Petals Elderly Care Services Business Plan
Business Idea
Petals Elderly Care Services will provide assisted living services to the elderly in the community. The business idea includes home visits to offer nursing care to the elderly and hosting the elderly who prefer to stay in an assisted living facility where they get high-quality care. The facility will be located in California. The business will include providing psychological care, administering medicine, nursing care, and physical therapy to the elderly in the community. Our main target is middle and low-income elderly in the community who do not have insurance to pay for elderly care services because they are at risk of being neglected and feeling hopeless because they cannot afford quality care. We will also serve the elderly from minority groups. We will sign an agreement with the elderly to agree on payment, service termination, and care specifications to plan their care effectively. We will also partner with their doctors to ensure that they get the healthcare services they need and access to medication while under our care. We will work with part-time and full-time nurses, caregivers, and volunteers in the community to ensure that there is enough staff to take care of the elderly at home and in the facility. Petals Elderly Care will serve approximately 150 elderly people. The facility will have a capacity of 100 elderly people, and the rest will be those receiving our services from their homes. However, the capacity may increase when we expand the available space. We will get our clients through referrals from our first clients, door-to-door advertising, social media advertising, and leaflets. We will also collaborate with community leaders to identify the elderly who may need Petals Elderly Care services at their homes. Do you need urgent assignment help ? Get in touch with us at eminencepapers.com. We offer assignment help with high professionalism.
Company Structure
The company structure for the Petals Elderly Care business will be a partnership. We will share ownership and responsibility for managing the business and the losses and income from the business operations. I have partnered with a former colleague who owns the space where the facility will be set up. He also has experience in elderly care, which makes it easier to start the business and sustain operations. We will also combine our existing elderly clients to begin operations before we attract new clients and develop a good reputation by providing the best services to them. The partnership company structure is also appropriate in implementing the selected business idea because the business requires a lot of resources and assistance in coordinating the provision of quality care for the remote and in-house elderly under our care. We will also exchange ideas and opinions on improving the business by offering quality services to retain our customers and grow our market share.
Market Analysis
The elderly care market is rapidly growing because of the increase in the aging population. According to Meola (2022), the United States elderly care market is anticipated to reach $225 billion by 2024. By 2021, the North American region had the largest market share for elderly care (Maximize Market Research, 2022). The increase in market share in the region was attributed to the rise in the number of elderly care centres, technological development, favourable compensation policies, and an aging population. The main challenges in the elderly care market are the shortage of home caregivers and physicians and the prevalence of chronic diseases. We will address this challenge by offering fair compensation to attract many caregivers, physicians, and nurses and creating a good reputation so that we can attract volunteers who can assist the caregivers in the facility. We will also collaborate with our client’s physicians so that they can continue offering care to chronically ill patients because they have a better understanding of patients’ health histories. Our services will also be customized based on a client’s healthcare needs to ensure they are comfortable and satisfied with the quality of care they receive.
According to Allied Market Research (2021), the scope of elderly care has expanded from only meeting medical needs to meeting social and psychological needs. Therefore, we will use a holistic approach when designing care plans for our clients to ensure that the facility offers healthcare services, psychological care, physical care, and interaction with the community. Petals Elderly Care will have events where community and family members visit the facility to interact with the elderly. We will also have game sessions where the elderly can play different games, such as board games, with each other to increase social interaction among themselves. We will also constantly monitor our clients’ emotions, including those at home, to ensure that their emotional and psychological needs are met. For example, caregivers will be expected to visit the clients at home at least twice daily to check on them, preferably in the morning and evening.
The elderly care market in the United States is highly competitive because of the rise in nursing facilities, home care service providers, and assisted living facilities. Therefore, Petals Elderly Care expects to face stiff competition from other elderly care service providers who have established a strong presence in the market. Elderly people are also less likely to change their service provider if they receive the best care. Therefore, Petals Elderly Care needs to be innovative to attract customers, including those receiving services in other facilities. Therefore, we will offer unique services and flexible payment terms to attract customers and retain existing ones. For instance, we will offer free physiological care for all our clients and weekly visitation by their friends and family members. We will also allow our clients to pay for our services in instalments. The instalments will be customized based on the client’s financial status. We will also use technology to enhance the quality of care provided to clients. For example, all our clients will be issued with wearable devices to help physicians monitor their health. The wearable devices will be part of our service package, and the clients can retain them even after terminating their contract with Petals Elderly Care Services.
The main barrier to providing quality elderly care is that most elderly care providers do not involve the elderly in making decisions about their healthcare and do not inform them about the decisions when they are made but instead involve their family members (Heydari et al., 2019). Petals Elderly Care will eliminate this barrier by ensuring that clients are always present when decisions are being made about their healthcare so that we can get their reaction even though they may not be able to speak. Clients who can speak and understand the decisions will be allowed to give feedback and suggestions on what should be done. Our primary focus will be on meeting the needs of the elderly under our care by creating a safe and homely environment for all our clients.
References
Allied Market Research. (2021). Geriatric Care Services Market Size: Industry growth by, (2020-2027). Allied Market Research. Retrieved February 8, 2023, from https://www.alliedmarketresearch.com/geriatric-care-services-market-A10977.
Heydari, A., Sharifi, M., & Bagheri Moghaddam, A. (2019). Challenges and barriers to providing care to older adult patients in the intensive care unit: A qualitative research. Open Access Macedonian Journal of Medical Sciences, 7(21), 3682–3690. https://doi.org/10.3889/oamjms.2019.846.
Maximize Market Research. (2022, September 5). Aged care market: Global industry analysis and forecast (2022-2029) trends, statistics, dynamics, segmentation by services, application, and region. Maximize Market Research. Retrieved February 8, 2023, from https://www.maximizemarketresearch.com/market-report/global-aged-care-market/92733/.
Meola, A. (2022, April 15). Future of senior care market: Trends in Home Care & Assisted Living. Insider Intelligence. Retrieved February 8, 2023, from https://www.insiderintelligence.com/insights/senior-care-market-trends/.
ORDER A PLAGIARISM-FREE PAPER HERE
We’ll write everything from scratch
Question 
Petals Elderly Care Services Business Plan
Complete the following components of your business plan.
• Specify your business idea
• Describe the company structure
• Conduct a market analysis and include your findings related to your business idea’s viability.
This section of your business plan should be 4 pages long. Refer to your textbook and the module lectures for details on each section’s structure and required contents. You can also refer to the Small Business Administration site linked below.
https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
Complete the order form and upload all of your files, including any instructions, rubrics, or other materials provided by your instructor. 
Complete the order payment after filling in the order form. We’ll receive your order and assign it to a writer.
The assigned writer will complete your paper and forward it to our Editing Team for review and approval.
Once approved by the editor, the completed paper will be uploaded to your account for you to download, review and approve.