building assisted living facilities in key cities in the United States of America which is why we will deliberately build our brand to be well accepted in Cape – May, New Jersey before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Papas & Mamas Assisted Living Facilities, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community health programs that appeals to the aging population
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Cape – May, New Jersey.
• Engage in road show from time to time in location with growing aging population
• Distribute our fliers and handbills in target areas with high concentration of aging population
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Poppas & Mommas Assisted Living Facilities, LLC will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.

On the average, assisted living facility service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment.

In view of that, it is easier for home assisted living facility service providers to bill their clients based in their discretions. Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us.

• Payment Options

At Papas & Mamas Assisted Living Facilities, LLC, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money
• Check (only from loyal customers)

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

If you are looking towards starting an assisted living facility business, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.

You would need money to secure a standard residential facility big enough to accommodate the number of people you plan accommodating per time, you could need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.

The items listed below are the basics that we would need when starting our assisted living facility business in the United States;

• The Total Fee for Registering the Business in New Jersey – $750.
• Legal expenses for obtaining licenses and permits – $1,500.
• Marketing promotion expenses for the grand opening of Papas & Mamas Assisted Living Facilities, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
• Cost for hiring Consultant – $2,500.
• Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
• Cost for leasing a standard and secured facility in Cape – May, New Jersey for 2 years – $500,000
• Cost for facility remodeling – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost for Start-up inventory (stocking with a wide range of products such as toiletries, food stuffs and drugs et al) – $50,000
• Storage hardware (bins, rack, shelves,) – $3,720
• The cost for the purchase of furniture and gadgets (Beds, Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
• The cost of Launching a Website: $700
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our home health care services company in Miami Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for Papas & Mamas Assisted Living Facilities, LLC

Papas & Mamas Assisted Living Facilities, LLC is a family business that is solely owned and financed by Mrs. Ruth Bob – Simpson and her family. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas Papas & Mamas Assisted Living Facilities, LLC intends to generate our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Papas & Mamas Assisted Living Facilities, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our assisted living facility services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Papas & Mamas Assisted Living Facilities, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of Medical Equipment and vans et al: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress.

More on Healthcare

Sample Assisted Living Business Plan

Writing a business plan is a crucial step in starting an assisted living business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring assisted living facility business owners, having access to a sample assisted living business plan can be especially helpful in providing direction and gaining insight into how to draft their own assisted living business plan.

Download our Ultimate Assisted Living Business Plan Template

Having a thorough business plan in place is critical for any successful assisted living venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. An assisted living facility business plan template example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document. The assisted living business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your assisted living business as Growthink’s Ultimate Assisted Living Business Plan Template , but it can help you write an assisted living business plan of your own.

Assisted Living Business Plan Example – SilverCare Haven

Table of contents, executive summary, company overview, industry analysis, customer analysis.

• Competitive Analysis

Marketing Plan

Operations plan, management team, financial plan.

At SilverCare Haven, we are dedicated to providing high-quality assisted living services, focusing on personalized care for the elderly in our modern facility located in the heart of a peaceful community. Our mission is to create a nurturing and supportive environment where our residents can enjoy a high standard of living, with access to 24-hour care and a wide range of amenities designed to promote their health, well-being, and happiness. Our team is committed to upholding the highest standards of care, ensuring every resident feels at home in our welcoming and secure setting.

Our success is driven by our commitment to excellence in elder care, a highly skilled and compassionate team, and our state-of-the-art facility that provides a comfortable and engaging environment for our residents. To date, we have achieved significant milestones, including obtaining all necessary licenses and accreditations, surpassing our initial enrollment targets, and establishing strong relationships with local healthcare providers. These accomplishments underscore our dedication to providing exceptional care and support to our residents and their families.

The assisted living industry has shown steady growth due to an aging population and increasing demand for elder care services. Market trends indicate a shift towards facilities that offer a higher quality of life and personalized care plans. Factors such as advancements in healthcare technology and changing family dynamics also play a significant role in shaping the industry, highlighting the importance of adaptable and high-quality care solutions like those offered by SilverCare Haven.

Our primary customers are seniors who require assistance with daily activities but wish to maintain a level of independence, and their families looking for a trustworthy and caring environment for their loved ones. We cater to individuals seeking a high standard of living with access to personalized care, a vibrant community, and a wide range of amenities. Understanding the diverse needs and preferences of our residents, we tailor our services to ensure each individual feels valued, supported, and part of our community.

Top competitors include local assisted living facilities and national chains with a presence in our area. While these competitors offer similar services, SilverCare Haven differentiates itself through a personalized approach to care, modern facilities, and a strong emphasis on creating a community atmosphere. Our competitive advantages lie in our commitment to exceeding industry standards, our innovative resident engagement programs, and our flexible care plans tailored to the individual needs of our residents.

Our marketing strategy focuses on highlighting our unique selling propositions, such as personalized care plans, a modern facility, and a vibrant community atmosphere. We offer a range of services at competitive pricing to meet the needs of our residents, including various accommodation options, health and wellness programs, and leisure activities. Our promotions plan includes targeted advertising in local media, community outreach programs, and partnerships with healthcare providers to increase our visibility and attract potential residents and their families to SilverCare Haven.

SilverCare Haven’s operations are centered around ensuring the highest quality of resident care and facility management. Key operational processes include daily health and wellness checks, personalized care management, meal preparation according to dietary needs, and regular facility maintenance. We are committed to staff training and development, compliance with regulations, and engaging our residents through varied activities. Our milestones include achieving full occupancy, expanding our services, and continuously improving our care and facilities to meet and exceed our residents’ expectations.

Our management team brings together seasoned professionals with extensive experience in healthcare, elder care, and business management. Led by a CEO with a strong background in healthcare administration, our team includes experts in clinical care, operations, finance, and community engagement. Together, we are dedicated to the mission of providing exceptional care and creating a supportive and vibrant community for our residents at SilverCare Haven.

To achieve our growth goals and continue providing exceptional care to our residents, SilverCare Haven requires significant funding. This capital will be allocated towards expanding our facility, enhancing our services, and investing in state-of-the-art healthcare technology. Our financial strategy is designed to ensure the long-term sustainability and success of our operation, enabling us to meet the evolving needs of our residents and their families.

At SilverCare Haven, we are proud to introduce ourselves as a new Assisted Living Facility serving the Los Angeles, CA community. Recognizing the gap in high-quality local assisted living options, we have stepped in to offer a compassionate, professional care environment for those in need. As a local assisted living facility, we are committed to providing personalized care and support to our residents, ensuring they feel at home with us.

Products & Services

Understanding the diverse needs of our residents, we offer a range of services tailored to support both independence and well-being. Our services include Instrumental Activities for Daily Living (IADLs) at $50, designed to assist with managing household tasks and activities beyond personal care. For more personal needs, our Activities of Daily Living (ADLs) service is offered at $35, covering essential care aspects such as bathing, dressing, and mobility. Recognizing the need for specialized care, we also provide Skilled Nursing Care at $130, ensuring those with medical conditions receive the attention and treatment they require.

SilverCare Haven is conveniently located in Los Angeles, CA, making it easily accessible for residents and their families. Our choice of location reflects our commitment to being an integral part of the community we serve, providing a safe, comfortable, and accessible environment for everyone who calls SilverCare Haven home.

Success Factors

Our confidence in the success of SilverCare Haven is built on solid foundations. Our founder brings valuable experience from previously running a successful assisted living facility, ensuring we have the insights and knowledge to meet our residents’ needs. Additionally, our commitment to offering a broader range of assisted living services than our competitors sets us apart, providing our residents with comprehensive support tailored to their individual needs.

History, Legal Structure & Accomplishments to Date

Since our founding on January 3, 2024, SilverCare Haven has made significant strides as a C Corporation. We have achieved key milestones that mark the beginning of our journey to becoming a leading assisted living facility in Los Angeles. Our accomplishments to date include the creation of our logo, the development of our unique company name, and the securing of a prime location for our facility. These achievements are the first steps toward realizing our vision of providing exceptional care and support to our residents.

The Assisted Living Facility industry in the United States is currently experiencing significant growth and is expected to continue expanding in the coming years. According to recent market research, the industry has reached a market size of over $80 billion. This substantial market size indicates a strong demand for assisted living services and highlights the potential for businesses in this sector to thrive.

One of the key trends driving the growth in the Assisted Living Facility industry is the aging population in the United States. As the baby boomer generation reaches retirement age, the demand for senior care services, including assisted living, is expected to surge. This demographic shift presents a unique opportunity for SilverCare Haven, a new Assisted Living Facility in Los Angeles, CA, to tap into a growing market and cater to the needs of the elderly population.

Furthermore, there is an increasing preference among seniors and their families for assisted living facilities that offer a range of amenities and personalized care. Modern assisted living facilities are no longer just places for seniors to receive basic care, but they also strive to provide a vibrant and engaging environment. SilverCare Haven, with its focus on delivering exceptional care and creating a nurturing community, is well-positioned to capitalize on this trend and attract customers seeking high-quality assisted living services in the Los Angeles area.

Below is a description of our target customers and their core needs.

Target Customers

SilverCare Haven will target seniors who are local residents of Los Angeles, CA, seeking a supportive and comfortable environment for their assisted living needs. These customers will typically be looking for high-quality care that provides both independence and assistance in daily activities. The facility will tailor its services to meet the diverse needs of this demographic, ensuring a blend of comfort, care, and community.

In addition to local seniors, SilverCare Haven will also aim to serve the families of these individuals. Recognizing the importance of peace of mind for both the residents and their loved ones, the facility will offer comprehensive care plans that include health monitoring, recreational activities, and personalized support services. This approach will ensure that families are confident in the care their loved ones are receiving, making SilverCare Haven a preferred choice.

Furthermore, SilverCare Haven will target retirees from outside the Los Angeles area who are seeking to relocate to a vibrant, urban environment in their later years. This segment will be attracted to the cultural, entertainment, and medical amenities that Los Angeles has to offer, coupled with the high standard of living and specialized services provided by SilverCare Haven. The facility will make it a priority to integrate these residents into the local community, enhancing their retirement experience.

Customer Needs

At SilverCare Haven, residents can expect top-notch daily living care tailored to their individual needs. The facility ensures that every aspect of daily life, from personal hygiene to medication management, is handled with the utmost attention and care. This comprehensive approach allows residents to maintain their dignity and independence while receiving the support they need.

In addition to basic care needs, SilverCare Haven recognizes the importance of mental and emotional well-being for its residents. A variety of social and recreational activities are available to keep residents engaged and connected with their community. These activities are designed to cater to a wide range of interests, ensuring that there is something for everyone to enjoy and participate in.

Nutrition is another critical area where SilverCare Haven excels. Residents have access to nutritious, chef-prepared meals that cater to specific dietary requirements and preferences. The facility understands that a balanced diet plays a crucial role in the overall health and well-being of its residents, making mealtime both a delicious and nutritious experience.

Competitor Analysis

SilverCare Haven’s competitors include the following companies:

Assisted Living Locators

Assisted Living Locators offers a personalized service that helps families find assisted living facilities, memory care homes, and in-home care services. They focus on matching the individual needs of the client with the right care option, providing a comprehensive assessment of each client’s needs and preferences. They operate across multiple states, with a strong presence in major cities, making them accessible to a wide range of customers. Their services are free to the families they assist, as they receive commissions from the facilities and service providers they partner with. This pricing model can attract a large customer base, but it may also raise concerns about the objectivity of their recommendations. Assisted Living Locators serves a broad customer segment, including seniors and their families seeking assisted living, memory care, and in-home care options. Their key strength lies in their personalized approach and wide network of care options. However, their reliance on commissions could be perceived as a weakness, potentially biasing their recommendations.

Assisted Living Connections

Assisted Living Connections offers similar services, focusing on helping families find assisted living, memory care, and other senior living options in California. They pride themselves on their deep knowledge of the local market and personalized service, including conducting tours and helping with negotiations and paperwork. Their business model is likely similar to Assisted Living Locators, relying on commissions from facilities, which enables them to offer their services to families free of charge. Assisted Living Connections serves primarily the Southern California area, with a focus on Ventura County and Los Angeles County. This geographical focus allows them to offer highly specialized service but may limit their reach compared to competitors with a broader service area. Their strengths include a strong local presence and personalized service, but, like Assisted Living Locators, their commission-based revenue model might raise questions about the impartiality of their advice.

Miracle Mile Manor

Miracle Mile Manor is a direct provider of assisted living services, offering a range of care options from independent living to more intensive support for residents with higher care needs. They are likely to have a fixed pricing model, with fees based on the level of care and services provided. This structure can offer clarity and predictability for families, but may also place their services out of reach for some due to potentially high costs. Located in Los Angeles, Miracle Mile Manor serves customers within the city, catering to a variety of needs including memory care and assisted living. Their key strengths include a comprehensive range of services and the ability to provide a continuum of care as residents’ needs evolve. A potential weakness could be their pricing structure, which, while transparent, could be higher than alternative solutions such as home care or facilities with a la carte pricing options.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

At SilverCare Haven, we understand the importance of providing a supportive and caring environment for our residents. Our comprehensive range of services ensures that every individual receives the personalized care they need to live a comfortable and fulfilling life. We focus on both the physical and emotional well-being of our residents, offering a variety of services tailored to meet their unique needs.

Instrumental Activities for Daily Living (IADLs)

Our Instrumental Activities for Daily Living (IADLs) service is designed to assist residents with daily tasks that are vital for their independence and quality of life. This service includes help with managing medications, preparing meals, housekeeping, managing finances, and shopping for groceries or personal items. We provide this comprehensive service at an average price of $50, ensuring our residents can enjoy a sense of independence while receiving the support they need.

Activities of Daily Living (ADLs)

The Activities of Daily Living (ADLs) service focuses on assisting residents with their basic daily tasks. This includes support with bathing, dressing, grooming, eating, and mobility. Our dedicated staff ensures that every resident receives the compassionate care they need to manage these essential activities comfortably. Priced at an average of $35, this service is fundamental to our commitment to enhancing the daily lives of our residents.

Skilled Nursing Care

For residents who require more specialized medical attention, our Skilled Nursing Care service offers a higher level of support. This service is provided by our team of licensed nurses and includes wound care, administering medications, monitoring vital signs, and coordinating with physicians to manage health conditions. With an average price of $130, our Skilled Nursing Care ensures that residents receive the medical attention and care necessary for their well-being.

At SilverCare Haven, we are dedicated to providing a safe, nurturing, and supportive environment for our residents. Our comprehensive range of services ensures that every individual’s needs are met with the utmost care and professionalism. We are committed to enhancing the quality of life for our residents through personalized support and compassionate care.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Daily Operations:

To ensure the success of SilverCare Haven, there are several key day-to-day operational processes that we will perform.

• Conduct daily health and wellness checks to monitor each resident’s health status.
• Administer medications as prescribed and manage medication schedules.
• Provide assistance with daily living activities, such as bathing, dressing, and eating.
• Prepare three nutritious meals per day, catering to the dietary restrictions and preferences of each resident.
• Ensure that meal times are consistent and provide a social atmosphere for residents.
• Conduct regular cleaning and maintenance of the facility to ensure a safe and hygienic environment.
• Manage laundry services for resident’s personal clothing and facility linens.
• Organize daily activities and events that cater to the interests and abilities of residents to keep them engaged and socially active.
• Facilitate exercise and physical activity programs to promote resident health and wellbeing.
• Ensure adequate staffing levels across all shifts to meet the needs of residents.
• Conduct regular training and development sessions for staff to maintain high levels of care and service.
• Adhere to all local, state, and federal regulations governing the operation of assisted living facilities.
• Implement quality assurance processes to continuously monitor and improve the quality of care and services provided.
• Maintain open lines of communication with residents and their families regarding health status, care plans, and any concerns.
• Prepare and review reports on resident care, facility operations, and compliance to ensure transparency and accountability.
• Monitor and manage the facility’s budget, expenses, and revenue to ensure financial sustainability.
• Process billing and payments for services provided to residents.

Milestones to Achieve:

SilverCare Haven expects to complete the following milestones in the coming months in order to ensure its success:

• Obtain Necessary Licensing and Certifications: Secure all required local, state, and federal licenses and certifications to legally operate an assisted living facility in Los Angeles, CA. Finalize Facility Location and Infrastructure: Choose an accessible and suitable location, complete the purchase or leasing, and ensure the facility meets all safety, health, and accessibility standards.
• Build and Equip the Facility: Complete the construction or renovation of the facility to create a safe, comfortable, and inviting environment for residents. This includes furnishing and equipping the facility with medical and recreational amenities.
• Hire and Train Staff: Recruit, hire, and train a qualified team, including care staff, medical professionals, and administrative personnel, ensuring they meet all regulatory requirements and share the facility’s care philosophy.
• Develop Operational Policies and Procedures: Establish comprehensive operational procedures, including emergency protocols, resident care standards, and staff protocols to ensure smooth, safe, and efficient facility operation.
• Launch Marketing and Admissions Campaigns: Implement targeted marketing strategies to build brand awareness and begin the admissions process to attract and enroll residents.
• Launch Our Assisted Living Facility: Officially open SilverCare Haven for operations, welcoming the first group of residents and ensuring a smooth transition into their new home.
• Establish Partnerships with Healthcare Providers: Form partnerships with local healthcare providers and hospitals to ensure residents have access to medical care and services as needed.
• Monitor and Adjust Operational Efficiency: Continuously evaluate and adjust operations, staffing, and services based on resident feedback and operational data to improve quality of care and operational efficiency.
• Get to $15,000/Month in Revenue: Achieve the financial milestone of generating $15,000 per month in revenue through resident fees and other services, ensuring the facility’s financial stability and success.

SilverCare Haven management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Sarah Bennett, CEO

Sarah Bennett’s journey in healthcare management has been marked by a series of successful undertakings, particularly in the realm of assisted living facilities. With a proven track record of leadership and operational excellence, Sarah has demonstrated an exceptional ability to oversee complex operations while maintaining a focus on quality care and regulatory compliance. Her previous experience running an assisted living facility has endowed her with a deep understanding of the unique needs of seniors, as well as the operational intricacies involved in creating a nurturing and supportive environment for them. Sarah’s leadership skills, combined with her passion for enhancing the lives of the elderly, make her an invaluable asset to SilverCare Haven, guiding the organization towards achieving its mission of providing outstanding care and support to its residents.

Financial Statements

Balance sheet.

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Income Statement

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Cash Flow Statement

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Assisted Living Business Plan Example PDF

Download our Assisted Living Business Plan PDF here. This is a free assisted living business plan example to help you get started on your own assisted living business plan.

How to Finish Your Assisted Living Business Plan in 1 Day!

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

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Assisted Living Facility Business Plan Template [Updated 2024]

Residential Assisted Living Business Plan

If you want to start an assisted living facility or expand your thriving assisted living business, you need a business plan.

The following assisted living business plan example gives you the key elements to include in a winning business plan for an assisted living facility. A business plan for a residential assisted living facility is a plan that you can use to start and/or grow your business.

You can download our Assisted Living Business Plan Template (including a full, customizable financial model) to your computer here.

Sample Business Plan For Assisted Living

Below are links to each section of an assisted living business plan template:

• Executive Summary – The executive summary provides an overview of your business opportunity and summarizes the business plan.
• Company Overview – The company overview includes information about your business concept, senior care and assisted living services and legal structure.
• Industry Analysis – The industry analysis includes market research that supports your business and provides insights into market trends and the assisted living industry.
• Customer Analysis – The customer analysis provides an overview of your target market including demographics and identifying their needs when transitioning into an assisted living facility.
• Competitive Analysis – The competitive analysis should identify your direct and indirect competitors such as other assisted living facilities and nursing homes, and highlight your competitive advantage.
• Marketing Plan – The marketing plan includes your marketing strategies, pricing strategy and search engine optimization plan to reach your target market.
• Operations Plan – The Operations Plan includes information on your company’s day to day operations and processes including medication management, social and recreational activities, memory care, and quality personal care for senior citizens in your care.
• Management Team – The management team section includes a profile of the business owner and business management, their experience and company responsibilities.
• Financial Plan – The financial plan includes financial projections and financial statements including a cash flow statement, profit and loss statement and balance sheet.

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Assisted Living Facility Business Plan I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

Home » Healthcare » Assisted Living

A Sample Residential Assisted Living Business Plan Template

Residential assisted living facilities are created for people who are independent but require day-to-day assistance to be able to carry out basic tasks such as taking their medications, bathing, feeding themselves amongst others. It is important to state that people in licensed residential care may require more assistance daily as they usually have complex health care needs.

Available statistics made available by the NCAL show that today there are over 30,000 assisted living communities with one million licensed beds. The average number of licensed beds within these communities is 33, but the largest facilities can have upwards of 100 beds, while the smallest have as little as four to ten.

The average age of assisted living residents is 84. Though most facilities allow patients as young as 65, 52 percent of residents are over 85 and 30 percent are between 75 and 84.

Steps on How to Write a Residential Assisted Living Business Plan

1. executive summary.

Golden Care® Residential Assisted Living, Inc. is a standard residential assisted living facility that will be based in San Diego, California. The organization will be committed to providing a senior housing option in which residents will receive assistance with activities of daily life in a comfortable, home-like environment.

Our residents will be encouraged to maintain the highest level of independence possible and they will be trained not to need the level of care provided by a skilled nursing facility. Sis. Mary Alphonsus is the founder and CEO of Golden Care® Residential Assisted Living, Inc.

Company Profile

A. our services.

Golden Care® Residential Assisted Living, Inc. will provide a range of assistance to our residents so that they will be able to carry out basic everyday tasks such as taking their medications, bathing, feeding themselves amongst others.

Our services are designed to help our residents live their normal life despite their sickness or the condition of their health.

b. Nature of the Business

Our Residential Assisted Living facility will operate as a nonprofit organization, we will source finance from donor organizations, individuals, and relevant government agencies. In some cases, we will charge residents or their families for the services rendered, but we are designed not to make profits.

c. The Industry

Golden Care® Residential Assisted Living, Inc. will operate under the Assisted Living Facility industry.

d. Mission Statement

Our mission is to provide comfortable, safe, and secure facilities that will help adults and people with disabilities to live and enjoy an independent life in a safe environment.

e. Vision Statement

Our vision is to become the best residential assisted living facility in the whole of California. We will continue to set the standard for players in the Assisted Living Facility industry in the United States of America.

f. Our Tagline (Slogan)

Golden Care® Residential Assisted Living, Inc. – A Family and Home You Can Trust!

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

Golden Care® Residential Assisted Living, Inc. will be formed as a nonprofit corporation at the state level and we will apply for 501(c)(3) tax exemption at the federal level.

h. Our Organizational Structure

• Head of Residential Assisted Living (President)
• Assisted Living Administrator
• Medication Management Counselors
• Nurse’s Aides
• Home Health Caregivers/Home Caregivers/County Aging Workers Fundraiser
• Account Officer
• Front Desk Officer
• Security Guards

i. Ownership/Shareholder Structure and Board Members

• Mary Alphonsus (Owner and Chairman/Chief Executive Officer) 52 Percent Shares
• Rhoda James (Board Member) 13 Percent Shares
• Fr. Philips Linus (Board Member) 10 Percent Shares
• Fr. Peter Shadrack (Board Member) 10 Percent Shares
• Bridgette Roderick (Board Member and Sectary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Ideal Location for a residential assisted living facility
• Highly Experienced and Qualified Employees and Management
• Access to Pool of Donor Organizations
• Highly Secured, Clean and Well-structured Facility
• Easy Access to Critical Medications, Drugs, and Other Supplies

b. Weakness

• Budget Limitations
• Lack of Customized Software
• Inability to initially run and manage the organization without the support of donations and grants
• Operating from a leased facility (restriction to fully modify the facility to suit our style and taste)
• Inability to retain our highly experienced and qualified employees longer than we want

c. Opportunities

• San Diego, California has loads of aging population.
• The government of California gives support to organizations like ours
• Finance from donor organizations, individuals, and relevant government agencies et al.

i. How Big is the Industry?

The Assisted Living Facility industry is worth over $33 billion in the United States and there are about 20,855 licensed and registered residential assisted livings with a workforce of about 506,551 scattered all across the United States. Please note that currently, around one million Americans live in some type of senior living community, and that number is expected to double by the year 2030.

ii. Is the Industry Growing or Declining?

The assisted living facility industry is growing. As the baby boomer generation continues to enter retirement age, demand for senior care services has surged. Available data shows that by the year 2040, the 85+ population is expected to triple from the 5.7 million there were in 2011 to 14.1 million.

iii. What are the Future Trends in the Industry

The Assisted Living Facility industry is changing, and players in the industry are improvising. No doubt, robotic technology, and specialized software will change the landscape of the Assisted Living Facility industry going forward.

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

Yes, there are niche ideas in the Assisted Living Facility industry, and here are some of them;

• Continuing care retirement communities
• Assisted living facilities and homes for the elderly
• Independent-living facilities

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

Golden Care® Residential Assisted Living, Inc. has plans of selling franchises in the nearest future and we will target major cities that have fast-growing aging populations in the United States of America.

• Lack of support from stakeholders and the government
• Unfavorable government policy and regulations.
• Community resistance
• Liability problems
• Continuously changing consumer demands

i. Who are the Major Competitors?

• Harbor House Assisted Living
• Golden Living Assisting Hands
• Assisted Living Concepts Inc
• Assisting Hands Home Care
• HCR ManorCare
• Brookdale Senior Living, Inc
• Brotoloc Health Care Systems Inc
• Tutera Senior Living & Health Care
• Keystone Senior Management Services
• Volunteers of America National Services
• Evangelical Lutheran Good Samaritan Society
• Life Care Centers of America
• Capitol Senior Living
• National Healthcare Corp.
• 5 Star Quality Care
• Benedictine Health System
• Hospice care
• Genesis HealthCare Corp
• Senior Lifestyle Corporation
• Sunrise Senior Living, Inc.

ii. Is There a Franchise for Residential Assisted Living? If YES, List them and their cost

• Assisting Hands Home Care (Initial Investment – $77,050 – $149,000)
• BeeHive Homes Assisted Living (Investment Range – $250,000 – $1,000,000)
• Accessible Home Health Care (Minimum Cash Required – $100,000)
• Acti-Kare Responsive In-Home Care (Minimum Cash Required – $30,000)
• BrightStar Care® (Initial Investment – $93,048 – $154,307)
• Golden Heart Senior Care (Minimum Cash Required – $45,000)
• Amada Senior Care (Initial Investment – Low – $85,010 / High – $178,154)
• Always Best Care (Minimum Cash Required – $60,000)
• Options For Senior America (Minimum Cash Required – $50,000)
• A Place at Home (Minimum Cash Required – $100,000)

iii. Are There Policies, Regulations, or Zoning Laws Affecting Residential Assisted Living facilities?

Yes, there are county or state regulations or zoning laws for Residential Assisted Living facilities. The law in the United States states that before a non-medical home care facility such as Residential Assisted Living can commence operations, there should be at least six residents and at least one trained caregiver there 24 hours a day and 7 days a week.

So also, a standard Residential Assisted Living is expected to have a qualified assisted living administrator, night manager, and 2 or more caregivers depending on the size of the facility.

Marketing Plan

A. who is your target audience.

i. Age range

Our target market falls within 65 years and older.

ii. Level of Educational

We don’t have any restriction on the level of education of those we will accommodate in our residential assisted living.

iii. Income Level

We don’t have any cap on the income level of those we will accommodate in our residential assisted living. Besides, most people who are admitted to residential assisted living have no source of income.

iv. Ethnicity

There is no restriction when it comes to the ethnicity of the people we will welcome to our residential assisted living.

v. Language

There is no restriction when it comes to the language spoken by the people we will welcome into our residential assisted living.

vi. Geographical Location

Residents from any geographical location will be welcomed in our residential assisted living.

vii. Lifestyle

Golden Care® Residential Assisted Living, Inc. will not restrict anyone from accessing our services based on their lifestyle, culture, or race.

b. Advertising and Promotion Strategies

• Build a Referral Network.
• Tap Into Text Marketing.
• Create a call to action that rocks.
• Create landing pages that convert.
• Turn our Social Media Channels Into a Resource
• Develop our Business Directory Profiles
• Promote our residential assisted living through multiple channels
• Build Relationships with Other Nonprofits and related organizations in our Area

i. Traditional Marketing Strategies

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

ii. Digital Marketing Strategies

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

iii. Social Media Marketing Plan

• Start using chatbots.
• Create a personalized experience for customers.
• Create an efficient content marketing strategy.
• Create a community for our audience (people age 65 and older).
• Gear up our profiles with a diverse content strategy.
• Use brand advocates.
• Create profiles on the relevant social media channels.
• Run cross-channel campaigns.

c. Pricing Strategy

When working out our pricing strategy, Golden Care® Residential Assisted Living, Inc. will make sure it covers upkeep, medications, premium, economy or value, and full care package for each resident in our facility, In all our pricing strategy will reflect;

• Cost-Based Pricing
• Value-Based Pricing
• Competition-Based Pricing.

Sales and Distribution Plan

A. sales channels.

Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, religious organizations, nonprofit organizations, and charity to help refer residents to us.

Golden Care® Residential Assisted Living, Inc. will also leverage the 4 Ps of marketing which are the place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand service that is competitively priced and promoted to our customers.

b. Inventory Strategy

The fact that we will need toiletries, disinfectants, sanitizers, hand gloves, medications, and foodstuffs means that Golden Care® Residential Assisted Living, Inc. will operate an inventory strategy for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.

Golden Care® Residential Assisted Living, Inc. will make sure we work with “Just-in-time (JIT) inventory” – (JIT involves holding as little stock as possible, negating the costs and risks involved with keeping a large amount of stock on hand.)

c. Payment Options for Customers

Here are the payment options that Golden Care® Residential Assisted Living, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer

d. Return Policy, Incentives, and Guarantees

At Golden Care® Residential Assisted Living, Inc., we offer services, and the nature of the services we offer does not accommodate return policy and incentives, but we guarantee our residents that they will get maximum assistants that will help them carry out their daily activities without any hindrance.

e. Customer Support Strategy

Our customer support strategy will involve seeking customers’ feedback. This will help us provide excellent customer service to our residents, it will help us to first understand their needs, experiences, and pain points. We will work with an effective CRM software to achieve this.

Operational Plan

Our operational plan will cover capacity planning, location planning, layout planning, quality planning, and methods planning.

Overall, we plan to expand our revenue by 25 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include attracting grants and using fundraising strategies that will help the firm to boost our service offerings and to support revenue growth.

a. What Happens During a Typical Day at a Residential Assisted Living?

Residential assisted living means that the workers are supposed to reside in the facility and their typical day-to-day activities revolve around the facility. Our day starts by;

• Helping residents get into/out of bed or chair.
• Helping residents with toilet hygiene.
• Helping residents with Bathing or Showering.
• Helping residents with Getting Dressed.
• Helping residents with Personal hygiene.
• Helping residents with feeding and taking medications.
• Assist residents in Walking/Climbing Stairs.
• Be available to carry out safety and emergency responses when required.

b. Production Process (If Any)

There is no production process when it comes to Residential Assisted Living.

c. Service Procedure (If Any)

The services procedure for a residential assisted living facility is geared towards assisting and teaching skills required to manage one’s basic physical needs, including personal hygiene or grooming, dressing, toileting, transferring or ambulating, bladder control, toilet use, transfers (bed to chair and back), mobility on level surfaces, feeding, and bathing.

d. The Supply Chain

Golden Care® Residential Assisted Living, Inc. will rely on hospitals, religious organizations, and government agencies in our city to refer residents to us. So also, we have been able to establish business relationships with wholesale supplies of toiletries, disinfectants, sanitizer, hand gloves, medications, and foodstuffs et al.

e. Sources of Income

Golden Care® Residential Assisted Living, Inc. will make money from;

• Fees paid by residents or from Medicare
• Contributions for partners and donors
• Grants from government agencies and charity organizations
• Community support.

Please note that a report released by Genworth Financial shows that the average cost of assisted living in 2020 was $4,300 per month. So also, a report published by the National Center for Assisted Living shows that the median cost for assisted living in the United States is about $4,300 per month or $51,600 annually.

Financial Plan

A. amount needed to start your residential assisted living.

Golden Care® Residential Assisted Living, Inc. would need an estimate of $450,000 to successfully set up our residential assisted living in the United States of America. Please note that this amount includes the salaries of all staff for the first month of operation.

b. What are the Cost Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $7,300.
• Marketing, Branding and Promotions – $5,000.
• Business Consultant Fee – $2,500.
• Insurance – $5,400.
• Rent/Lease – $250,000.
• 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) – $40,000
• start-up inventory – $15,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Furnishing and Equipping – $80,000
• Website: $600
• Miscellaneous: $2,000

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

Golden Care® Residential Assisted Living, Inc. will not build a new facility for our residential assisted living; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.

d. What are the Ongoing Expenses for Running a Residential Assisted Living?

• Cost of stocking up supplies such as medications, toiletries, disinfectants, sanitizer, hand gloves and beddings et al
• Cost of food supplies and ingredients
• Utility bills (gas, internet, phone bills, signage and sewage et al)
• Salaries of employees

e. What is the Average Salary of your Staff? List the Job Position and their proposed salary based on industry rate and your startup capital

• Head of Residential Assisted Living (President) – $45,000 Per Annum
• Assisted Living Administrator – $36,034 Per Annum
• Medication Management Counselors – $35,600 Per Annum
• Nurse’s Aides – $30,660 Per Annum
• Home Health Caregivers/Home Caregivers / County Aging Workers – $32,878 Per Annum
• Fundraiser – $36,500 Per Annum and based on target
• Account Officer – $35,000 Per Annum
• Front Desk Officer – $28,000 Per Annum
• Cleaners – $22,000 Per Annum
• Security Guard – $22,000 Per Annum

f. How Do You Get Funding to Start a Residential Assisted Living

• 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, government, donor organizations, and angel investors
• Source for soft loans from your family members and your friends.

Financial Projection

A. how much should you charge for your service.

At Golden Care® Residential Assisted Living, Inc., our monthly fees for independent living will be $4,315 for assisted living and $5,779 for memory care.

But it is important to note that at Golden Care® Residential Assisted Living, Inc., most of the fees charged our residents are paid by our donors, participating providers, and communities, so we will offer our residents a completely cost-free service with no hidden fees.

b. Sales Forecast?

• First Fiscal Year (FY1): $250,000
• Second Fiscal Year (FY2): $450,000
• Third Fiscal Year (FY3): $550,000

c. Estimated Profit You Will Make a Year?

Golden Care® Residential Assisted Living, Inc. will operate as a nonprofit organization.

d. Profit Margin of a Residential Assisted Living 

Golden Care® Residential Assisted Living, Inc. is designed not to make profits hence we don’t have a profit margin for our services.

Growth Plan

Golden Care® Residential Assisted Living, Inc. will grow by first opening other outlets in key cities in the United States of America within the first five years of establishing the business. We will start selling franchises from the sixth year.

Golden Care® Residential Assisted Living, Inc. plans to expand first to other cities in California, and then to Florida and Texas.

The reason we intend to expand to these geographic locations is that available statistics show that the cities listed above have the highest number of aging people. About 52 million Americans are age 65 or older, according to the Census Bureau’s 2018 population estimates. One-quarter of these older Americans live in one of three states: California, Florida, and Texas.

The founder of Golden Care® Residential Assisted Living, Inc. plans to exit the business via merger and acquisition. We intend to merge with an international charity organization that has a world spread so that the management of the company can be placed under a trusted hand when the founder retires.

The goal of combining two or more charitable organizations that are into assisted living on a global scale is to try and achieve synergy – where the whole (the new company) is greater than the sum of its parts (the former two separate entities) and with a well-structured management team and board of trustee.

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Residential Assisted Living Business Plan

Residential Assisted Living is generating A LOT of buzz in the real estate, business, and investment communities right now. A great business plan is the entryway to your success. Not all business plans are created equal. You get just ONE CHANCE to make a “first impression.” Get it right and it can be smooth sailing. Get it wrong… you don’t have a chance.  

So where do you start? What are the keys to creating a successful business plan?

With little to no knowledge of senior housing, investors, entrepreneurs, and individuals looking to exit the rat race are seeking out information on how to turn the opportunity of residential assisted living into a profitable business that can provide a sustainable living while elevating the care provided to our seniors.

First of all, you’ve come to the right place. There is a lot to know about creating a profitable assisted living business. 

People just like you have started right where you are now, asking themselves all kinds of questions like:

➡ What makes residential assisted living unique? 

➡ Are all residential assisted living business models the same?

➡ Do I need to be a medical professional or have field experience to consider this business?

➡ Is this even profitable? How much can I really make?

➡ I’ve never been exposed to residential assisted living, is this for me?

➡ Should I even consider an industry that’s foreign to me?

Or perhaps you find yourself in a position where you know you want to take that next step into owning and operating your very own residential assisted living facility, but you’re unsure of what that looks like. 

Reputable people (like Robert Kiyosaki , author of the New York Times Bestseller, Rich Dad, Poor Dad ) have begun singing praises for the assisted living model. You’ve bought into the idea that it is a profitable opportunity, but how do you start laying the groundwork?

These are just a few of the many questions that may be swirling through your head. Thankfully, we’re here to provide a framework for helping you understand assisted living, the opportunity, and what goes into a successful assisted living facility business plan. 

In this article, we’ll help you with setting up your very own business plan and take you through the two most important elements needed that will gain you the investment you need and set you up to win.

We’ll also teach you the different ways you can get involved in senior housing and benefit from this industry. The opportunities are limitless and we’ll show you how you can get jump in at the level that works best for you. 

Let’s begin with the basics and identify Assisted Living.

What Is Assisted Living?

Assisted living is a type of group housing designed to offer care and support to aging seniors who are unable to care for a variety of their basic daily needs. Seniors who take advantage of assisted living have a variety of medical needs and personal care that needs to be attended to.

There are a few assisted living scenarios, but the majority of options provided to those in need are broken down to:

• Shared Living Spaces
• Residential Space

The spaces offered for the residents are usually designed to replicate a home-like environment and typically seek to promote as much independence as possible. 

Depending on the health of the individual, residents can be around their peers, share meals, participate in activities and outings, and go about their normal daily routine. 

Typical offerings you’ll find in an assisted living facility are:

• Assistance with daily activities (bathing, eating, dressing, etc.)
• Communal dining offering 3 meals per day
• Exercise activities
• Educational activities
• Transportation arrangements
• 24-hour care and emergency services
• Housekeeping and maintenance

Of those models listed above, there is one avenue that has emerged as the most profitable, highest in demand, and provides an opportunity to elevate the overall level of healthcare.

The model you want to pursue is residential assisted living. The remainder of this article will be dedicated to helping you craft a residential assisted living business plan which you can use to then take your next step in the assisted living industry.

What Is Residential Assisted Living and How Is It Unique?

Before diving in, it’s important to understand what residential assisted living truly is and how it differs from other models of assisted living so you can better understand the why behind it.

Simply put, residential assisted living is a group residence for seniors that provides assistance with the residents’ A ctivities of D aily L iving.

Activities of Daily Living, or ADL, is essentially everything you do after getting out of bed each and every morning. These are your day-to-day tasks and while most adults don’t require much thought to accomplish these tasks, for residents of an assisted living facility, they rely on caregivers for nearly all of them.

Assisting with ADL is where the concept of assisted living comes into play.

Doing good for others is not only a wonderful thing, but is truly rewarding. To offer care and assistance to those who can’t help themselves is a tremendous way to live. To be able to do good for others as a business is even better!

At this point, many potential business owners and investors will ask the question, “Do I have to to be the one providing care? I don’t think I’m wired that way.”

No, you do not — and you shouldn’t. The job of a caregiver, like other roles in society, is best filled by someone who is ‘wired’ to provide this type of assistance. We will explore all of the roles to fill a successful RAL, but for now, just know that you will rely on trained caregivers to provide the care your residents need.

Residential Assisted Living Is A Win for Residents and Business Owners and Investors

Being able to play a role in the business without the need to work in the home, actively providing care, is one way that separates residential assisted living from other options.

Another key difference is that residential assisted living is about elevating the care residents receive while helping you create a financial legacy that will serve your family for years to come.

The difference between the residential assisted living model compared to the more common large group assisted living facilities is that the residential option is a home, not an institution.

First, let’s look at how residential assisted living elevates life for the residents.

Three Distinct Components of Residential Assisted Living Homes

Diving deeper into the residential assisted living model, there are three distinct components that separate this model from the rest of the assisted living industry.

The Feeling of Being at Home

Perhaps the strongest argument for residential assisted living is that it provides specialized care for the resident without them sacrificing the feeling of living in their own home.

Here are several more points:

• Custom designed to offer seniors the warm feeling of being at home;
• Strongly encourage the concept of “a home away from home”;
• Implements of décor that remind each elderly resident of their own home;
• Offers intimate settings that prevent seniors from succumbing to loneliness;
• Converts neighbor houses into residential senior living homes;
• Infuses elements of a home environment into their living spaces;
• Focuses on the comfort and consideration of residents more than amenities;
• Recognizes and accommodates the fact that older people miss their homes;
• Infused with warm colors as opposed to a monochromic setting; and
• Paintings, photo albums, and personal pictures stir fond memories.

High Staff-to-Resident Ratios

If you have spent any time in any assisted living facility, you know that a high staff-to-resident ratio is paramount for an excellent standard of care. 

Here is a general rule in assisted living: The larger the facility, the larger sunk costs. The more sunk costs, the less money there is to go into staff hiring and training.

You can see where this is going.

The residential assisted living model emphasizes not just trained staff, but elevated staff-to-resident ratios. This allows for a higher standard of care.

Here are a few more bullet points regarding staff-to-resident ratios.

• Staff-to-resident ratios determines the quality of care;
• These important aspects determine the quality of direct care staff; 
• Big box facility’s staff-to-resident ratios are as high as 1 staff to 18 residents;
• RAL homes benefit from an average of about 1 staff to 5 residents;
• High residential intake at big box facilities pose obstacles for quality staff-to-resident relationships, limit personal touch, and hinders companionship;
• A limited number of staff increases fall risks and restricts the amount of time available for personal care; and
• RAL home interactive settings improve psychological and physical health.

Slightly Above Average Costs for Upper Class Care

How much does a home in an assisted living facility cost? The answers are wide ranging — however, there is one thing that is ultra important: average isn’t good enough.

In many industries consumers will look at the high end, low end, and then aim for somewhere in the middle. In assisted living, average cost means a poor standard of care.

It’s unfortunate, but it is true.

The good news is that this is, yet another category where residential assisted living shines.

Here are some key bullet points related to the cost to each resident.

• A semi-private room in nursing homes costs about $6,844 per month, some big box facilities are even higher. 
• Private facilities cost between $4,500 – $6,000 monthly.
• RAL homes cost about $5,350 per month. 
• All assisted living facilities cover the cost of food, care, and medication management. RAL home prices remained fixed, unlike other assisted living billing concepts. 
• RAL homes do not increase prices based on the frequency of medication management; unlike other assisted living pricing components.
• All concepts of assisted living are costly, but RAL homes are more cost-effective.

Bottom line, residential assisted living provides the comfort, warmth, and sense of ownership that comes with a traditional home and pairs these traits with qualified caregivers, living in the home, ensuring the health and well-being of each resident.

This is a home where residents, typically seniors, are surrounded by their peers rather than doctors, nurses, and gurneys. They are free to be themselves, feel at home in their own space, and not relegated to a specific room number.

Like larger facilities, residents receive visits from their kids, grandkids, friends, and other loved ones, as well as having the flexibility to go on outings and take advantage of social interactions.

Through the RAL opportunity, you’re providing a home you’d be proud to have your own loved ones in – AND solving a need for millions of people all over the country.

What we’ve found is that the majority of seniors prefer this model. They want to be in their own homes as opposed to a commercial facility where they have less freedom. 

Now that you know what Residential assisted living is, maybe you’re wondering if this is for you or if you have what it takes to take advantage of the real estate opportunity that exists within the residential assisted living facility business. 

Is the Residential Assisted Living Business Opportunity For Me?

As with any investment you are considering, it’s important to determine whether or not the business will check all your boxes and fulfill your requirements for investing. 

The Residential Assisted Living Academy has helped thousands of business owners, entrepreneurs, and investors explore the promising opportunity of this industry; here are some of the things we tell our students to expect from residential assisted living:

• Meaningful Work
• Rewarding Career
• Unlimited Income Potential

40 hours a week or less – your choice!

Security even in a financial down turn, time and financial freedom.

• Building and passing on a legacy.

$10K in monthly net cash flow or more

All of these are offered through residential assisted living, yet depending on which role you choose to play, you will either experience some of these first hand or provide them for those who choose to work for you.

If any of the above check your boxes for what a fulfilling and rewarding career opportunity could look like, then being a part of the residential assisted living facility business opportunity is most certainly one you want to consider. Keep reading. 

Maybe you’re looking at that list above and wondering if all those things are accurate. And we don’t blame you! So, let’s take a moment and break these down a bit further.

Meaningful work

As we touched on above, operating your own residential assisted living facility will give you the opportunity to do work that’s meaningful. To offer care and assistance through a residential assisted living facility, you are creating a safe and loving environment for seniors to call their own. 

The work we’re doing for seniors matters – not just to them, but to their loved ones as well. To know that your parents and/or grandparents are safe, happy, and well taken care of offers peace of mind. What more could you want for your loved ones?

The residential assisted living facility industry is not just profitable, it’s rewarding. When you create a space where people feel welcome and safe, you are adding value and purpose to their lives. 

You are giving seniors the chance to live out their later years in comfort and safety, where they feel loved and well taken care of in a space they can call their own. 

And it’s not just rewarding for them. People who do more rewarding work are genuinely happier in life. In fact, studies show that 90% of Americans would be willing to take a pay cut if it meant they’d have a more meaningful job. 

But what if you didn’t have to take a pay cut and you could still earn well beyond your means, with growing and unlimited potential, all while doing good and meaningful work? You can with the residential assisted living business opportunity.

Unlimited income potential

By tapping into the residential assisted living facility industry, it’s absolutely possible to make $10,000 a month with just one single family home. 

You can also get up to twice the fair market rent with a long term, low impact tenant.

Believe it or not, there are a few ways you can get involved in the business that we will break down further later in this article, but it’s entirely possible for you to replace your professional income in one year or less and build a legacy that you can pass on to your children as well. 

And, as you’ll see later on, the income potential is limitless depending on the involvement you choose to have and the number of homes that fall under your business. 

You could enter this business with just one home. You may decide that’s good, or you may decide to multiply and do two, three, or even more. Could you get by with $10,000-$24,000 NET monthly income?

A lot of people are working way too hard. What if you could find something where you didn’t have to work 40 hours a week unless you wanted to? That’s entirely possible and you’ll see how as you keep reading. 

There are a variety of ways to get involved in the residential assisted living business opportunity from hands-on operations to being an investor and simply writing and receiving the checks. 

So, no matter where you’re at and how much you want to be connected to the day-to-day operations of owning a residential assisted living facility, you can choose the amount of hours you want to work and still make incredible profits.

If you’ve worked in the real estate market, you know how drastically the economy can shift and how unsettling that can be for your financial security. But with senior housing, you’ll find security regardless of whatever economic downturns may come. 

We will get into the statistics a bit later, but right now here is what you need to know.

In the United States there are 4,000 individuals turning 85 years old EVERY DAY. This is your key demographic. What this amounts to is 1.4 million people EVERY YEAR turning 85 and searching for a home that offers a high standard of care along with a welcoming and homey environment.

They are going to find a home somewhere — this is where you have the chance to be that home and do good and do well at the same time.

More time and financial freedom are highly sought after, however, very few actually have a business model that will allow them to achieve both in a short amount of time. 

As we’ve already touched on, the residential assisted living business plan provides you a pathway to flexibility in the hours you work without sacrificing the money you want to earn.

Time truly is at your disposal in the senior housing industry because you can choose to be as hands-on or hands-off as you like. 

If you want to own and operate the residence, you can do that.

If you prefer to fund the operation and leave the logistics to a business manager and the care to caregivers, you can do that.

You can choose to construct your business in the manner you prefer, all while working in a model that can scale regardless of how involved you wish to be.

The sky is truly the limit for earnings – it’s up to you!

Build and pass on a legacy

When the founder of the Residential Assisted Living Academy, Gene Guarino, opened his first home he was looking for a solid solution for how to care for his mother.

After not finding any solution that was good enough for ‘mom’, he decided to revisit an ‘assisted living business model’ he had heard of years before. He opened up his first home to seniors who needed care, just like his mom, and went on to open two additional homes.

Just like Gene, the choice to purchase or convert an existing home into a residential assisted living home is a choice to help others in the short and long term — a legacy of care and financial freedom you can pass on for generations to come.

This business model sets up your children, grandchildren, and great-grandchildren for a future without the burden of providing care for you when the time comes. 

This business model eliminates the costly expense of assisted living needs that are in your future — and your family will be able to do the same for their children… all while generating income to fund the cycle.

When we ask many of our students, “How much do you need to earn on a monthly basis to live?” most responses ring in around the $10,000 a month mark. 

So, ask yourself the same thing — if you had $10,000 a month in net earnings, would you feel like you had what you needed to make residential assisted living work long term?

Truthfully, $10,000 a month is just the start. You can actually be earning so much more through one of these homes — and that’s what we’re about to get into, so keep reading!

The Business Opportunity of An Assisted Living Facility

The healthcare side of residential assisted living allows you to do well for the sake of others. The business potential of residential assisted living allows you to do well.

It is our hope that you’ve discovered this to be true as you’ve read up to this point. 

At this point we’re ready to get into the nitty gritty of understanding the opportunity that is right in front of you and what you can do to leverage it.

Let’s start by taking a look at some important facts. 

According to the Pew Research Center, as of December 2010, there are:

• 79 million baby boomers that account for 26% of the U.S. population
• 10,000 people a DAY are turning 65-years-old for the next 19 years
• 4,000 people a DAY are turning 85-years-old
• 90% of seniors would rather stay in their own home
• 70% will need daily care for an average of 3.5 years

Nearly 1.5 million people a year are turning 85 and this is your key demographic. They will need a home and assistance. 

This is the residential assisted living opportunity!  

These statistics tell the story of a growing customer base who have a unique need and residential assisted living is the opportunity to provide a real solution to fulfill demand.

The opportunity isn’t going away (it’s actually growing daily) and there is a real chance to make a difference while also achieving significant business success.

Three Ways to Get Involved with Residential Assisted Living

As our students discover the need for residential assisted living facilities, they become eager to get involved. This is the point where we will introduce them (and you) to the three ways to play a part in residential assisted living.

You Own the Real Estate and Lease It

In the first scenario, you are the real estate owner and investor. You select a property and pair up with a separate company who will lease the property. This is great for long-term, low impact tenants.

You Own the Real Estate and Operate the Business

The second scenario is where you own the real estate and you operate the residential assisted living business. This doesn’t mean you are caring for the residents, but rather, acting as the business owner and managing the larger operations.

Under this scenario, you will make significant residual income.

Become A Private Lender or Joint Venture Partner

In this third scenario, you are an independent lender or you go in as a joint partner with someone else who acts as the operator. 

Investors love this model because it prevents them from having cash standing still and our team at the Residential Assisted Living Academy are able to connect investors with operators to fund projects and keep money growing.

Other Scenarios for Residential Assisted Living

These are not the only three ways to become involved, but they are the most accessible, most profitable ways to become involved. We do have students who will begin pursuing one of our three suggested models and along the way discover a unique opportunity and create their own model, based off of one of these three.

We also like to encourage students that regardless of how much they may want to scale, they should do their own home so as to have a home ready and waiting for the day when someone in the family will need it. Rather than passing off the burden of care to adult children, owners and operators of residential assisted living homes can move their parents into the master bedroom for free and remove the weight of having to find quality care.

Residential Assisted Living is a Real Estate Model

Yes, owning and operating your own residential assisted living facility business is a very specific industry category, but you need to remember that what makes this model tick is the fact that it is a real estate investment first and foremost. 

A great deal of wealth and financial gain can be had when you actually own land and the structures on that land.

Background in real estate is not needed, however, because residential assisted living is a real estate model, many with a background in real estate pursue the business because they see first hand, the demand for residential homes.

Seniors are living longer than ever and the majority are not ready for a nursing home — yet they still require a great deal of care. This is the unique need that residential assisted living housing fills, and to build more houses, you must own more land.

One Real Estate Deal to Secure Your Future

At the Residential Assisted Living Academy, we walk individuals through the process of securing their first deal.

How to find seniors. How to fund the homes. How to fill the homes. How to operate a facility.

When you’re done with this one deal, you can allow it to run completely hands off and still generate significant monthly cash flow.

To put it plainly, we’ll show you what it means to be the facility owner, but you will have a facility manager who oversees the caregivers, logistics, and the day-to-day operations in the home. 

Residential assisted living represents the biggest real estate boom for the next 25 years and helps ordinary people turn one single family home into a financial legacy.

When we talk about RAL, we take a single family home and convert it into a safe place for seniors to call their own, all while securing a regular, monthly cash flow that far exceeds any other type of real estate model.

As with any business, however, it’s important to set yourself up for success and the only way to do that is to have a solid business plan.

Ensuring Success with an Assisted Living Business Plan

To ensure business success and to ensure funding for your business, you need a business plan.

A business plan creates a roadmap and helps you determine two things: where you’re going and how you’re going to get there. 

This plan is essential because it provides clarity for you moving forward, but also demonstrates to others, primarily investors, that you know what you’re doing and you know what you’re talking about.

This framework allows you to gather proper data, do the right research, and formulate a solid plan as you move forward to execute your residential assisted living facility business.

For investors, it shows you’ve done the hard work of investigation and research and you have taken the time to formulate a good plan — one that will succeed.

The number one reason you need to have a business plan is for clarity of vision.

Clarity of vision means you have a thorough understanding of what it is you’re doing and where it is you’re going. When thinking through clarity of vision, it’s important to identify these four elements:

• Who you are
• What you’re doing
• Where you’re going

The clarity of vision will communicate that you understand where it is you’re starting, where you’re going to break even, where and when you’ll become profitable, what you’re reserve is, and all the details that support these.

And these are essentials for developing a business plan that will convert to financial backing and raising capital to start you RAL business, which leads us to the other essential piece of a business plan.

The number two reason you need a business plan is for raising capital. 

A business plan proves that you have a clear vision, which is what investors will want to see. A solid and well thought-out business plan proves to investors that you have a clear vision and allows you to communicate that vision so that others will essentially buy in to you.

Here are some important things to consider.

Without a business plan: ➡ No bank is going to give you a loan ➡ No private investor or a lender is going to give you money ➡ People are not going to take you or your business seriously ➡ Investors will be unclear about what it is you’re doing and where you want to go with it ➡ Investors will believe that you have unclear ideas about what it is you’re doing and where you want to go with it

To be clear, a business plan is an essential step in the initial phase of any business start-up, despite the industry. A business plan allows you to formulate a clear and thought-out plan that clarifies where you’re wanting to take that plan.

A business plan also allows you to level up and separates you from those who are interested in starting a business to someone who is serious about doing the real work of owning and executing a successful business. 

A business plan is essential no matter what industry you are planning to go into. Now that you know the top two reasons for why you need a business plan, let’s break down the essential components of a successful business plan!

The Essentials of A Successful Business Plan and How to Apply It to a Residential Assisted Living Facility

In this section, we’re going to break down the 5 P’s of a successful business plan, regardless of the industry you’re wanting to get into. 

1: People — Identify the People Directly Involved with the Business

In any industry – especially in residential assisted living – It’s all about the people who are involved. Investors are going to want to know about the people who are involved in this business. 

They’ll be asking, “what have they done in this industry?” or “what have they done that’s similar to this industry?”

And if you you’re thinking, “I don’t have any experience in the residential assisted living industry,” that’s okay. But, it’s important to know before you go into this process, that experience and knowledge is what prospective buyers or lenders are going to be interested in.

So it’s important to surround yourself with others who have done this, or something like it, before. Build a smart team that not only compliments your strengths, but can offer obvious and applicable experience to your business and balance out what you may be lacking personally. 

It will be important to identify the people who are directly involved in the business, which means you’ll need to identify and outline their experience and knowledge of the industry by addressing:

• Who your team is
• Who else is operating within the business

Residential assisted living is a people-centered business and you’ll want to show you understand the full scope of what this means as you develop your business plan.

To help you dive further into some of the people involved in a residential assisted living facility, you may find these articles helpful.

• Is Your RAL Manager the Right Fit For Your Business?
• What is the Average Day for the Residents?
• Strategies for Retaining Your RAL Staff

So now that you have the people covered, let’s break down the next “P.”

2: Product — Spell Out What Your Product Is

What is it that you do? It may seem self-explanatory, but it’s really crucial that you spell this out in your business plan. 

In the front, you’ll have a section called the Executive Summary, and this 2-3 page section will include all the details about who you are, the product or service you are selling, and your place in the market. And it’s important that you go into a great amount of detail here.

When addressing the product, make sure you are hitting these main points:

• What your product or service is
• What you’re doing with your product or service

This is your chance to show that you know what you’re doing and you have a plan for your product or service.

The next “P” in a successful business plan is position. 3: Position — What Is Your Position In the Market Essentially, your position is your place in the market. 

So let’s unpack this. Are you wanting to be on the high end (think Nordstrom) or the low end (think Dollar Store)? You’ll want to identify this in the product section. 

You don’t want to be on the high end, where the clientele is sparse, and you don’t want to be on the low end where you’re battling lots of competition for pennies. Your goal is to be in the sweet spot – somewhere just above the middle. 

This is important because you’re not all things to all people, and you don’t want to be either. Claim your position and be clear about where you want to be so you can communicate a clear vision of your target audience.

Check out this video and hear what Gene Guarino, founder of RAL Academy, has to say about “position” and the other P’s needed to formulate a successful business plan.

The fourth “P” takes us to projections. 4: Projections — Show Profitability Through the Numbers Projections can look different depending on where you’re starting. If you’re buying an existing business, there’s an obvious past, present, and a projection for the future. 

Most people who are raising capital for a business are wanting to look at the future projections with the understanding that you’re starting from scratch – ground zero. You’ve clearly laid out that this is a new venture that is classified as a complete startup. 

Most potential investors or lenders are going to want to take a close look at those future projections and it’s important to be conservative. 

Whatever you think it is, reduce it. For example, if you think the income is going to be 4K per person for rent, make it $3,600. Give yourself breathing room. Make sure you can under- promise and over-deliver so that when it’s all said and done, you come out ahead. 

Now let’s talk profitability for a second…

We assume you know that your business must be profitable, which is why projections are so important. Projections will show your profitability to investors by giving them the numbers they’re actually interested in.

Investors don’t initially want to know how much money they’re going to make up front or what’s in it for them. They need and want to know their money is safe, there is a purpose, that you know what you’re doing, and you’ve surrounded yourself with the right people. 

They need to know that you know your position and your projections. The profit should be self-evident when your position is clearly determined, and when it is, it shows that your financials are in place. 

Bottom line: Investors are looking for safety of capital – that is their number one concern.

And now on to our fifth and final “P” to include in developing your successful business plan. 

5: Plan for Your Exit — Help Investors See When They Will Get Out of the Deal Believe it or not, most business plans are missing this essential element. But lenders who are investing their dollars to support any business want to know what the exit strategy is – they need to know when and how they will get their money back.

In a normal business plan – especially something as simple as residential assisted living – it’s important to lay out a clear solid exit plan – one that communicates to investors that their money is safe, what the collateral is, and what the positioning is.  

A 2-5 year exit plan is what we recommend.

This means that the investors money is committed for two years, and once the business is stabilized, there is either a plan to sell or refinance. The investor wants to know that they are eventually going to get out of the deal.

When you start applying the above principles to your residential assisted living facility business plan, you’ll be on the road to taking a solid step towards success in this industry. 

Through the RAL Academy, we offer a variety of training courses to further break down the steps for developing a business plan and get you started on the right track for starting your very own residential assisted living facility.

Although we offer a variety of courses to meet your needs and demanding schedule, we highly recommend starting with the RAL Accelerator Certified Home Study Course, which you can take online in the comfort of your own home. You can learn more and sign up here . 

Now that we’ve laid the groundwork for getting you started in your very own residential assisted living facility business, let’s get into what this business opportunity truly entails.

Explaining the Residential Assisted Living Business Opportunity

The RAL opportunity is a true real estate model — real estate is the key to open the door to wealth — but having a residential assisted living facility provides you with a bonus opportunity to do good while doing well at the same time.

By now you’re aware of the huge financial benefits offered through the residential assisted living business, but have you considered the tremendous opportunity this business holds for you to not only build wealth, but do good for others by providing a better housing solution?

The income potential is clear, but the growing need of assisted living is not going away. 

We know that taking a single family home and earning upwards of $10,000-$15,000 of NET cash flow each month is achievable in this business – and you don’t even have to be hands-on!

But this is truly an opportunity that you can’t stop, and we call it the Silver Tsunami of Seniors. This business is good right now and it’s just getting better, as Baby Boomers age and are living longer than ever before.

We touched on this in the beginning, but take a closer look at these statistics again:

• There are 79 million baby boomers in the US
• 10,000 people a DAY are turning 65 years old
• 4,000 people a DAY are turning 85 years old

This is certainly a growing need that just keeps getting bigger, and the baby boomer demographic is truly an opportunity to leverage the growing need and desire for accessible housing that more than meets the demand.

Senior housing and assisted living are the gateway to you being able to turn a single family home into a cash flowing machine. 

Now that you understand the essential elements of having a successful business plan and how to apply it specifically to your residential assisted living facility business, let’s take a look at some frequently asked questions that come with the RAL business model.

Questions About the Residential Assisted Living Business Model

As with any business, especially when just starting out, it’s common to have questions. And the more you learn, the more questions you’ll uncover. So, let’s look at some frequently asked questions as it pertains to the residential assisted living industry and unpack some reservations you may have.

Question 1: How Hands-on do I Need to be?

As we’ve covered above, you can be as hands-on or hands-off in your assisted living business as you want. There are a couple of different angles you can take with your business, but in the RAL Academy we typically will teach you more of a hands-off model: you are set up as the business owner, but have a property manager who oversees the staff and the day-to-day operations of the business. 

Again, there are different approaches you could take, but the bottom line is that it’s your call. You can go into this business with either approach – whatever works best for you – and be successful!

Question 2: How will I find a staff?

Through the RAL Academy training course, we will break down the best ways to find and hire the right staff for your residential assisted living facility. 

Unemployment is low in our country. Finding good people is a bit more challenging in the current economy. You could put an ad on Craigslist for caregivers and you will get applicants. The question is, are they good and do you want them for your residents?

Critical to the success of Gene’s own RAL homes is the quality of the caregivers and it will be critical to your success as well.

There is a precise skill set that you need to learn in order to identify, hire, train, grow, and retain caregivers that your residents will love and you will find indispensable. This skill set is exactly what we teach during our training courses.

Question 3: What Does the Average Day Look Like for a Facility Manager?

The number one job for the manager is to make sure that everything runs smoothly.

Gene is not the manager of his homes, he is the business owner and the business manager. The home manger is there, day-to-day, making sure the caregivers are there, making sure the residents are in place, the home is full, and the family is being taken care of.

The day-to-day for a manager really isn’t one day, it’s more of a 24/7 – they’re ready to go at any time and their days are very different each day. Still, they do have a certain set of responsibilities that they must take care of.

The manager is the key person in your business. 

Question 4: Can I use my own home for the assisted living facility?

You have a home – can you use it as a residential assisted living home? Maybe yes – but just because you can doesn’t mean you should. The biggest and most important piece of this puzzle is location, location, location. Is it near the right people? Is it near the right demographic?

If it’s near a college campus where the average age is 30-years-old and these 30-year-olds have parents in their 50s and 60s who are not in assisted living, that’s not an ideal location.

However, if your home is in an area where the average age is 50-60 years old and their parents are 80 and 90 years old, that’s the right neighborhood.

You’ll then want to look at economics. Are the residents in the area middle-class and below or middle-class and above? A successful, residential assisted living property will want residents in the upper middle income, making location critical.

You don’t need to worry about the home structure itself. We can scrape it away and build it new. It’s the location that we want to be certain is a fit. 

Question 5: Can I do Residential Assisted Living With or Without My Own Money?

Yes, you can! We show our students how to do RAL with their own money or how to use other people’s money. When you think about it, borrowing from a bank is borrowing other people’s money. When you bring in outside lenders, investors, or private individuals those are all options utilizing other people’s money. 

A lot of times people will think, “Oh, I have to have skin in the game,” and they believe they have to have their own money in. That’s not how we think about it. If you’re putting in the time, the effort, you have the plan, and you’re willing to do the work, you’re putting a lot of skin in the game.

Others have the money and are looking for something or somebody to invest in. That can be you! But you need to know what you’re doing. That’s where we come in. We’ll show you exactly what to do – whether using your own money or someone else’s. The choice is yours. You decide.  

These are just some of the many questions we receive on a regular basis – and this content just scratches the surface to what we unpack through the RAL training courses we offer. 

As with any business – but especially with the residential assisted living opportunity – you want to be sure you have a thorough understanding of what it is you’re getting involved in and how you can build a successful business that will allow you to do good and do well. 

The RAL opportunity is full of very important details that you’ll need to know – especially prior to putting together your assisted living facility business plan. But we’re here to equip you with what you need to get started in the senior housing industry and do incredibly well in this highly lucrative industry.

Now that we’ve covered some of the frequently asked questions that come with thinking about starting your own residential assisted living facility, let’s look at what it takes to actually open your own successful assisted living facility.

Opening Your Own Assisted Living Facility

We’ve covered some basic and essential groundwork and provided a significant amount of details as it relates to the essentials of what goes into a successful residential assisted living plan. 

Now let’s take a look at what it takes to actually open your own assisted living facility and how you know if you’re the right person to pursue this business after all. 

How to Know If You Should Pursue A Residential Assisted Living Business

Who is the best fit to run a business? Our company slogan is “do good and do well.” This essentially boils down to the fact that the assisted living industry is one that provides a very important and beneficial service that ultimately helps add to the quality of life of others. Because of this nature, you have the opportunity and benefit of doing good in this business.

Additionally, residential senior housing is incredibly lucrative and has increasing levels of profitability. Because it’s truly a real estate model – and the best one for the next 25 years! – it also provides the opportunity for you to do well.  

If you want to know if the RAL opportunity is right for you, than you need to be someone who values people and takes pride in doing work that, in turn, makes a positive difference in the lives of others. You also need to be someone who values and appreciate an excellent financial opportunity – someone who is okay with making a lot of money while doing good for others.

You don’t need to have experience in the assisted living industry to do well in this business. You don’t even need experience in real estate. You just need to have a passion for making money while also doing good for others at the same time. 

If that’s you and you have the desire and drive to learn what it takes to run a  successful residential assisted living facility, then you will do good and do well in this business – and we can show you how and the next steps you need to take to get you there!

Taking Your Next Step to Opening Your Own Assisted Living Facility

The first thing you’ll want to do is decide if you want to go into the residential assisted living business on your own or if you’d like to accelerate the process by working with other industry professionals.

As you’ve discovered, the senior housing business opportunity requires a great deal of knowledge, but we’re confident in being able to equip individuals for success through our proven process that will give you the tools you need to be succeeding in this business.

The knowledge you’ll receive will not only prepare you for owning and operating a residential assisted living facility, but it will accelerate the process in such a way that you could be earning $10,000 or more in NET cash every month in less than a year. 

You’ve already taken an important step by researching the residential assisted living facility business opportunity and what it entails. 

But where do you go from here? We’ve developed the Assisted Living Business Accelerator Online class that will break it all down and equip you to go further in your RAL business. 

Through the Assisted Living Business Accelerator online class you’ll learn:

• How to find the best opportunities for RALs in any area
• How to determine if your own property is right for a RAL
• How to attract investors and partners
• How to find the right team to make your life easy
• How to fill your RAL with the highest paying clients
• How to do it with or without your own money
• The FAST TRACK to your first RAL in 3-6 months from TODAY
• How to do one deal and be set for life

You may be looking at this list and thinking, “wow, that’s a lot of information!” And you’d be right! But this information is crucial to owning and operating a successful RAL business and these are the building blocks you need to prepare for a lucrative and lasting future in this industry.

Wrapping Up: Success With a Residential Assisted Living Business Plan 

As we’ve discussed, having a plan gives you a roadmap, which is essential to take you from where you are to where you want to go. The roadmap – or business plan – will determine where it is you’re going and how it is you’re going to get there.

The Assisted Living Business Accelerator Course will give you the necessary tools you need to create a solid roadmap that will put you on the path to RAL success, which is the only path you want to be on! 

As soon as you understand the importance of having a successful business plan and how to apply that to your residential assisted living business, you’ll be able to go farther, faster, and save yourself time and money throughout the process. 

Having a solid business plan will also allow you to benefit because others will see that you know what you’re doing and where you’re going – and those important people will be willing to invest in you, which will help make your RAL business a reality.

A business plan proves you’ve thought it through, figured out what the challenges are, the situations that may come up, and the strength and weaknesses that are working for or against you. 

It’s important to have a business plan – to have it laid out properly and understand the main elements of it. When you have a plan and surround yourself with people that can help make you successful, you can absolutely do this. 

There’s a lot to know, but when you have a well executed business plan, you are setting yourself up for success and you will be able to do good and do well in the residential assisted living facility opportunity. 

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Hi, I’m Dave Lavinsky, the co-founder and President of Growthink.

I’m honored and flattered to have been recognized as the world’s foremost business planning expert by BusinessWeek, Forbes and others.

Seventeen years ago we started writing business plans for entrepreneurs, executives and business owners like you.

During this time, we’ve helped over 100,000 entrepreneurs and businesses achieve great success.

Using this vast experience, we have created and constantly refined Growthink’s Ultimate Assisted Living Business Plan Template to be the hands-down quickest and easiest way to create a professional Assisted Living business plan that allows you to raise capital and build a strategically sound business.

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Simply Fill in the Blanks

We’ve created simple, fill-in-the-blank exercises that guide you through all the key questions your Assisted Living business plan must answer.

And we give you samples for every section of your plan.

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Automatic Financials

Simply type in some numbers, like your salary and expected growth, and our template automatically calculates your complete 5-year financial projections.

You’ll have your Income Statement, Balance Sheet, Cash Flow Statement, and multiple charts and graphs completed in minutes.

Turn Your Ideas to Reality

If you don’t have an action plan for executing on your ideas, they’ll never materialize.

That’s why Growthink’s Ultimate Assisted Living Business Plan Template includes an Operations Plan section.

This section takes you through our proven and proprietary process for creating an Operations Plan that will transform your ideas into reality.

Improve Your Strategy

Growthink’s Ultimate Assisted Living Business Plan Template helps you build a strategically sound business.

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Expert Answers

Our Ultimate Assisted Living Business Plan Template “Members Area” gives answers to all your questions, plus access to our amazing customer support team.

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Frequently Asked Questions

Below are answers to your most frequently asked questions:.

Immediately upon purchasing Growthink’s Ultimate Assisted Living Business Plan Template, you will be taken to our Member’s Area where you can instantly download our template and begin working on your business plan.

If for any reason you are not delighted with our product, simply contact our friendly support desk and you’ll be issued a full refund. You have an entire year to request a refund if desired.

Unlike other software that charges you a fee month after month after month, you only pay once for Growthink’s Ultimate Assisted Living Business Plan Template and you own it.

You can create an unlimited number of business plans with Growthink’s Ultimate Assisted Living Business Plan Template. Once you purchase it, you have lifetime access to use it for any business in which you’re involved, now or in the future.

Yes, Growthink’s Ultimate Assisted Living Business Plan Template works flawlessly on both PCs and Macs.

Growthink’s Ultimate Assisted Living Business Plan Template is designed for both established Assisted Living businesses and startups.

Yes , you can! Anyone can easily follow our basic instructions and create a great business plan quickly and easily. Plus, my expert team is available to help you if you have any questions.

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Residential Assisted Living Business Plan: Step By Step Guide

What is an assisted living business plan, why you need a business plan for your assisted living business, components of an assisted living business plan.

Free Assisted Living Business Plan Template

Adding PMS To Your Assisted Living Business Plan

Key takeaways.

A residential assisted living business plan overviews your facility as it currently is and outlines your growth strategy for the next few years. It describes your company's aims and objectives for achieving them. Market analysis/research is also included to back up your goals.

A business plan is required if you want to open a new assisted living facility or expand an existing one. A business plan can enable you to raise funds and plan the expansion of your assisted care facility in order to maximize your chances for smooth sailing, and enjoy the benefits of success.

Additionally, your assisted living business plan should be revised on a yearly basis as your business develops and evolves.

Organization and Clarity

Clarity of vision or organization signifies that you comprehend exactly what you're doing and where you're headed. When considering clarity, it is critical to consider the following four factors:

• What exactly is your business?
• Who are you as an individual?
• What you're up to concerning the business?
• Where are you going with the business?

The clarity communicates that you recognize where you're about to start, where you'll equalize, when you'll become profitable, what your backup is, and all the specifics that complement these.

And they are necessary for establishing a business plan that will convert to financial support and acquiring funds to start your assisted living business, which brings us to the next key component of a business plan.

Data Gathering

Data is power in today's corporate world. Your target audience and customer data is critical to how businesses connect with their prospects.

The data collecting methods you employ are vital to personalizing your marketing automation, delivering essential information to sales teams, and actually providing a better experience to your clients.

Customer data collection should be a key concern for every organization. However, just acquiring data is not always beneficial. The data collection procedures you employ are also crucial.

To be usable, that data must have the proper structure and context; else, it is just a spontaneous set of facts with no meaningful guidance for how it may be utilized in a commercial setting.

Data in the right context will assist you in making actual, data-backed decisions that will propel your business ahead.

Raising Capital

A business plan demonstrates that you have a real direction, which is what investors are looking for.

A well-thought-out business strategy demonstrates to investors that you possess a strong understanding and enables you to express that idea so that people will basically invest in you.

Here are a few things to keep in mind.

With no proper business plan:

• No bank will lend you money, and no private investor or lender will lend you money.
• People will not take you or your company seriously.
• Investors will be puzzled as to what you're already doing and where you wish to take it.
• Investors will assume you have fuzzy notions about what you're working on and where you wish to take it.

To be clear, regardless of industry, a business plan is an important phase in the beginning stages of any business. A business plan helps you to create a well-thought-out strategy that specifies where you wish to take it.

A business plan also enables you to advance. It distinguishes you from others who are only looking to start a business to people who are genuine about owning and operating a successful company.

Company Executive Summary

Your executive summary introduces your business plan, which is usually the final component you create because it summarizes each vital feature of your strategy.

The purpose of your Executive Summary is to pique the reader's interest instantly. It explains your facility's nature and state. It answers questions like: is it a new company, do you have an already existing assisted living facility that you want to expand, or do you run a network of assisted living facilities?

Following that, offer an outline of each of your plan's subsequent components. For instance, give a quick summary of the assisted living facility business. Talk about the sort of assisted living home you run.

Provide information about your immediate rivals. Provide an outline of your target audience. Give an overview of your marketing strategy. Determine who the essential members of your team are. Also, provide a summary of your budget statement and general financial plan.

You should describe the sort of assisted living home you run in your company analysis. For example, you could operate any of the following categories of assisted care facilities:

Residential Living

This sort of facility is designed for seniors who require limited assistance and can maintain their daily activities without the need for intensive healthcare monitoring.

Memory Care

This sort of assisted living facility focuses on supporting elders who have Alzheimer's disease or dementia.

Rehabilitation

This residential assisted living center serves elders who require speech, physical, or occupational treatment or therapy.

Industry Analysis

In this section, you must offer a summary of the assisted living home. This may appear to be redundant, but it serves several purposes.

First and foremost, studying the assisted care facility market will educate you. It aids your understanding of the business and the market in which you operate.

Besides, market research may also help you enhance your approach, especially if you identify market trends.

Another benefit of conducting market research is to demonstrate to readers that you are an authority in your field. You accomplish this by performing the study and incorporating it into your strategy.

Questions to consider:

• What is the size of the assisted living facility business?
• Is the market falling or rising?
• Who are the industry's leading competitors?
• Who are the industry's leading suppliers?
• What are the current industry trends?

Customer Analysis

The customer analysis part of your assisted care business plan must include information about the clients you currently represent and/or anticipate representing.

The segments include families of seniors who require little to no support, families of seniors who require help with everyday living, and families of seniors who require memory care.

As you would expect, the client segment(s) you select will have a significant influence on the sort of assisted living home you run.

Relatives of seniors in need of minimum care, for example, would clearly seek different services and therefore would respond to various marketing efforts than relatives of seniors in need of memory care.

Try to categorize your target market based on their demographic and psychographic characteristics.

In terms of demographics, provide information on the location, genders, ages, and income levels of the clients you want to serve. Because most assisted living facilities serve people who live in the same town or city, such demographic data is readily available on government websites.

Psychographic analyses describe your target clients' interests and demands. The better you understand and identify these demands, the better you will be able to attract and keep clients.

Competitive Analysis

Your competitive analysis must identify and prioritize your company's direct and indirect competition. Other assisted living institutions are your direct competition.

Indirect rivals are alternatives to direct rivals that seniors might consider. This comprises communities, senior care services, and adult daycare facilities. You must highlight such competition to demonstrate that you recognize that not every senior who needs help will join an assisted living facility.

In terms of direct competition, you should list all of the other assisted care facilities with whom you compete. It is very likely that your immediate competition will be residential assisted care facilities established relatively near your site.

Include a summary of the businesses and a list of their weaknesses and strengths for each competitor. It is hard to know all about your competition unless you have already worked for them. However, you should still be able to learn important information about them, such as:

The last element of your competitive analysis should identify your areas of competitive edge:

• Will you give excellent service?
• Will you offer services that your rivals do not?
• Will you make it more convenient or quicker for individuals to use your facility?
• Will you provide additional social and physical activities?
• Will you lower your prices?

Consider how you will surpass your competitors and include them in this segment of your plan.

Marketing Plan

A marketing strategy has typically included the four P's: price, promotion, place, and product. Your marketing plan for an assisted living business should contain the following:

Outline the prices you want to charge and also how they compare to those of your rivals. Basically, the product and pricing sub-sections of your marketing strategy describe the services you provide as well as their rates.

The location of your assisted care facility is very important. Specify your location and explain how it will influence your progress (revenue generation…). Is your assisted living home, for example, in a neighborhood or close to a hospital? Explain how your location could be advantageous for acquiring customers.

The promotion part is the final component of your assisted care home marketing strategy. You will explain how you will drive customers to your site in this section (s). You could explore the following promotional strategies:

• Local newspaper and magazine advertisements
• Contacting local websites
• Inclusion of the company in relevant web directories
• Handbills and flyers
• Marketing campaigns on social media
• Advertisement on local radio

You should restate the kind of assisted care home that you noted in your company analysis in this section. Then in detail, describe the precise services you want to offer.

Will you organize physical fitness programs and provide exercise equipment, Have you considered providing pet accommodation, on-site events and activities, or transport services in addition to the regular services provided by an assisted living facility?

Operation plan

While the previous part of your business strategy described your objectives, your operations plan discusses how you will achieve them. Your operation's strategy should be split into two parts as shown below.

Daily Short-term Structure

Daily short-term procedures encompass all aspects of running an assisted living home, such as housekeeping, healthcare and support, food services, and so on.

Long-term goals

Long-term objectives are milestones that you aim to reach. These may include the dates when you hope to accomplish 100 percent occupancy or $X in income. It may also include when you anticipate opening a new branch of our assisted living facility.

Since business plans are typically strategies for the next 5 years of your business, your financial statement should be broken out monthly or quarterly for the first year and then annually for the following 4 years in your financial plan.

Your income statement, balance sheet, and cash flow statements are all part of your financial statements.

Income Statements

An income statement is often known as a profit and loss statement (or P&L). It displays your earnings and then deducts your expenditures to determine whether or not you made a profit.

You will make assumptions while creating your income statement. For example, will you have 10 or 120 residents? Will sales increase by 2% or 10% each year?

As you might expect, the assumptions you make will have a significant influence on your company's financial predictions. Gather as much knowledge as possible to try to ground your assumptions in actuality.

Cashflow Statements

A cash flow statement can help you decide how much funds you need to start or develop your company, as well as ensure that you never run out of funds. What most startups and business managers don't comprehend is that you may make a profit while still running out of money and going bankrupt.

Balance Sheets

Your liability and assets are shown on your balance sheet. While balance sheets can contain a lot of information, try to keep them as simple as possible.

For example, spending a lot of money to build up an assisted living facility will not generate immediate revenue. However, it is an asset that should help you earn money for many years to come.

Similarly, if a bank sends you a $100,000 check, you do not have to repay it straight away. Instead, that is a debt (liability) that you will repay over time.

P.S: Include the following major costs in your balance sheets and income statement when beginning or expanding a residential assisted care business:

• Location build-out, (construction and design expenses, and so on).
• Equipment costs, including support devices, surveillance/security, and medical devices
• Payroll (salary paid to employees)
• Commercial insurance
• Taxes and licenses
• Expenses for legal counsel

Add your complete financial predictions to your plan's appendix, as well as any supporting materials that make your strategy more convincing. You may, for instance, submit your facility layout or site lease.

You've arrived at the appropriate places to develop your business plan for an assisted care home. The template below will help you write each component of your Assisted Living Facility Business Plan:

Be sure to throw in the need for property management software somewhere in your business plan. The sole purpose of writing a business plan is to outline and make clear your business strategies, which subsequently leads to smooth revenue generation.

Hence, effective assisted living business management practices like task automation should not be left out of your plan.

Choose a trusted and seamless assisted living property management system like Booking Ninjas, and you don’t have to stress about operational activities like bookkeeping, reporting, reservation systems, and so on.

Our Salesforce-powered cloud-based solution provides you with everything you've ever needed to fulfill the greatest residential assisted living services for your customers. Say goodbye to clogged integrations and confusing interfaces.

With the Booking Ninjas system, you get a complete system that is simple to use at first glance, minimum features that are tailored to your specific needs, and 100% 24/7 customer service from our very finest. It's the most straightforward offer you'll ever find.

Creating a business strategy for your assisted care home is an important step. If you follow the blueprint above, you will be a true expert by the end.

You will have a thorough understanding of the assisted care facility sector, as well as your competitors and clients. You will have created a marketing strategy and will fully comprehend what it takes to start and run a thriving assisted living business.

To learn more about Booking Ninjas and what we do, schedule a free call with us now!

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How To Write An Assisted Living Facility Business Plan

Published Aug.03, 2023

Updated Apr.23, 2024

By: Jakub Babkins

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Table of Content

1. Residential Assisted Living Business Plan Sample

Assisted living provide­s crucial support to elderly and disadvantaged individuals, e­nabling them to maintain their indepe­ndence with the ne­cessary assistance. This business plan pre­sents a strategy for establishing a thriving re­sidential assisted living facility.

The busine­ss will receive the­ necessary resource­s to start, establish the infrastructure, and cre­ate a detailed marke­ting plan. Like the construction feasibility study , this plan will describe the business’s services, target market, competitive environment, pricing and service delivery, strategies, resources, and financial projections.

2. Executive Summary

Business overview.

Reside­ntial Assisted Living (RAL) offers a valuable solution for familie­s or individuals seeking a nurturing and secure­ environment for their se­nior loved ones. It provides a safe­ and caring space for those who may no longer be­ able or choose not to, continue living in the­ir own homes. The real estate feasibility study RAL business will focus on providing both assisted living facilities as well as home care services in the Washington D.C. metropolitan area.

The business plan to start an assisted living facility services include:

• Personalized care from certified professionals and caregivers
• Engaging in activities and social events
• Nutritious meals
• 24/7 security
• Transportation services
• Assistance with daily activities
• Medication management
• Medical monitoring

Customer Focus

The primary customer focus of nursing home business plan is those seniors who need help with the daily activities of life, medication management, and medical monitoring. Furthermore­, RAL strives to offer families a se­nse of tranquility by creating a safe, se­cure, and nurturing environment for the­ir beloved family membe­rs to reside in.

Management Team

The management team of 50 bed residential assisted living facility is made up of well-experienced professionals in the healthcare field. Each team member has the proper certification and training to ensure that RAL provides the highest quality of care in the Washington D.C. metropolitan area.

The management team of a small assisted living facility consists of four individuals. The first is a chief executive officer who will be responsible for developing long-term and short-term goals for RAL. The second is a certified professional nurse who will hire and direct certified personnel for all residential facilities overseen by RAL. The third is a marketing/communications director overseeing all RAL’s marketing and promotional activities. At last, a financial director will take responsibility for handling all the financial aspects of a business.

Success Factors

The success factors of the homeless shelter business plan will improve the chance of success for RAL include the following:

• Building strong relationships with families and customers
• Establishing a stellar reputation in the community
• Providing excellent customer experience
• Maintaining the highest quality standards for services provided
• Dedicated and well-trained staff
• Strict financial management of expenses and revenue
• Establishing a marketing plan to reach the target market
• Using the latest technology to increase efficiency
• Developing a good website that can also be used for bookings and reservations.

Financial Highlights

According to RAL’s projection, the­ first-year revenue­ is estimated to reach $2.8 million, with an e­xpected net profit of $700,000. To achie­ve this, RAL plans on securing financing through both debt and e­quity sources while also building relationships with pote­ntial investors and lenders.

• Start-up Costs: $200,000
• Break-Even Point: Month 6
• Profit & Loss Projections: Year 1: $2.8 million revenue, $700,000 net profit.

Ultimately, RAL plans to bring positive financial results in the next five years.

3. Company Overview

Who is ral assisted living facility.

The RAL Assiste­d Living Facility is a residential facility that offers pe­rsonalized services and a cozy, home­-like environment for individuals who re­quire assistance with day-to-day activities. It is locally owne­d and operated, ensuring a pe­rsonal touch in the care provided. Founded in 2021, the team at RAL Assisted Living Facility is dedicated to providing quality care with dignity and respect.

At its core, RAL Assisted Living Facility is about family. The community and living e­nvironment have bee­n carefully cultivated to foster compassion and re­spect. The utmost priority is ensuring that e­very resident fe­els valued, safe, and e­mbraced in this inviting and cozy atmosphere. A dive­rse range of service­s and activities are available, all tailore­d to cater to each individual reside­nt’s unique needs.

The staff at RAL Assisted Living Facility is carefully selected, trained, and certified to provide the highest standards of care. We prioritize­ providing exceptional care to our re­sidents, ensuring they e­xperience a life­ of dignity and comfort. At RAL Assisted Living Facility, our mission is to deliver high-quality care­ and services that mee­t the unique nee­ds of each resident. We­ strive to support their indepe­ndence and autonomy while offe­ring them the assistance the­y require.

RAL Assisted Living Facility History

RAL Assisted Living Facility is a locally owned and operated business that was founded in 2021. Situated in Florida, this facility supports individuals in the­ community who need extra assistance­ with their daily activities to maintain their inde­pendence.

The founde­rs of RAL Assisted Living Facility came togethe­r with a shared passion for assisting others. Drawing on their e­xtensive background in healthcare­ and caregiving, they have cre­ated a warm and welcoming environme­nt staffed by a team of expe­rienced and well-traine­d professionals.

The founde­rs of RAL Assisted Living Facility have dedicate­d themselves to cre­ating a secure and cozy environme­nt for their residents. The­ir commitment to meticulousness and tire­less efforts have re­sulted in the facility becoming a re­nowned leader in assiste­d living, offering exceptional care­ and services to its reside­nts.

4. Industry Analysis

The re­sidential assisted living industry is expe­riencing rapid growth in the healthcare­ sector. Over the past fifte­en years, the home­ inventory business plan industry has expande­d due to several factors. The­se include the aging baby boome­r population, a rise in senior care options, and e­volving economic opportunities.

The residential assisted living market for the elderly population has become a significant one due to the increasing aging population throughout the world. Grand View Re­search predicts that the U.S. assiste­d living facility market will experie­nce a steady growth rate of 5.53% annually from 2023 to 2030, e­ventually reaching a value of USD 140.8 billion by 2030.

Source: https://www.grandviewresearch.com/industry-analysis/us-assisted-living-facility-market

The re­sidential assisted living industry is expe­riencing significant growth due to the incre­asing demand for healthcare se­rvices among senior citizens and pe­ople’s willingness to invest in the­se services. The­ market includes both local players and global giants like­ Brookdale Senior Living. Innovation and product improveme­nt remain continuous priorities, with advanceme­nts in technology and amenities aime­d at attracting more customers.

5. Customer Analysis

Demographic profile of target market.

When cre­ating a business plan for an assisted living facility, it’s important to focus on the re­sidential assisted living (RAL) market. This targe­t audience of home inventory business plan includes individuals who are­ aging or have physical or cognitive impairments that pre­vent them from safely and comfortably living in the­ir own homes. Typically, the age group most like­ly to utilize these se­rvices is over 55 years old, with a significant portion falling within the­ 75-84 age bracket. It’s worth noting that this market primarily consists of fe­males and tends to have above­-average income le­vels.

Customer Segmentation

The deaf residential assisted living facility will focus on meeting the needs of four primary customer segments:

• Aging singles that lack adequate family support.
• Aging married couples that are lacking adequate family support.
• Elderly individuals and/or those living with physical or cognitive impairments with family members that are able but unwilling or unable to offer full-time care.
• Elders and/or those living with physical or cognitive impairments whose primary support system is their immediate family.

All tables in  Assisted Living Facility Business Plan PDF.

6. Competitive Analysis

Direct and indirect competitors.

Direct Competitors:

The direct competitors of a residential assisted living Business Plan are those businesses that offer the same services and products. Some of the more common examples of direct competitors include independently owned assisted living facilities, senior communities, and home care services for elderly individuals.

Assisted living facilitie­s that are independe­ntly owned provide a variety of se­rvices and amenities spe­cifically designed for older adults. The­se include companionship, transportation, social eve­nts and activities, help with medication manage­ment, and other healthcare­ services.

Senior communities are also similar to assisted living facilities but typically offer more services and resources. Home care services for elderly individuals provide skilled nurses, physical and occupational therapists, and home health aides who provide more intense care services in the client’s home.

Indirect Competitors:

A residential assisted living business plan’s indirect competitors include those not traditionally considered direct competitors. Indirect competitors include Adult Day Care and In-home Care businesses, Hospice Care businesses, and Skilled Nursing Facilities. Adult Day Care businesses offer social and recreational programming and basic medical and nursing support services to seniors during the day that can sometimes serve as an extension of an assisted living facility.

In-group home Care businesses provide services in an individual’s home, such as personal care, medical supervision, and transportation. Hospice Care businesses provide end-of-life care in various settings depending on the patient’s needs and preferences and usually include medical and nursing staff, social workers, and volunteers to provide supportive care.

Skilled Nursing Facilitie­s offer a range of healthcare­ services, including medical staff, nursing staff, physical the­rapists, speech therapists, and othe­r specialized care provide­rs. These facilities cate­r to individuals who require ongoing treatme­nt for various medical conditions, offering both short-term and long-te­rm care options.

Competitive Advantage

The succe­ss of a residential assisted living busine­ss plan lies in its ability to offer exte­nsive services and pe­rsonalized care that surpasses what compe­titors provide. Additionally, the business plan can gain a compe­titive edge by prioritizing e­xceptional customer service­, ensuring customer satisfaction, and impleme­nting effective marke­ting strategies to capture a large­r market share. Moreove­r, the residential assiste­d living business plan can establish itself as distinct from compe­titors by collaborating with potential clients to deve­lop tailored solutions that cater to individual nee­ds.

7. Marketing Plan

The marke­ting objective of the busine­ss’s sample operating budget is to build a strong brand ide­ntity and deliver a positive custome­r experience­ that promotes greater custome­r loyalty and generates re­ferrals. The plan aims to position the busine­ss as the top service provide­r for seniors.

The main goal of the­ marketing strategy is to fulfill the ne­eds of the target marke­t – seniors – by offering innovative programs and se­rvices. The objective­ is to establish the business as the­ preferred provide­r among seniors in the specific marke­t area.

Promotions Strategy

The plans aim to e­nhance service de­livery, cultivate customer loyalty and re­spect, and foster relationships. To achie­ve these goals, the­ strategies include an asse­rtive advertising campaign, direct mail outre­ach, public relations efforts, email marke­ting campaigns, social media engageme­nt, online promotions, and community outreach activities.

• Advertising: The advertising campaign will focus on appealing to seniors and their family members. Unique and creative campaigns will be considered to ensure effective results and increased awareness.
• Direct Mail: The goal is to create targeted direct mail campaigns focusing on key market segments. This includes creating campaigns that resonate with different age groups, psychographics, and interests.
• Public Relations: A targeted PR strategy will be developed that utilizes press releases, contributed articles, and media relations to build relationships with key media outlets.
• Email Marketing: An effective email marketing plan will be created to increase customer engagement and reinforce the brand message by providing relevant and interesting content.
• Online Promotions: Strategies will be developed to drive traffic to the website, including targeted search engine optimization, content marketing, and retargeting campaigns.
• Outreach/Events: The plan will incorporate outreach initiatives such as speaking engagements, speaking tours, and other events that can engage the target market and promote the brand.

To ensure­ the business thrives and prospe­rs, the plan will prioritize establishing a compe­titive and affordable price point while­ delivering exce­ptional customer service. The­ cost of assisted living services will vary de­pending on the specific ne­eds of individuals and the leve­l of care they require­.

The pricing strate­gy for the plan will be adaptable to marke­t changes and competitor prices. A price­ index will be create­d and regularly updated to refle­ct the current economic, marke­t, and competitive trends.

We have­ designed our pricing structure to prioritize­ both customer satisfaction and the success of our company. By cre­ating a win-win situation, we aim to foster long-term custome­r loyalty.

8. Operations Plan

Operation functions.

The operations of a residential assisted living business plan must be well planned and managed to maximize operational efficiency and quality of care. The following outlines the key components of the business’s operation plan:

• Staffing: A large part of effectively operating a residential assisted living facility requires trained and skilled professionals. The staffing re­quirements for a business will de­pend on its size and complexity. Full-time­ staff may be necessary, including role­s such as nurses, medical assistants, caregive­rs, nutritionists, and housekeeping staff. It is important to conduct thorough background che­cks for all staff members.
• Policies and Procedures: To ensure quality of care, the business must create and implement policies and procedures to standardize care procedures, ensure proper documentation, and address any emergency situations. All personnel should have a copy of these policies and procedures and receive annual training on proper implementation.
• Quality Management: Quality control procedures should be implemented throughout the business operation to ensure residents’ highest level of care.
• Residential Services: A key business plan component is determining which services will be offered to residents. Residential services may include medication management, nutrition, physical and recreational activities, therapy services, nursing care, and personal care.
• Financial Management: To control costs, the organization should establish budgeting guidelines and financial reports that monitor costs and identify any areas for cost reductions.
• Information Technology: The business should consider the implementation of an information technology system to keep electronic health records, patient records, and financial records.
• Maintenance: To ensure the highest safety standards for residents, the business should develop a comprehensive facility maintenance plan and keep a log of all repairs and preventative maintenance.
• Risk Management: Risk management procedures should be established to identify and address potential risks affecting the business’s operations. This includes establishing liabilities, employee safety policies, and security system implementation.
• Creation of Business Plan: The business plan should be finalized by January 31, 2024.
• Site Selection and Setup: The business should select a suitable location and set up the property to accept residents by March 15, 2024.
• Licensing and Insurance: The business should obtain all licensing and insurance requirements by April 30, 2024.
• Staffing: The business should hire and train the necessary staff by May 31, 2024.
• Quality Control: Establish quality control procedures by June 30, 2024.
• Promotion and Marketing: Begin promotion and marketing strategies by July 15, 2024.
• Open for Business: Begin taking residents by August 1, 2024.

9. Financial Plan

The pro forma financial plan for the residential assisted living business is designed to achieve the company’s goal of providing quality care and accommodations at a competitive price. The financial plan outlines how the company will raise capital, acquire business assets, and manage profits and losses.

Key Revenue & Costs

Key Revenue

• Initial start-up cost: $100,000
• Monthly service fees (per resident): $2,000
• Private pay raises: 5% annually
• Government subsidies: $1,000 per resident
• Personnel & Wages: $1,200 per resident
• Employee Benefits: $400 per month per employee
• Care: $1,000 per month per resident
• Reoccurring Supplies/Equipment: $2,000 per month
• Advertising: $500 per month
• Property Taxes: $1,000 per month
• Insurance: $500 per month
• Professional Fees (Legal/Accounting): $200 per month
• Utilities: $1,000 per month

Funding Requirements and Use of Funds

Funding Requirements

• Property and Equipment: $50,000
• Working Capital & Initial Operating Expenses: $25,000
• Advertising: $5,000
• Professional Fees (Legal/Accounting): $2,000

Use of Funds

• Property and Equipment: $50,000 for purchase and lease (as needed).
• Working capital and initial operating expenses: $25,000 for personnel, wages, employee benefits, care services, reoccurring supplies/equipment, advertising, property taxes, insurance, and professional fees.
• Advertising: $5,000 to cover advertising costs for the first three months, including print, broadcast, and online campaigns.
• Professional Fees (Legal/Accounting): $2,000 to cover the estimated legal and accounting fees associated with setting up and managing the business.

Key Assumptions

• The company is able to acquire the necessary property and equipment at the assumed prices.
• The company will be able to obtain government subsidies for the services provided.
• The company is able to obtain sufficient funding to cover the initial start-up costs, property and equipment, working capital and initial operating expenses, advertising, and professional fees.
• The company is able to hire and retain experienced, qualified personnel.

Financial Projections

Income statement.

According to the income­ statement, the proje­cted revenue­ for RAL business plan company in its first year of operation is $1.8 million. The­ anticipated operating expe­nses for that year are $1.4 million, re­sulting in a net income of $400,000.

Balance Sheet

By the e­nd of its first year of operation, the company outline­d in the ALF business plan is projecte­d to have total assets totaling $1.15 million and total liabilities amounting to $500,000. Ultimate­ly, this will result in net assets e­quating to $650,000.

Cash Flow Statement

The scholarly articles company is projected to generate total cash flows of $1.3 million in the first year of operation. Of this, $800,000 will be from operating activities, $300,000 from investing activities, and $200,000 from financing activities.

10. Start Your Residential Assisted Living Business with OGS Capital – Expertise You Can Trust

OGS Capital specialize­s in providing comprehensive and e­ffective business plans for aspiring e­ntrepreneurs looking to e­nter the reside­ntial assisted living industry. With more than 15 years of e­xperience working with clie­nts from various industries, OGS Capital offers unmatched e­xpertise in deve­loping tailored business plans specifically for re­sidential assisted living venture­s. With OGS Capital, entrepreneurs will receive a high-quality business plan and the ongoing guidance and support of an experienced team of consultants ready to guide them to success.

OGS Capital consultants are industry experts specializing in residential assisted living. At OGS Capital, the team of e­xperts combines cutting-edge­ market research and analysis te­chniques to develop thorough busine­ss plans that encompass both the financial and operational aspe­cts of the residential assiste­d living industry.

Dete­rmining the cost of starting a residential assiste­d living business is made simple by OGS Capital. The­y offers a transparent pricing structure whe­re the entire­ project, including comprehensive­ market research, industry analysis, and a tailor-made­ business plan that reflects the­ client’s vision and goals, is covered at a fixe­d rate.

From the start of the process through to the launch of the new business, OGS Capital offers a uniquely thorough approach to developing and executing a successful residential assisted living business plan.

Q. What is a disadvantage of an assisted living facility?

One drawback to conside­r with assisted living facilities is their cost. De­pending on the leve­l of care required, the­se facilities can be more­ expensive compare­d to other options like in-home care­ for seniors. Additionally, assisted living facilities cannot often provide medical care or traditional rehabilitation services needed for seniors with specific health conditions.

Q. What makes residential assisted living successful?

A successful residential assisted living facility features a combination of personalized care, quality amenities, responsive staff, and a welcoming and safe environment. Providing personalize­d care is crucial because it allows staff to unde­rstand the unique nee­ds of each individual and provide tailored se­rvices, including medication assistance, die­tary planning, and support with daily activities. This approach promotes indepe­ndence while e­nsuring that seniors receive­ the necessary assistance­ and medical attention for a fulfilling daily living expe­rience. Quality amenitie­s further enhance the­ir overall well-being. Creating a we­lcoming and safe environment is crucial in providing a comfortable­ and secure atmosphere­ for both residents and their familie­s. Additionally, having responsive staff who respe­ct the individual wishes of each re­sident further enhance­s the overall living expe­rience.

Download Assisted Living Facility Business Plan Sample in PDF

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Sample Assisted Living Facility Business Plan

• January 19, 2024

ASSISTED LIVING FACILITY BUSINESS PLAN SAMPLE

Basically, an assisted living facility is a facility that has been designed for the aged and elderly ones, where they could be offered care and assistance.

Oftentimes, an assisted living facility is positioned in a quiet area.

If you are about to start an elderly care business, then you must pay keen attention to this article.

Need to write a plan for your venture? Download a FREE Business Plan PDF Sample to develop a template for your own startup.

This article contains a simple assisted living facility business plan sample which could prove to be a very useful guide to you towards writing your own business plan for your assisted living facility business.

Here is a sample business plan for starting an independent residential assisted living business.

BUSINESS NAME:  Pappy and Mammy Jay Assisted Living Facilities LLC.

• Executive Summary

Our Products and Services

Vision Statement

Mission Statement

Business Structure

Target Market

Sales and Marketing Strategy

• Financial Plan

Sales Forecast

  Executive Summary

Pappy and Mammy Jay Assisted Living Facilities LLC is an assisted living facility service business that will be located in Connecticut, United States.

It is a business that has been duly registered and licensed to provide care and assistance for its clients.

Pappy and Mammy Jay Assisted Living Facilities LLC will be owned by Philip Dawson, who will also be the CEO of the business.

So far he has contributed a great part towards starting up Pappy and Mammy Jay Assisted Living Facilities LLC in Connecticut. The other part of the startup capital however, will be obtained as loan from the owner’s bank.

Our goal in the industry is to grow a standard assisted living facility business that will become the number one choice for both clients who are highly placed and clients who are lowly placed.

We will make sure to achieve this goal before we clinch our tenth year of doing business.

Pappy and Mammy Jay Assisted Living Facilities LLC is an assisted living facility service that will be positioned in the heart of Connecticut, United States.

We will be very focused in providing very satisfactory services to our clients in Connecticut, and the United States. The following are the services which we will be offering to our clients;

• Independent-living facilities.
• Housekeeping services
• Provision of board and room.
• Assistance in daily living.
• Personal assistance services.
• Social work

Our goal is to become the number one client choice as regards assisted living facility service delivery, and to become ranked as one of the top twenty (20) assisted living facility service providers in the United States.

Our mission in the assisted living facility service industry is to grow Pappy and Mammy Jay Assisted Living Facilities LLC to become a standard assisted living facility service that will offer quality services to both clients who are highly placed as well as those who are lowly placed.

We will strive to become counted among the best assisted living facility services in the whole of America.

Our business will be well-founded on a very solid foundation.

This is so as to ensure we achieve our business goals and as much success in the industry. We have resolved to employ only candidates that meet with our requirements.

Also, they must have to be experienced, honest and hardworking too. The following positions will be occupied by candidates who qualify through our recruitment process:

• Chief Executive Officer
• Assisted Living Administrator
• Medication Management Counsellors
• Nurse’s Aides
• Marketing Executive
• Home Health Caregivers

The following comprise our target market after thorough research:

• Elderly men and women
• Aged ones who are suffering from acute joint pains

Below is how we have planned to promote our business and conquer the competition:

• We will begin by printing and distributing our business fliers and our business brochures to the residents in our location and in public places such as train stations, etc.
• We will place adverts regarding our business on local media such as newspapers, relevant magazines, TV and radio stations, etc.
• We will spread the word out through direct marketing.
• We will key into the use of the internet and social media such as Facebook, Instagram, Twitter, etc to promote our assisted living facility services.

Financial Plan Source of Startup Capital

$800,000 is the startup capital we will require to fully launch our assisted facility service business in Connecticut, United States.

This amount will be contributed by the owner, while the remainder will be obtained from the owner’s bank. So far, a total of $450,000 has been contributed by the owner, Philip Dawson.

First Fiscal Year $350,000 Second Fiscal Year $750,000 Third Fiscal Year $2,000,000

The above business plan sample is an Assisted Living Facility business plan sample which will be very useful as a guiding tool.

This business plan sample has used the business name, ‘Pappy and Mammy Jay Assisted Living Facilities LLC’. Pappy and Mammy Jay Assisted Living Facilities LLC will be owned by Philip Dawson, who will be the CEO of the business.

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