Homework: Health Care Business Plan
Length: 10 to 20 pages.
For this Homework "Heath Care Business Plan" you will have to complete a formal paper about your fictional Healthcare Business. The business plan must be related to the healthcare field.
A businesses plan basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals. Your business plan should precisely define your business, identify your goals and serves as your companies resume.
Do not wait to begin working on your business plan, as it will take some time to complete.
The business plan should include the following components:
i. The name of your business and a picture/visual LOGO.
ii. A description of your business. Describe your idea; purpose, mission, vision, background information, and description of the product and or service. The business must be related to the healthcare field (e.g., a doctor's office, a home healthcare practice, a new hospital, etc.) Discuss how your business will meet a significant marketplace need or solve a problem or challenge that currently exists in the community. Discuss why you believe it is worth pursuing.
iii. Targeted location (Where you would propose to establish this business and explain your reasoning).
iv. Market analysis: Define the target market for your idea, why you think it exists, what you believe to be the size of the market demand for your idea, and who your competitors will be. Discuss how you would bring your product or service to market (how you would go about building or developing your product, service or idea into a real, tangible product or service that customers would want and buy). Perform a S.W.O.T. Analysis.
v. Budget: Create a budget that shows and discuss what it would cost in terms of time and resources to bring it to market and make it available to the public. In doing so, outline your plans to manage revenue (compliance management), manufacture the product or perform the service (including the proposed manufacturing process or method of performing the service) and your projection of the production costs, which may include: material labor, employees, salaries, equipment facility, etc.).
vi. Discuss risks and or uncertainties within your proposal: Outline what you believe are the most significant risks and uncertainties that you are likely to experience in bringing your idea to market and discuss how you would deal with them.
vii. Marketing strategy: Discuss your marketing and sales strategies. In doing so, discuss: Your target market and how you plan to reach that market (e.g. distribution strategy, pricing strategy, promotion strategy). Discuss how your business will offer a unique value proposition and be able to sustain a competitive advantage in the market. Discuss your marketing plan and budget to promote the business online or offline.
viii. Discuss expected Profit and Return on Investments (ROI): Estimate the revenues you expect to earn, as well as the costs and expenses you expect to incur, and the resulting profits you would expect to earn over the first 3 to 5 years. Remember, even a non-profit business needs to be able to bring in enough revenues to cover its expenses. Estimate the amount of money you think would have to be invested to get your business started.
ix. Discuss your assessment of whether or not your business service is likely to be successful.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.