Do You Want to Make Money As a Private Care Manager ?
If you want to start a Geriatric care management or ALCA business you have to learn how you will make money. How??? It must be VIP clients.You may start it to reach seniors in need. However if it is a business and you are an entrepreneur , you need to understand” profit” and how to handle money and “like it”. Many GCM’s do not understand this. They end up going out of business
Do You Know the Customers You Want to Serve?
To make money you must choose to go after the right customers. To start a Geriatric Care Management business PLUS to write a major section of your GCM business plan,
you must describe ” that customer” you intend to serve -your market assessment or opportunity. It tells you and investors whether you will have enough customers to make money.
The customer you want is a VIP or Concierge client in the upper 10% financially. Why – Medicare does not pay for Geriatric Care management or ALCA services or Home Care it’s natural companion as people age. Only the top 10% can afford to pay you privately at 4-6 K a month for home care
Do a GUT CHECK
To make money you must choose to go after the right customers. To start a Geriatric Care Management business PLUS to write a major section of your GCM business plan,
you must describe ” that customer” you intend to serve -your market assessment or opportunity. It 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. In other words, you must serve the top 10% to make money and thrive. Are you comfortable with this as entitled demographic as social worker or RN? Do a gut check now
You want to list the customers who will reward you the most financially.
How many of these ideal clients are in the area you wish to serve to make a profit? 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 like Trust Officers who may hire you as a GCM such as trust officers, attorneys, conservators, or guardians.
Know how you can make money by doing market research hot mapping & the census
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 or Department of Finance and then find all senior services that may have data on older people in your area.
What is hot mapping?
You can also do hot-mapping .A zip code heat map outlines the boundaries of each zip code in your data set and helps you see the insights buried deep inside your numbers like where people with the highest income live in an area
Join me in my newest FREE Webinar
Sales- PR & Marketing to Find the VIP Client
WHEN Thursday,July 15th
WHAT TIME_2 PM-3:30 PM Pacific Standard Time
YOU Will Learn
- Who Are the 4 types of VIP Clients.
- Understand how to find VIP Concierge Clients- hot mapping & Market Studies
- Learn to create or revise a Concierge Geriatric Care Management Strategic Marketing Plan
- How to Sell Benefits Not Features to 5 Professional ALCA -GCM 3rd parties
- How to Use Free PR to Use to Find Adult Children of VIP Clients
After registering, you will receive a confirmation email containing information about joining the webinar.
Find out More About What You Need to Know about money as a GCM start up.
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