Who Are Your Aging Life Customers ?
To start a Geriatric Care Management business PLUS to write a major section of your GCM business plan,you must describe the customers you intend to serve -your market assessment or opportunity. That tells you and investors whether you will have enough customers to make money. Start with a definition of your ideal client. Example: Woman, 85 years old with chronic care needs who has an income or liquid assets of $500,000 or more.
Upper 10% Customer Needs to be Your Mission and IntentioYou want to list the customers who will reward you the most financially. This has to be in your mission and deeply in your mind. Make this your mental intention because you are running a business. Without the profit motive, your new business stands a major chance of failure
Ideal Clients and Third Parties You Need for Success
How many of these ideal clients are in the area you wish to serve? You need do an analysis of the age and income levels. Generally, geriatric care management customers are over age 85 or are disabled younger people with incomes in the range of the top 10% in your community. Your customers are also the local overstressed adult children of clients, long-distance caregivers with family members who need help and live in your community, and third parties who may hire you as a GCM such as trust officers, attorneys, conservators, or guardians.
If You Want To Start an Aging Life or Geriatric Care Management Business you need to know you can make money before you start.
You need to do market research to define the size of the market in the area where your business will be located (e.g., how many people over age 85 live in Modesto, California, how many third-party target markets such as trust departments are in the town?). This type of demographic information may be available from U.S. Census Bureau reports, local Area Agencies on Aging, local chambers of commerce, local hospitals, and even members of the local media who have done their own surveys. You can use the Internet to retrieve U.S. Census data in your area, and in addition you can Google your State Department of Aging, find your local Department of Aging, and then find all senior services that may have data on older people in your area.
You Need To Understand Billing and and Cash Flow for Success
You also need to know about billing. You might be making good money but if your cash flow is not coming in to pay your bills and staff, you stand a new chance of failure. Care managers who are most often social workers and nurses, often have an ethical dilemma with billing and are filled with guilt. That guilt keeps them from billing every hour and leaving time billed off their time sheet to help a client. This leaves them hurting their business and their bottom line , possibly, over the long term, leading to bankruptcy.
Join Me in my new FREE WEBINAR-
THIS WEBINAR BEGINS: Wednesday August 21 2 PM PST Ends 3:15PM PST
DURING THIS FREE WEBINAR YOU WILL LEARN
How to Give Your Customers Have a Commitment to Pay You
To maintain Cash Flow
To choose the Right Billing Software
To develop Financial Literacy
Why You Must Bill 85%
Understand How To Hire Care Managers Who Can Bill 85%
Understand How to train your Staff 85%
How to Thrive financially at ALCA or GCM