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 that tracks the individual care manager’s in your services area, and find out what their hourly fee is, do they now include homecare, what geriatric care management services does each GCM offer.
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.