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Considering A New Business Start-Up? Here Are 2 Important Planning Steps

Mar 01,2020

Considering A New Business Start-Up? Here Are 2 Important Planning Steps

Market Research 

Market research helps you find customers for your business by researching consumer needs, behaviors and economic trends to confirm the need for your business idea. Taking this important first step reduces risks while you are considering a new business start-up and developing your business plan.

A detailed research on business relevant demographic information gives you a good sense of the need/market in your area.  The Small Business Association (SBA) suggests answering these questions during your research:

  • Demand: Is there a desire for your product or service?
  • Market size:How many people would be interested in your offering?
  • Economic indicators: What is the income range and employment rate?
  • Location: Where do your customers live and where can your business reach?
  • Market saturation:How many similar options are already available to consumers?
  • Pricing:What do potential customers pay for these alternatives?

Visit https://www.sba.gov to learn more about their suggestion on market research.

Competitive Analysis

Know who your competition is!  Competitive analysis gives you knowledge of other’s in your potential industry and consumer space.  Basically, it helps you investigate competitors offering the same or similar services or products that you are proposing to do in your new business start-up.  Here are some of the questions you should answer during your analysis:

  • Number of competitors in your area
  • Threat of new competitors entering market
  • Current consumer pricing
  • Current consumer offerings

Visit https://www.businessnewsdaily.com/5446-porters-five-forces.html to learn more techniques for successful market research and competitive analysis.

Why Not Consider A New Franchise Business in The Senior Care Industry?

The senior care service market is one of the fastest growing industries in our economy, with 10,000 people turning 65 each day the need for care is overwhelming.

Visit https://www.businessinsider.com/senior-care-market-trends for more information.

Most franchised businesses in the senior care field are non-medical home care agencies.  This market is filled with many competitors and in my mind saturated with service providers offering the same type of options.  In addition to a saturated market, non-medical home care business owners face additional challenges such as:

  • HIGH STAFF TURNOVER: This is due to low wages and undesirable work assignments.
  • 24-HOUR ON CALL STAFFING REQUIREMENTS: The need for caregivers for all shifts requires an on-call supervisor and fill in staffing to meet unpredictable situations.
  • 1 TO 1 STAFF TO CLIENT RATIO: This type of staffing requires a high hourly rate to be charged to the consumer in order to produce a profit.

Consider joining Elder-Well™, A New and Exciting Opportunity to Own A Senior Care Business.

Elder-Well™ Adult Day Program has launched a new and innovated franchise opportunity.  Our program is the first of its kind to offer an adult day care service business that disrupts the way services are being delivered to aging adults in need of care and companionship during the day.

The Adult Day Care Industry is underdeveloped, with limited competitors and a business structure that eliminates the challenges faced by other types of service providers the benefits of the Elder-Well™ senior care opportunity include:

  • LOW STAFF TURNOVER: Due to higher wages and desirable working conditions.
  • 8 HOUR STAFFING REQUIREMENTS: Our program offers up to 8 hours of day care (Some franchise owners choose to offer additional hours) No need for 24/7 supervision and the stress that comes with that type of requirement.
  • 1 TO 6 STAFFING REQUIREMENTS: Allowing business owners to charge an affordable rate to the families and the ability to achieve a higher profit margin.

Please feel free to contact me directly if you are interested in learning more at: kara@elderwelladultday.com

Best Regards,

Kara Harvey – Founder & CEO

Elder-Well™ Adult Day Program

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Disclaimer: Nothing on this website is intended, and shall not be deemed to constitute, an offer to sell a franchise. Franchise offerings are made only by a Franchise Disclosure Document and only in those states where permitted. The Elder-Well Franchise Disclosure Document has not been filed with any franchise registration state.