Start the Preliminary
The task of starting any business, let alone one as valuable and emotionally demanding as senior care, can be overwhelming. When you take on a 1Heart franchise opportunity, you’re taking the chance to accomplish your dreams of owning a business while simultaneously helping the community. That’s why 1Heart is dedicated to providing our franchisees with support throughout the entire process.
Developing a business plan is a great place to start because you can clearly outline your goals, develop a strategy, and identify the next steps. The three key elements of a business plan are competitive analysis, marketing strategy, and financial strategy. These components will come together to give you a clear idea of the next steps for your business, setting you up for long-term success.
Competitive Analysis
The first fundamental piece when developing a business plan for your in-home care franchise is creating a competitive analysis of other businesses in the market. Through this, you will determine who your competition is and how you are going to differentiate yourself from them. You can also learn a lot from these businesses, obtaining examples of who your target market is and what their expectations are. Your competitive analysis should answer the following questions (based on your local market):
- How big is your market?
- Who are your primary competitors?
- What is your competitive advantage?
- What are the opportunities for growth within the market?
As in-home care businesses become more popular, it’s important to remember that competitors in the field are not your rivals, they are just different organizations who have the same goal as you and that you can learn a lot from. Thus, the competitive analysis is a key element of a business plan that teaches you as a business owner about your local market and potential competition.
Marketing Strategy
Marketing strategy is important when developing a business plan. This will define how you get the word out about your business. Once you have identified your target market and business goals, you can decide which marketing methods will be the most effective for your business. Say, for example, you have identified your target market as people looking for in-home care with ages ranging from millennials to boomers. In this case, using mixed marketing methods of social media campaigns and printed advertisements in the local paper would bring in the most customers.
Often overlooked as nonessential, the marketing strategy is a key element of a business plan because it allows you to create demand and build a loyal consumer base. Though one of the primary advantages of being a 1Heart franchise is having access to our customer network, your individual franchise will need a marketing plan to establish itself locally. Your customers are going to be people in your community, and as an emerging leader, this is a great opportunity for you as a business owner to establish your image and generate interest in your business.
Financial Strategy
Financial strategy is a key element of any business plan because it outlines your budget, determining how much capital you need, where it will be allocated, and what your projected profits are. There are many start-up costs to consider when starting your business, including your initial investment and franchise fee. When working with 1Heart, business owners have the advantage of having access to many financial resources that help with these costs.
Another important step in the financial strategy of a developed business plan is predicting how much your business will generate in profits. When calculating this, consider factors related to your local market, including average income and projected demand for senior care. From there, you can generate a profit and loss statement, balance sheet, and cash flow statement to solidify your financial strategy.
It’s More than a Business
Developing a business plan for your 1Heart franchise may seem overwhelming at first, but is very achievable. As long as you include the above three key elements in your plan, you will be setting your business up for long-term success. Remember, the in-home care industry is unlike most others, and starting a business can be an emotional decision. Make sure you are taking the time to process everything and dedicate yourself. 1Heart is here to support you through this entire process, and we are here to help you live out your dreams of owning a business, bettering the community, and improving the quality of life for your family.
To become a 1Heart franchise owner and start your in-home care business today, fill out the form here!
For any further questions about developing your business plan, feel free to reach out to the 1Heart support team by clicking here.