Business Proposal: Maldives Wellness and Home-Care Center Project

This assignment presents a detailed business proposal for establishing a wellness and home-care center in Hulhumale, Maldives. The proposal encompasses a comprehensive executive summary, market analysis, and feasibility studies, targeting the growing need for senior care in the region. It includes a description of the services offered, such as home health care and community-based services, and identifies the target market as elderly individuals and their families. The project employs various methodologies, including surveys and literature reviews, to assess the viability of the business venture. The business model canvas is utilized to outline key aspects of the business, while the business plan section provides a summary, objectives, and key success factors. Furthermore, the proposal addresses marketing and sales strategies, risk management, and projected timelines, culminating in a detailed financial feasibility analysis, including start-up costs, revenue projections, and break-even analysis. The project aims to provide a comprehensive and practical guide for establishing a successful wellness and home-care center in the Maldives.

Running head: BUSINESS PROPOSAL
BUSINESS PROPOSAL
Name of the Student:
Name of the University:
Authors Note:

1BUSINESS PROPOSAL
Executive Summary
The report focuses on the proposing a business plan for opening a wellness and home-
care centre for elderly people in Maldives. The centre provides a unique combination of both
premier home health care and community based services to the old aged people. The business
is to be established in Hulhumale region of Maldives. The Market research indicates that the
people in this particular region highly needs a quality homecare and wellness centre for the
senior citizen. After employing the well-educated and competent staffs, the old age centre can
become highly successful and service agency of choice in entire Maldives. Hulhumale is an
artificial island that is reclaimed and is located in the southern-most part of Maldives. It is a
reclaimed island that is undertaken by government owned corporation. The island is still
underutilized as compared to the other atolls in the Maldives region. It is a great opportunity
to start the business and earn profit in the long-run.
There is a high potential for growth and business in Hulhumale area of Maldives. The
liberal trade environment, development oriented lawful structure and dynamic private sector
all contribute to gain a conductive climate required for investment and trade. The market
location and potentials are highly advantageous for the proposed business plan. Consumer of
the services will be those families and individuals, who are constantly in the need of social
services and home health care.
All the facilities to the aged people will be provided inside one roof. The services
include physician, attorneys, health care facilities and insurance companies. The agency has
already developed excellent services with high qualified professionals. The company plans on
taking a debt through three year loan and further has no plans for additional debt. The health
and wellness care agency growth will be mainly through cash flow. The plan will include
assumptions for 100% sales on credit, sufficient cash on-hand at start-up so that any problems
with the cash flow can be easily prevented.
The methodology used to collect the data and information for the decision making
purpose mostly included surveys, publication research and various other techniques.
Secondary data were used that included both historical and present information. The business
development plan aims to help the senior citizens of Hulhumale region. The key outcome
obtained from the business development plan was that the market condition present in
Maldives is favorable enough to create the new business venture for the aged people.

2BUSINESS PROPOSAL
Table of Contents
1. Introduction:...........................................................................................................................4
1.1 Terms of References:.......................................................................................................4
1.2 Approach..........................................................................................................................4
1.3 Concepts and Models applied..........................................................................................6
1.4 Literature Sources............................................................................................................7
1.5 Assumptions.....................................................................................................................8
1.6 Timescales........................................................................................................................8
2. Business concept....................................................................................................................8
2.1. The service......................................................................................................................8
2.2. Target Market and Value added features........................................................................9
2.3. Window of Opportunity:.................................................................................................9
2.4. Vision statement:.............................................................................................................9
2.5. Mission Statement.........................................................................................................10
2.6. Objectives:.....................................................................................................................10
2.7. Core purpose:................................................................................................................10
3. Feasibility Research:............................................................................................................11
3.1. Product Feasibility........................................................................................................11
3.2. Industry Feasibility:......................................................................................................12
3.3. PESTEL Analysis..........................................................................................................12
3.4. Market Research:..........................................................................................................13
3.5. Organizational Feasibility:............................................................................................16
3.6. Financial Feasibility:.....................................................................................................16
3.7 Cost of failure:................................................................................................................18
3.8. Result of the Feasibility Research:................................................................................19
4. The Business Model.............................................................................................................19
4.1. Business Model Canvas:...............................................................................................19

3BUSINESS PROPOSAL
4.2. The core strategy:..........................................................................................................20
4.3. Resource needed:..........................................................................................................20
4.4. Value derivable for customers......................................................................................21
4.5. Discussion from the Business Model................................................................................22
5. The Business Plan:...............................................................................................................23
5.1. Summary:......................................................................................................................23
5.2. Objectives:.....................................................................................................................23
5.3. Key to Success:.............................................................................................................23
5.4. Mission..........................................................................................................................23
5.5. About the company:......................................................................................................24
5.6. Startup summary:..........................................................................................................24
5.7. Services:........................................................................................................................27
5.8. Market Analysis Summary:...........................................................................................27
5.9. Market segmentation:....................................................................................................28
5.10. Service Business Analysis...........................................................................................29
5.11. Competition and buying pattern..................................................................................29
5.12. Marketing strategy:.....................................................................................................30
5.13. Sales Strategy..............................................................................................................30
5.14. Sales Forecast..............................................................................................................31
5.15. Risk Management:......................................................................................................32
5.15.1. Challenges:...............................................................................................................32
5.16. Viability of the Plan:...................................................................................................33
5.17. Projected Timeline......................................................................................................37
5.17.1. Strategy and Implementation:..................................................................................38
Bibliography:............................................................................................................................39
References:...............................................................................................................................40

4BUSINESS PROPOSAL
List of Tables and Figures
Table I: Assumptions.................................................................................................................7
Table II: SWOT analysis............................................................................................................8
Table III: Monthly fees...........................................................................................................11
Table IV: Gantt Chart...............................................................................................................12
Table V: Daily service fees......................................................................................................19
Table VI: cash flows statement................................................................................................20
Table VII: Business Canvas Model..........................................................................................21
Table VIII: value derivable for customers...............................................................................22
Table IX: Start up Capital........................................................................................................27
Figure I: Market Analysis........................................................................................................27
Table X: Rate of growth of customers.....................................................................................28
Table XI: Break-even Analysis................................................................................................32
Table XII: Projected Timeline.................................................................................................37

5BUSINESS PROPOSAL
1. Introduction:
Old age home and wellness centre are the place where senior citizens are inhabited in
positive and friendly environment. The environment helps the old people to live comfortably
and sharing their ideas and thoughts with all like-minded people. In Maldives, the old aged
people are left out and not being given proper care and facilities. The old-age home business
idea is an innovative concept and highly beneficial for the community (Tomczak, Reinecke
and Kuss 2018). This is the home for extremely ill, unacceptable old peoples, poor or rich
people. This homecare and wellness centre will therefore be highly beneficial for aged
individuals, their families and society at large. The old age home is increasing at a global
level has also proved to be a blessing for various senior citizen. Hulhumale is a reclaimed
island and developing at a rapid pace to match with the global level. Large parts of the
population are in their old age and therefore setting up the new healthcare and wellness centre
will prove to be a great idea for the business proposal.
1.1 Terms of References:
The Home care and Wellness centre for the elderly people in Hulhumale is to provide
homecare and wellness facilities to the senior citizens. Most of the families’ lives together in
this region reside in a small rented apartment. The grown up children has to stay out most of
the time to earn livelihood for the family. As the basic rent of the Hulhumale region is
comparatively high than the rest of Maldives and income earned by a single person is not
enough to serve the basic and overall need of the family. The elderly persons are thus left
alone in the home as their grown up children have to go for work. This leads to leaving their
elder parents alone in the home or under the care of a maid. The elderly people at this age are
not properly cared and monitored well enough. Moreover, it has also been reported that the
children are sometimes guilty of leaving their parents behind and not taking care of their
parents.
1.2 Approach
To overcome this increasing problem or rising issue in Maldives, a homecare and
wellness centre for all such elderly people has been proposed. Therefore, for proper analysis
of market and business research, secondary data is to be used. The business is new to the
people and community therefore proper market and business analysis is necessary before
establishing the business. Moreover, the business also has conductive approach. The

6BUSINESS PROPOSAL
business is at its initial and start-up stage, hence it is highly important to ascertain the
potential area required for the business development. Business canvas model is to be used to
analyze the major nine building blocks of the business (Kothari, Mizik and Roychowdhury
2015).
The homecare and wellness centre may have specific objectives and goals. The main
goal of this business development plan is to help the senior citizen to live an independent,
safe and comfortable life. The foremost step is to create a business plan for the senior most
people that need to evaluate the wants and needs of the individuals. Application of SMART
method would be helpful in establishing the objectives for the organization. SMART method
stands for specific, measurable, achievable, relevant and time-bound. The prior section of the
objectives helps in evaluating the specific objectives that would be required to achieve the
desirable results. The second most element of the objectives helps in providing the required
details about the plan being measured. The third part is to determine if the available resources
are sufficient enough to attain the goals of the organization. Henceforth, it is also important
that the objectives is adequate to the senior needs and setting a time frame for completing the
goal is essential.
THE BUSINESS ENVIRONMENT
ASSUMPTIONS
(1) QUANITATIVE
AND FINANCIAL
INTERNAL EVIRONMENT EXTERNAL
ENVIRONMNET
The cost of setting the business
would be assumed to be Rf. 7 to 8
lakh.
Employees to be hired would also
pay according to their number of
hours for the service provided.
The cost of health equipments for
the providing the services will be
assumed to be around Rf. 50,000
The infrastructure cost in
the area is assumed to be
stable.
It is assumed that the
insurance and tax charge
of the healthcare
industry is assumed to be
very high.
The number of
employees to be hired in
the business will
assumed to be around 30
due to high labor cost

7BUSINESS PROPOSAL
Initially only less
amount of employees is
to be hired.
Inflation and
employment rate is
assumed to be favorable.
ASSUMPTIONS
(2) QUALITATIVE
It is assumed through high quality
services more and more old aged
people are stay in the centre will
increase by the year end.
It is supposed that by the end of
three years the old age stay in the
hospital would increase up to 200.
It is assumed that the
beliefs of the people and
community are
constantly changing at a
high rate.
Latest technology is to
be implemented by
providing the senior
citizen the best services.
Table I: Assumptions
1.3 Concepts and Models applied
In order to make the business successful, it is important that the proposal for the
business development is highly relevant. The start-up business should deal in providing a
customized care options and respite to the senior people. The resources should be adequately
realized by facilitating the best services to its customers. The target customers are the lonely
old aged people (Baker 2016). The business should be strategically managed so that the
individuals by proper planning so that the mission and vision of the company is achieved.
With the help of SWOT analysis the external and internal business environment for Old age
agency in Maldives is analyzed. Business canvas model is applied to know the current
position of the market. Moreover, value chain analysis for the organization has also been
made.
INTERNAL
STRENGTHS WEAKNESSES
Highly skilled
workforces
Innovative idea
Reliable
stakeholders
Well planned
High
Investment
New to the
business for
senior care
Limited room

8BUSINESS PROPOSAL
operations
Large target
market
Maldives climate
Large target
for growth
EXTERNAL
OPPORTUNITIES
Low inflation rate
Change in the
behavior of
customers increase
the growth of
agency
Large number of
population in their
aged stage.
New customers
from the online
channels
THREATS
Latest advent of
technology can
proved to be
highly
dangerous for
the old age
centre.
Many small
competitors.
Table II: SWOT analysis
1.4 Literature Sources
Tomczak, T., Reinecke, S. and Kuss, A., 2018. Introduction. In Strategic Marketing (pp. 1-
18). Springer Gabler, Wiesbaden.
Kothari, S.P., Mizik, N. and Roychowdhury, S., 2015. Managing for the moment: The role of
earnings management via real activities versus accruals in SEO valuation. The Accounting
Review, 91(2), pp.559-586.
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.

9BUSINESS PROPOSAL
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory
study of branded social content and consumer engagement. Psychology & Marketing, 32(1),
pp.15-27.
Behrangrad, M., 2015. A review of demand side management business models in the
electricity market. Renewable and Sustainable Energy Reviews, 47, pp.270-283.
Vargo, S.L., Wieland, H. and Akaka, M.A., 2015. Innovation through institutionalization: A
service ecosystems perspective. Industrial Marketing Management, 44, pp.63-72.
Palizban, O., Kauhaniemi, K. and Guerrero, J.M., 2014. Microgrids in active network
management—Part I: Hierarchical control, energy storage, virtual power plants, and market
participation. Renewable and Sustainable Energy Reviews, 36, pp.428-439.
Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability
and brand performance. Journal of Advertising, 44(1), pp.37-46.
Wilden, R. and Gudergan, S.P., 2015. The impact of dynamic capabilities on operational
marketing and technological capabilities: investigating the role of environmental
turbulence. Journal of the Academy of Marketing Science, 43(2), pp.181-199.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand
equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132).
Springer, New York, NY.
1.5 Assumptions
It is assumed that the market demand is sustainable in nature. The homecare team is
highly committed to the new venture. The existing business environment of the Hulhumale
region is stable despite of the unfavorable economical condition. Funds will be availed
according to the budget prepared. The designing of the homecare and wellness centre will be
made according to the professionals and homecare architects (Ashley and Tuten 2015). The
skilled nurses are highly committed towards the project.
1.6 Timescales
This proposal for the homecare and wellness of elderly start-up business and this is
made for the initial three year time period.

10BUSINESS PROPOSAL
2. Business concept
2.1. The service
The business concept of opening the old age and wellness centre in the Hulhumale
region is highly innovative in nature. The residential and age old centre would help in
providing healthy and safe environment. This would enable the adults to enjoy freely besides
having the best assistance in healthcare facilities. The agency is to provide assistance to
senior citizens in their day to day activities. This includes helping the old aged people in
providing medical aids, physical therapy, meals, reminder and personal grooming. The main
aim of the organization is to provide the elderly people the best facilities from both the world
(Luxton, Reid and Mavondo 2015). This includes private homecare environment and all
healthcare facilities.
2.2. Target Market and Value added features
The agency aims to provide maximum healthcare facilities for their seniors. The
agency would therefore require well trained staffs for supporting the healthy livings of old
age people. The resistance and support will be providing to the local communities and entire
Maldives area. The rooms provided to the senior residents are highly furnished and includes
all the latest gadgets and technologies. The room has also private access to the present patio
in the nearby regions (Wilden and Gudergan 2015). All the basic amenities are also provide,
which includes proper furniture, linens toiletries. Moreover, laundry and cleaning services
will be provided on a weekly basis to the individuals.
The old aged people will also have proper access to spa and swimming facilities. The
pool also has latest features, equipped with ADA compliant lift for all the elderly people
having difficult in entering the spa or pool area. Moreover, total of 3 meals and 2 snacks will
be provided to the old aged people on a daily basis. Reminder facilities will be provided to
those individuals, who are unable to take their own medication. Healthcare and clinical
facilities like physiotherapy and speech therapy shall be provided to that senior citizen who
needs it.
Monthly price for staying in the old aged facility is established at Rf. 20,000 per
month. There is also a pre admission fees that is to be paid once in a year. Moreover
additional monthly fees for various products and services provided are listed below:
Product/services Price
Private room Rf. 20,0000 per month
Additional hour Rf. 20,000 per month
Healthcare supplies Rf. 20,000 per month
Dementia care Rf. 15,000 per month.

11BUSINESS PROPOSAL
Table III: Monthly fees
2.3. Window of Opportunity:
The old age home should be located in a calm and pollution free environment to gain
competitive advantage. It is to be located near the beach besides proper communicating
facilities with the outer world. To gain competitive advantage with the local old age home
and nursing homes. The room provided to the individuals should be properly ventilated and
all the latest facilities are to be implemented.
2.4. Vision statement:
The main vision is to become the best and number one choice in all over Hulhumale
in regards to Old age and Healthcare wellness agencies. Moreover, the organization wants to
be regarded as the top leader providing effective services in all over Maldives within the next
5 years.
2.5. Mission Statement
The major business is to establish first-class home health care facilities that will take
care of the elderly people by providing affordable services to their customers. The main
motto is to become one of the leading wellness and aged homecare industry in Hulhumale
and Maldives. The main mission is to maximize the quality of life of seniors and assisted
living in the form of personalized services and high care facility that leads to a healthy, safe
and caring environment (Vargo, Wieland and Akaka 2015)
2.6. Objectives:
 To provide safe and healthy environment to the senior most people.
 To promote mental and physical health.
 To train and hire qualified and ethical staff members
 To provide a quality care to the individuals that would exceed their peers.
 To make maximum profits through quality of services and care facilities that is being
provided by them.
2.7. Core purpose:
To provide the senior members an economical alternative by living in a more assisted
and wellness centre. This approach would help in increasing the standard of living of the
individuals. The business development plan is based on zero based budgets as it is a start-up
business therefore the basis for the budget is considered as either for a cost centre or profit
contribution centre.
Activity Days(March-April)