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Nursing Home Business Plan [Sample Template]

By: Author Tony Martins Ajaero

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Nursing Home Business

Are you about starting a nursing home? If YES, here is a complete sample nursing home business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a nursing home . We also took it further by analyzing and drafting a sample nursing home marketing plan template backed up by actionable guerrilla marketing ideas for nursing homes. So let’s proceed to the business planning section.

When it comes to caring for people, there are several options and one of them is to take them to nursing homes. A nursing home is a private residence for the elderly, children or young people who cannot live with their families due to health reasons.

The law in the united states and in some countries states that before a nursing home can commence operations, there should be at least six residents and at least one trained nurse/caregiver there 24 hours a day and 7 days a week.

Also, a standard nursing home is expected to have a house manager, night manager, weekend activity coordinator, and 2 or more caregivers/nurses depending on the size of the facility.

Running a nursing home involves housing residents and helping them handle basic day to day tasks like bathing, taking their drugs, exercising, cleaning them up amongst others. There are people that are gifted with the ability of taking care of senior citizens.

If you think that you have a flair for taking care of the elderly, then you should consider starting a nursing home in your city.

If you have decided to start a nursing home in your city or county, then you should ensure that you carry out thorough feasibility studies and also market survey.

Business plan is yet another very important business document that you should not take for granted when launching your the business.

Below is a sample nursing home business plan template that can help you to successfully write your own with little or no hassles.

A Sample Nursing Home Business Plan Template

1. industry overview.

The Nursing Care Facilities industry consists of For-profit nursing homes, nonprofit nursing homes, government nursing homes and skilled nursing facilities, for-profit skilled nursing facilities, nonprofit skilled nursing facilities and hospice centers .

Operators in this industry provide residential and personal-care services for elderly individuals (senior citizens) who are unable to fully care for themselves due to old age or one form of age-related disability.

Demographic trends have supported the growing demand for nursing homes, and the industry has experienced strong growth over the last half a decade.

This growth is expected to improve, driven by an improving economic environment and the continued aging of the population, which will expand the industry’s markets.

The Nursing Care Facilities 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 31,123 licensed and registered Nursing Care Facilities scattered all across the country responsible for employing about 1,716,785 employees, and the industry rakes in a whopping sum of $132 billion annually with an annual growth rate projected at 1.6 percent between 2013 and 2018.

Please note that the Nursing Care Facilities industry has no companies with major market shares. A recent report published by IBISWORLD shows that the Nursing Care Facilities industry has boomed during the five years to 2015, driven by the aging population and a growing need for dementia care.

The report further stated that the industry, which provides residential and personal-care services for elderly individuals who are unable to fully care for themselves, has been increasingly orienting itself toward the provision of dementia care as the population continues to age; this can include medical and social assistance with the activities of daily living, such as bathing, eating and dressing.

Although franchises that primarily provide inpatient nursing and rehabilitation services are excluded from this industry, many facilities provide some nursing care and other medical supervision.

The report further shows that due to the necessity of services provided by nursing care facilities, industry revenue grew steadily during the five-year period alongside the continued aging of the baby boomer population, which spurred demand for industry services.

Over the five years to 2018, the number of adults aged 65 and older is expected to increase at an annualized 3.3 percent to 52.5 million people.

Since the elderly are more prone to injury and illness, and therefore require more assistance with daily activities, the growing share of senior adults propelled demand for nursing care facilities.

In 2018, industry revenue is expected to grow. The nursing home line of business in developed countries is still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market.

2. Executive Summary

St. Paul Linus® Nursing Home, LLC is a licensed nursing care facility that will be located in the heart of New Orleans – Louisiana in a neatly renovated and secured housing facility.

Our nursing home facility is equipped with the needed accommodation and gadgets to give comfort and security to all our residents irrespective of religious affiliations, race, and health conditions.

St. Paul Linus® Nursing Home, LLC is a family owned business that believes in the passionate pursuit of excellence. We are certain that our values will help us drive the business to enviable heights and also help us attract the number of residents that will make our facility fully occupied year in year out.

Despite the fact that we are a nursing home facility, we are going to be health conscious and customer-centric with a service culture that will be deeply rooted in the fabric of our organization.

With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele.

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. St. Paul Linus® Nursing Home, LLC will provide a conducive home for our residents.

We will help residents in our facility complete daily basic and simple tasks such as taking medication or bathing, making dinner, having conversation, making appointments, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.

St. Paul Linus® Nursing Home, LLC will be equipped with everything that will make life comfortable for the elderly. We will build a fitness room, library and also install a free Wi-Fi that will enable our residents surf the internet in their rooms free of charge, and there will be wireless access in all the public area within the lodging facility.

St. Paul Linus® Nursing Home, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. St. Paul Linus® Nursing Home, LLC is a family business that is owned and managed by Anthonia Lawson and her immediate family members.

Mrs. Anthonia Lawson who is a native of Fort Myers-Cape Coral is a licensed non – medical home care administrator and social health worker with over 20 years’ experience working for leading brands 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 elderly and people with one form of disability or the other.

3. Our Products and Services

St. Paul Linus® Nursing Home, LLC is set to operate a standard nursing home facility in New Orleans – Louisiana. The fact that we want to become a force to reckon with in the Nursing home facility industry means that we will provide our residents a conducive accommodation.

In all that we do, we will ensure that our residents are satisfied and are willing to recommend our facility to their family members and friends. St. Paul Linus® Nursing Home, LLC will provide the following services to her clients;

  • Alzheimer’s disease and dementia care
  • Respite care
  • End-of-life care
  • Interactive care and other services
  • Providing room and board
  • Nursing and other supervision
  • Assistance in daily living
  • Housekeeping services

4. Our Mission and Vision Statement

  • St. Paul Linus® Nursing Home is a business that wants to become a pacesetter in the nursing care facility industry not just in Louisiana, but throughout the region.
  • Our mission is to build a nursing home facility that will meet and surpass the needs of all the residents of our facility; we want build a profitable and successful business that in the nearest future will sell franchise all across the United States.

Our Business Structure

St. Paul Linus® Nursing Home, LLC will be built on a solid foundation. From the kickoff, we have decided to recruit only qualified professionals (non – medical home care administrators, nurse’s aides, medication management counselors, county aging worker, rehabilitation counselors, and home caregivers) to man various job positions in our organization.

We are quite aware of the rules and regulations governing the nursing care industry which is why we decided to recruit only experienced and qualified employees. We hope to leverage on their expertise to build our business to be accepted in Minnesota.

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.

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. These are the positions that will be available at St. Paul Linus® Nursing Home, LLC;

  • Chief Executive Officer
  • Facility Administrator (Human Resources and Admin Manager)

Nurse’s Aides

  • Home Caregivers / County Aging Workers
  • Sales and Marketing Executive
  • Accounting Officer
  • Security Officer

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
  • 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.

Facility Administrator (Admin and HR Manager)

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • 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.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out 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 home activities.
  • Responsible for managing our residents
  • Handles personal injury case management

Marketing and Sales Executive

  • Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts
  • Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
  • Responsible for handling business research, market surveys and feasibility studies for clients
  • Documents all customer contact and information
  • Represents St. Paul Linus® Nursing Home, LLC in strategic meetings
  • Helps to increase growth for St. Paul Linus® Nursing Home, 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
  • 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
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for St. Paul Linus® Nursing Home, LLC
  • Serves as internal auditor for St. Paul Linus® Nursing Home, LLC.

Security Officers

  • Ensures that the facility is secured at all time
  • Controls traffic and organize parking
  • Patrols around the building on a 24 hours’ basis
  • Submits security reports weekly
  • Any other duty as assigned by the facility administrator
  • Responsible for cleaning the facility at all times
  • Ensures that toiletries and supplies don’t run out of stock
  • Assists our residents when they need to take their bath and carry out other household tasks
  • Handles any other duty as assigned by the facility manager

6. SWOT Analysis

St. Paul Linus® Nursing Home, LLC is equipped to become one of the leading nursing homes in New Orleans – Louisiana which is why we are willing to take our time to cross every ‘T’ and dot every ‘I’ as it relates to our business. 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.

Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of people, we still went ahead to hire business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis. This is the summary of the SWOT analysis that was conducted for St. Paul Linus® Nursing Home, LLC;

Top on the list of what we will count as our strength is that we have a team of 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 New Orleans – Louisiana and they are professionals who have what it takes to grow a business from scratch to profitability in record time.

Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely come to the fore and position us to stay highly competitive.

St. Paul Linus® Nursing Home, 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 experienced hands in the industry.

  • Opportunities:

The opportunities that are available to nursing homes are unlimited considering the fact that we have a growing aging population in the United States. We are going to position our business to make the best out of the opportunities that will be available to us in New Orleans – Louisiana.

An unstable federal reimbursement model amid an uncertain regulatory environment will likely present threat to our business. Although federal funding for Medicare and Medicaid is expected to increase in 2018, continuing reimbursement pressure and regulatory uncertainty will remain a potential threat to the industry.

Another threat that may likely confront us is the arrival of a new nursing home facility, non – medical home care facility or group home facility brand in same location where ours is located.

7. MARKET ANALYSIS

  • Market Trends

Because of the essential services provided by nursing homes, senior care homes, non – medical home care facilities and group homes et al, the industry was able to grow even in the face of economic stagnation. In addition, the continued growth of the aging population and people with one form of disability or the other has stimulated demand for industry services.

Since the aging population is more prone to injury and illness, and therefore requires more assistance with daily activities, the larger share of senior adults has propelled demand for senior care homes, non – medical home care facilities and of course nursing care facilities. Despite favorable demographic trends, unsatisfactory government funding has hindered industry growth.

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. It is now trendier to find nursing care facilities with internet and Wi-Fi.

One more trend in the industry is that, in other to make nursing homes 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 nursing homes, senior care facilities and group Home 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 to senior citizens living in nursing care facilities.

Without a doubt, the Nursing home industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States is expected to drive demand for this specialized service.

8. Our Target Market

St. Paul Linus® Nursing Home, LLC is in business to take care of the aging population/senior citizens in New Orleans – Louisiana and other cities in Louisiana. We will ensure that we target both self – paying customers (who do not have Medicaid cover), and those who have Medicaid cover.

Largely, those who need the services of nursing home facilities are the aging population, and people with one form of disabilities or the other. Our customers can be categorized into the following;

  • The aging population/senior citizens
  • Every other age category that falls under the conditions listed by the physician.

Our competitive advantage

Apart from the competition that exists amongst players in the nursing home business, they also compete against other home healthcare service providers such as non-medical home care facilities, assisted living facilities and senior care facilities amongst others.

To be highly competitive in the nursing home industry means that you should be able to secure a conducive facility, deliver consistent quality service and should be able to meet the expectations of the family members paying for their loved ones in your facility.

St. Paul Linus® Nursing Home, LLC is coming into the market well prepared to favorably compete in the industry. Our 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 aspects of care and all our employees are trained to provide customized customer service to all our residents. Our services will be carried out by highly trained professional nurse aides, county aging workers and home caregivers who know what it takes to give our highly – esteemed residents 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 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

St. Paul Linus® Nursing Home, 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. We will generate income by providing a conducive home for our residents (senior citizens).

We will help our residents complete daily basic and simple tasks like taking their medication or bathing, making dinners, having conversations, making appointments, budgeting their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.

These are the services we will offer to generate income for the business;

10. Sales Forecast

One thing is certain, there would always be elderly people and citizens with one form of disability or the other who would need our services.

We are well positioned to take on the available market in New Orleans – Louisiana and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our nursing home facility.

We have been able to examine the senior scare facility market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projection for St. Paul Linus® Nursing Home, LLC, it is based on the location of our business and of course the wide range of related services that we will be offering;

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

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown 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 adopted by St. Paul Linus® Nursing Home, LLC will be based on generating long-term personalized relationships with our residents. In order to achieve that, we will ensure that we offer top notch services at affordable prices compared to what is obtainable in New Orleans – Louisiana.

All our employees will be well trained and equipped to provide excellent services as it relates to our business offering. We know that if we are consistent with offering high quality nursing care service, we will increase the number of our residents by more than 25 percent for the first year and then more than 40 percent in subsequent years.

Prior to choosing a location for St. Paul Linus® Nursing Home, LLC, we conducted a thorough market survey and feasibility studies so as to penetrate the available market and become the preferred choice for residents of New Orleans. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the nursing home 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 Orleans – Louisiana.

In summary, St. Paul Linus® Nursing Home, LLC will adopt the following sales and marketing approach to win customers over;

  • Introduce our business by sending introductory letters to residents, clubs for elderly and senior citizens with disability and other stake holders in New Orleans – Louisiana
  • Advertise our business in community – based newspapers, local TV and 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 to canvas for clients via referrals .
  • Attend healthcare related exhibitions/expos to market our services.

11. Publicity and Advertising Strategy

We are in the business to become one of the market leaders and also to maximize profits hence we are going to explore all available to promote St. Paul Linus® Nursing Home.

St. Paul Linus® Nursing Home, LLC has a long-term plan of building nursing home facilities in key cities all across the United States of America which is why we will deliberately build our brand to be accepted in New Orleans – Louisiana before venturing out. Here are the platforms we intend leveraging on to promote and advertise St. Paul Linus® Nursing Home, LLC;

  • Place adverts on both print (community – based newspapers and magazines) and electronic media platforms
  • Sponsor relevant community 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 billboards in strategic locations all around New Orleans – Louisiana
  • Distribute our fliers and handbills in target areas with high concentration of aging population and senior citizens with disabilities
  • Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo.

12. Our Pricing Strategy

St. Paul Linus® Nursing Home, LLC will ensure that all our services are offered at highly competitive prices compared to what is obtainable in the United States of America.

On the average, nursing homes, senior care facilities and group home 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 nursing care service providers to bill their clients based in their discretion.

Payment Options

The payment policy adopted by St. Paul Linus® Nursing Home, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that St. Paul Linus® Nursing Home, LLC will make available to her clients;

  • Payment via bank transfer
  • Payment via credit cards
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

When it comes to starting a nursing home facility, you should 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, you need money to acquire supplies, pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to carry your overhead. The items listed below are the basics that we would need when starting our nursing home facility in the United States;

  • The total fee for registering the business in the United States of America- $750.
  • Legal expenses for obtaining licenses and permits – $1,500.
  • Marketing promotion expenses for the grand opening of St. Paul Linus® Nursing Home, 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.
  • The cost for hiring Consultant – $2,500.
  • The cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
  • The cost for leasing a standard and secured facility in New Orleans – Louisiana for 2 years – $250,000
  • The cost for facility remodeling – $50,000.
  • 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
  • Cost for the purchase of 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 our official website: $700
  • Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our nursing home facility in New Orleans – Louisiana.

Generating Fund/Startup Capital for St. Paul Linus® Nursing Home, LLC

St. Paul Linus® Nursing Home, LLC is owned and financed by Mrs. Anthonia Lawson and her immediate family members. They do not intend to welcome any external business partners which is why they decided to restrict the sourcing of the startup capital to 3 major sources.

  • Generate part of the startup capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from the bank

N.B: We have been able to generate about $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents 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 number of loyal customers they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting St. Paul Linus® Nursing Home, 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 nursing care services a little bit cheaper than what is obtainable in the industry and we are prepared to survive on lower profit margin for a while.

St. Paul Linus® Nursing Home, 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.

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
  • Printing of Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of Medical Equipment and vans et al: In Progress
  • Purchase of the needed supplies, 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
  • Establishing business relationship with clubs for the elderly, hospitals, government agencies and health insurance companies in the United States of America: In Progress.

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Nursing Home Business Plan Sample

AUG.01, 2018

Nursing Home Business Plan Sample

Do you want to start nursing home business?

Do you want to start a nursing home business? Well, it may prove the right choice if you want to serve people besides earning money. A nursing home is like a residential care center for elderly people who can’t be cared at home and are too healthy to be admitted to a hospital. Due to the advancements in medical science, life expectancy has been increased, especially in the developed countries. So, the elderly people who don’t have any caretakers at home or who choose not to live independently needs a timeless service in which they are provided with mental, medical, occupational, speech and physical assistance.

If you are determined to help the retired and elderly people and also want to generate a surplus amount of money, then this is the most suitable profession for you. Before you start the nursing home business, the first step is to make its comprehensive business plan, in which you include all the details about how to open a retirement home and how will you manage it etc. In case, you don’t know how to start a home nursing care business , you can take help from this sample business plan written for a nursing home business startup named ‘Kate Nursing Home’ owned by Kate Greene.

Executive Summary

2.1 the business.

Kate Nursing Home owned by Kate Greene, will be a home to elderly people who need daily assistance and care, located at a 5 minutes’ drive from DMC Heart Hospital, Detroit. Kate Nursing Home will be a 3-floored vast building with the capacity to accommodate about 35 people.

2.2 Management

Opening a nursing home is not just a business, it is a task of great responsibility and accountability. The owner of the business will be responsible for routine works of about 35 people. The whole system will be managed by Kate, her daughter and a hired manager. Moreover, Kate will hire recreational staff to meet social, emotional, intellectual and spiritual needs of elderly people, skilled nurses, nursing assistants, accountants, housekeepers, therapists and guards.

2.3 Customers

Before starting a nursing home business, you must acknowledge the type of your customers to plan your business according to their demands and needs. The customers of a nursing home will be usually the people living in Detroit of age 60 or above. You have to use all means to provide proper care and attention to the residents of your nursing home.

2.4 Target of the Company

Our target is to fill out all our rooms within the two or three months of our launch. We aim at providing excellent temporary and permanent caring services to the elderly people of our town, and to make them feel at home. Our major purpose is to provide the elderly people of our home with comfortable and friendly environment. Besides, we also have some monetary targets; the fundamental one will be to balance the cost of startup within the next three years of launch.

Our sales and revenue targets for the next three years are summarized in the chart below:

Nursing Home Business Plan - 3 Years Profit Forecast

Company Summary

3.1 company owner.

Kate Greene will be the owner of Kate Nursing Home. Kate had been awarded an MD (Doctor of Medicine) degree by the University of Michigan. She had been working in the DMC Heart Hospital for the past 20 years. Now, she has taken retirement because she wants to open a nursing home. She will work on her nursing business plan ideas , with the assistance of her daughter, who is also a doctor, and an experienced and caring team.

3.2 Why the Business is being started

Kate was interested in serving and helping people since her childhood. She didn’t become a doctor for the sake of salary, but for improving the life qualities for others. Now she had enough money and time to open up a nursing home for the people who need assistance with their daily routine, but don’t have anyone at home to pay attention to them and their needs.

3.3 How the Business will be started

Starting a nursing business  requires a lot of effort, time and money. If you don’t just want to open a nursing home but also want to run it successfully benefitting more and more people, you have to put loads of effort into it.

Kate has decided to procure an existing building and turn it into a nursing home. She will rent a large building with 3 floors, at least 8 private rooms with attached baths, and 20 general bedrooms. Each floor will have five bathrooms, a kitchen, and a big sitting lounge. There will be a lawn with walking and running tracks and a therapy gym with basic equipment and machines. Each room will be well-furnished and every comfort will be provided to the residents. Kate will hire a team of housekeepers, nurses, assistants and therapists for the 24-hour assistance of the residents.

If you want to jump into this business but don’t have an idea of how to start a retirement home , we are here to help you by this sample business plan.

The costs for startup are as follows:

Bridal Shop Business Plan - Startup Cost

The startup requirements are as follows:

Services for customers

After getting the basic knowledge about how to open nursing home business , the next step is to add the services, you are going to provide, in your nursing agency business plan . Your services will decide whether you will be able to compete in the market or not.

If you want guideline on the services you should provide, you can take help from this sample business plan on how to start up a nursing home  and run it successfully. Kate Nursing Home will provide the following services:

  • Specialty Care: For the disabled persons who need acute care and attention, we have licensed nurses and nursing assistants who will provide them with daily assistance and personal care by serving meals, taking care of their medicinal needs, transferring them from bed to chair etc. Besides, our skilled nurses will make a daily nutrition plan for them, to assist them in improving their health.
  • Temporary Assistance (of 2 months): This type of assistance will be given to your loved ones if they are ill and need proper care and therapy until they are fit and healthy again. Usually, the temporary residents of a nursing home are fighting with some physical, mental or emotional disorder. For them we’ll provide three types of therapies:
  • Occupational Therapy to assist residents in fighting with some illness or injury.
  • Physical Therapy for assisting them to regain their strength and flexibility.
  • Speech Therapy given to the persons who have trouble producing and evaluating speech.
  • Permanent Assistance: We’ll assist our permanent residents by taking care of all their needs and requirements including physical, mental and emotional needs. Elderly people usually get emotional and behavioral sickness. So, we will hire a recreational staff for arranging birthday parties, musical events, religious services, art and crafts, adopting pets, outdoor activities and picnics for them to refresh their moods.
  • Evening Activities: For the people above age 60, whether they are our residents or not, we’ll arrange evening activities like playing cards or chess or learning the use of technology, to assist them in maintaining their intellect and memory.

Marketing Analysis of nursing home business

If you are going to start a nursing home business , then you surely need to make a nursing home business plan . While designing your nursing home business plan template , you must focus on the marketing analysis segment. The accuracy of your nursing business plan depends upon how keenly you focus on your target market and analyze it in your personal care home business plan .

If you are finding difficulty at writing residential care home business plan , you will be glad to know that we are providing a nursing home business plan free of cost. You can take help from this sample personal care home business plan  or can also find more nursing home business plans  available online. However, if you are starting this business on a very large scale then instead of writing a plan by yourself by taking help from a sample business plan personal care home , you should hire services of experts to make for you an accurate personal home care business plan  according to your dimensions and finances.

5.1 Marketing Trends

Before starting a new business, you must study the marketing trends in detail to help you demonstrate the market potential of a new startup. A careful marketing analysis will help you to decide the most favorable location for your business. According to a report by IBISWorld, there are more than 31,000 nursing home businesses in the United States running successfully. The business is expanding at a rate of 2.3% and is expected to continue expanding at a much faster rate over the coming years. Because an estimate shows that 22% of the world population in 2050 will be comprised of the people of age above 60. The business is generating a revenue of $136 billion annually and is serving as a source of employment for more than 1.8 million people in the United States. These statistics clearly demonstrate that this is the good time to enter in this industry, and the business can prove extremely profitable for you if you plan it wisely and successfully.

5.2 Marketing Segmentation

While writing a business plan, you must clearly acknowledge the groups or segments of the society that can prove your prospective or potential customers. An accurate marketing segmentation can help you in devising your policies according to the demand of your customers. Our customers will include the non-acutely ill or companionless people of age 60 or above living in Detroit, or the one who has some disability and need 2-3 months of full-time rest and proper care. We will also be serving the people, whose family may be going to somewhere else for a short period of time and need a trusted care center for their loved ones. We also have arranged evening activities for the people who want some recreational and intellectual activity for themselves. Evening Activities will be available for the temporary and permanent residents of the nursing home as well as non-residents. Our experts have identified the following target groups for our services:

Nursing Home Business Plan - Marketing Segmentation

The detailed marketing segmentation of our target audience is as follows:

5.2.1 Elderly & Alone People: The first group of our customers will be the elderly people, who don’t have a family or any caretaker at home, who want to spend time in productive and recreational activities and can afford the charges of full-time assistance at a nursing home. Such elderly people can prove our permanent residents and we’ll provide them with our best services fulfilling all their nutritional, medical and recreational needs.

5.2.2 Disabled or Diseased: The second category includes the people who have some serious disorder or disease, and whose loved ones want them to be in a homey environment rather than a hospital. Such people need daily therapies to enhance their workability, besides the routine assistance. For such residents, Kate Nursing Home has hired experienced nurses and therapist who will make sure that the residents are given occupational, speech and physical therapies according to their needs. They will mostly be kept in specialty care or under temporary assistance.

5.2.3 Non-acutely Ill: The people whom we cannot declare as healthy, and who are not much seriously ill to be cared in a hospital will be our third and the biggest target group. Our honest and hard-working professionals will ensure that the best possible care is being delivered for such permanent residents. We will ensure that our caring and compassionate staff will treat the residents as their family. We’ll ensure extra care and attention along with the daily routine assistance to this category of our residents.

The detailed and comprehensive market analysis of our potential customers is given in the following table:

5.3 Business Target

Kate is not opening the nursing home just for the sake of money, but because she has the passion to serve humanity by helping the helpless. Our major target will be to provide a homey and comfortable environment for the elderly and disabled old people. We’ll hire the persons who are skilled, ethical, compassionate and ready to treat our residents as their own family members. Our target is to provide them with the care and assistance they need and deserve in this old age. For the sake of giving proper attention to our residents, we are not going to accommodate hundreds of people in our nursing home, instead, we will accommodate a maximum of 35 people and will comfort them with our best efforts and services.

To serve more and more elderly people efficiently, we have to make our business financially strong. For that monetary advancements, our business targets are:

  • To become the most trusted and most successful nursing home in Detroit
  • To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
  • To balance the initial cost of the startup with earned profits by the end of the first year

5.4 Product Pricing

Product Pricing is the major leading factor in deciding the success and failure of a startup. If you are starting a new business, you have to keep your prices low at the initial stage, so that more and more people are attracted towards you. In this sample business plan, we are giving the product pricing scheme of Kate Nursing Home.

We haven’t priced our services very highly; we have the rates which are currently offered by other nursing homes in the city. However, we haven’t compromised on the quality of our business. All the inventory and things which our residents will need for daily usage will be available every time, and the rooms and furniture will be maintained on a daily basis.

Basically, we’ll have these three types of memberships:

  • Membership for Permanent Residence for $600 per month
  • Membership for Specialty care for $800 per month
  • Membership for Temporary Residence for $400 per month
  • Membership for Evening Activities for $150 per month

These are the charges for general accommodation, if you want a private and more comfortable room for your loved ones or for yourself, you have to pay additional charges for it. Moreover, for the people who need intense professional therapy, we’ll be taking a little bit more money to meet their medicinal needs.

If you are working on how to start a nursing home business , the most important part you should consider is your sales strategy in the business plan . Kate has done a lot of research on the sales, marketing, and advertisement techniques, so that more and more people will know about the new startup and can use the services of Kate Nursing Home either for themselves if they are above 60; or for their parents if they are unable to give them proper time or care.

Here is starting a nursing home business plan , which we have provided in order to help you in formulating yours.

6.1 Competitive Analysis

Our biggest competitive advantage is the devotion and determination of all our team. We have an excellent team which believe in serving the people who are unable to serve themselves. Our second biggest competitive advantage is the range of indoor and outdoor services we will provide to our residents. No other nursing home in this vicinity arrange the hobbies and activities for old people like adopting pets, playing games etc. Most significantly, we will teach our permanent residents to use latest social networks and websites so that they will conceive that they are not outdated and can compete with the new generation. Lastly, we have a wide parking area for the vehicles of the visitors whenever they visit their loved ones.

6.2 Sales Strategy

We will attract our customers towards us by various efforts, such as:

  • We will advertise our nursing home in magazines, newspapers and social media
  • We will arrange seminars and awareness sessions on giving the elders the required care and attention
  • We will arrange transportation facilities with caretakers for our residents when they want to go out
  • We will give 5% discount to the first 10 customers

6.3 Sales Forecast

Our sales are forecasted in the following column charts:

Bridal Shop Business Plan - Unit Sales

The detailed information about sales forecast is given in the following table:

6.4 Sales Monthly

Our forecasted monthly sales for the first year of startup are given below:

Nursing Home Business Plan - Sales Monthly

6.5 Sales Yearly

Our forecasted yearly sales for the first three years of startup are given below:

Nursing Home Business Plan - Sales Yearly

Personnel plan

If you are starting a nursing home care business , you must focus on the staff you are going to hire. You will need the staff which is compassionate enough to understand the misery and distress of the elderly people when they find that they are not cared like the way they deserve. You should keep in mind that you will be dealing with those people who get emotional at small things and hire your members accordingly if you really want to serve them.

7.1 Company Staff

Kate will hire the following staff for starting a personal home care business:

  • 1 General Manager for managing the overall operations
  • 2 Accountants for maintaining financial records
  • 2 Cooks for preparing meals
  • 5 Nurses for examining and treating the residents
  • 10 Nursing Assistants for aiding the residents with their daily works
  • 5 Recreational Workers for indulging residents in indoor and outdoor activities
  • 5 Cleaners to maintain extreme cleanliness
  • 2 Drivers for providing transportation facility
  • 2 Physiotherapists for the therapy and physical exercise of the residents
  • 2 Security Guards

7.2 Average Salary of Employees

The average salary of our staff is summarized in the following table:

Financial Plan

To run a nursing home business successfully you don’t only require the passion for it but also a large amount of money to meet with the daily expenses of so many people, among whom some can be disabled or suffering from any disease. For balancing your incomes with your expenses, you need a financial plan. A detailed and accurate financial plan must be devised before a personal care home business start up . In your financial plan, you have to develop an outline defining nursing home business profit and a record of your investment group business plan and expenses.

If you need some help regarding the formulation of a financial plan for your business, you can take help from this sample business plan on how to open a nursing home business. But if you are opening the nursing home on a very large scale, you must seek the help of financial experts to make you a financial plan according to your actual expenses and investments. The detailed financial plan of Kate Nursing Home for the next three years is given below.

8.1 Important Assumptions

8.2 brake-even analysis.

Nursing Home Business Plan - Brake-even Analysis

8.3 Projected Profit and Loss

8.3.1 profit monthly.

Nursing Home Business Plan - Profit Monthly

8.3.2 Profit Yearly

Nursing Home Business Plan - Profit Yearly

8.3.3 Gross Margin Monthly

Nursing Home Business Plan - Gross Margin Monthly

8.3.4 Gross Margin Yearly

Nursing Home Business Plan - Gross Margin Yearly

8.4 Projected Cash Flow

Nursing Home Business Plan - Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

Download Nursing Home Business Plan Sample in pdf

Professional OGS capital writers specialized also in themes such as occupational business plan , reiki marketing plan , senior citizen daycare center business plan , holistic wellness center business plan , dentistry business plans , non-emergency medical transportation business plan , etc.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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The Fox Group

Nursing Home Business Plan – 7 Key Points

Nursing home business plan drawing and coffe cup.

A nursing home business plan should contain seven key elements. Incorporating them into your document will help to ensure your success.

The U.S. is currently experiencing a shift in demographics. According to the U.S. Census Bureau , by the year 2034, older adults will outnumber children for the first time in U.S. history. By 2030, all Baby Boomers will be over the age of 65. As a result, this cohort will create more of a demand than ever for communities and facilities that care for the older adult population.

If you’re considering getting involved in the nursing home business, the first step you need to follow, after conducting a market feasibility study , as well as a financial feasibility analysis , is to create your nursing home business plan. A well-written and comprehensive business plan will not only help you focus on the vision for your business, but it will show investors and/or lenders that you’re committed to succeeding.

The skilled nursing business is a unique market, and success in this field requires a complete understanding of its many challenges. A business plan will help you convince financial institutions and investors that you’re well versed in the industry and have a clear picture of what you need to accomplish.

Challenges in Starting a Nursing Home Business

Operating skilled nursing facilities can be challenging in today’s market due to increased care costs for higher acuity patients, staffing shortages, reimbursement concerns, increased care alternatives, regulatory challenges, and liability issues.

This is why it’s crucial to guarantee your nursing home business plan is thorough and well-researched. Consequently, you’ll want to complete it before embarking on your new venture or attempting to procure funding. A properly formulated plan will not only convince lenders and investors that you have a viable business concept but it will also serve to hone your vision for your nursing home business.

Keep in mind that this is a brief overview of the many facets of information you’ll need to provide for your nursing home business plan. The nursing home business can be complicated, with a lot of information to cover.

The plan should contain s even main categories: (1) the executive summary, (2) a company summary, (3) the customer plan, (4) a market analysis, (5) a strategy for implementation, (6) the selection of a management team and (7) financial planning.

Items to Include in Your Nursing Home Business Plan

(1) executive summary.

The purpose of the executive summary is to give readers a brief description of your business. Thus, it must be well-written and concise. You want to draw your readers in and give them a brief synopsis of what your nursing home business plan is all about. So, keep it simple and make it engaging.

It may be the first part of your business plan, but it helps to write it last. Therefore, once you’ve covered all of the other details, it will be easier to write up the executive summary.

The executive summary should contain the following information:

(2) Company summary

In a company summary, you should state who you are, how you will operate your business, and what your goals are. The intent here is to provide your reader with a brief overview. Your company summary should include the following:

(3) Customer plan

Next, your customer plan should be a clear description of the service you’ll offer that emphasizes the benefits to your patients. One of the benefits of having a clear customer plan is it demonstrates that you have a firm and specific understanding of what your services are. You may include some of the following services:

(4) Market analysis

The market analysis is the section where you get to illustrate your knowledge of the industry and highlight your thorough research. Your intent should be to establish that you completely understand the market. This section should include the following:

(5) Strategy for implementation

In the next section, you need to summarize your sales strategy and describe your plans for implementation. “Failing to plan is planning to fail.” Thus, it is essential to articulate your implementation plan in detail.

(6) Management team

You’ll need to include a section detailing your business’s organizational team. An experienced and knowledgeable management is a key to operational success. Therefore, it is important to identify your team and their background. The following categories are relevant:

(7) Financial plan

Your financial plan is the final section of your business plan. You will not be able to complete this section until you’ve finished your market analysis and set your goals. If you engaged a third party to formulate a financial feasibility analysis, this is the section where you would place that analysis. You will need to include the following financial statements:

Do you need help creating your nursing home business plan?  If so, experts can help you dive into each of these categories to create a comprehensive plan.  Review some sample consulting engagements in nursing homes and assisted living to get started.

When you need proven expertise and performance

Craig fukushima, nha, mba.

Mr. Craig T. Fukushima’s health care experience spans more than 35 years with special expertise in the long term care sector, including implementation of innovative health care projects in domestic and international locations.

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How to write a business plan for a nursing home?

nursing home business plan

Creating a business plan for a nursing home is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a nursing home business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a nursing home?

  • What information is needed to create a business plan for a nursing home?
  • What goes in the financial forecast for a nursing home?
  • What goes in the written part of a nursing home business plan?
  • What tool can I use to write my nursing home business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write a nursing home business plan in the first place.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for a nursing home is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your nursing home to be, you'll have to identify:

  • what resources (human, equipment, and capital) are needed to get there,
  • at what pace the business needs to progress to get there in time,
  • and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To maintain visibility on future cash flows

Businesses can go for years without making a profit, but they go bust as soon as they run out of cash. That's why "cash is king", and maintaining visibility on your nursing home's future cash flows is critical.

How do I do that? That's simple: you need an up-to-date financial forecast.

The good news is that your nursing home business plan already contains a financial forecast (more on that later in this guide), so all you have to do is to keep it up-to-date.

To do this, you need to regularly compare the actual financial performance of your business to what was planned in your financial forecast, and adjust the forecast based on the current trajectory of your business.

Monitoring your nursing home's financial health will enable you to identify potential financial problems (such as an unexpected cash shortfall) early and to put in place corrective measures. It will also allow you to detect and capitalize on potential growth opportunities (higher demand from a given segment of customers for example).

To secure financing

Crafting a comprehensive business plan for your nursing home, whether you're starting up or already established, is paramount when you're seeking financing from banks or investors.

Given how fragile small businesses are, financiers will want to ensure that you have a clear roadmap in place as well as command and control of your future cash flows before entertaining the idea of funding you.

For banks, the information in your business plan will be used to assess your borrowing capacity - which is defined as the maximum amount of debt your business can afford alongside your ability to repay the loan. This evaluation helps them decide whether to extend credit to your business and under what terms (interest rate, duration, repayment options, collateral, etc.).

Similarly, investors will thoroughly review your plan to determine if their investment can yield an attractive return. They'll be looking for evidence that your nursing home has the potential for healthy growth, profitability, and consistent cash flow generation over time.

Now that you understand the importance of creating a business plan for your nursing home, let's delve into the necessary information needed to craft an effective plan.

Information needed to create a business plan for a nursing home

You need the right data in order to project sales, investments and costs accurately in the financial forecast of your nursing home business plan.

Below, we'll cover three key pieces of information you should gather before drafting your business plan.

Carrying out market research for a nursing home

As you consider writing your business plan for a nursing home, conducting market research becomes a vital step to ensure accurate and realistic financial projections.

Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.

Through this research, you may uncover trends that could influence your nursing home.

You may discover that older adults are increasingly interested in living in nursing homes that provide more amenities and services. They might be looking for facilities that offer a wide range of activities and programs to keep them engaged and entertained. Another trend that market research could reveal is that older adults may be more likely to choose nursing homes with an emphasis on healthy and nutritious meals. They could also be looking for homes that provide specialized care for those with chronic conditions or disabilities.

Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.

By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your nursing home.

Developing the sales and marketing plan for a nursing home

Budgeting sales and marketing expenses is essential before creating a nursing home business plan.

A comprehensive sales and marketing plan should provide an accurate projection of what actions need to be implemented to acquire and retain customers, how many people are needed to carry out these initiatives, and how much needs to be spent on promotions, advertising, and other aspects.

This helps ensure that the right amount of resources is allocated to these activities in order to hit the sales and growth objectives forecasted in your business plan.

The staffing and equipment needs of a nursing home

Whether you are at the beginning stages of your nursing home or expanding its horizons, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is vital to ensure your business's success.

To achieve this, both the recruitment and investment plans must align coherently with the projected timing and level of growth in your forecast. It is essential to secure appropriate funding for these plans.

A nursing home might incur staffing costs such as hiring nurses, certified nursing assistants, and other healthcare personnel to provide care for residents. It might also incur costs for equipment such as medical beds, wheelchairs, and other medical supplies needed to provide care for the residents.

To create a financial forecast that accurately represents your business's outlook, remember to factor in other day-to-day operating expenses.

Now that you have all the necessary information, it's time to dive in and start creating your business plan and developing the financial forecast for your nursing home.

What goes into your nursing home's financial forecast?

The objective of the financial forecast of your nursing home's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a nursing home are:

  • The profit and loss (P&L) statement ,
  • The projected balance sheet ,
  • The cash flow forecast ,
  • And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a nursing home shows how much revenue and profits your business is expected to generate in the future.

projected profit and loss statement example in a nursing home business plan

Ideally, your nursing home's P&L statement should show:

  • Healthy growth - above inflation level
  • Improving or stable profit margins
  • Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established nursing home. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your nursing home

The balance sheet for a nursing home is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

  • Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
  • Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
  • Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

example of projected balance sheet in a nursing home business plan

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your nursing home's liquidity and solvency:

  • Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
  • Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your nursing home's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for a nursing home shows how much cash the business is projected to generate or consume.

example of cash flow forecast in a nursing home business plan

The cash flow statement is divided into 3 main areas:

  • The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
  • The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
  • The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your nursing home business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting a nursing home.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

sources and uses table in a nursing home business plan

This table helps size the investment required to set up the nursing home, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your nursing home business plan, let's have a look at the written part of the plan.

The written part of a nursing home business plan

The written part of a nursing home business plan is composed of 7 main sections:

  • The executive summary
  • The presentation of the company
  • The products and services
  • The market analysis
  • The strategy
  • The operations
  • The financial plan

Throughout these sections, you will seek to provide the reader with the details and context needed for them to form a view on whether or not your business plan is achievable and your forecast a realistic possibility.

Let's go through the content of each section in more detail!

1. The executive summary

The executive summary, the first section of your nursing home's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.

To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.

Subsequently, provide an overview of your nursing home's addressable market, highlighting current trends and potential growth opportunities.

Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Lastly, address any funding needs in the "ask" section of your executive summary.

2. The presentation of the company

In your nursing home business plan, the second section should focus on the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide an overview of the business's legal structure, details about the owners, and their respective investments and ownership shares. This clarity is crucial, especially if you're seeking financing, as it helps the reader understand which legal entity will receive the funds and who controls the business.

Moving on to the location part, you'll offer an overview of the company's premises and their surroundings. Explain why this particular location is of interest, highlighting factors like catchment area, accessibility, and nearby amenities.

When describing the location of your nursing home, you could highlight its potential for growth. It may be in an area that is rapidly expanding, with a diverse population and a strong economy. You could also emphasize how it is positioned in a convenient location that is easily accessible by public transportation, and that it is close to hospitals and other health care facilities. Additionally, you might point out the potential for a larger customer base, as well as the opportunity to attract a broad range of customers from a variety of backgrounds.

Finally, you should introduce your management team. Describe each member's role, background, and experience.

Don't forget to emphasize any past successes achieved by the management team and how long they've been working together. Demonstrating their track record and teamwork will help potential lenders or investors gain confidence in their leadership and ability to execute the business plan.

3. The products and services section

The products and services section of your nursing home business plan should include a detailed description of what your company sells to its customers. 

For example, your nursing home might offer 24 hour medical care, physical therapy, and counseling services to its customers. These services provide the elderly with access to medical care at any time, helping them to maintain their health and independence. Physical therapy is important for elderly individuals to remain active and maintain mobility, while counseling services provide emotional support and mental health care. These services are essential for the elderly to continue living a healthy and enjoyable life.

The reader will want to understand what makes your nursing home unique from other businesses in this competitive market.

When drafting this section, you should be precise about the categories of products or services you sell, the clients you are targeting and the channels that you are targeting them through. 

4. The market analysis

When outlining your market analysis in the nursing home business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your nursing home, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your nursing home targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include elderly individuals who are in need of long-term care and support. This could include people who can no longer live independently, and need help with activities such as bathing, cooking, and dressing. Additionally, it could include people who require medical services such as physical, occupational, and speech therapy.

In the competition subsection, introduce your main competitors and explain what sets your nursing home apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your nursing home.

5. The strategy section

When writing the strategy section of a business plan for your nursing home, it is essential to include information about your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

The competitive edge subsection should explain what sets your company apart from its competitors. This part is especially key if you are writing the business plan of a startup, as you have to make a name for yourself in the marketplace against established players.

The pricing strategy subsection should demonstrate how you intend to remain profitable while still offering competitive prices to your customers.

The sales & marketing plan should outline how you intend to reach out and acquire new customers, as well as retain existing ones with loyalty programs or special offers. 

The milestones subsection should outline what your company has achieved to date, and its main objectives for the years to come - along with dates so that everyone involved has clear expectations of when progress can be expected.

The risks and mitigants subsection should list the main risks that jeopardize the execution of your plan and explain what measures you have taken to minimize these. This is essential in order for investors or lenders to feel secure in investing in your venture.

Your nursing home could face a number of risks. For example, there may be a risk of a data security breach or a cyber attack. Such an incident could result in the loss of valuable information or the exposure of confidential resident data. Another risk your nursing home might face is a fire or other natural disaster. Such an event could cause serious damage to the facility and its residents, as well as disrupt operations.

6. The operations section

The operations of your nursing home must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your nursing home - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have a number of key assets and IP as a nursing home. For example, you could have proprietary software that is used to manage patient records and medication schedules. Additionally, you might have patented medical devices or treatments that are exclusive to your facility. These assets are important to your operation and need to be protected.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a nursing home business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my nursing home's business plan?

In this section, we will be reviewing the two main solutions for creating a nursing home business plan:

  • Using specialized online business plan software,
  • Outsourcing the plan to the business plan writer.

Using an online business plan software for your nursing home's business plan

Using online business planning software is the most efficient and modern way to write a nursing home business plan.

There are several advantages to using specialized software:

  • You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
  • You are guided through the writing process by detailed instructions and examples for each part of the plan
  • You can access a library of dozens of complete business plan samples and templates for inspiration
  • You get a professional business plan, formatted and ready to be sent to your bank or investors
  • You can easily track your actual financial performance against your financial forecast
  • You can create scenarios to stress test your forecast's main assumptions
  • You can easily update your forecast as time goes by to maintain visibility on future cash flows
  • You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your nursing home's business plan

Outsourcing your nursing home business plan to a business plan writer can also be a viable option.

Business plan writers are skilled in creating error-free business plans and accurate financial forecasts. Moreover, hiring a consultant can save you valuable time, allowing you to focus on day-to-day business operations.

However, it's essential to be aware that hiring business plan writers will be expensive, as you're not only paying for their time but also the software they use and their profit margin.

Based on experience, you should budget at least £1.5k ($2.0k) excluding tax for a comprehensive business plan, and more if you require changes after initial discussions with lenders or investors.

Also, exercise caution when seeking investment. Investors prefer their funds to be directed towards business growth rather than spent on consulting fees. Therefore, the amount you spend on business plan writing services and other consulting services should be insignificant compared to the amount raised.

Keep in mind that one drawback is that you usually don't own the business plan itself; you only receive the output, while the actual document is saved in the consultant's business planning software. This can make it challenging to update the document without retaining the consultant's services.

For these reasons, carefully consider outsourcing your nursing home business plan to a business plan writer, weighing the advantages and disadvantages of seeking outside assistance.

Why not create your nursing home's business plan using Word or Excel?

I must advise against using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write your nursing home business plan. Let me explain why.

Firstly, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is highly technical and requires a strong grasp of accounting principles and financial modelling skills. It is, therefore, unlikely that anyone will fully trust your numbers unless you have both a degree in finance and accounting and significant financial modelling experience, like us at The Business Plan Shop.

Secondly, relying on spreadsheets is inefficient. While it may have been the only option in the past, technology has advanced significantly, and software can now perform these tasks much faster and with greater accuracy. With the rise of AI, software can even help us detect mistakes in forecasts and analyze the numbers for better decision-making.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Moreover, software makes it easier to compare actuals versus forecasts and maintain up-to-date forecasts to keep visibility on future cash flows, as we discussed earlier in this guide. This task is cumbersome when using spreadsheets.

Now, let's talk about the written part of your nursing home business plan. While it may be less error-prone, using software can bring tremendous gains in productivity. Word processors, for example, lack instructions and examples for each part of your business plan. They also won't automatically update your numbers when changes occur in your forecast, and they don't handle formatting for you.

Overall, while Word or Excel may seem viable for some entrepreneurs to create a business plan, it's by far becoming an antiquated way of doing things.

  • Using business plan software is a modern and cost-effective way of writing and maintaining business plans.
  • A business plan is not a one-shot exercise as maintaining it current is the only way to keep visibility on your future cash flows.
  • A business plan has 2 main parts: a financial forecast outlining the funding requirements of your nursing home and the expected growth, profits and cash flows for the next 3 to 5 years; and a written part which gives the reader the information needed to decide if they believe the forecast is achievable.

We hope that this in-depth guide met your expectations and that you now have a clear understanding of how to write your nursing home business plan. Do not hesitate to contact our friendly team if you have questions additional questions we haven't addressed here.

Also on The Business Plan Shop

  • How to write a business plan to secure a bank loan?
  • Key steps to write a business plan?
  • Top mistakes to avoid in your business plan

Do you know entrepreneurs interested in starting or growing a nursing home? Share this article with them!

Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How to Start a Nursing Home

start a nursing home

Starting a nursing home can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful nursing home.

Importantly, a critical step in starting a nursing home is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .

Download our Ultimate Business Plan Template here

14 Steps To Start a Nursing Home :

  • Choose the Name for Your Nursing Home
  • Develop Your Nursing Home Business Plan
  • Choose the Legal Structure for Your Nursing Home
  • Secure Startup Funding for Your Nursing Home (If Needed)
  • Secure a Location for Your Business
  • Register Your Nursing Home with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Nursing Home
  • Buy or Lease the Right Nursing Home Equipment
  • Develop Your Nursing Home Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Nursing Home
  • Open for Business

1. Choose the Name for Your Nursing Home

The first step to starting a nursing home is to choose your business’ name.  

This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your nursing home:

  • Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
  • Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
  • Think about marketing . Come up with a name that reflects the desired brand and/or focus of your nursing home.

2. Develop Your Nursing Home Business Plan

One of the most important steps in starting a nursing home is to develop your nursing home business plan . The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

Your business plan should include the following sections:

  • Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your own assisted living facility.
  • Company Overview – this section tells the reader about the history of your nursing home and what type of nursing home you operate. For example, are you a long-term care facility, assisted living facility, or an independent living facility?
  • Industry Analysis – here you will document key information about the nursing home industry. Conduct market research and document how big the industry is and what trends are affecting it.
  • Customer Analysis – in this section, you will document who your ideal or target market are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing services like the ones you will offer?
  • Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
  • Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
  • Product : Determine and document what products/services you will offer 
  • Prices : Document the prices of your products/services
  • Place : Where will your business be located and how will that location help you increase sales?
  • Promotions : What promotional methods will you use to attract prospective customers to your nursing home? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
  • Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
  • Management Team – this section details the background of your company’s management team.
  • Financial Plan – finally, the financial plan answers questions including the following:
  • What startup costs will you incur?
  • How will your nursing home make money?
  • What are your projected sales and expenses for the next five years?
  • Do you need to raise funding to launch your business

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3. choose the legal structure for your nursing home.

Next you need to choose a legal structure for your nursing home and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole proprietorship

A sole proprietorship is a business entity in which the owner of the nursing home and the business are the same legal entity. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start a nursing home together. The partners share in the profits and losses of the business. 

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a nursing home include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a nursing home is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.

Once you register your nursing home, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

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4. Secure Startup Funding for Your Nursing Home (If Needed)

In developing your nursing home business plan , you might have determined that you need to raise funding to launch your business. 

If so, the main sources of funding for a nursing home to consider are personal savings, family members and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a nursing home that they believe has high potential for growth.

5. Secure a Location for Your Business

The first step in finding a location for your nursing home is to decide what kind of environment you want for your nursing home residents. Do you want a rural setting with plenty of open space, or a more urban environment with easy access to medical care and other amenities?

Once you’ve decided on the environment, you’ll need to research the locations that fit your criteria. There are many online databases of nursing homes. You can also contact your state’s department of health for a list of licensed and skilled nursing facilities in your area.

Your next step is to take a tour of the homes on your list. The right location should feel like a home, not only for you but also for your potential residents and other employees.

6. Register Your Nursing Home with the IRS

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).

Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

7. Open a Business Bank Account

It is important to establish a bank account in your nursing home’s name. This process is fairly simple and involves the following steps:

  • Identify and contact the bank you want to use
  • Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
  • Complete the bank’s application form and provide all relevant information
  • Meet with a banker to discuss your business needs and establish a relationship with them

8. Get a Business Credit Card

You should get a business credit card for your nursing home to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company.

When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.

9. Get the Required Business Licenses and Permits

Assisted living facilities provide residence and care for the elderly population or disabled people who can’t live independently. To start a nursing home, you’ll need a business license and a permit to operate a healthcare facility. You’ll also need to meet several requirements for staff, patient care, and the facility itself.

If you live in a state that requires inspections, nursing facilities are licensed by each state’s department of health. In states where there isn’t a licensing requirement, nursing care facilities are regulated by the Centers for Medicare & Medicaid Services (CMS). Either way, you’ll need to obtain a license or a state permit.

In most cases, your facility will also need to meet requirements for staffing levels and staff training, patient care records, fire safety procedures, and building safety that are established by the state’s department of health or state legislature. In addition, nursing homes have federal standards they must follow including the CoP (Conditions of Participation), which details requirements for all healthcare facilities. All of these standards can be found on the CMS website.

If you plan to offer specialized care, such as a skilled nursing facility care for people with Alzheimer’s or dementia, your facility likely needs additional licensing or certification. For example, in order to receive reimbursement from Medicare or Medicaid, a facility that specializes in dementia care must be a Dementia Special Care Unit certified by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

10. Get Business Insurance for Your Nursing Home

There are different types of insurance that are necessary for the operation of a nursing home. 

Nursing Home insurance policies that you should consider include:

  • General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
  • Workers’ compensation insurance : This type of policy works with your general liability policy to protect against employee workplace injuries and accidents. It also covers employees’ medical expenses and lost wages.
  • Professional liability insurance : This protects your business against claims of professional negligence such as incorrect medication or medical treatment.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs. 

11. Buy or Lease the Right Nursing Home Equipment

To run your nursing home successfully on a day-to-day basis, you will need the following equipment: 

  • defibrillators
  • induction loops
  • wheelchairs/walking aids
  • wardrobes (for uniforms)
  • medical beds (of various sizes depending on the number of patients)
  • cots (for newborns or short-term stay patients)
  • medical records storage facilities
  • feeding equipment

The equipment that you need will vary depending on the size of your nursing home. You can run a small facility with less than fifty patients, but you still need to be able to provide round the clock care. A larger nursing home will need more staff members to keep it running smoothly.

12. Develop Your Nursing Home Marketing Materials

Marketing materials will be required to attract and retain customers to your nursing home.

The key marketing materials you will need are as follows:

  • Logo : Spend some time developing a good logo for your nursing home. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
  • Website : Likewise, a professional nursing home website provides potential customers with information about the services and/or medical care you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
  • Social Media Accounts : establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media platforms will help customers and others find and interact with your nursing home.

13. Purchase and Setup the Software Needed to Run Your Nursing Home

The software you need to run a nursing home may vary depending on the type of nursing home. In general you’ll need software that can track patient information and manage medication schedules. If you are running a long-term care facility, you may also need software that can track resident information and manage billing and payroll.

The software you need to run a nursing home will vary depending on the specific needs of your home, but some common options include electronic health records (EHR) software, patient tracking software, and nurse scheduling software.

14. Open for Business

You are now ready to open your nursing home. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.

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How to Start a Nursing Home FAQs

Is it hard to start a nursing home.

Starting a nursing home can be difficult, but with the right planning and execution it can be a successful endeavor. There are a few key things you need to do in order to get your nursing home up and running: 

  • Plan your business carefully. This includes creating a comprehensive business plan and strategizing how you will market and run your nursing home. 
  • Find the right location for your home. You'll need to consider factors such as zoning, accessibility, and the needs of your target population. 
  • Establish good relationships with local healthcare providers. This will help you attract residents to your home and ensure that they receive quality care. 
  • Manage your finances carefully, including the hiring and training of staff members. 
  • Once you acquire residents, be sure to provide quality care and establish a strong culture within your home. By properly planning and executing these tasks, you will have a successful nursing home in no time.

How can I start a nursing home with no experience?

There are a few ways to start a nursing home with no experience. First, you may want to research the process and startup costs. You may also want to find a partner who has experience in the nursing home industry. Finally, you could also attend a seminar or workshop on starting a nursing home.

What type of nursing home is most profitable?

There is no one-size-fits-all answer to this question, as the profitability of nursing homes can vary depending on many factors. However, in general, for-profit nursing homes are often more profitable than nonprofit nursing homes. This is because for-profit nursing homes typically have lower overhead costs and can charge patients more for their services.

How much does it cost to start a nursing home?

The cost to start a nursing home can vary depending on the size and location of the home. Typically, startup costs can range from $200,000-$250,000 for a small nursing home business, with costs starting as high as $750,000 for a medium sized business. 

The following are some factors that contribute to startup costs in opening a nursing home: 

  • Initial licensing fees 
  • Building renovation and construction 
  • Equipment (necessary medical equipment, furniture, kitchen utensils) 
  • Landscaping (fencing, garden) 
  • Business license 
  • Advertisements 
  • State and federal survey compliance (filing fees) 
  • Professional services (architect/engineer/surveyor fees)
  • Insurance fees

What are the ongoing expenses for a nursing home?

The ongoing expenses for a nursing home can vary depending on the location and the services offered. However, some of the more common expenses include room and board, medications, medical supplies, physical therapy, and occupational therapy . Depending on the needs of the patient, these expenses can range anywhere from $6,000 to $10,000 per month.

How does a nursing home make money?

Nursing homes make money by providing room and board, medical care, and other services to residents. The cost of these services is usually more than the resident can pay out-of-pocket, so the nursing home collects payments from insurance companies, Medicaid or Medicare, or the resident's family. Some nursing homes also have income from investments or rental properties.

Is owning a nursing home profitable?

The nursing home industry is one of the most profitable industries in the United States. There are several reasons for this, including the following:

  • The demand for nursing homes is high. As the population ages, more and more people will need nursing home care.
  • The cost of nursing home care is high. This means that there is a lot of money for nursing home administrators to make in the industry.
  • The quality of nursing home care is often poor. This means consumers will pay higher prices for quality care.
  • Government healthcare programs pay for a lot of nursing home care. This allows nursing homes to receive money from the government.

Why do nursing homes fail?

Nursing homes fail because they are often understaffed, which can lead to residents not getting the care they need. They may also be underfunded, which can limit the quality of care that residents receive. Additionally, nursing homes can be unpleasant places to live, which can cause residents to feel unhappy or isolated. If a nursing home is not financially stable, it can lead to staff quitting and residents being forced to move. All of the above issues lead to nursing homes closing down.

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Do you know how to start your own private nursing home business? How much does it cost to start a nursing home?

Health is wealth is the popular axiom that has gained prominence in discussions centering on Healthcare delivery and management.

Indeed, mankind has made enormous strides in ridding the world of killer diseases and other infectious illnesses, by a combination of improved medications and more advanced treatment procedures.

As a consequence, increasing parts of the world have populations that are experiencing longevity occasioned by better access to health care and positive lifestyle changes.

As more people reached advanced ages, the need arises for structures and facilities that can cater to the health needs of this age demographic.

The Nursing Home health subsector is a lucrative business idea for nurses in this regard, with the aged and elderly looking to have personalized care and attention.

Elderly people are usually unable to look after themselves and with more of the population living longer, there will be a commensurate increase in the demand for the best nursing home facilities.

The statistics also favor the establishment of a skilled nursing home.

Figures of nursing home business profit from some selected regions in the United States of America show that growth in the nursing home sector will reach figures such as 23.9% for the Southeast, 17.3 percent for the Great Lakes region, 12.9 percent for the West, and 12.7% for the Mid-Atlantic regions.

How to start up a Nursing Home

However, it should be noted that starting a nursing home in many countries, will require that the founder navigate and pass several hurdles that include medical, legal as well as employment laws and stipulations.

The following points can serve as guides toward successfully establishing a skilled nursing home for the elderly:

  • HAVE A BUSINESS PLAN

Possessing a detailed elderly care business plan for establishing a Nursing home will confer focus and insight from inception.

A nursing home business plan should list the services that the home will be offering; will it be short term services such as catering the rehabilitation of patients recently released from medical facilities or will the home provide long term care for the aged suffering from diseases such as Alzheimer’s, Arthritis or some irreparable injury?

The business plan to start an assisted living facility is a useful tool for the founder to seek additional funding and assistance from Government grants and/or NGOs.

There are many care home business plan examples you can get online. You should also prepare a nursing home marketing plan for business promotion.

  • SELECT A GOOD LOCATION

The site of the nursing home should also be taken into consideration. Accessibility to nursing home care should be guaranteed especially for clients who may elect to visit the facilities daily.

In addition, the location must be set up in such a way that satisfies all medical and legal stipulations as regards the health and safety of clients who reside there.

Another important consideration is the proximity of the selected location to hospitals and medical facilities , in case of emergencies.

The founder of a Nursing Home may be presented with options that include building a new facility from scratch, buying an existing facility, or obtaining one on lease.

  • OBTAIN NECESSARY SUPPLIES AND EQUIPMENT

The nursing home agency should make adequate arrangements to obtain all the stock, supplies, and equipment that clients will require daily.

These will include wheelchairs, stretchers, desks, syringes, sanitary supplies, and so on.

In addition, the nursing care at home must have suitable arrangements in place for promptly restocking when supplies deplete.

  • ENGAGING QUALIFIED PERSONNEL

A full care senior nursing home will have to engage the services of both medical and non-medical staff.

For medical personnel, the nursing home will require the services of a doctor (preferably a geriatrist), a physiotherapist, and nurses.

The latter should be expected to have garnered experience working with and giving care to the elderly; who will make up a good number of the home’s clientele base.

Essential non-medical staff will comprise those who will render cleaning services, meal preparation, carry laundry tasks as well as maintain the physical structures.

A Director of Services will oversee the smooth day-to-day running of the facility will also be required.

Other staff required will be an Attorney, who will ensure that the nursing home services meets with all the required legal and medical stipulations, as well as an Accountant, to take care of computing income and expenses.

  • INSTITUTE AN INSURANCE POLICY

The founder of a nursing home company will have to seek an appropriate Insurance policy for the business from inception.

While nursing home agencies provide the care and attention that the elderly need, the possibility of lawsuits being instituted against the home, especially in cases of death and disability, still exists.

To prevent such lawsuits from being a drain on resources, a medicare nursing home can take up an insurance plan that will cater for such unforeseen scenarios as well as other circumstances that have the potential of disrupting the operations of the home care nursing outfit.

Associated Costs of Starting a Nursing Home Business

Liability Insurance is part of a startup nursing home costs and covers costs like legal representation fees, court costs, judgments, or settlements.

The types of insurance policies that can be instituted include general liability insurance, professional insurance amongst others. This is the basic nursing home startup information you need to open one.

Here is a sample business plan for starting a nursing home.

NURSING HOME BUSINESS PLAN EXAMPLE

The nursing home industry provides a vital service as it provides some of the most extensive care outside of a hospital. Lots of people require these services and you can start your own nursing home if you have the skills and passion.

Our nursing home business plan sample has been written with you in mind. If you are reading this, chances are that you are interested in this area of business.

With this sample business plan, new entrepreneurs get the opportunity to write their own plans following our general guidelines. The plan is highly important to the success of your business.

This is why you need all the help you can get.

We will help you achieve your desires. All you need to do is read through this entire sample plan to the end;

  • Executive Summary

Olive Care Givers™ is a registered nursing home facility that will provide a variety of medical assistance services to clients. These will include custodial care services such as skilled care, room and board services, round-the-clock emergency care, and several others.

Our team is made of registered nurses, respiratory therapists, and physical therapists among others.

We will be located in Jackson City Mississippi and will offer our services to clients in need of quality nursing care.

Our nursing home business comes at a time when the need for such services is at an all-time high. The growing need has resulted in clients having to endure long waiting hours for available accommodations.

We are coming in to improve the situation and conditions of these clients.

  • Our Services

Our services consist of a wide range of nursing care services that include custodial care services, monitoring, and medication services, round-the-clock emergency care, the provision of social and recreational services as well as room and board services.

These and more are offered based on the needs of individual clients.

  • Vision Statement

At Olive Care Givers™ we are a business that seeks to make a difference. This is by establishing a business that touches lives.

Our professional nursing care services are designed to be among the best in the industry. This we seek to achieve through the adoption of best practices.

We do not just want to be like any other nursing home, but to be among the best.

  • Mission Statement

Our mission is to provide quality services in a loving and warm environment. We consider the needs of our clients as paramount and vital towards achieving our goals.

Therefore we are committed to improving the lives of clients by reducing the waiting time for patients looking for accommodations. This will be achieved by making adequate accommodation arrangements.

Olive Care Givers™ will be financed through a credit facility obtained from one of the major banks in Mississippi. We are currently applying for the sum of $2,500,000.00 with a recurring monthly interest rate of 1.5%.

This loan applied for has a term of 10 years.

We will use these funds to rent an adequate space as well as purchase equipment and other facilities necessary. Running costs will take up 20% of the total amount.

  • SWOT Analysis

To achieve success in running an efficient nursing home business, we have taken the initiative to conduct a test of our level of preparedness.

The information obtained has been really enlightening as we are focused on improving on areas that need such while taking full advantage of our opportunities;

Our strength as a nursing home business is that we have the capacity and skilled personnel to provide quality services. In trying to serve our clients better, we are investing in retraining our workforce on our values as a business.

This is in addition to the provision of incentives that will enable them to give their very best. We are driven by a philosophy of service excellence.

This is our main priority as a business.

Setting up a nursing home requires substantial investment. We are a new business that seeks to compete favorably in an industry where there are major players.

These are well-funded nursing home businesses that can easily outspend us in the area of marketing.

However, as a growing business, we consider this weakness as only temporal. We are doing everything we can to eventually position ourselves among the most competitive.

  • Opportunities

There are enormous opportunities for our nursing home business. With an increasing number of people needing nursing care, we are well placed to offer such.

To achieve rapid growth, we are determined to pursue an expansion drive that will see us opening more locations across the state of Mississippi within the next 6 years.

Threats to our business will come in the form of intense competition among nursing care service providers.

Fortunately for us, the situation is much easier now. Before such a time, we would have grown into a formidable force to effectively weather the storm.

  • Sales Projection

As a serious business, we consider all our activities as vital towards achieving our set goals. Patronage is an important measurement of how good our performance is.

Based on the current demand in the industry and coupled with the services we will provide, we have done a 3-year sales projection. This has shown a lot of promise as reflected in the chart below;

  • First Financial Year $250,000.00
  • Second Financial Year $650,000.00
  • Third Financial Year $1,500,000.00
  • Competitive Advantage

Olive Care Givers™ has some of the finest collections of professionals in the industry. We have chosen a team consisting of highly experienced administrators as well as registered health caregivers.

Our business will benefit immensely from their enormous experience and professionalism. We have also put in place a marketing team that will drive our marketing campaigns to enable us to achieve maximum exposure.

  • Marketing Strategies

Before choosing a nursing home service, most clients will conduct a review to check the competence of each.

We realize this and are determined to distinguish our business from the rest by embarking on a rigorous marketing campaign.

This will make use of the most effective channels available such as the mainstream media (print and electronic), billboards, and fliers.

This is in addition to working with health facilities to promote our business.

This nursing home business plan sample has sought to outline some of the key areas every good business plan should have. We hope that you will find this useful when writing your plan.

Good knowledge of the industry is a major determinant of how effective your plan is in the long run.

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Nursing Home Business Plan Template [Updated 2024]

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I. Executive Summary

This Section's Contents

Business Overview

Services offered, customer focus, management team, success factors, financial highlights.

[Company Name] is founded by [Founder’s Name], a Registered Nurse who has worked for the past twenty years in various nursing homes around [company location]. He specializes in providing skilled nursing care and light therapy for elderly and disabled patients. [Company Name] will be a clean, comfortable, and highly capable facility that will be able to provide the highest quality of care for this special segment of the population. It will be moderately priced and will work with all types of insurance.

[Company Name] will provide rooms, meals, social activities, personal care, 24-hour nursing supervision and access to medical services when needed. In addition, the facility will offer interim medical care (after a hospital stay) and respite care.

[Company Name] will serve the aging and disabled community of [company location]. Many of the aging and disabled community has special and severe conditions that prevent them from living independently and require constant oversight and 24-hour care in a comfortable facility.

The demographics of the target customer profile is as follows:

  • 900,652 residents
  • Average income of $60,000
  • 75.4% married
  • 45.7% retired and/or over the age of 55
  • Median age: 39 years

[Company Name] is owned and operated by [Founder’s Name], a Registered Nurse who has worked for the past twenty years in various nursing homes around [company location]. At each nursing home he worked at, he was never satisfied with the level of care, compassion, and cleanliness of each facility. He knew in his heart that this disadvantaged segment of the population deserved a better quality of care and he set out to find a building where he could lead a team in providing the best level of nursing and rehab services in the area.

Aside from the nurses, therapists, kitchen staff, janitorial, and social worker he will have on staff, [Founder’s Name] will also employ a receptionist and Office Manager to help with the administration and operation of the nursing home.

[Company Name] has several advantages over its competition. Those advantages include:

  • Compassionate Staff: Knowledgeable and friendly staff of nurses, therapists, aides, and social workers who are not only knowledgeable in their field, but place a special emphasis on compassion.
  • Location: [Company Name] will be able to service the entire metropolitan area of [company location] and its surrounding areas.
  • Quality Care: [Company Name] will provide expert services, and patients will receive quality treatment and care so that the resident is as comfortable as possible.
  • Facility: [Company Name]’s facility will be constructed ADA-compliant, spacious, clean, and comfortable to ensure each resident enjoys maximum comfort.
  • Pricing: [Company Name]’s pricing will be more affordable than its competition. The company will also work on payment arrangements with the resident and their family so that the patient won’t have to sacrifice any type of care they might require because the cost is too high. The company will also accept most types of insurance, as well as Medicare and Medicaid.

[Company Name] is seeking $250,000 in funding to launch its nursing home. The capital will be used for funding capital expenditures, construction build-out, staffing, training, marketing and advertising expenses, and working capital.

The breakout of the funding may be seen below:

  • Facility design/build-out: $100,000
  • Capital expenditures: $20,000
  • Furniture, fixture, and equipment: $35,000
  • Marketing and advertising: $10,000
  • Staffing costs: $75,000
  • Working capital: $10,000

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Nursing Home Business Plan Home 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

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Home Health Care Business Plan Template

Written by Dave Lavinsky

Home Health Care Business Plan

You’ve come to the right place to create your Home Health Care 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 home health care businesses.

Home Care Business Plan Example

Below is a template to help you create each section of your home health agency business plan.

Executive Summary

Business overview.

St. Helen’s Home Care is a new home healthcare business that serves the aging population of Austin, Texas. As individuals age, they are more susceptible to diseases and other conditions and need extra help to receive health care. However, many individuals wish to receive care in the comfort of their homes instead of going to a nursing home or hospital. St. Helen’s will provide this population with the care they need without them needing to travel. Our nursing services include physical therapy, skilled nursing care and other healthcare services that can be conducted in the home. We also provide warmth, compassion, and companionship to create lasting relationships with our clients.

St. Helen’s Home Care is run by Helen Parker, who has been a nurse for twenty years. She has specialized in working with aging populations and has extensive knowledge of the common conditions and needs of this age group. Her experience and connections have helped her find other medical professionals who want to join our company. Furthermore, she was able to establish an initial client base from the list of patients she has been helping for years.

Services Offered

St. Helen’s Home Care offers a variety of home health care services that serve the aging population of Austin, Texas. These services include but are not limited to:

  • Physical therapy
  • Occupational therapy
  • Speech-language therapy
  • Skilled Nursing Services
  • Personal care and housekeeping

Customer Focus

St. Helen’s Home Care will serve the aging population of Austin, Texas, primarily residents over the age of 65. This population is susceptible to many conditions that make daily living difficult such as Alzheimer’s, dementia, arthritis, and diabetes. This population needs more health care than other age groups, but not all services require a visit to the hospital or doctor’s office. St. Helen’s will provide any medical service that can easily be conducted in a home setting.

Management Team

St. Helen’s Home Care is owned and operated by Helen Parker, a local nurse who has worked at local hospitals for over the past twenty years. She has worked with hundreds of elderly patients and their families and has helped them find adequate and affordable home health care upon being released from the hospital. Helen Parker has realized there is a lack of quality and affordable home healthcare agencies in Austin. She aims to provide the best in-home health care services while also being affordable for the patient and their families.

Aside from the medical professionals she will have on staff, Helen has also employed an Administrative Assistant, Accountant, and Marketing Specialist to help her operate the company.

Success Factors

St. Helen’s Home Care will be able to achieve success by offering the following competitive advantages:

  • Compassionate Staff: Helen’s will employ a compassionate and friendly staff of nurses, therapists, aides, and social workers who are highly knowledgeable and experienced in their field.
  • Quality Care: Helen’s will provide expert nursing services so that the patients are at the highest comfort level.
  • Pricing: Helen’s pricing will be more affordable than other home health care agencies. They will also work on payment arrangements with the patient and their family so that the patient won’t have to sacrifice any type of care because the cost is too high. The company is also working to partner with local and national insurance companies so that our patients can have their care partially or fully covered by their insurance plans.

Financial Highlights

St. Helen’s Home Care is seeking $340,000 in funding to launch the home healthcare business. The capital will be used for funding equipment and supplies, staffing, marketing expenses, and working capital.

The breakdown of the funding may be seen below:

  • Equipment and supplies (such as computers and medical equipment): $150,000
  • Marketing costs: $50,000
  • Staffing costs: $60,000
  • Working capital (to include three months of overhead expenditures): $80,000

The following graph outlines the pro forma financial projections for St. Helens’ Home Care over the next five years:

sample business plan for nursing home

Company Overview

Who is St. Helen’s Home Care?

St. Helen’s Home Care is a new home healthcare business that serves the aging population of Austin, Texas. As individuals age, they are more susceptible to diseases and other conditions and need extra help to receive health care. However, many individuals wish to receive care in the comfort of their homes instead of going to a nursing home or hospital. St. Helen’s will provide this population with the care they need without them needing to travel. Our services include physical therapy, nursing, and other healthcare services that can be conducted in the home. We also provide warmth, compassion, and companionship to create lasting relationships with our clients.

St. Helen’s Home Care History

Helen Parker has worked with thousands of elderly patients during her career as a nurse. She often found that many people did not need to travel to a doctor’s office or hospital for their care. Instead, these patients often enjoyed a higher quality of life when they received care from their homes. This revelation inspired her to start a business where she and other professionals could provide care to local elderly patients in the comfort of their homes. After conducting the research needed to establish the company, Helen incorporated St. Helen’s Home Care as an S-corporation on May 15th, 2022.

Since incorporation, St. Helen’s has achieved the following milestones:

  • Found an office location and signed a Letter of Intent to lease it
  • Developed the logo and website for the company
  • Finalized list of services the company will be able to provide
  • Determined the office equipment and inventory requirements
  • Created an initial client base from Helen’s pre-existing patient list
  • Started creating partnerships with local and national medical insurance companies
  • Began recruiting key employees, including medical and administrative staff

St. Helen’s Home Care Services

Industry Analysis

According to Grand View Research, the global home health care industry was valued at $336 billion USD in 2021. It is also expected to grow at a compound annual growth rate of 7.93% from 2022 to 2030 and reach a value of $666.9 billion USD by 2030. This shows that these services will be in great demand, which means it is a great time to start a home healthcare business.

This growth is primarily driven by a growing geriatric population. People are living longer than ever before, and therefore, they will need comfortable healthcare services for much longer. Furthermore, baby boomers comprise a large population and are now entering their retirement years. It is expected that this enormous population will have a significant need for healthcare (whether in the home or doctor’s office) and may create a strain on the current industry. However, this also means there is an enormous opportunity for healthcare businesses to be extremely profitable in the near future.

This is especially true for home healthcare services, which are increasing in demand. Most aging people would rather receive medical care at home than go to a nursing home or hospital. Therefore, there is an incredible demand for these particular services.

The only challenge affecting the industry is a lack of properly trained staff who can take on a healthcare career. However, this will only mean that home healthcare services will be even more valued. These industry trends will only help boost the popularity and success of St. Helen’s Home Care.

Customer Analysis

Demographic profile of target market.

St. Helen’s Home Care will primarily target the aging population of Austin, Texas. This includes anyone over the age of 65, especially those who live with diabetes, Alzheimer’s, arthritis, or other conditions that affect their quality of life.

The precise demographics of Austin, Texas, are:

Customer Segmentation

St. Helen’s will primarily target the following customer profiles:

  • Aging individuals over the age of 65
  • Individuals living with Alzheimer’s and dementia
  • Elderly individuals with other health conditions

Competitive Analysis

Direct and indirect competitors.

St. Helen’s Home Care will face competition from other home health care agencies with similar business profiles. A description of each competitor company is below.

Travis County Home Health

Travis County Memorial Hospital’s Home Health & Hospice has provided home health services for over a decade. Their staff is composed of dedicated professionals who are committed to providing quality care in the comfort and convenience of their patients’ homes. Their home health aides can assist the patient with grooming and light chores around their home. Home health care will verify if home health aide services are covered by their insurance policy. They accept Medicare, Insurance/HMO/PPO, Medicaid, and Private Pay. The home health care team works closely with the physician to plan the care and monitor the patients’ progress. The nurse will contact the physician with any laboratory results, medication changes, or alterations in their health status.

Elara Caring

Elara Caring is one of the nation’s largest providers of home-based care, with a footprint in most regions of the United States. Elara Caring brings together three award-winning organizations – Great Lakes Caring, National Home Health Care, and Jordan Health Services, into one transformational company. They provide the highest-quality comprehensive care continuum of personal care, skilled home health, hospice care, and behavioral health. Their intimate understanding of their patients’ needs allows them to apply proprietary platforms to deliver proactive, customized care that improves quality of life and keeps patients in their homes.

Encompass Health

Encompass Health is one of the nation’s leading providers of home health services. They continually set the standard of homecare through their people, their approach, and their outcomes.

The patient experience is at the core of everything they do. That’s why they work collaboratively with the patient’s team of experts to craft a plan of care that meets their specific needs. Their skilled nurses, physical therapists, occupational therapists, speech-language pathologists, medical social workers, and home health aides use a coordinated, interprofessional approach to deliver compassionate, specialized care in the comfort of home. Whether recovering from a surgery, a recent hospital stay, or managing a disease or injury, Encompass Health’s services are designed to meet patients where they are.

Competitive Advantage

  • Quality Care: Helen’s will provide expert services so that the patients are at the highest comfort level.
  • Pricing: Helen’s will provide affordable home health care. They will also work on payment arrangements with the patient and their family so that the patient won’t have to sacrifice any type of care because the cost is too high. The company is also working to partner with local and national insurance companies so that our patients can have their care partially or fully covered by their insurance plans.

Marketing Plan

Brand & value proposition.

The St. Helen’s brand will focus on the company’s unique value proposition:

  • Knowledgeable, friendly, compassionate staff of healthcare professionals.
  • Quality level of service and care.
  • Offering the best nursing, therapy, social worker, and home aide services at competitive prices.

Promotions Strategy

St Helen’s Home Care will target elderly residents living in the Austin, Texas area. The company’s promotions strategy to reach the most clientele include:

Local Hospitals

Helen Parker already has great relationships with the local hospitals. She will work to make sure the hospitals send referrals and highly recommend the company to its patients and their families upon releasing them from the hospital.

Website/SEO Marketing

St. Helen’s has a website that is well-organized and informative and lists all our available services. The website also lists the company’s contact information and information about the medical professionals who provide our services.  We will utilize SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Austin home health care” or “Austin health care,” St. Helen’s will be listed at the top of the search results.

St. Helen’s Home Care will have a billboard at a busy intersection where thousands of cars and pedestrians pass daily. The location of the billboard will be in an area of town where there are a lot of doctors’ offices, rehab facilities, and a hospital nearby.

Insurance Partnerships

St. Helens will partner with local and national insurance companies so that our patients can be partially or fully covered for the services we provide. We will ask the insurance companies to recommend our services to their customers and have our business listed on their websites.

St Helen’s pricing will be moderate so customers feel they receive great value when purchasing its services. Services will either be charged directly to the patient or to their insurance plan.

Operations Plan

The following will be the operations plan for St. Helen’s Home Care.

Operation Functions:

  • Helen Parker will be the Chief Executive Officer of the company. She will be in charge of the business operations side of the business and provide home healthcare services until we have a full staff of medical professionals.
  • Helen is assisted by her longtime colleague Mary Green. Mary will be the Administrative Assistant and help with all general administration tasks, including taking phone calls and scheduling appointments.
  • Keith O’Reilly will serve as the Staff Accountant. He will provide all accounting, tax payments, and monthly financial reporting.
  • Betty Lopez will work as the Marketing Specialist. She will run the website, social media, and other marketing efforts.
  • Helen will hire a large team of medical professionals to serve our growing client base. So far, some of her former colleagues have agreed to work for her business.

Milestones:

St. Helen’s Home Care will have the following milestones completed in the next six months.

8/1/202X – Finalize lease for the office space.

8/15/202X – Finalize personnel and staff employment contracts.

9/1/202X – Begin refurbishment and furnishing of the office space.

9/15/202X – Begin networking at medical industry events.

9/22/202X – Begin marketing campaign to attract the first clients.

11/1/202X – St. Helen’s Home Care opens for business.

Financial Plan

Key revenue & costs.

The revenues for St. Helen’s Home Care will come from the fees it will charge the patients and their insurance for the provided health care services.

The major cost drivers for the company will be the staff payroll, marketing expenses, lease, and office equipment.

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 as well as pay off the startup business loan.

  • Number of clients per month: 100
  • Annual lease: $50,000
  • Overhead costs per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, home health care business plan faqs, what is a home health care business plan.

A home health care business plan is a plan to start and/or grow your home health care business. 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 Home Health Care business plan using our Home Health Care Business Plan Template here .

What are the Main Types of Home Health Care businesses?

There are a number of different kinds of Home Health Care businesses , some examples include: Nursing care business, Physical home health care business, and Home health care aides.

How Do You Get Funding for Your Home Health Care Company?

Home Health Care businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Home Health Care Business?

Starting a home health care 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. Develop A Home Health Care Business Plan - The first step in starting a business is to create a detailed home health care business plan that outlines all aspects of the venture. This should include market research on the home health care industry and potential target market size, information on the home health care services you will offer, marketing strategies, pricing detailed and your financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your home health care 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 home health care business is in compliance with local laws.

3. Register Your Home Health Care Business - Once you have chosen a legal structure, the next step is to register your home health care 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 home health care 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 Home Health Care Equipment & Supplies - In order to start your home health care 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 home health care 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 home health care business:

  • How to Start a Home Health Care Business

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Home Health Care Business Plan

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CaringCompanion

Value proposition.

CaringCompanion provides high-quality, personalized home health care services to seniors and individuals with disabilities, letting them maintain independence and comfort within their own homes.

The Problem

Demand for reliable, high-quality and affordable home health care services is growing. Many seniors and individuals with disabilities face challenges in finding home health care providers that can effectively address their specific needs while also offering the necessary support to ensure a high quality of life at home.

The Solution

CaringCompanion offers a comprehensive and holistic approach to home health care by connecting clients with experienced, certified caregivers who possess the skills and expertise to provide personalized care and support. Our services include personalized care plans that ensure each client receives the appropriate level of assistance.

Target Market

The primary market for CaringCompanion is seniors and individuals with disabilities who want to maintain their independence while receiving assistance with daily living activities in the comfort of their own homes. This may include individuals recovering from surgery, facing chronic health conditions or dealing with cognitive impairments such as Alzheimer’s or dementia.

Competitors & Differentiation

Current alternatives.

  • Traditional home health care agencies
  • Independent caregivers
  • Assisted living facilities and nursing homes

CaringCompanion stands out by offering personalized care plans and a thorough caregiver vetting process. Our customized care plans allow us to address each client’s specific needs and preferences, and our dedication to ongoing caregiver training and support ensures that our team stays up-to-date with the latest best practices while maintaining open communication with patients and their families.

Funding Needs

CaringCompanion requires $250,000 in initial funding to cover operating expenses, caregiver salaries, marketing efforts, insurance, and other startup costs.

Sales Channels

  • Official CaringCompanion website
  • Social media platforms
  • Local senior centers and community organizations
  • Referrals from existing clients

Marketing Activities

  • Content marketing through blog posts and articles
  • Social media campaigns
  • Local advertising and sponsorships
  • Networking with healthcare professionals and senior organizations

Financial Projections

2023: $180,000

2024: $250,000

2025: $325,000

Expenses/Costs

2023: $130,000

2024: $175,000

2025: $210,000

2023: $50,000

2024: $75,000

2025: $115,000

  • Secure initial funding – June 1, 2023
  • Launch official CaringCompanion website – July 1, 2023
  • Hire and train first team of caregivers – August 1, 2023
  • Acquire first 10 clients – September 30, 2023
  • Establish partnerships with local healthcare providers – December 31, 2023
  • Reach 50 active clients – June 30, 2024
  • Expand service offerings and geographic reach – January 1, 2025

Team and Key Roles

Founder & ceo.

Responsible for overall business operations, client management, and strategic growth initiatives.

Care Coordinator

Oversees client intake, caregiver assignments, and care plan development.

Caregiver Team

Provides in-home care services, ensuring clients’ needs are met with compassion and professionalism.

Marketing Manager

Develops and executes marketing strategies to attract new clients and enhance brand visibility.

Partnerships & Resources

Local healthcare providers.

Collaborate with physicians, therapists, and other healthcare professionals to ensure coordinated care and support for our clients.

Senior Organizations

Partner with local senior centers, community organizations, and advocacy groups to provide resources, educational materials, and support to seniors and their families.

Insurance Companies 

Establish relationships with insurance providers to offer our services as a covered benefit, making home health care more accessible and affordable for clients.

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Sales & Marketing Plan for a Nursing Home (Example)

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  • December 29, 2023
  • Business Plan , Sales & Marketing Strategy

sample business plan for nursing home

Running a successful nursing home involves more than just providing excellent care; it requires a strategic approach to marketing and sales. This comprehensive guide aims to assist in crafting a tailored sales and marketing plan for the business plan of a nursing home .

In this guide, we’ll dive into the analysis of your market, shedding light on your competitors, and discerning the needs of your potential residents and their families. Following that, our focus shifts towards the creation of your nursing home’s brand identity and its strategic positioning in the market. 

Subsequently, we delve into an exploration of diverse marketing channels that will assist in effectively reaching potential residents and families. Finally, we scrutinize various sales strategies designed to elevate revenue and enhance resident satisfaction.

Sales & Marketing Plan slide for a Nursing Home (Example)

Nursing Home Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Market Analysis

Understanding the market landscape is crucial for positioning your nursing home strategically.

Competitive Analysis

To better understand your competitors:

  • Identify Competitors: Identifying competitors goes beyond just understanding their services; it’s about comprehensively evaluating their strategies and how they position themselves in the market. Assess their strengths and weaknesses relative to your nursing home, including unique selling propositions (USPs), care quality, pricing models, and customer satisfaction levels.
  • SWOT Analysis : The SWOT analysis should not only concentrate on internal aspects but also consider external factors. Explore opportunities to innovate, address weaknesses, leverage strengths, and mitigate threats. This analysis will help you tailor strategies that capitalize on your strengths and opportunities.

Target Audience Profiling

Gaining insights into your potential residents’ demographics and psychographics:

  • Demographic Insights: Define the age range, health conditions, and specific care needs of your potential residents. Consider factors like the prevalence of chronic illnesses or specific care requirements within your target demographic.
  • Psychographic Details: Gain deeper insights into their interests, preferences, and lifestyle choices. Understand what activities or amenities would appeal to their lifestyles, hobbies, and social preferences.

Branding and Positioning

Develop a strong brand identity for your nursing home to make it stand out in the market.

Brand Identity Development

Crafting a distinctive brand identity:

  • Share Your Story: Craft a narrative that goes beyond the founding story. Emphasize the emotional connection by sharing compelling stories of residents and staff, focusing on compassionate care and the unique healthcare philosophies that drive your nursing home.
  • Visual Identity : Develop a consistent visual identity across all touchpoints. Ensure that logos, color schemes, signage, and facility ambiance align with the nursing home’s values and resonate with your target audience .

Defining Your Nursing Home’s Unique Proposition

Articulating what sets your nursing home apart:

  • Articulate Unique Offerings : Highlight and communicate what sets your nursing home apart. Be it innovative care programs, compassionate staff, specialized amenities, or advanced healthcare technologies, emphasize these unique offerings.
  • Positioning Statement: Create a clear positioning statement that succinctly communicates your nursing home’s values, mission, and exceptional care approach. This statement serves as a guiding light for all marketing and communication strategies.

Marketing Channels

Utilize various marketing channels to increase awareness and attract potential residents and their families.

Digital Marketing

Leveraging online platforms effectively:

  • Utilize Social Media: Utilize social media platforms like Facebook, LinkedIn, and Twitter not only for promotions but also for sharing resident success stories, health tips, and insights into daily life at the nursing home.
  • Email Marketing: Develop engaging email newsletters featuring healthcare articles, upcoming events, resident success stories, and updates on the facility’s services and improvements.
  • Website Development: Develop a website with intuitive navigation, providing comprehensive information about the facility, care services, staff profiles, testimonials, and blog content focusing on healthcare advice, wellness tips, and community engagement.

Local Promotion and Community Engagement

Participating actively in the local community:

  • Regular Community Newsletter: Produce a community-focused newsletter highlighting events, resident stories, and healthcare tips. Distribute this newsletter to community centers, libraries, and local businesses to enhance visibility and engagement.
  • Participate in Community Events: Host or participate in health fairs, senior expos, and workshops on relevant health topics. Offer talks and seminars addressing common concerns of the elderly community.
  • Collaborate with Health Professionals: Forge strong partnerships with local healthcare providers, hospitals, clinics, or physicians for mutual referrals and collaborative care programs.

Promotional Strategies

Implementing strategies to entice potential residents:

  • Offer Trial Stays: Provide short-term stay options for potential residents to experience the nursing home firsthand, interact with staff, and understand the care environment.
  • Referral Programs: Offer discounts, additional services, or referral bonuses to current residents or their families who refer new residents to your nursing home.

Sales Channels

Implement effective sales strategies to ensure a smooth admission process and enhance resident satisfaction.

Admissions Process

Facilitating smooth admissions:

  • Streamlined Admission : Simplify the admission process with clear documentation, providing supportive staff assistance and guidance throughout the admission journey.
  • Personalized Tours: Offer tailored tours to prospective residents and their families, showcasing the facilities, accommodations, recreational areas, and personalized care options available.

Continual Improvement

Continuously refining and adapting sales and marketing strategies:

  • Regular Review: Continuously evaluate the effectiveness of sales and marketing approaches, ensuring alignment with the evolving needs and expectations of potential residents and their families.
  • Feedback Integration: Encourage and welcome feedback from residents, their families, and staff to refine and improve approaches, ensuring sustained enhancements in service delivery and communication strategies.

Collaboration with Health Professionals

Building relationships for referrals:

  • Referral Programs: Establish referral programs with local hospitals, healthcare practitioners, and home healthcare agencies. Incentivize referrals by offering mutual benefits or exclusive services.
  • Collaborative Care Programs: Form collaborative care programs with healthcare providers, offering comprehensive healthcare solutions that benefit residents. These programs ensure seamless transitions between care settings and facilitate coordinated care.

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Business Plan Template for Nursing Home

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Starting and operating a nursing home facility requires careful planning and strategic decision-making. With ClickUp's Business Plan Template for Nursing Home, you can easily outline your strategies, financial projections, marketing plans, and operational details to ensure a successful venture.

This template is designed to help entrepreneurs and business owners:

  • Create a comprehensive business plan that attracts investors and secures funding
  • Effectively manage and grow their nursing home facility
  • Streamline the process of outlining strategies and financial projections

Whether you're just starting out or looking to expand your existing nursing home, ClickUp's Business Plan Template for Nursing Home has everything you need to take your business to the next level. Get started today and make your vision a reality!

Business Plan Template for Nursing Home Benefits

A Business Plan Template for Nursing Home can provide numerous benefits to entrepreneurs and business owners in the healthcare industry, including:

  • Streamlined planning process with a pre-designed framework and structure
  • Clear and concise documentation of strategies, goals, and objectives
  • Detailed financial projections and analysis to attract investors and secure funding
  • Comprehensive marketing plans to effectively target and reach potential clients
  • Thorough operational details and guidelines for efficient management and growth of the nursing home
  • Ability to make informed decisions based on market research and industry insights
  • Increased credibility and professionalism when presenting the business plan to stakeholders
  • Improved risk management by identifying potential challenges and developing contingency plans
  • Enhanced accountability and monitoring of progress towards business goals
  • Flexibility to customize the template to fit the specific needs and requirements of the nursing home facility.

Main Elements of Nursing Home Business Plan Template

When it comes to starting and managing a nursing home facility, ClickUp's Business Plan Template has got you covered with the following elements:

  • Custom Statuses: Keep track of the progress of different sections of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
  • Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add additional information and categorize different aspects of your business plan.
  • Custom Views: Access 5 different views to effectively organize and analyze your business plan, including Topics, Status, Timeline, Business Plan, and Getting Started Guide.
  • Collaboration Tools: Collaborate seamlessly with your team by utilizing features like comments, task assignments, and notifications, ensuring everyone is on the same page throughout the planning process.

How To Use Business Plan Template for Nursing Home

Creating a business plan for a nursing home may seem overwhelming, but with the help of ClickUp's Business Plan Template, you can break it down into manageable steps. Follow the steps below to create a comprehensive and effective business plan for your nursing home:

1. Executive Summary

Start by writing an executive summary that provides a high-level overview of your nursing home business. This section should include key information such as the mission statement, target market, unique selling proposition, and financial projections.

Use the Docs feature in ClickUp to create an executive summary that captures the essence of your nursing home business.

2. Market Analysis

Conduct a thorough market analysis to understand the demand for nursing home services in your target area. Research the demographics, competition, and trends in the industry. Identify your target market and outline how your nursing home will meet their specific needs.

Utilize the Table view in ClickUp to organize and analyze market research data, such as population statistics, competitor analysis, and industry trends.

3. Operational Plan

Develop a detailed operational plan that outlines how your nursing home will be structured and managed. Define the organizational structure, roles and responsibilities of staff members, and the processes and procedures that will be implemented to ensure high-quality care.

Create tasks in ClickUp to assign responsibilities for various operational aspects, such as hiring staff, obtaining necessary licenses and certifications, and setting up healthcare partnerships.

4. Financial Projections

Estimate the financial projections for your nursing home, including revenue, expenses, and profitability. Consider factors such as occupancy rates, pricing strategies, staffing costs, and capital investments. Create a comprehensive financial forecast that demonstrates the viability and potential return on investment of your nursing home business.

Use the Goals feature in ClickUp to set financial targets and track progress towards achieving them. The Gantt chart can help visualize and manage the timeline of financial milestones.

By following these steps and utilizing ClickUp's Business Plan Template, you can create a well-structured and data-driven business plan that sets your nursing home up for success.

Get Started with ClickUp’s Business Plan Template for Nursing Home

Entrepreneurs or business owners looking to start and operate a nursing home facility can use the ClickUp Business Plan Template to streamline the process of creating a comprehensive business plan.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a successful nursing home business:

  • Use the Topics View to organize your business plan into different sections such as Executive Summary, Market Analysis, Financial Projections, and more
  • The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do
  • The Timeline View will give you a visual representation of the deadlines and milestones for your business plan
  • The Business Plan View will provide an overview of your entire plan, allowing you to easily navigate between sections
  • The Getting Started Guide View will provide step-by-step instructions on how to use the template and create your business plan
  • Utilize the custom fields Reference, Approved, and Section to add additional information and categorize your business plan
  • Collaborate with team members to gather data, conduct market research, and refine your business plan
  • Regularly update the statuses of each section to keep track of progress and ensure completion
  • Review and revise your business plan as needed to reflect changes in the industry or your business goals
  • Use the template as a living document to guide your decision-making and measure your progress as you launch and operate your nursing home.
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  1. Nursing Home Business Plan

    sample business plan for nursing home

  2. Nursing Home Business Plan

    sample business plan for nursing home

  3. Home Health Care Services Business Plan Sample

    sample business plan for nursing home

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

    sample business plan for nursing home

  5. Home Health Care Business Plan Template Sample Pages

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  6. Nursing Home Business Plan Sample

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COMMENTS

  1. Nursing Home Business Plan Template & Guide [Updated 2024]

    Nursing Home Business Plan. Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their nursing homes. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a nursing home business plan ...

  2. Nursing Home Business Plan Example

    Fox Hill Center, Rockville. For-profit, part of a chain. 3.37 nursing staff hours/resident day. 150 beds (not 150 rooms) 11 deficiencies in Medicare inspection. Fox Hill Center is typical of the hospital-model nursing home. It is large (150 beds), for-profit, and has a fairly low rate of nursing hours per resident day.

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

    How to Build a Financial Model for a Nursing Home. 1. Executive Summary. The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors. If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.

  4. Nursing Home Business Plan PDF Example

    Nursing Home Business Plan PDF Example. Debbie. February 28, 2024. Business Plan. Creating a comprehensive business plan is crucial for launching and running a successful nursing home. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your nursing home's identity, navigate ...

  5. Nursing Home Business Plan [Sample Template]

    Legal expenses for obtaining licenses and permits - $1,500. Marketing promotion expenses for the grand opening of St. Paul Linus® Nursing Home, 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. The cost for hiring Consultant - $2,500.

  6. Nursing Home Business Plan Sample [2024]

    2.1 The Business. Kate Nursing Home owned by Kate Greene, will be a home to elderly people who need daily assistance and care, located at a 5 minutes' drive from DMC Heart Hospital, Detroit. Kate Nursing Home will be a 3-floored vast building with the capacity to accommodate about 35 people.

  7. Nursing Home Business Plan Examples

    If you have an idea for a better nursing home or at-home care experience, then it's time to put together a business plan. Download one of our Nursing Home Sample Plans today to get started on your own plan and make sure you have everything you need to launch your business. If you're looking to develop a more modern business plan, we ...

  8. Nursing Home Business Plan Template + Example

    Get the most out of your business plan example. Follow these tips to quickly develop a working business plan from this sample. 1. Don't worry about finding an exact match. We have over 550 sample business plan templates. So, make sure the plan is a close match, but don't get hung up on the details. Your business is unique and will differ from ...

  9. Nursing Home Business Plan

    The nursing home business can be complicated, with a lot of information to cover. The plan should contain s even main categories: (1) the executive summary, (2) a company summary, (3) the customer plan, (4) a market analysis, (5) a strategy for implementation, (6) the selection of a management team and (7) financial planning.

  10. How to write a business plan for a nursing home?

    Using business plan software is a modern and cost-effective way of writing and maintaining business plans. A business plan is not a one-shot exercise as maintaining it current is the only way to keep visibility on your future cash flows. A business plan has 2 main parts: a financial forecast outlining the funding requirements of your nursing ...

  11. How to Start a Nursing Home

    4. Secure Startup Funding for Your Nursing Home (If Needed) In developing your nursing home business plan, you might have determined that you need to raise funding to launch your business.. If so, the main sources of funding for a nursing home to consider are personal savings, family members and friends, credit card financing, bank loans, crowdfunding and angel investors.

  12. Executive Summary of a Nursing Home (Example)

    Executive Summary of a Nursing Home (Example) Remi. December 14, 2023. Business Plan, Executive Summary. The executive summary for a nursing home business plan is essential in outlining the facility's services, market positioning, and growth potential. This section is a vital first impression for investors and partners, summarizing what makes ...

  13. Sample Nursing Home Business Plan

    Here is a sample business plan for starting a nursing home. NURSING HOME BUSINESS PLAN EXAMPLE. The nursing home industry provides a vital service as it provides some of the most extensive care outside of a hospital. Lots of people require these services and you can start your own nursing home if you have the skills and passion. Our nursing ...

  14. Assisted Living Facility Business Plan Template

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

  15. How to Write a Residential Care Home Business Plan

    Corporate structure and experience. This is a critical part of your residential care home business plan, as specialist lenders look for prior care experience in making their decisions. If you're an ex-care manager looking to buy your first home, you should demonstrate your experience and history in the sector.

  16. How to Write a Home Health Care Business Plan

    For this guide, we'll be highlighting specific areas that you should focus on when creating a home health care business plan. You can check out or full step-by-step walkthrough on how to write a business plan for additional guidance for creating a detailed plan. 1. Define your vision.

  17. Nursing Home Business Plan Template [Updated 2024]

    Nursing Home Business Plan Template [Updated 2024] Written by Dave Lavinsky January 2, 2024 / 10317 0 . Nursing Home Business Plan Template [Updated 2024] Medical & Health Business Plan Templates. I. Executive Summary. This Section's Contents. Business Overview; Services Offered; Customer Focus;

  18. How to Build a Financial Model for a Nursing Home

    3. Calculate Nursing Home Expenses. The 3rd step of our nursing home financial model is to forecast expenses. In addition to the startup costs discussed here, there are a number of recurring (or "operating") costs that any assisted living facility must budget for.. We have laid out below an example of operating expenses for a standard 14,000 sq. ft. nursing home with 30 units: you would ...

  19. Home Health Care Business Plan Template (2024)

    Industry Analysis. According to Grand View Research, the global home health care industry was valued at $336 billion USD in 2021. It is also expected to grow at a compound annual growth rate of 7.93% from 2022 to 2030 and reach a value of $666.9 billion USD by 2030.

  20. PDF Home Health Care Business Plan Example

    Get access to Upmetrics software, invite your team members and start writing your business plan. 1. Get tried and tested tips. Upmetrics business plan builder gives you everything you need to stay in sync and guides you on every step of your business plan writing. 3. Stunning business plan cover pages.

  21. Free Home Health Care Business Plan Example

    Secure initial funding - June 1, 2023. Launch official CaringCompanion website - July 1, 2023. Hire and train first team of caregivers - August 1, 2023. Acquire first 10 clients - September 30, 2023. Establish partnerships with local healthcare providers - December 31, 2023. Reach 50 active clients - June 30, 2024.

  22. Sales & Marketing Plan for a Nursing Home (Example)

    Running a successful nursing home involves more than just providing excellent care; it requires a strategic approach to marketing and sales. This comprehensive guide aims to assist in crafting a tailored sales and marketing plan for the business plan of a nursing home.. In this guide, we'll dive into the analysis of your market, shedding light on your competitors, and discerning the needs of ...

  23. Business Plan Template for Nursing Home

    A Business Plan Template for Nursing Home can provide numerous benefits to entrepreneurs and business owners in the healthcare industry, including: Streamlined planning process with a pre-designed framework and structure; Clear and concise documentation of strategies, goals, and objectives;