If you are thinking of starting private geriatric care management, a competition survey is critical to decide if you can make a profit in this business.
You want to create a survey in excel that tracks the individual care manager’s in your services area, and find out what their hourly fee is, do they include homecare, what geriatric care management services does each GCM offer, do they answer in two rings, how is their customer service, are they on call 24 hrs a day, are their care managers certified.
Use a staff member or outside person to be a secret shopper and make the calls, as you are doing market research. You must find someone who feels comfortable impersonating someone else. You need to give that person a customer story- they are a daughter looking for services in your area and calling around and a description of the fake mother and her problems
The Trump administration has been criticized lately by suggesting to laid-off coastguards in his g0vernment shutdown, who should be patrolling our ports, as need extra income for food rent and mortgages, try being a secret or mystery shopper.
This will also tell you if the local market is too saturated for your new business to compete with the other care management agencies. It will test whether you can make a profit- can you make money, pay your bills, actually go to the next step while doing good?
Fewer business are failing in 2018 for many reasons. One is the tendency of would-be entrepreneurs to evaluate business opportunities more carefully before taking the plunge, by doing a competition survey. Potential company founders are more selective than they used to be. This means fewer marginal companies – businesses whose products are not needed or whose markets are already being served by other businesses – are being formed. As a result, the average American company is stronger and more likely to survive than it once was. This means doing a competition survey to find out if your product care management is really needed in your market and are too many geriatric care management competitors, in your area for you to successfully compete as a new business.
Learn how to do your market sizing and competition survey and discover whether you have enough customers in your area to start your care management business. Don’t Guess and fail.
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