Home care or Senior care industry is the opposite of the business of Silicon Valley that does well for a long time. But home care has two attributes that the venture capitalists and entrepreneurs love. It’s an enormous growth. This is the reason why many of the venture firms have mutually invested more than $200 million in 2017 in a variety of companies evolving online tools and services for arranging and providing home care. Investors in those rounds include giant investor like Andreessen Horowitz, Google, Bessemer and Thrive Capital. We know this industry by the name of an assisted living or home care or elderly care or senior living or home care services. But the purpose of all is same. To care about the senior citizens.
In fact, the senior people is expected to rise to 83 million by the end of 2050, as per the Census Bureau reports. Because of the baby boom of World War II and existing longer life expectancy, the U.S. is facing a nationwide outpouring in the aging population in next few decades. That outpouring is expected to result in more Medical beneficiaries and higher Medical spending. According to SeniorCare.com, more than 20% of the people in 2050 will be 65-plus compared to 13.7% today. And the part of the population that is 85 and older will be 4.5% of the people by 2050, which is 2% today. Senior Care reports that the spending of Medicare is expected to rise to 3.8% of GDP by 2026.( Forbes)
Assisted living investment chart
To get invest from Investor or partner or to get a loan from Bank you must have some strategy. This will not fail you. This will strengthen you.
When investor is going to invest in your business or Bank is going to consider a loan for your Senior care center they can ask you several things
- Financial performance for already established business.
- Your experience in the industry.
- Company’s uniqueness.
- Effective business model or Business plan.
- Financial Forecast for startups.
- Your managing power of a business
- Your SWOT analysis
An effective business plan can help you to get investment from an investor or to get a loan from Bank. Let’s discuss why you need a Business Plan.
why you need a Business Plan?
- To attract investors.
- To attract partners.
- To fix your financial needs.
- To get Loan from Bank.
- To establish business’s goals.
- To map the future of business
- To support growth and confident funding
- To progress and interconnect a course of action
- To help manage cash flow
- To prove that you’re serious about your business.
- To better understand your opposition.
- To better understand your clients.
- To assess the probability of your project.
- To file your revenue model.
- To reduce the risk of the wrong opportunity.
- To know really your market.
- To plot your course and focus your efforts.
- To set a position for your brand.
- To justify the success of your business.
- To document your marketing plan.
- To understand and forecast your company’s staffing needs.
- To uncover new opportunities.