Starting an aging life or care management business depends upon customers who will buy your product. These are purchasers like adult children of aging parents who will buy your/ Aging life or geriatric care management services /products directly because their hair and house is on fire from aging parent care.
But your care management business success also depends on the third parties who will refer these sometimes-desperate adult children who have the hair on fire. These would be defined as client representatives or third parties. They include targets who you expect to refer older people and their families to you including concierge physicians, elder-law attorneys, trust officers/wealth managers, senior services information and referral agencies, hospital-based care managers, accountants, and upscale assisted living. What you have to do is collect the numbers. The greater number of elder law attorneys who refer adult children to you, the better the chances of your success at your GCM or aging life business.
If you want to know the number of elder-law attorneys in your community, search online for the National Academy of Elder Law Attorneys and enter the zip code of the location and border areas where you intend to start your business, and you will find a list of elder-law attorneys.
Other third party referral sources can be harder to find. Wealth managers can take some digging. private duty home care is a referral source but they may already be doing care management as well. So that takes calling them all or looking at their website and seeing if they advertise a care manager in their services.
The market assessment section should also include your own research into the needs of the area. Who else is providing similar or related services in your target market? Why do you think the local target market needs this business? Will older people in the area be able to afford your services?
Finally, calculate the total market opportunity in your geographic area in terms of the expected total market and how much you believe your business can earn from that total possible market.
If you need help calculating all this, take my newest webinar
GPS to a Profitable GCM Business Start Up
scheduled for May 9th 11:00 AM PST- 90 minutes
- Learn how to do your market sizing and competition survey and learn whether you have enough customers in your area to start your care management business. Don’t Guess and fail.