Writing a Non-Medical Home Care Business Plan [Sample Template] (2022)

With more senior citizens preferring to age at home for as long as they can, there is a massive demand for non-medical home care providers in the United States. According to reports, non-medical home care has become one of the fastest-growing businesses – but it is not to be confused with medical home care.

Medical home care providers tend to offer licensed nursing and rehab services that are prescribed by a physician with stipulated guidelines. Non-medical home care services serve as personal assistants and their services include meal preparation, daily errands, personal care assistance, assistance with daily living activities like bathing/showering, housekeeping, and transportation needs.

Also note that these business offerings go beyond just senior citizens, as they work with those with disabilities or even those recovering from an injury.

Steps on How to Write a Non-Medical Home Care Business Plan

Table of Content

  • 1. Executive Summary
  • Company Profile
  • SWOT Analysis
  • Marketing Plan
  • Sales and Distribution Plan
  • Operational Plan
  • Financial Plan
  • Financial Projection
  • Growth Plan
  • 10. Exit Plan

1. Executive Summary

King’s Care is a certified non-medical home care service provider that will be based in San Diego, California. We will also cover other cities like Coronado, National City, Chula Vista, Lemon Grove, Bonita, La Mesa, Imperial Beach, La Presa, Spring Valley, El Cajon, Rancho San Diego, Santee, Bostonian, and Lakeside.

  1. Company Profile

a. Our Products and Services

Our plan at King’s Care is to provide non-medical care services to elderly people who would prefer to age at home, yet require some assistance with certain daily or weekly activities. We offer services like:

  • Warm Companionship
  • Meal Preparation
  • Incidental Transportation
  • Light Housekeeping
  • Errands & Shopping
  • Medication Reminders
  • Laundry & Linen Washing
  • Recreational Activities
  • Personal Hygiene & Dressing Assistance
  • Senior Information Resource
  • Alzheimer’s/Dementia care
  • Respite Care
b. Nature of the Business

At King’s Care, we will make available caregivers and workers who specialize in non-medical home care. We aim to offer excellent and affordable home health care and community-based social services to individuals and families of Southeastern Kansas.

c. The Industry

Since our agency specializes in non-medical home care and community-based social services, we are primarily in the home care industry.

d. Mission Statement

At King’s Care, our mission is to establish a first-class nonmedical home care service that will adequately cater to both highly and lowly placed clients as long as they can afford our services.

(Video) Home Healthcare Agency Business Plan

e. Vision Statement

At King’s Care, our primary aim is to become the number one choice when it comes to nonmedical home care service delivery in the whole of California and also to be amongst the top five non-medical home care service providers in the United States of America within the next 15 years.

f. Tagline or Slogan

King’s Care LLC – Exactly Where and How You Want It

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

King’s Care will be registered as a limited liability company in the State of California, because of the limited liability protection and pass-through taxation it offers.

h. Organizational Structure

We intend to employ an Administrative Director, three employees, and then work with a contracted agency to provide Caregivers, Physical Therapists, Occupational Therapists, and Speech Therapists. Aside from roles to be filled by Premium Control LLC, a well known human resource firm in San Diego, we intend to employ the following at King’s Care;

  • Administrative Director
  • Sales and Marketing Executive
  • Accounting Officer
i. Ownership / Shareholder Structure and Board Members (If Any)

King’s Care being a limited liability company will solely be owned and managed by Sandra Jackson, a retired social worker with over 30 years of experience in the caregiving industry.

  1. SWOT Analysis

a. Strength
  • Comprehensive Non-Medical Home Care and Personal Care Services
  • Experienced, Well-Trained Staff
  • Long Operational Hours.
b. Weakness
  • Little or No Brand Identity and Image
  • Low Staffing Numbers
  • Not Enough Marketing Budget.
c. Opportunities
  • Fast-Growing Market
  • Aging Population
  • Affordability and Comfort
  • Protractible Business Model
i. How Big is the Industry?

According to a recently published report, the market size of the Home Care Providers industry in the US grew faster than the economy overall. When measured by revenue, the Home Care Providers industry generated about $109.6bn in 2022 and is ranked the 8th Healthcare and Social Assistance industry by market size and the 111th largest in the US.

ii. Is the Industry Growing or Declining?

Note that the market size of the Home Care Providers industry in the US has increased by 3.3% per year on average between 2016 and 2022 and is expected to keep growing at 0.1% in 2022.

iii. What are the Future Trends in the Industry

Even with rising staffing challenges, the care industry is still growing encouragingly. However, numerous emerging trends will define that ascent in the year ahead. These trends include;

  • New labor battles are expected to emerge.
  • Care management will become an utmost priority
  • More franchise opportunities
  • Growing demand for companionship services
iv. Are There Existing Niches in the Industry?

Yes. The niches include;

  • Nursing Aide
  • Skilled Nursing
  • Social Work
  • Personal Injury Case Management
  • Physical, Occupational, and Speech Therapy
  • Personal Assistance Services
  • Home Medication Management
v. Can You Sell a Franchise of your Business in the Future?

Yes, the in-home care industry has grown massively in recent years, and franchises have taken a massive place in that market. However, according to industry reports, the top franchises in this sector are all relatively new businesses, mainly in response to increasing customer demand, and long-term social changes that entail that this sector is set for more growth.

Owing to these facts and market demand, we at King’s Care also intend to sell a franchise of our business in the future, more preferably after our first 10 years in business.

(Video) Home Care Business Plan - Template

d. Threats
  • Local Competition
  • Recruiting, Hiring, And Retaining Quality
  • Business Cash Flow and Funding
  • Regulatory Changes.
i. Who are the Major Competitors?
  • Nurse Next Door.
  • Seniors Helping Seniors.
  • Home Instead.
  • Home Care Assistance.
  • Visiting Angels.
  • Comfort Keepers.
  • Firstlight
  • Senior Helpers.
ii. Is There a Franchise for Non-Medical Home Care Business?
  • Amada Senior Care: $101,900 to $163,100
  • Assisting Hands Home Care: $82,050 to $152,000
  • Home Care Assistance: $77,775 to $245,250
  • ComForCare Home Care: $81,300 to $185,300
  • FirstLight HomeCare: $99,681 to $152,926
  • Home Instead Senior Care: $125,000 to $135,000
  • Right at Home: $79,250 to $137,900
  • Acti-Kare: $30,000 to $55,000
  • Homewatch CareGivers: $50,000 to $350,000.
  • Senior Helpers: $113,300 to $152,300
  • BrightStar Care: $105,735 to $170,457
  • Griswold Home Care: $108,181 to $181,431
  • Qualicare Family Homecare: $84,550 to $194,550
  • Interim HealthCare: less than $200,000
  • Nurse Next Door: $120,000 to $200,000
  • Synergy HomeCare: $39,130 – $160,057
  • Visiting Angels: $77,985 to $102,285
iii. Are There Policies, Regulations, or Zoning Laws Affecting Non-Medical Home Care Businesses?

Yes, state and county laws can thwart certain services from being provided by increasing the requirements and certification levels. Therefore, it is very necessary to contact your state’s department of health services to understand the rules and regulations governing your business model.

You will also be expected to put together business policies and procedures that will serve as a driver’s manual for your business. A good non medical home care Policies and Procedures handbook will include:

  • Company mission and values statements
  • Client admission process
  • Care plans
  • Scheduling guidelines and rules
  • Time-sheet and employee expense reimbursement procedures and policies
  • Hiring practices
  • Training and Orientation
  • Client Rights and responsibilities
  1. Marketing Plan

a. Who is your target audience?

i. Age range

Our services at King’s Care will be for adults 65 years and above.

ii. Level of Educational

According to reports, the educational level of the older population has been increasing over the years. Between 1970 and 2020, the percentage of older persons who had completed high school rose from 28% to 89%. At least one-third (33%) in 2020 had a bachelor’s degree or higher. The Education level of older adults can also vary exponentially by race and ethnic origin.

iii. Income Level

Note that the median income of older persons in the United States was $27,398 in 2020. Men enjoyed a higher Median income overall: $36,921 compared to $21,815 for women.

iv. Ethnicity

  • African American (not Hispanic): 12%
  • Asian American (not Hispanic): 13%
  • Native Hawaiian and Other Pacific Islander (not Hispanic): 10%
  • American Indian and Alaska Native (not Hispanic): 12%
  • Hispanic: 8%
  • Persons identifying as two or more groups: 6%

v. Language

There is no restriction when it comes to the language spoken by the people we are looking to render our non medical home care services to.

(Video) Home Care Business | Policies & Procedures Manual | Sample Templates | Detailed Preview

vi. Geographical Location

  • California (5.8 million)
  • Florida (4.5 million)
  • Texas (3.7 million)
  • New York (3.3 million)
  • Pennsylvania (2.4 million)
  • Ohio (2 million)
  • Illinois (2 million)
  • Michigan (1.8 million)
  • North Carolina (1.8 million)

vii. Lifestyle

According to industry reports, over half (61%) of persons age 65 and older lived with their spouse (including partner) in 2020. Approximately 18 million or 73% of older men, and 15 million or 50% of older women, lived with their spouse.

About 27% (14.7 million) of all older adults living in the community in 2020 lived alone (5 million men, 9.7 million women). Note that they represented 20% of older men and 33% of older women. The proportion living alone increases with advanced age for both men and women. Among women age 75 and older, for example, 42% lived alone.

b. Advertising and Promotion Strategies
  • Website
  • Press Releases
  • Social Media Marketing
  • E-mail Marketing
  • E-mail Program
i. Traditional Marketing Strategies
  • Develop a list of local health care facilities, senior organizations, and social centers to cold call to gain client referrals.
  • Develop informational (postcard) brochures and flyers and distribute via a targeted direct mail campaign.
  • Share press releases highlighting news about our agency to print news outlets in our target area.
  • Distribute business cards in high-profile gatherings and share them indiscriminately to spread word of mouth regarding our services.
  • Participate in health care industry trade shows and events hosted by senior organizations and other relevant industry events, workshops, and seminars to generate buzz about our agency.
  • Join local and regional organizations like Health Care and Insurance organizations.
ii. Digital Marketing Strategies
  • List our agency on industry lead sites
  • Optimize our Google My Business profile
  • Develop an organic SEO strategy
  • Launch a Google Ads campaign
  • Collect reviews on key third-party websites
  • Use our blog to educate and attract website visitors.
  • Retarget warm website traffic
iii. Social Media Marketing Plan
  • Use images and video to build your brand on social media
  • Amplify content with Facebook ads
  • Encourage our clients and staff to share their experiences and opinions of our company.
  • Tell real-life success stories because this is what prospects want to hear about.
c. Pricing Strategy

Nonmedical home care is a human-centered service, and no discussion on billing rates and pricing strategy is complete without acknowledging the human side to it. Howbeit, we will work towards ensuring that all our services are offered at highly competitive prices compared to what is obtainable in the United States of America.

  1. Sales and Distribution Plan

a. Sales Channels

At King’s Care, sales to us simply entail top-notch patient service and absolute satisfaction from referring physicians and health care facilities.

b. Inventory Strategy

After extensive research and deliberations, we intend to leverage AxisCare to efficiently manage our business dealings and inventory. This software is a web-based home care scheduling and management platform designed for personal care home care agencies.

It also offers user-friendly scheduling, a GPS Mobile App, automatic invoicing, medication reminders, custom forms and reports, payroll and billing integrations, EVV capabilities, visit insights, and so much more. It also features a marketing and CRM platform that will let us track revenue by referral source, analyze advertising methods, and track connections and relationships.

c. Payment Options for Customers

At King’s Care, we will make available the following payment options to clients.

  • Payment via bank transfer
  • Payment with cash
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft
d. Return Policy, Incentives, and Guarantees

At King’s Care we do not offer any form of return policy; but being a well-established business, we will ensure that our employees and caregivers are well-trained, properly instructed, and duly monitored. We will also carry extensive insurance to ensure our agency can recover from mistakes or claims and can continue to provide valuable service to our clients.

e. Customer Support Strategy

To set King’s Care apart from other non medical home care businesses in California, we will also strive to establish our reliability. We understand that being flexible enough to adjust to a client’s change in schedule will go a long way in cementing trust. For example, accompanying a client to an unscheduled medical appointment if a health-related issue arises will make life easier for family and friends.

(Video) Home Care Business Policies And Procedures Manual | Sample Templates

  1. Operational Plan

At King’s Care, one of our major objectives is to employ well-trained, caring, and qualified individuals who are responsive to the needs of our patients. In addition, every member of our staff member will definitely meet the State of California educational and training requirements for the services they provide.

a. What Happens During a Typical Day at a Non-Medical Home Care Business?

For caregivers and personal aides, much of their time is spent with clients. A single visit might warrant preparing meals, basic cleaning, running errands, taking the client to appointments, and social engagements. In some cases, it might also involve basic hygiene and/or other simple non medical services. For owners, their responsibilities more or less transition to more administrative tasks. Owners will have to invest time in finding and managing assistants and aides, and less time working directly with clients.

b. Production Process (If Any)

There are no production processes at King’s Care!

c. Service Procedure (If Any)

All our service offerings and procedures at King’s Care will be to assist every client with improving their quality of life, encouraging independence, and allowing them to be comfortable with excellent care in their own homes by providing first-class, professional care with respect, dignity, compassion, high ethical standards, and honor.

d. The Supply Chain

Owing to our extensive feasibility research, we acknowledge there is a significant need for quality non-medical home care within this region (San Diego, California) and we believe that by employing competent staff, we can grow King’s Care to become the non medical care/social service agency of choice in Southern California within our first 3 years in business.

e. Sources of Income

At King’s Care, we intend to generate income by servicing the following clients.

  • Private Patients
  • HHC – Medicare Patients
  • HHC – Medicaid and Private Insurance Patients
  • PICM Patients
  1. Financial Plan

a. Amount Needed to Start your Non-Medical Home Care Business?

We understand that starting a Non medical home health agency is quite inexpensive, compared to other businesses. However, being a business with exciting goals and objectives, we will need around $72,000 to start and run King’s Court for the first year.

b. What are the Cost Involved?
  • Attorney Fees – Setting Up a Limited Liability Company: $1,200
  • State of California Home Health Agency License: $110
  • Medisoft Billing Program plus Support: $4 760
  • Professional Liability Insurance: $2 800
  • Workman’s Comp Insurance Deposit: $410
  • Premises and Content Insurance Deposit: $210
  • Contract Retainer with PT/OT/ST: $504
  • Deposit plus First: $400
  • Phone Set-Up (Excluding Phones): $250
  • Utility Deposit: $150
  • Post Office Box: $26
  • 2 Computers (Fully Loaded): $3 000
  • 4-in-1 Printer/Fax/Copier/Scanner: $750
  • QuickBooks Pro: $150
  • Phones: $290
  • Pager: $50
  • Stationary: $200
  • Business Cards: $150
  • Brochures: $150
  • Other Misc. Office Supplies: $450
c. Do You Need to Build a Facility?

No, King’s Care will be started and managed out of a lavish facility at the hub of San Diego, California.

d. What are the Ongoing Expenses for Running a Non-Medical Home Care Business?
  • Payroll and Payroll Taxes
  • Depreciation
  • Rent
  • Heat and Lights
  • Phone
  • Water and Garbage
  • Internet Access
  • Professional Liability Insurance
  • Workman’s Comp Insurance
  • Premises and Content Insurance
  • Advertising and Marketing
  • Meals and Entertainment
  • Professional Development
  • Office Equipment and Supplies
e. What is the Average Salary of your Staff? (First Year)
  • Administrative Director (Owner) – $0
  • Administrative Assistant: $39 404
  • Skilled Nurse: $41 389
  • Nurse Aide: $30 915
  • Social Worker: $21 214
f. How Do You Get Funding to Start a Non-Medical Home Care Business

King’s Care will be solely financed by Sandra Jackson herself and she will control the direction of the business to ensure that it is expanding at the forecasted rate. In terms of our business start-up, no equity funding or outside loans will be required.

  1. Financial Projection

a. How Much Should You Charge for your Service?

Note that a good number of our services are covered under Medicaid, Medicare, and other private insurance providers, and the rates are set by them.

b. Sales Forecast?
  • First Year: $350,000 (From Self – Pay Clients): $180,000 (From Medicaid Covers)
  • Second Year: $670,000 (From Self – Pay Clients): $400,000 (From Medicaid Covers)
  • Third Year: $910,000 (From Self – Pay Clients): $1,200,000 (From Medicaid Cover)
c. Estimated Profit You Will Make a Year?
  • First Fiscal Year (FY1): $110,000 (30% of revenue generated)
  • Second Fiscal Year (FY2): $400,000 (35% of revenue generated)
  • Third Fiscal Year (FY3): $670,000 (45% of revenue generated)
d. Profit Margin of a Non-Medical Home Care Business Product/Service

According to experts, the average profit margin for Non medical home care services is about 30 and 40%, depending on certain factors such as services provided, pricing strategy, number of clients and workers, and also business expenses.

(Video) How to write a HOME HEALTHCARE Business Plan by Paul Borosky, MBA. - Business Plan Tips and Tricks.

  1. Growth Plan

At King’s Care, we intend to start selling franchises by our 10th year in business. Just like we noted above, the in-home care industry has grown massively in recent years, and franchises have become a massive part of the industry. Owing to fact that the top franchises in this sector are all relatively new businesses, we also intend to sell a franchise of our business in the future.

We intend to expand to the following locations mentioned below;

  • California (5.8 million seniors)
  • Florida (4.5 million seniors)
  • Texas (3.7 million seniors)
  • New York (3.3 million seniors)
  • Pennsylvania (2.4 million seniors)
  • Ohio (2 million seniors)
  • Illinois (2 million seniors)
  • Michigan (1.8 million seniors)
  • North Carolina (1.8 million seniors)

10. Exit Plan

King’s Care is an agency that will invest so much in its employees and we believe that management buyout is our only exit plan option. Some industry experts also believe that an employee-owned model is a perfect business opportunity to keep home care companies open.

FAQs

How do I write a simple business plan template? ›

Traditional business plan format
  1. Executive summary. Briefly tell your reader what your company is and why it will be successful. ...
  2. Company description. ...
  3. Market analysis. ...
  4. Organization and management. ...
  5. Service or product line. ...
  6. Marketing and sales. ...
  7. Funding request. ...
  8. Financial projections.

What are at least 5 items that you need to include in your business plan? ›

Five Essential Items To Include In A Business Plan
  • Concept. A key purpose of a business plan is to give readers a total understanding of the company's goals and how they will be achieved. ...
  • Market Analysis. ...
  • Strategy. ...
  • Organization. ...
  • Financials.
15 Nov 2015

What a simple business plan looks like? ›

The standard business plan consists of a single document divided into several sections for distinct elements, such as a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.

What are the key features of a good business plan? ›

6 essential elements of a good business plan
  • Executive summary. ...
  • Description and bios of your leadership/executive team. ...
  • Description of your product(s) or service(s) ...
  • Market/competitive analysis. ...
  • Financials (how much cash you need and when you'll pay it back) ...
  • Marketing plan.
20 Oct 2016

What makes an excellent business plan? ›

Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel and various operating procedures. They are specific, communicate to all company employees and require commitment from everyone.

How do I market my home health care? ›

14 Effective Marketing Strategies for Home Health Care Agencies
  1. Ask for referrals from current clients. ...
  2. Optimize your Google My Business profile. ...
  3. Develop an organic SEO strategy. ...
  4. Launch a Google Ads campaign. ...
  5. Collect reviews on key third-party websites. ...
  6. Use your blog to educate and attract website visitors.

What should I name my home care business? ›

20 More Home Care Business Name Ideas
  • Community Carers.
  • Prestige Inhome Care.
  • Total Care.
  • Helping Hands.
  • National Care Service.
  • True Care Co.
  • Dial a Carer.
  • Sheltering Arms.

Can I write a business plan myself? ›

If you're a good writer you can probably write a business plan yourself, at least with some assistance. Software and samples are available to help prepare business plans. Additionally, the SBA is a terrific resource for guiding you through the process.

What are the 4 types of business plans? ›

Business plans can be divided roughly into four distinct types. There are very short plans, or miniplans, presentation plans or decks, working plans, and what-if plans. They each require very different amounts of labor and not always with proportionately different results.

How do you write an introduction to a business plan? ›

[Write a three- to four-sentence description that provides an overview of the company. Include details such as the name of your company, a brief description of your products or services, who your target market is and what your primary business objectives are, with any key dates for reaching your initial goals.]

How do you write a business description example? ›

Begin with a focused company introduction that tells about the management style of your company. Avoid using idioms and phrases. State the mission statement as clearly as possible. Define your company's policy in catchy terms keeping your target customers in mind.

How many pages should a business plan be? ›

Ten to fifteen pages are sufficient for small, internal reports. Corporate business plans can be hundreds of pages long. Startup and expansion plans used for potential investors, vendors or other business partners can be 20 to 40 pages.

What information should not be included in a business plan? ›

Your business plan should never-under any circumstances-list any risks or potential problems your new business could face. Information about insurance and rental or lease agreements should be included in the operations section of your business plan.

Is there a template for a business plan? ›

Plenty of online business plan templates are available to take some of the pain out of the writing process. You may benefit from simple, easy-to-follow business plan tools so you spend less time writing and more time launching your venture.

How do you write a one page plan for a business? ›

How do I write a one page business plan? Describe the problem your product will solve or opening you fill, what the industry is like, your target market, key facts about your business, your launch plan, how you'll market your product, the financial model, and how much funding you need.

What is usually the first section of a business plan? ›

Executive summary

The executive summary is the first and one of the most critical parts of a business plan. This summary provides an overview of the business plan as a whole and highlights what the business plan will cover.

What documents are included in a business plan? ›

The components of a written business plan are:
  • General Format and Presentation. ...
  • Cover Page and Table of Contents. ...
  • Executive Summary. ...
  • Business Background. ...
  • Marketing Plan. ...
  • Action Plans. ...
  • Financial Projections. ...
  • Appendix.

What is the most important part of a business plan? ›

The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.

What are the 13 things list that a business plan should have? ›

As is the case with most big projects, crafting a business plan is one of those things that takes an incredible amount of diligence and no shortage of courage.
...
  • Executive Summary. ...
  • Company Synopsis. ...
  • Market Overview. ...
  • Product (How it Works) ...
  • Revenue Model. ...
  • Operating Model. ...
  • Competitive Analysis. ...
  • Customer Definition.

What is a detailed business plan? ›

A business plan is a document that outlines your business's financial goals and explains how you'll achieve them. A strong, detailed plan will provide a road map for the business's next three to five years, and you can share it with potential investors, lenders or other important partners.

What are the 3 main purposes of a business plan? ›

The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

Is there a business plan template on Word? ›

You'll even find a business plan template for specific industries including business plan templates in Word for healthcare providers, professional services, and retail.

What are the 7 steps of a business plan? ›

How to make a business plan and seven components every plan needs
  • Executive summary. ...
  • Company description. ...
  • Market analysis and opportunity. ...
  • Competitive analysis. ...
  • Execution plan: operations, development, management. ...
  • Marketing plan. ...
  • Financial history and projections.
23 Nov 2020

What are the 4 types of business plans? ›

Business plans can be divided roughly into four distinct types. There are very short plans, or miniplans, presentation plans or decks, working plans, and what-if plans. They each require very different amounts of labor and not always with proportionately different results.

What is simple single business plan? ›

SIMPLE SINGLE BUSINESS PLAN

It covers the business structure, product and service, market research marketing strategy, complete budget and financial projection for a particular length of time. Business plan shows the step to business success.

Does a business plan have a table of contents? ›

Main Components of a Business Plan

It may include a table of contents, company background, market opportunity, management overviews, competitive advantages, and financial highlights. It's probably easiest to write the detailed sections first and then extract the cream to create the executive summary.

What is a one page business plan? ›

A one-page business plan template is a document that outlines a business's strategies and goals. A one-page business plan template helps you map out what elements are the most important to include and how you'll organize them to make the most sense to the audience.

How detailed does a business plan need to be? ›

Your plan's length should mirror its audience

The more standard start-up and expansion plans developed for showing outsiders normally run 20-40 pages of text – easy to read, well-spaced text, formatted in bullets, illustrated by business charts and short financial tables – plus financial details in appendices.

What makes an excellent business plan? ›

Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel and various operating procedures. They are specific, communicate to all company employees and require commitment from everyone.

What are the key features of a good business plan? ›

6 essential elements of a good business plan
  • Executive summary. ...
  • Description and bios of your leadership/executive team. ...
  • Description of your product(s) or service(s) ...
  • Market/competitive analysis. ...
  • Financials (how much cash you need and when you'll pay it back) ...
  • Marketing plan.
20 Oct 2016

What is the first step in making a perfectly written plan? ›

1. Define your goal in writing. Making an effective action plan starts with defining and documenting the end goal. According to research from Dominican University, people who write their goals down accomplish significantly more than those who don't.

How should a business plan be written and formatted? ›

The exact contents of a business plan will differ plan by plan, but in general, the typical plan should include an executive summary, a business description, a market or competitive analysis, a description of the proposed operational structure, a product description, and a pitch to raise capital if applicable.

What are the three C's that should be addressed in a business plan? ›

These three C's include: (1) having a concept of what your business is all about; (2) identifying who your customer or client will be; and (3) figuring out how the cash flow in your business will actually work.

What are the 8 steps in preparing a business plan? ›

8 Steps to Writing a Successful Business Plan
  • Write an executive summary. ...
  • Include a company description. ...
  • Add a market analysis. ...
  • Describe your offerings and value propositions. ...
  • Outline your marketing and sales strategy. ...
  • Compile your financials. ...
  • Spell out your goals. ...
  • Consider adding an appendix.
15 Dec 2020

What is the most important part of a business plan? ›

The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.

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Author: Patricia Veum II

Last Updated: 12/14/2022

Views: 6507

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Name: Patricia Veum II

Birthday: 1994-12-16

Address: 2064 Little Summit, Goldieton, MS 97651-0862

Phone: +6873952696715

Job: Principal Officer

Hobby: Rafting, Cabaret, Candle making, Jigsaw puzzles, Inline skating, Magic, Graffiti

Introduction: My name is Patricia Veum II, I am a vast, combative, smiling, famous, inexpensive, zealous, sparkling person who loves writing and wants to share my knowledge and understanding with you.