Establishing a Plan for Running your home health care Business
The first thing you should do is to write a business plan, which will be your road map for your business over the first few years. As you progress in the business, you should revisit your business plan from time to time, and evaluate how well you have kept to your plan. You will also want to think about where you have deviated from the plan, and ask yourself why. However, don't feel that that you must stick to your plan come what may. It's quite possible -— inevitable even -— that you will find that circumstances change as you progress, and you'll need to adjust your plans accordingly. But having planned the business from the start, you will be able to be more aware of the changes you make from the original "master plan", and this will help keep you organized and disciplined as you progress in building your home health care business.
The business plan for your new home health care business should cover the following areas:
Your company name.
The legal structure of your company.
The names and role definitions of your management team.
The budget, including:
a) Start-up costs.
b) Ongoing projected monthly costs
Projections of income over time. Also: When will your home health care business begin to be profitable?
Marketing plan.
If you’re going to be operating with others (as a corporation or LLC, for example), you'll need to specify the share allocations of each of the owners/partners.
A financial plan, showing where you will raise the necessary capital you’ll require to get the business off the ground.
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