Starting a New Business of Home Care Services for Seniors and Children

This report discusses the process of starting a new business of home care services for seniors and children. It covers feasibility studies, potential market opportunities, financial projections, and the vision for the business. The report also includes a motivation for the choice of business, details of the product/service to be offered, and the attractiveness of the industry.

Enterprise and
Entrepreneurshi
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Contents
Enterprise and EntrepreneurshipContents.................................................................1
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
The process you went through to generate this business idea.....................................................5
Feasibility studies conducted.......................................................................................................5
Details of the product/service to be offered.................................................................................5
Potential market opportunities.....................................................................................................6
Financial Projections...................................................................................................................6
Vision for your business..............................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCE................................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
Entrepreneurship is defined as extraction and creation of value that used by people by
launching new product and services. This is important for each organization or individual to
analysis competition and formulate business activities that can help to develop business
productivity. In other words, entrepreneurship is the act of starting and running their own
business and managing business activities. The current report is based on starting a new business
of Home care services where seniors and children would be care of properly. It has seen that
background in care and hospitality can go a long way to support housebound seniors who require
home care (Katz and Green, 2018). The name of organization is H+ Care that will help to
provide home care to people and managing all functions. As aged people needs someone who
live nearby and help them in their routine work. The demand of home care service is increasing
day by day where a business is set up by involving more team members that provides right care
to old people. The report will help to increase the business activities by implementing all
strategies and planning. This supports to develop productivity and performance. The report
covers motivation for choice of business, process, feasibility study, product/services to be
offered, potential market opportunities, attractiveness of industry and visions that supports to
develop business.
MAIN BODY
Executive Summary
For managing a business and developing activities there is need to have effective
planning that used by business concern for the purpose of attaining competitive advantages.
Strategy is defined as roadmap that states step by step activities that needs to be done timely. H+
Care is newly organization that will provide home care services to aged people and children.
This business would help to manage all functions (Heikkilä, Bouwman and Heikkilä, 2018).
Vision, mission/ values
The vision statement of H+ Care is “To deliver high quality care and improve healthy
quality of life for people”.
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The mission and values of H+ Care is “To maintain empathy, community, respect,
diversity and integrity while offering services.”
Company description
The H+ Care service is going to structure for keeping aged people healthy and safe. The idea
is related to providing caring services to people needed people and making feel them good. This
would help to develop business activities in changing environment. As overage people faces
many problem in doing their day to day work so that they needs a full day take care who could
provide services and give quality of life (Biech, 2019).
Opportunity and research market
When a plan is decided to start business then there is need to conduct environment
analysis that could help to know which factor might be affect organizational productivity. The
PESTLE analysis for H+ Care is defined below:
Political: H+ Care has taken government approval for starting their own business in home
care that will help to develop business activities.
Economical: After Covid-19 rate of inflation have been increased in UK that might be
created challenges for H+ Care to operate their business of having high cost of home care
services (O’Donnell and Dahl-Popolizio, 2018).
Social: The team members of H+ Care follows common culture will treat their patients
properly by providing home care services that supports to develop organization.
Technological: H+ Care will use technology and innovation in their home care services
that can help to regulate the business properly (Hacklin, Björkdahl and Wallin, 2018).
Legal: H+ Care will follow employment, data protection, equality legislations that
supports to operate a business in changing environment.
Environmental: H+ Care focuses over minimum wastages, CSR activities, and reducing
pollution for making feel good to their customers (Azam, 2020).
Motivation for choice of business
To start a business there is need to analysis the market and introduce effective plans which
used to develop the organizational productivity. The idea of business came in to mind after
analysing market and comes to know people is demanding home care services for their elders.
This idea motivated to start a new venture of home care to old ages and children as they needed.
After analysing market, it has defined as when people goes to hospital and other clinic take time
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and create higher cost. This motivated to feel good and operate their business regularly (Priem,
Wenzel and Koch, 2018).
The process you went through to generate this business idea
The business idea in relation to Home care is following different phases such as sharing
ideas with family, starting a new venture by involving all care services, to analysis own skills
and abilities in particular area, bringing changes, building a team by involving members,
arranging fund and place that would help to start the business and managing all activities. The
reason of coming with this business is to provide quality of life to their patients and improve
wellbeing (Müller, Buliga and Voigt, 2018).
Feasibility studies conducted
A business and activities is regulating by individual by analysing market where it became
important to be feasible that can support to increase organizational productivity. H+ Care is
decided to provide home care services to old aged people that can help to operate a business
effectively. The analysis the feasibility, SAF model is used that is defined below:
Suitability – This is most important factor used by management to analysis suitability of
business idea that can help to regulate business. To provide home care services by company is
suitable as it will influence number of patients and improve their health.
Acceptability – This strategy is used by H+ Care to measure risk, return, and stakeholder
reactions of providing home care services. This strategy is used to prepare fund flow statement
and cost benefit analysis and shareholder value analysis that would support to business activities
and performance (Turner and Gianiodis, 2018).
Feasibility –The decided H+ Care services business is feasible as it consumes less cost, less
time and long period of care of old age people. This can help to bring changes in their health and
provide quality of life. Moreover, Marketing campaign will be used to inform people regarding
health care services and make decision to buy in changing environment.
Details of the product/service to be offered
For each organization it is important to provide good quality of products and services that
could influence number of customers and develop organizational productivity. H+ Care is newly
established company that is planning to provide home care services. According to the National
Institute on Aging, between 2010 and 2050, the 85-and-over population is projected to increase
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351% globally, and the global number of centenarians (those over age 100) is projected to
increase tenfold. This will help to bring changes in people health and improving living rates. Due
to Covid-19 all hospitals are still occupied where it became challenging for family to bring them
at hospitals for regular check-up and giving medicines. So that, home care services will help to
provide good quality of health care services at their homes (Easterby-Smith, Thorpe, Jackson and
Jaspersen, 2018).
Potential market opportunities
For launching new venture there is need to analysis the potential market opportunities that
could help to run business successfully. The analysis the market opportunity for H+ Care, STP
has been conducted such as:
Segmentation: This can be explained as strategy of dividing the market or whole
population in to tiny groups that can help make right choice. This involve behavioural,
demographic, and geographic for running business. The H+ Care will choose demographic
segmentation in which it focusses over more than 50 years old people who needs caring services
(Gonzalez-Uribe and Leatherbee, 2018).
Targeting: This segment is used to targeting people that can help to develop business plan
successfully by managing all functions. H+ Care is targeting old ages people who needs care or
health services. This will support to develop organizational productivity and performance
(Snihur and Tarzijan, 2018).
Positioning: This strategy is used to maintaining a leading position in market and
completing business goals. The H+ Care will lead higher position by providing home care
services to their patients by managing all functions and activities (Götz, 2020).
Financial Projections
The financial projection for The H+ Care is as defined as:
Particulars Amount £
Rent of office £ 10000
Operational activities £ 20000
Hiring employees expenses £ 10000
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Employees salary £ 50000
Technical services £ 5000
Management activities £ 5000
Total £ 100000
Attractiveness of the industry
For business organization it is important to focus over element and aspects that could
influence number of people and managing business activities that can help to develop
organizational productivity. H+ care is newly established venture, providing health care services
to people who is more than 50 years. To attracts the number of people and managing business
successfully Marketing mix is going to use by organization that is defined below:
 Product/ Service: H+ Care is providing health care services to old age people who is not
able to take or work by self. This can help to maintain quality of life and managing all
functions effectively (BRuth-Islas, 2018).
 Price: H+ Care is adopting Competitive pricing strategy while offering the health care
services to its customers by implementing business plan.
 Place: The services in relation to home care is provided in London by designing proper
infrastructure and managing functions accurately (Matović, 2020).
 Promotion: To promote its services and reaching to the customers selected organization
will use print media, social media, and you tube channel to aware people about their
services that can help to develop organizational productivity and profitability.
 Process: H+ Care is using direct process as it understands requirement and provide
services accordingly that can help to develop organizational performance.
 Physical evidence: By offering services via online and managing clients through
websites, a business could be operating effectively. This supports to develop the
organizational performance and productivity in changing environment (Giri and Shrestha,
2020).
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 People: While starting the business human resource such as employees, management,
service provider and nurses are involved that take care their patients and would help to
operate business regularly.
Vision for your business
This means how a business would be see in future or upcoming years by managing all
functions and providing health care services to require people. According to above evaluation it
can be said that H+ Care will grow its business activities and performance in changing
environment as number of people will realise nee of care taker for their old age parents that helps
to managing all functions and activities effectively (Skrypnik, 2020).
CONCLUSION
From the above report it can be concluded that innovation is the activity of introducing
something new and attractive in changing environment that can help to provide products and
services accordingly. To start any kind of business there is need to have enough skills and
abilities that supports to operate a business successfully. To develop market opportunity market
development and pricing strategy should be covered that can help to manage all business
activities and functions. The management is requiring to understand what people wants and how
they could have satisfied. The people who is not able to go hospitals and wants to live healthy
then could opt home care services which can help to develop the organizational productivity.
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REFERENCE
Books and Journal
Katz, J. A. and Green, R. P., 2018.
Entrepreneurial small business. McGraw-Hill Education,.
Biech, E., 2019.
The New Business of Consulting: The Basics and Beyond. John Wiley & Sons.
O’Donnell, R. and Dahl-Popolizio, S., 2018. Business Entrepreneurship: The Integrated
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Technological Forecasting and
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Long Range Planning. 51(1). pp.50-63.
Gonzalez-Uribe, J. and Leatherbee, M., 2018. The effects of business accelerators on venture
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The Review of Financial Studies. 31(4).
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Götz, J., 2020. Business Plan. In
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Springer, Wiesbaden.
Ruth-Islas, K. D., 2018. Byer Square Business Plan: A New Vision for Aging.
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Skrypnik, A., 2020. Business Plan for a Healthy Food Restaurant in Lappeenranta.
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(Katz and Green, 2018) (Biech, 2019) (O’Donnell and Dahl-Popolizio, 2018) (Hacklin,
Björkdahl and Wallin, 2018) (Priem, Wenzel and Koch, 2018) (Müller, Buliga and
Voigt, 2018) (Turner and Gianiodis, 2018) (Easterby-Smith, Thorpe, Jackson and
Jaspersen, 2018) (Snihur and Tarzijan, 2018) (Gonzalez-Uribe and Leatherbee, 2018)
(Götz, 2020) (BRuth-Islas, 2018) (Matović, 2020) (Giri and Shrestha, 2020) (Skrypnik,
2020) (Azam, 2020) (Heikkilä, Bouwman and Heikkilä, 2018)
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