How Do I Write A Business Plan For A Home Health Agency?
“Most business plans fall into one of two common categories: traditional or lean startup,” states the Small Business Association website. Today’s short post takes a lean approach to business planning, summarizing only the most important points of a home health agency plan.
Read on for a beginner’s guide to home health agency business planning, or call 1-855-393-2372 to learn more about the Executive Care franchise opportunity.
Identify Customer Segments For Your Home Health Agency
If you’re planning to start a home health agency in 2020-2021, your primary customers will be older adults, but it’s important to define your target segments more precisely. After all, seniors’ care needs change drastically as they age, so businesses targeting adults age 80 and older will need to offer different services than those targeting younger seniors.
If possible, it’s a good idea to target multiple segments at once. This not only allows you to make a bigger impact in your community, but also increases the number of revenue streams adding to your bottom line.
For example, top home health agencies like Executive Care offer multiple levels of senior care, and also provide services for children and young adults with disabilities, chronic health conditions, or limitations following surgeries and hospital stays. To provide a range of quality services like this, additional training time and costs may be required—but only for self-starters, as everything’s included in the Executive Care start-up package.
Identify Key Partnerships For Your Home Health Agency
What other businesses or services will you work into your home health business? The right partnerships can seriously add value, which can create competitive advantages, but they typically require some time and effort to acquire.
For instance, Executive Care recently secured a partnership with Lyft, which allows us to coordinate Lyft rides for seniors in order to enhance their mobility and independence—both of which are key goals for our business.
Identify Key Activities That Create Competitive Advantages
List how your business will gain a sustained competitive advantage in this busy industry. According to Hill et al. (2014), a company has sustained competitive advantage over its rivals “when it is able to maintain above-average profitability over a number of years” (p. 80).
Building competitive advantage requires distinctive competencies, which are more easily understood as firm-specific strengths, such as:
- Process knowledge
- Organizational architecture
- Intellectual property
- Superior efficiency
- Superior service quality
- Superior customer responsiveness
- Superior innovation
So what key activities and distinctive competencies do you intend to use to push past the competition?
For example, Executive Care offers:
- Responsive customer care available 24/7—How would your startup match that?
- Comprehensive caregiver training, background screening, and matchmaking processes
- Flexible service agreements instead of binding contracts
- Custom care plans for every client based on their unique needs
- Rapid caregiver placement
How To Start A Home Health Agency With Executive Care
If you’d like to learn more about what’s involved in starting a home health agency with Executive Care, check out the Path to Ownership.