Setting up and running a supported living business in the UK is a nice way to help people, but do you have a plan? Taking care of people who cannot carry out their basic daily activities is a selfless act and a huge business that comes with different responsibilities. Now, to handle those multiple tasks and run an effective UK-supported living business, you will need a plan. The main purpose of this article is to give insights into the importance of having a plan for your supported living business in the UK and also provide you with a template with which this plan can be created.Â
Just before we kick off, you should also know that we have a unique, ready-made supported living business plan, just in case you want to escape from the stress of creating one.Â
What Is a Supported Living Business Plan?
A supported living business plan is a living document where you can enlist your set-up goals and business ideas while achieving them. This business plan will help you track your growth because it explains your business goals and your strategy for reaching them.Â
Making people feel at home and helping them through the second phase of their lives while having a good team by your side is a good way to scale up in this business. whereas this is where a business plan comes in because you will need to be on the right track to serve your customers effectively whenever they call. To achieve success, you must plan for it.
How Do I Write a Supported Living Business Plan
Crafting a business plan might not sound as easy as it sounds because it contains some processes that can help you create a winning plan. But you do not have a reason to fret because these processes have been simplified to soothe your understanding and help you craft a plan with ease. Let’s analyze each of them.
#1. Executive Summary
When writing your supported living business plan for your UK market, you should ensure that you include an executive summary. Your executive summary should be a compelling introduction to your business plan to attract your readers and get their attention. You wouldn’t want to bore them out on the first section of your business plan.
Tell them the type of business you run and also provide a brief overview of all the sections that will be included in your plan. both financial and marketing plans. Lastly, you should write this last so you can get more information on other sections.
#2. Company Overview
A supported living business comes in different forms, and this is where you specify which form you are venturing into. It might be residential living, which usually caters to seniors that do not need much assistance or help. You can also choose to pick memory care, where you help people who live with Alzheimer’s disease or dementia. It can also be in the form of rehabilitation, where you can assist people who need physical, speech, or occupational therapy.
You will also need to talk about the background of your business in this section. When and why did you start? How is your legal structure?
#3. Industry Analysis
Industry analysis means that you will need to explain the whole supported living business, from its origin to what it truly is. To carry this out, you can research to get valid points. This section will also help you to understand your market and know how to effectively attract them.
Ask yourself questions like, what is the relevant market size? What trends are affecting the industry? How big is the supported living industry?
#4. Customer Analysis
Customer analysis is crucial when writing your supported living business plan for your UK market. This is where you write in the details of your customer. Your customers can vary from people needing assistance with activities of daily living, people that require minimum to no care, or people that need memory care. Choosing any of the above options will also affect the services you offer.
#5. Competitive Analysis
You would also need to address your competitors which can vary from direct and indirect competitors. In this section, you will define which is which while providing some information on their strengths and weaknesses. You can also find out the services they offer, the people they target, and their pricing. Tell your readers if you would provide a higher service or offer better pricing.
#6. Marketing Plan
A successful marketing plan should include the following: the product, price, place, and promotion. For the product, you need to draft a marketing plan for the type of product you offer. The price should include the prices you offer as well. The place and promotion hold the location and marketing strategy you have to drive customers to your business, respectively. To do the latter with ease, you can print flyers, advertise in newspapers, and use websites or social media.
#7. Operations Plan
The operation plan of your UK-supported living business plan should include plans on how you will meet your business goals. You can build this plan on a short-term or long-term process. The main point is to show the readers how those goals will be achieved and how successful your plan can be.
#8. Management Team
To run a successfully supported living business, you will need as much help as you can get. These helpers that will render most of your services are what form your management team. In this section, highlight your team’s background while emphasizing the special skills they have that can make the business blossom.
#9. Financial Plan
In your financial plan, you will need to include a 5-year financial statement. You should not forget the importance of having your income statement, balance sheet, and cash flow statements as well.
Sources of Funding for Your Supported Living Business
The options to help you fund your supported living business can be limited to using personal savings, loans from banks, or even angel investors. Let’s see how you can use these channels effectively.
- Personal Savings
Your supported living business can be set up with your savings. Most times new business owners start with this type of funding just to set up the basics of their business. When you have established it and feel like you need more funding then you can look for other options.
- Loans From Bank
Banks can also fund your supported living business. But before that happens, they might feel the need to review your business plan, to be convinced enough that you can pay back your loan with interest. These banks official will pay more attention to your financial plan to see if it is reasonable enough. When they see how capable you are, then they would grant you a loan.
- Angel Investors
Angel investors are usually the wealthy individuals that will give you a fast check. Most times, they don’t just give money freely, they will either take some business shares in return or just give you a loan. They mostly invest in national presence instead of an individual location.
Supported Living Business Plan Template
A supported living business plan template checklist can serve as another guide to help you keep your business in check. To make the most use of this supported living business plan template you would have to follow all of these steps in due process. They include:
- Perform market research
- Register your business with CQC
- Purchase Insurance
- Select your business name and logo
- Create a business plan
- Market your business
- Choose your business structure
- Schedule for tax payment
How Much Does Supported Living Business Cost in the UK?
Calculating a supported living cost in the UK varies on the number of facilities available. This means that when you have a higher facility, it will attract a higher cost. Most of the time, you can pay up to £500 and £1500 per week.
Do You Wish To Create Your Supported Living Business Plan Today?
Since the establishment of BusinessYield Consult, we have helped in developing business plans for thousands of companies.
In the same way, we have composed a unique ready-made supported living business plan.
All the work has been done for you all you need to do is grab a copy now!
Conclusion
Building your supported leaving business plan can be quite daunting. To make it easier you can use the template above to craft one for yourself. Aside from the stress, a plan can help you figure out important sections of your business and know how to improve them when necessary.
FAQs
Is the supported living business profitable?
Yes, it is. A supported living business can be very lucrative although it requires some amount of skills for success to take place. Before you kick off, be specific about the type of business you wish to run. This decision will help you in giving out quality services to your customers.
Do you need CQC registration for a supported living?
Yes, you do. As a supported living and personal care provider, you will need to register with CQC, so you can be able to carry out your services without hindrance.
How can I increase revenue from my supported living business?
You can earn more revenue from a supported living business by using some entertainment options, holding social events, organizing cooking and dining options and so much more.
