Caregiver Business Plan - PDF by kue17884


Caregiver Business Plan document sample

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									1.1.       Mission/Objectives

The primary objective of ScheduleMed is to help independent senior citizens eliminate the
confusion and mistakes that can be made in taking multiple medications. ScheduleMed gives
senior citizens and their caretaker the peace of mind that their medication schedule is followed
and that no mistakes that can lead to serious consequences are made. ScheduleMed provides
easy-to-use scheduling software that allows caregivers/seniors to make a medication schedule.
Once the device is scheduled, ScheduleMed alerts and dispenses the medication to the senior user
using an easy-to-use one button scheme. ScheduleMed makes taking multiple medications easy.

1.2.       Keys to Success

The keys to success are:

       •   Develop an affordable, easy-to-use product that both the caregiver and senior user can
           use without confusion. The product should incorporate one button dispensing to allow
           the senior user to easily use it.

       •   ScheduleMed should be aggressively marketed in publications tailored to senior citizens
           and nursing homes.

       •   Build a durable, aesthetically pleasing product with a warranty to instill consumer

       •   The product should include a software package that allows for easy scheduling of
           medication. The software should be simple for novice computer users to set up. It
           should also include tutorials to help beginner users.

1.3.       Target Market

Our target market is the population of senior citizens and their caretakers. More specifically, we
are targeting senior citizens who live independently and nursing homes.

1.4        Competitive Advantage

Our competitive advantage is that our product is less expensive and has more features than what
is typically in the current market. A medication dispensing unit similar to ScheduleMed with
scheduling software and notification costs $900 with a monthly fee of $30. For most seniors on a
fixed income, the $900 price tag plus a monitoring fee is a major deterrent. By keeping product
cost low and eliminating the monitoring fee, ScheduleMed plans to gain a significant share of the
market these other products are missing.

1.5        Basic Strategies

The company startup will be primarily funded by the four founders of the company. This will
make up approximately 65% of the funding needed to start the company. The rest of the funds
will come from loans. ScheduleMed’s product will be the current revision of the pill dispenser
that is created during senior design. Technical development will be limited to the four founders
in the beginning as it does not incur any additional costs to pay the founders. The product will be
aggressively marketed in senior journals and newspapers. Advertisements in these publications
are the best way to reach our target market. In addition, we will send information about our
products to nursing homes. In the initial stages, the product will be available only by phone, mail
order, or Internet order. Company growth is dependent on a diverse product line. If the first
revision of ScheduleMed is successful, we will attempt to sell similar products with varying
degrees of cost and quality.

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