Homely Care Assisted Living Facility Business Plan

Executive Summary

Homely Care provides assisted living solutions for aged individuals and senior adults. Homely Care is devoted to providing the highest quality care to California senior citizens who require or wish for an assisted living facility. Homely Care is situated in an ideal climate in the community of Roseville, California. Residents experience enjoyable conditions that blend both coastal and inland climates — a combination deemed ideal for seniors who may be managing conditions such as arthritis, joint pain, or vulnerability to cold weather. This is considered a prime location for the business owing to the significantly increasing number of elderly individuals in the State of California.

The legal form of ownership of Homely Care will be a Limited Liability Corporation (LLC) structure. The primary reason for selecting this legal form is that it provides protection from personal liability; consequently, only the amount of money invested by shareholders in the company will be at risk. Homely Care has a unique advantage compared to other typically larger and less personal senior assisted living facilities, concentrating specifically on the ability to provide an exceedingly high level of care in a comparatively smaller, more personalized environment that places emphasis on the individual resident.

Homely Care assists residents with their everyday activities, including help with taking medication, meals, reminders, physical therapy, and personal grooming. In addition, Homely Care provides residents with opportunities for entertainment, companionship with individuals of the same age bracket, and activities that enable seniors to enjoy life and attain self-actualization. A core objective of Homely Care is to offer residents the best of both worlds: a privatized facility with a home-like feeling, combined with the companionship and activities that a larger facility provides.

The management and organizational team will comprise the CEO, an assisted living administrator, a sales and marketing manager, a finance and accounting manager, and cleaners and home helps. Residents of Homely Care will have access to the facility's swimming pool and spa, both of which are fitted with an Americans with Disabilities Act (ADA)-compliant lift for those seniors experiencing challenges entering the pool or spa area. Homely Care will provide residents with three meals and two snacks every day. Those unable to take medication independently will be assisted by staff according to scheduled medication times.

Monthly pricing at Homely Care will be $3,500 per month, with additional monthly charges for particular products and services as outlined below. The facility will also charge a one-time pre-admission fee of $1,500. With 25 residents each paying $3,500 per month, the projected annual revenue is $1,050,000. Total expenses are projected at $596,000, $641,000, and $663,000 for years one, two, and three respectively. In terms of growth, Homely Care plans to open a second facility in its third year of operation, providing residents with the same quality services and a high standard of living. The company also plans to expand the current facility from 25 to 50 residents by constructing new structures to accommodate the increased numbers.

Company Overview and Legal Structure

Homely Care is an organization set on providing assisted living and home care services to the elderly in the state of California. Presently, there is a growing number of aged individuals in need of assisted living services, and Homely Care is committed to ensuring those needs are met at the highest quality level possible.

Vision Statement

Our vision is to be the best and most ideal option in the market for assisted living throughout California, and to be ranked among the top 10 assisted living facility service providers in the nation within the next decade.

Mission Statement

Homely Care is in the business of establishing and advancing a first-rate assisted living facility service that will provide exceptional care at an economical price, carrying out industry best practices to enhance the quality of life for the facility's residents.

Company Goals and Objectives

1. To provide a safe environment for senior and elderly individuals.
2. To promote both physical and mental health.
3. To provide a quality level of care that surpasses our peers.
4. To generate profit through the quality of care that we render.

Business Philosophy

To provide senior and elderly persons with a cost-effective alternative to paying for in-home assistance or living in a larger, less personal facility, while simultaneously enhancing their quality of life.

Company's Unique Features

One of the unique features of Homely Care is that, unlike other companies in the business, we concentrate on providing personalized care to every resident within the facility. Homely Care ensures that every resident receives the highest quality of care at all times, packaged to satisfy each individual's specific needs. Whether a resident requires physical therapy, companionship, medication management, or opportunities for self-actualization, those needs will be addressed and met. In addition, Homely Care guarantees that all personnel working within the facility have been vetted, trained, and educated on all important matters regarding assisted living, ensuring the safety of all residents and the surety that they are well cared for.

Legal Form of Ownership

The legal form of ownership of Homely Care will be a Limited Liability Corporation (LLC) structure. The primary reason for selecting this legal form is that it provides protection from personal liability; consequently, only the amount of money invested by shareholders in the company will be at risk. In the event that Homely Care opens additional facilities in the future, they will be established as separate LLCs in each of their locations. Furthermore, this legal structure makes it possible to appeal to investors with potentially a greater share of profits relative to their initial investment, facilitating the acquisition of greater funds during business expansion.

Location of Administrative Office

The administrative office for Homely Care's facility will be situated in the community of Roseville in the state of California. Owing to the increasing number of senior individuals in the state, it is expected that Homely Care will maintain full resident capacity throughout the year.

Management and Organization

The management team of Homely Care is outlined below in hierarchical order, along with the roles and responsibilities of each position.

Chief Executive Officer

1. Forming, communicating, and executing the organization's vision, mission, and overall direction — shepherding the development and implementation of the organization's strategy as a whole.
2. Responsible for providing direction for the business.
3. Facilitating management effectiveness through ongoing recruitment, selection, training, coaching, advising, and disciplining of managers.
4. Communicating the company's strategies, goals, and objectives.
5. Assigning responsibilities, planning, and evaluating job outcomes.
6. Responsible for determining the prices for services rendered and signing business agreements.
7. Authorized to sign checks and documents in the best interests of the company.
8. Evaluating the overall success of the company.
9. Providing timely and comprehensive reports to the board of directors.

Assisted Living Administrator (Administration and Human Resources Manager)

1. Responsible for overseeing the smooth running of human resources and administrative activities for the company.
2. Designing job descriptions and responsibilities with key performance indicators (KPIs) to facilitate performance management.
3. Conducting meetings with various stakeholders to assess the effectiveness of human resource policies, practices, and processes.
4. Accountable for training, assessing, and appraising personnel.
5. Defining job positions within the company for recruitment and overseeing the interviewing process.
6. Undertaking induction of new staff members into the company.
7. Accountable for arranging employee movements, meetings, and appointments.
8. Administering the smooth running of everyday office activities.

Sales and Marketing Manager

1. Responsible for identifying, prioritizing, and pursuing new clients and business prospects.
2. Identifying development opportunities and conducting client follow-ups.
3. Preparing effective proposal documents and participating in fee negotiations in alignment with organizational policy.
4. Accountable for conducting business research, market surveys, polls, and client feasibility studies.
5. Accountable for overseeing campaign execution for consumer needs and communicating with clients.
6. Developing, implementing, and evaluating new plans to increase sales.
7. Filing all customer data and information.
8. Representing Homely Care in strategic meetings.
9. Assisting in increasing sales and growth for Homely Care.

Finance and Accounting Manager

1. Responsible for the preparation of financial reports, budgets, and financial statements for the organization.
2. Providing the CEO and executive administrative team with financial analyses, accounting reports, and budgets for the company's growth and development.
3. Analyzing the feasibility of proposed projects and conducting required market research and analysis to project trends and business conditions.
4. Responsible for financial projection and risk management and analysis.
5. Undertaking the organization's cash management processes, overall accounting, and financial reporting.
6. Accountable for the development and management of financial systems and policies.
7. Responsible for supervising monthly and annual payrolls.
8. Ensuring Homely Care's compliance with all taxation rules and regulations.
9. Handling all financial transactions and dealings for Homely Care.
10. Conducting internal auditing for Homely Care.

Cleaners and Home Helps

1. Responsible for washing and cleaning the assisted living facility at all times.
2. Ensuring that toiletries, soaps, and other supplies do not run out of stock within the facility.
3. Helping Homely Care's residents when required to bathe and undertaking other household tasks and chores.
4. Cleaning the internal and external parts of Homely Care's facilities.
5. Carrying out any other tasks as assigned by the assisted living administrator.