How to Develop a Business Plan for a Health Care Business

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health care business plan

The health care industries contribute £70 billion per annum to our economy (Health Europea). Although there is some uncertainty about how stable this will be with Brexit (GlobalData), there is still a high demand for the services provided by health care businesses, and this will never change.

Type of Health Care Businesses

If youre keen to be part of an industry that truly has an impact on peoples lives, starting a health care business is one of the most direct ways you can achieve this. If youre tech savvy and want to capitalise from our ever-increasing digital world, you could develop a health care app. Or you could launch a foot care business and help the British public keep their feet healthy. If you want to help the older generation, you could develop a business that offers home care services to the elderly.

As you can see, there is an abundance of potential business opportunities to choose from, many of which allow you to work flexible hours. This means you can create a healthier work/life balance, which should, in turn, make you happier in all aspects of life.

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Should I take the franchise route?

When starting any business, you need to consider whether you want to develop an independent start-up or buy into an existing franchise. When it comes to problems with our health, because of its importance, we seek the services of a company we trust.

This means that we may tend to favour established brands that we recognise or that already have a loyal customer base. There is also less uncertainty with this route and you can get ongoing support from a franchisor with a wealth of industry experience.

However, if you start from scratch, you have the freedom to develop the business however youd like. Also, you might find building a business from scratch more rewarding and prefer not to have to pay an ongoing franchise fee.

You need to weight up the pros and cons of both options and decide what works best for you.

Why is a business plan important?

Before we consider how to develop a business plan for a health care agency, lets have a more in-depth look at why they are so important.

Firstly, if you write a business plan well, it will help attract quality employees, which, in turn, will make your business more successful. Before choosing to work for you, potential staff will want to know that your company is secure and set to thrive. Otherwise, they may choose to work for a competitor that has been in the industry longer.

Secondly, a business plan is handy because you can organise all aspects of your business into one document. You will need to cover everything from launch day to how you intend to grow, to any potential issues.

Lastly, the financial forecast part of the plan is essential to gain an insight into your predicted performance. Its also what investors will look at in great detail before giving the go-ahead.

Home Health Care Agency Business Plan

Check out our article dedicated to writing a franchise business plan here. Now, lets adapt this model to suit starting a home health care agency business.

1. Executive Summary

This should introduce your business plan and outline your business model, what your goals are and how they will be achieved.

Consider here what features make a good home health care agency and how you will make them a reality. These could include providing top-quality care, being responsive to clients needs, having a well-managed team etc.

2. Describe your business

This section will give more in-depth insight into your health care agency business. If you are buying into an existing franchise, this is where you could provide some history of its financial success. This is also where you will describe the exact services you will offer; for example, live in care, overnight care or emergency care.

3. Outline your services

Now you give an even more detailed account of your services. Something to bear in mind with home health care agency businesses is how you will stringently check that your staff are able to work with vulnerable people.

This will involve checking if the applicant has the suitable qualifications. For instance, to become a care worker, you usually need to have First Aid skills and an NVQ in Health and Social Care, Levels 2 and 3. Also, to work with vulnerable adults, you need to have a DBS (Disclosure Barring Service) check.

4. Summarise your management structure

Here, you address your management team and how it will be structured. How will you determine whether a potential candidate is fit for the role? It is a good idea here to state what qualifications your management staff will have so the business looks more viable to potential lenders.

There needs to be a registered manager of your home health care agency, who needs to complete a QCF Level 5 Diploma in Leadership for Health and Social Care or one of the other accepted qualifications.

5. Detail your sales and marketing plan

Clarify how you will attract new customers to your business and marketing plans for launch day.

Setting up a website is a good place to start and make sure it outlines your services and prices. You could also go back to basics and advertise in your local paper, on the local radio or in a magazine. This might be particularly useful, as many potential customers may be elderly and so will be more likely to hear about your brand by more traditional adverting methods rather than on social media. Creating a social media presence is still a good idea though; the more people that hear about your home health care agency, the better.

6. Explain your financial projections and needs

Describe your projected revenue and try to be as accurate as possible, although this can be hard. Also, state how much capital is needed to run your agency and include a balance statement, a profit and loss statement and a cash flow statement.

 

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