{"id":9,"date":"2021-04-02T19:02:09","date_gmt":"2021-04-02T19:02:09","guid":{"rendered":"https:\/\/new.assistedlivingnetwork.com\/?p=9"},"modified":"2021-04-02T19:04:12","modified_gmt":"2021-04-02T19:04:12","slug":"business-plans-for-opening-an-assisted-living-home","status":"publish","type":"post","link":"https:\/\/assistedlivingnetwork.com\/business-plans-for-opening-an-assisted-living-home\/","title":{"rendered":"Business Plans For Opening An Assisted Living Home"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Business Plans For Residential Assisted Living Homes - by Gene Guarino\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/5ox7mRbARsc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Why do I need a Business Plan?<\/strong><\/p>\n\n\n\n<p>The number one reason to have a business plan is for you, so that you have clarity of vision of who you are, what you\u2019re doing and where you\u2019re going.<\/p>\n\n\n\n<p>The second reason, is to help raise capital. No private investor or a lender is going to give you the money you need without a business plan. You need to be able to show to other people that you know what you\u2019re doing and where you\u2019re going. You need to know where it starts, where we break even, where we\u2019re profitable, what\u2019s my reserve and all of the details. You want to give them a clear vision so they can buy into or lend to you.<\/p>\n\n\n\n<p><strong>What are the 5 Ps?<\/strong><\/p>\n\n\n\n<ol><li><strong>People<\/strong>. Me, you, whoever is inside and operating within this business. The first thing a lender is going to look at is, who are the people involved? What experience do they have that is related to what they\u2019re giving the money for? What do you do now that relates to what you\u2019re raising the capital for? And if you don\u2019t, who else can you put inside your Business Plan as an advisor? A team of people is better than one person.<br><\/li><li><strong>Product<\/strong>. In your business plan you have to lay it out. What is it that you\u2019re doing? Is it a product, a service, Is it whatever? You need to explain that clearly. With senior housing we\u2019ve got it down to a T. We know exactly what it is.<br><\/li><li><strong>Position<\/strong>. Are you the most expensive and that\u2019s what makes you better than everybody else? Or are you the least expensive, which makes you available to everybody and everybody, however you don\u2019t want to be the cheapest because then you\u2019re always battling on price, and to be at the top? There\u2019s very few clients or customers at the top. The best position is to be a high quality, somewhere above the middle. That\u2019s what we call the sweet spot.\f<\/li><li><strong>Projections<\/strong>. If you\u2019re buying an existing business, there\u2019s a past, a present, and there\u2019s the projections into the future. The projections are, this is where we\u2019re at and this is where we\u2019re going. I\u2019m going to encourage you to be conservative. Whatever you think it is, reduce it a little bit more. Don\u2019t go overboard, make it more conservative to give you some breathing room so that you can under promise and over deliver when it\u2019s all done.<br><\/li><li><strong>Plan<\/strong>. An exit plan is one of the key elements that most people miss. That lender doesn\u2019t want to know how much money they\u2019re gonna make. They need to know their money is safe. They need to know there is a purpose. A two to five year exit plan means their money is committed for two to five years and our plan is to either sell or refinance once that business is stabilized. And that investor wants to know that they\u2019re going to eventually get out of that deal. So two to five years on an exit plan is that key.<\/li><\/ol>\n\n\n\n<p><strong>You can also subscribe to our iTunes for on the go listening:<br><\/strong><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/assisted-living-networks-podcast\/id1360517721?mt=2\">https:\/\/itunes.apple.com\/us\/podcast\/assisted-living-networks-podcast\/id1360517721?mt=2<\/a><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/49A.jpg\" alt=\"\" class=\"wp-image-10\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/49A.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/49A-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/49A-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/49A-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/You-need-to-have-clarity-of-vision-of-who-you-are-what-youre-doing-and-where-youre-going..jpg\" alt=\"\" class=\"wp-image-11\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/You-need-to-have-clarity-of-vision-of-who-you-are-what-youre-doing-and-where-youre-going..jpg 800w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/You-need-to-have-clarity-of-vision-of-who-you-are-what-youre-doing-and-where-youre-going.-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/You-need-to-have-clarity-of-vision-of-who-you-are-what-youre-doing-and-where-youre-going.-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/You-need-to-have-clarity-of-vision-of-who-you-are-what-youre-doing-and-where-youre-going.-768x768.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/The-second-reason-for-a-business-plan.jpg\" alt=\"\" class=\"wp-image-12\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/The-second-reason-for-a-business-plan.jpg 800w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/The-second-reason-for-a-business-plan-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/The-second-reason-for-a-business-plan-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/The-second-reason-for-a-business-plan-768x768.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Why do I need a Business Plan? The number one reason to have a business plan is for you, so that you have clarity of vision of who you are, what you\u2019re doing and where you\u2019re going. The second reason, is to help raise capital. No private investor or a lender is going to give [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Plans For Opening An Assisted Living Home - Assisted Living Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/assistedlivingnetwork.com\/business-plans-for-opening-an-assisted-living-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Plans For Opening An Assisted Living Home - Assisted Living Network\" \/>\n<meta property=\"og:description\" content=\"Why do I need a Business Plan? 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