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Executive Summary and Funding Pitch
Posted: Dec 29, 2017
The entrepreneurial business will focus on the provision of concierge services to the elderly. Unlike the standards nursing home care provided to the elderly, concierge services will strive to provide elderly care to individuals, at the comfort of their homes. When a person grows old, he loses his independence gradually and eventually requires round-the-clock care. Whereas family members may be willing to assist their elderly relatives, daily duties may hinder their ability to avail themselves when needed. Concierge services will offer the support needed, in relation to taking care of the elderly relative. Families will enjoy concierge services that will be supported by qualified and highly professional staff.
Concierge services will provide its clients with a diversity of services that includes, but not limited to meal preparation, hygiene services, and companionship. Concierge services will aim to provide clients with specially-crafted services that suit their immediate needs. The business venture will aim to tap into the support offered by investors and shareholders, in relation to establishing the business. Concierge services are structured in a way that fosters growth thus the likelihood of attracting numerous investors. The investors and shareholder provide an opportunity for growth, for the business. Concierge services may also opt to engage in franchise. Franchising can provide concierge services with an ideal way of starting the elderly-care business at a low cost.
Concierge services will comprise of healthcare professionals who will offer preventive and curative services to the client. The objective of the entrepreneurship will be to ascertain clients acquire quality services that include healthcare services when necessary. The facility will thus have a resident doctor, several nurses and care givers. The facility will also have an administrative director who will monitor the operations of the facility. The facility will also have a clinical director who will participate in the designing of the service delivery activities at the facility. The clinical director will also be involved in the selection of evidence-based treatment and practices for the clients. The facility will also have a licensed psychologist who will assist clients with their mental wellbeing. The facility will also have a director of nursing who will oversee the nursing activities at the facility. Concierge services will seek the services of a third-party employment company to hire additional qualified employees for the effective delivery of services.
Feasibility and Target Market
A feasibility study entails the determination of the viability of the business based on technical, economic, environmental, political and social factors. The viability of the services lies in the availability of a stable market. The business venture will be viable because it will target the aging population. The baby-boomers are aging and moving from a life of independence to dependency. The rise in the aging population (an estimate of 32 million people over 80 by 2050) provides the business venture with a strong business platform. The need for concierge services will increase with the rise in the elderly population.
The success of the business venture depends on the availability of resources. Concierge services will require a qualified workforce so as to function as required. The business will source employees from a third-party employment agency who will service the company as it continues to grow (Miller, 2009). The business will also require financial resources so as to manage it expenses. The financial will be used for the initial operation of the organization as well as the management of expenses such as the payment of utility bills as well as the payment of the workforce managing the facility.
The business venture will require approximately $70,000 as the initial liquid capital. The amount will be the start-up capital that will be used to get the concierge service to become operational. The money will be used for licensures, purchasing of furniture, payment of utilities and marketing endeavors. The business will also require an additional $100000 that will cover the living expenses that the business will experience, in the first six months. The funds will not be utilized as once, but only when necessary and until the company acquires its grip in the elderly-care industry. The company will also have approximately $150000 as a cushion for any unforeseen expenses (Ellor, & Tobin, 2012).
Forces of Profitability
The profitability of the business venture will be determined by the need for the service. The rising number of persons over the age of 65 creates an opportunity for profitability for the business. According to Barringer & Ireland, 201) approximately 87 million Americans will be over 65 years by 2050. The American citizens will require elderly care services as the number of the elderly rises (Baby boomer generation fast facts, 2014). The location of the business will also be a determining factor of profitability. Most elderly care services focus on providing nursing home services. Concierge change of profitability is high because the business strives to offer elderly care services at the comfort of the client’s home.
New business ventures are assured of encountering a mirage of challenges before they begin to realize profits. It is essential for the entrepreneur to engage in constant evaluation to certify that the growth of the business is progressing as expected.
Evaluation of progress
The first step in the evaluation exercise entails an analysis of the existing market. An entrepreneurship is likely to record positive growth and progress if there is a ready market for the commodity. In the case of concierge services, the facility will provide quality services to the elderly population. The number of elderly-care facilities is less than the total population of elderly persons in need of elderly care services. The scenario presents the facility with opportunities for growth. However, the business is a new start-up facility and may struggle with the effective management of the clients who might request for elderly-care services (Ellor, & Tobin, 2012). The facility must ascertain that it has adequate resources (human and physical) for the effective delivery of services. The existence of adequate resources guarantees smooth operations in the business. Evaluation of challenges for growth also entails assessment of the performance of competitors. The existence of very stiff competition may stifle the growth process of concierge services for the elderly. Growth may be hampered further if the competitors are popular thus well-known in the region (Miller, 2009). Concierge services will have to adopt unique marketing strategies to ascertain that their services match the competitors.
Strategies for Growth
Concierge services can adopt two main strategies for the growth of the business. The first strategy entails market penetration, in which companies adopt promotional methods to popularize the commodities provided by the company. Concierge services will adopt effective marketing strategies, in an effort to popularize their services to the public. The facility will also create a website that details the services offered by the facility. The website will also have chat services, in which the public will make direct enquiries to the facility (Meldrum, & McDonald, 2007). The facility will also adopt a pricing policy where different services will be offered at different prices. Concierge services will also diversify its services so as to attract more clients. The facility will provide home care services as its primary commodity; however, curative and preventive services will be offered to clients. The facility will also offer counseling services to the elderly, in an effort to ascertain their mental wellbeing.
Baby boomer generation fast facts. (2014). CNN Library. Retrieved from: http://www.cnn.com/2013/11/06/us/baby-boomer-generation-fast-facts/index.html
Barringer, B.A. & Ireland, R.D. (2010). Entrepreneurship: Successfully launching new ventures (3rd ed.). Upper Saddle River, NJ: Prentice Hall
Ellor, J & Tobin, S (2012). Enabling the elderly. Sunny Press
Meldrum, M. & McDonald, M. (2007). Marketing in a nutshell. Butterworth-Heinemann
Miller, C (2009). Nursing for wellness in older adults. Lippincott Williams & Wilkins
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