single family home business plan

How to Write a Business Plan as a Landlord

Editor's Note: This post was originally published in April 2020 and has been completely revamped and updated for accuracy and comprehensiveness.

Buying investment properties and renting them out to tenants is a great way to diversify your real estate portfolio and earn passive income. If you are considering becoming a landlord, writing a rental property business plan is vital to make your investment thoughtfully and deliberately. A well-crafted business plan can help you secure financing from lenders. A business plan demonstrates that you clearly understand your business and its potential, making you more attractive to potential lenders. Let's begin! This piece will walk you through what a rental property business plan is, why you should create one, and how to put one together.

What is a rental property business plan?

Most simply, a rental property business plan is a document that describes the following:

• You and your rental business.
• What your intentions and goals are with a property.
• Your plan for executing these goals.

Your rental property business plan will outline the strategies and goals for managing your properties.

Why should you develop a rental business plan?

Here are some reasons why you should create a rental property business plan:

• Provides a clear direction: A business plan outlines the goals and objectives of the rental property business, which helps you stay focused on achieving your vision. It also provides a roadmap for decision-making and ensures all activities align with the overall strategy.
• Helps secure financing: A business plan shows that you understand your business well, making your business more appealing to lenders.
• Identifies potential risks: A business plan identifies potential risks associated with the rental property business and provides strategies to mitigate them. This helps to avoid costly mistakes and ensures that you're well-prepared for any challenges that may arise.
• Enhances property management: A business plan includes a strategy outlining how you will manage your rental properties effectively.
• Enables monitoring and evaluation: A business plan provides performance metrics that will help you to monitor and evaluate your progress. This also allows you to identify areas for improvement and adjust your strategy accordingly.

First things first — set your business plan objectives.

Before creating your business plan, consider your specific objectives for your rental business. By setting your objectives, you're providing yourself with a target to aim for. A SMART goal incorporates all of these criteria to help focus your efforts and increase the chances of achieving your goal. This is a specific, measurable, achievable, relevant, and time-bound goal commonly used in business and project management to set and achieve goals.

The acronym SMART stands for:

• S - Specific: The objective should be clear and well-defined so everyone involved understands what they need to accomplish.
• M - Measurable: The objective should be quantifiable to measure and track progress over time.
• A - Achievable: The objective should be realistic and achievable based on available resources and the timeframe.
• R - Relevant: The objective should be relevant to your business's or project's overall mission or goals.
• T - Time-bound: The objective should have a specific deadline or timeframe for completion so you can monitor progress and make adjustments as needed.

Here are some examples of SMART goals for a rental investment business:

• Own four properties by the end of the year
• Earn $5k in rental revenue per month
• Earn $150k in rental profit by the end of year 5
• Hire a team of 4 business partners and open an office in Nashville, TN, in the next five years
• Find 15 tenants by the end of next year

You may only have one key objective or multiple, but each goal should have strategies and tactics to help achieve it.

Strategies and tactics for your SMART objectives

Let's take the relatively straightforward objective — own four properties by the end of the year. Easier said than done, right? Your strategy will be your rough game plan to achieve this goal. Here are some examples of strategies you may employ:

• Study local housing markets to find undervalued neighborhoods.
• Use hard money lending groups and meetups to help secure capital.
• Specialize in and become a master of a specific housing type (single-family homes, duplexes, apartments, townhouses, etc.)

You can then drill down each strategy into specific tactics. Here's what that looks like:

Study local housing markets to find undervalued neighborhoods:

• Study Zillow and MLS listings to see locations and figures of sales.
• Physical drive-thrus of neighborhoods to see house styles, number of For Sale signs
• Attend foreclosure auctions in different Tennessee counties
• Leverage social media to identify potential properties
• Try creative methods to find undervalued properties beyond the MLS

Use hard money lending groups and meetups to secure affordable and scalable financing:

• Join online hard money communities and see which lenders offer low rates, good terms, etc.
• Go to real estate conferences and network with lenders, wholesalers, etc.

Specialize in and become a master of a specific housing type:

Focus on 3br/2b single-family homes between 1500-2500 sq feet

How to write a rental property business plan

Now that you've thought about precisely why and how you will structure your business and execute your investment, it's time to write it! A rental property business plan should have the following components: The business plan typically includes the following elements:

• Executive Summary
• Business Description
• Market Analysis
• Marketing and Advertising
• Tenant Screening

Property Management

• Financial Projections

Risk Management

• Exit Strategy

Let's go through each of them separately.

Executive summary

The executive summary of a rental property business plan provides an overview of the key points of the plan, highlighting the most critical aspects. Here's an example of an executive summary:

[Your Business Name] is a real estate investment firm focused on acquiring and managing rental properties in [location]. The business aims to provide tenants high-quality rental properties while generating a steady income stream for investors. The rental property portfolio comprises [number] properties, including [type of properties]. These properties are located in [location], a growing market with a high demand for rental properties. The market analysis shows that rental rates in the area are stable, and the demand for rental properties is expected to increase in the coming years. The business's marketing and advertising strategies include online advertising, signage, and word-of-mouth referrals. The tenant screening process is thorough and includes income verification, credit checks, and rental history verification. The property management structure is designed to provide tenants with excellent service and to maintain the properties in excellent condition. The business works with a team of experienced property managers, maintenance staff, and contractors to ensure that the properties are well-maintained and repairs are made promptly. The financial projections for the rental property portfolio are promising, with projected revenue of [revenue] and net income of [net income] over the next [timeframe]. The risks associated with owning and managing rental properties are mitigated through careful screening of tenants, regular maintenance, and appropriate insurance coverage. Overall, [Your Business Name] is well-positioned to succeed in the rental property market in [location], thanks to its experienced team, careful management, and commitment to providing high-quality rental properties to tenants while generating a steady stream of income for investors.

Your executive summary is the Cliff Notes version of the complete business plan. Someone should be able to understand the full scope of the project just by reading this section. When writing your executive summary, assume it is the only part of your plan that someone reads. Aim for a half-page to full-page in length.

Business description

The business description section of a rental property business plan provides an overview of the company, including its mission, history, ownership structure, and management team. Here's an example of a company description section:

[Your Company Name] is a real estate investment company focused on acquiring and managing rental properties in [location]. The company was founded in [year] by [founder's name], who has [number] years of experience in the real estate industry.

Mission: Our mission is to provide high-quality rental properties to tenants while generating a steady income stream for our investors. We aim to be a trusted and reliable partner for tenants, investors, and stakeholders in our communities.

Ownership structure: [Your Company Name] is a privately held company with [number] of shareholders. The majority shareholder is [majority shareholder name], who holds [percentage] of the company's shares.

Management team: The management team of [Your Company Name] includes experienced professionals with a proven track record of success in the real estate industry. The team is led by [CEO/Managing Director's name], who has [number] years of experience in real estate investment and management. The other members of the management team include:

[Name and position]: [Brief description of their experience and role in the company] [Name and position]: [Brief description of their experience and role in the company]

Market analysis

Researching neighborhood trends can help you identify areas poised for long-term growth. This can enable you to make strategic investments that will appreciate over time, providing a stable source of income for years to come. The Market Analysis section of a rental property business plan for landlords should provide a comprehensive overview of the local rental market. Below are some key elements you should include in the Market Analysis section of your rental property business plan.

• Property Value: The value of a rental property is highly dependent on its location. By researching neighborhood trends, landlords can stay updated on changes in property values, both positive and negative. They can make informed decisions about whether to purchase, hold or sell their properties based on changes in the area.
• Rental Rates: Knowing the rental rates in a neighborhood can help landlords determine how much to charge for rent. Understanding how much other landlords charge for similar properties in the area can help a landlord price their property competitively and attract quality tenants.
• Tenant Preferences: Different neighborhoods appeal to different types of tenants. For example, families with children may prefer neighborhoods with good schools and parks, while young professionals may prefer areas with trendy restaurants and nightlife. By understanding neighborhood trends, landlords can cater to the preferences of their target tenants.
• Neighborhood Safety: Safety is a significant concern for tenants, and landlords can be held liable for any harm that befalls their tenants due to unsafe conditions on the property. Competitive landscape: There are several steps that landlords can take to research the competitive landscape of a rental market. These include identifying competitors, analyzing rental rates, researching amenities offered by competitors, and checking their online reviews.
• Growth potential: Consider external factors that may affect the rental market, such as population growth, job growth, or changes in zoning laws. This can help landlords identify potential growth opportunities in the market.

Marketing strategy

The marketing strategy section of your rental property business plan outlines how you will promote and advertise your rental properties to potential tenants. Below are some key elements to include in this section.

• Target Market: Identify the target market for rental properties, such as young professionals, families, or retirees. Describe their demographics, interests, and needs, and explain how the rental properties cater to these groups.
• Unique Selling Proposition: Identify the unique selling proposition of the rental properties, such as location, amenities, or affordability. Explain how these factors differentiate the properties from competitors in the market.
• Advertising Channels: Describe the advertising channels you'll use to promote the rental properties, such as online rental listings, social media, or local newspapers. Explain how you'll use these channels to reach the target market.
• Promotion Strategy: Describe the promotion strategy to attract tenants to the rental properties, such as discounts, referral bonuses, or move-in incentives. Explain how you'll communicate promotions to potential tenants and how they will be tracked and measured for effectiveness.
• Branding: Develop a branding strategy for the rental properties, including a logo, website, and promotional materials. Explain how the branding will reflect the unique selling proposition of the properties and how it will be used consistently across all marketing channels.
• Budget: Develop a marketing budget outlining each advertising channel's expected costs and promotion strategy. Explain how you'll track and adjust the budget as needed to ensure maximum return on investment.

Tenant screening

This section should outline the steps you or your property manager will take to evaluate potential tenants and ensure they fit your rental property well. This can ensure that your company has a thorough and fair process for evaluating potential tenants and selecting the best fit for their rental property. B elow are some critical components to include in this section.

• Criteria for Screening: Define the criteria you will use to evaluate potential tenants. This includes credit score, income, employment, criminal, and rental history.
• Application Process: Detail the application process that potential tenants will go through. This may include the application form, application fee, and required documentation such as pay stubs, rental history, and references.
• Background Checks: Describe the background checks you'll conduct on potential tenants. This may include a credit check, criminal background check, and reference checks with previous landlords.
• Approval Process: Outline the process for approving or denying a tenant application. This may include a review of the applicant's qualifications, background check results, and a decision based on the landlord's discretion.
• Fair Housing Compliance: Include a statement about compliance with fair housing laws. Landlords and property managers must ensure they do not discriminate against applicants based on protected classes such as race, color, religion, sex, national origin, disability, or familial status.

This section should outline the steps you or the property manager you have hired will take to manage the rental property effectively and ensure a positive experience for tenants. Below are some key components to include in the property management section of a rental property business plan.

• Maintenance and Repairs: Outline the process for addressing maintenance and repair issues. This may include a description of how tenants can report problems, the timeline for responding to requests, and the types of repairs that are the landlord's responsibility versus the tenant's responsibility.
• Rent Collection: Detail the process for collecting rent from tenants. This may include the due date for rent payments, late fees, and consequences for non-payment.
• Lease Agreement: Describe the lease agreement that tenants will sign. This may include the length of the lease, rent amount, security deposit, and rules and regulations for the property.
• Tenant Communications: Outline your approach to communicating with tenants. This may include regular newsletters or updates on property maintenance, a process for addressing tenant concerns, and emergency contact information.
• Compliance and Risk Management: Include a statement about compliance with regulations and risk management. This may include descriptions of insurance coverage, safety protocols, and any regulatory requirements the business must follow.

The financials section of your rental property business plan is crucial for demonstrating the business's financial feasibility and potential profitability of the investment. Let's take a look at what you can include.

• Income projections: Start by estimating the expected rental income from the property. This should be based on market rates for similar properties in the area, considering location, size, amenities, and condition. Consider any potential income streams beyond rent, such as laundry facilities or parking fees.
• Expense projections: Next, estimate the ongoing expenses associated with owning and managing the property, including mortgage payments, property taxes, insurance, utilities, maintenance and repairs, and property management fees, if applicable. Be sure to factor in seasonal or irregular expenses, such as snow removal or landscaping.
• Cash flow projections: Based on the income and expense projections, calculate the expected net cash flow for the property monthly and annually. This will give you a sense of how much income the property will likely generate after paying expenses.
• Financing plan: If you plan to finance the purchase of the property, outline your financing plan, including the loan amount, interest rate, and repayment terms. Be sure to calculate the impact of financing on your cash flow projections.
• Return on investment: Calculate the property's expected ROI based on the initial investment and projected cash flows over a specified time (e.g., five years). This will give you a sense of whether the investment will likely be profitable in the long term.
• Sensitivity analysis: Conduct sensitivity analysis to assess the potential impact of changes in key assumptions (e.g., vacancy rate, rental income, expenses) on your cash flow projections and ROI. This will help you identify potential risks and make informed decisions about the investment.

As a landlord, you must include a risk management section in your rental property business plan to address potential risks and establish strategies for mitigating them. Below are some key steps you can take to create a risk management section for your business plan.

• Identify potential risks: Identify risks associated with your rental property business. This may include risks related to property damage, tenant safety, liability, financial loss, and legal compliance.
• Assess the likelihood and impact of each risk: Once you have identified potential risks, assess the likelihood and potential impact of each risk on your rental property business. This will help you prioritize which risks to address first and determine the resources you must allocate to manage each risk.
• Establish risk management strategies: Develop a plan for managing each identified risk. This may include measures to prevent the risk from occurring, as well as steps to mitigate the impact of the risk if it does happen. For example, you may establish a routine property inspection program to identify and address maintenance issues before they become significant problems. You may also require tenants to carry renters' insurance to mitigate financial loss if they cause damage to the property.
• Review and update your risk management plan regularly: Risks can change over time, so it's essential to review and update your plan regularly. This will help you ensure that your strategies are still effective and that you are prepared to manage new risks as they arise.
• Seek professional advice: Consider seeking professional advice from a lawyer, insurance agent, or another expert to help you identify potential risks and develop effective risk management strategies. This can help you ensure your business is well-protected and minimize risk exposure.

By including a comprehensive risk management section in your rental property business plan, you can demonstrate to potential investors, lenders, and tenants that you are committed to running a safe and sustainable rental property business.

Exit strategy

An exit strategy is integral to any rental property business plan as it helps you plan for the future and maximize your ROI. You most likely plan on renting out your property for a long or indefinite time. If you have a shorter or more definite timeline, like renting it out for ten years and then selling it, mention it here. Should your property go vacant for a long time, or economic circumstances, cause rent prices to fall dramatically, maintaining your property may no longer be sustainable. You should have a plan, or at least a framework, to decide what to do if this happens. Otherwise, your exit strategy should be your backup plan if things don't go as planned.

Final thoughts

Creating a comprehensive rental property business plan provides you with a clear direction for your business, helps secure financing, identifies potential risks, enhances property management, and enables monitoring and evaluation of performance. A business plan is valuable for landlords who want to run a successful rental property business.

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Writing A Residential Rental Property Business Plan

May 27, 2019

The business plan format we’ll discuss includes five sections:  Property, Market, Goals and Objectives, Management and Financial (see Appendix A for an outline). Let’s take a brief look at each of these sections.

Rental Property Business Plan Section 1:  Property

Describing the property is the first step to determining how it should be managed and estimating its potential for return on investment (ROI).  Noting the property’s type, features and location provides a basis for comparison to other properties in the market to determine its competitive position . This section may seem elementary, but it is vitally important to establishing the property’s realistic market potential and an appropriate management approach.

Rental Property Business Plan Section 2:  Market

The Market section identifies the managed property’s market and how our property compares with competing properties.  This information supports decisions regarding rent levels, marketing strategies and long term positioning of the property within the market.  A Market Rent Analysis  (MRA) should being included to provide comparisons to direct competitors (similar properties) and indirect competitors (other types of properties that potential tenants might prefer if the managed property is not competitive in terms of price, location and/or amenities).

The Market section identifies the target market (preferred tenants) for vacancy advertising and strategies for reaching that market effectively.  Understanding the needs of the target market also supports decisions regarding the potential ROI of future property upgrades and some management procedures (e.g. whether to offer online rent payments).

Rental Property Business Plan Section 3:  Goals and Objectives

In simple terms, goals are a measurable what and objectives are the reason why .  A business plan could have several dozen goals, or perhaps just a few, depending on the property, its market and how it will be managed.  But each goal should have at least one objective.

Let’s look at a simple example of a goal and its objective:

“Goal:  $29,000 or higher net operating income. Objective:  Meet or exceed ROI compared to other available investments.”

Let’s say we have a more specific reason for earning a minimum ROI and a 2 nd objective that is dependent on the first:

“Goal 1A:  $39,000 or higher net operating income.  Objective:  Achieve minimum acceptable ROI.”

“Goal 1B:  Increase balance of reserve fund from $90,000 to $100,000.  Objective:  Increase investment safety from unexpected expenses.”

We might also have a goal of repositioning our property in the market:

“Goal:  Remodel to add new master suite. Objective:  Increase the property’s income potential.”

Some owners and managers prefer to develop objectives first, and then formulate goals that support achievement of those objectives.  Here’s an example:

“Objective:  Improve property to increase gross rental income.  Goal:  Install new kitchen stove, refrigerator and dishwasher before renewing current tenant lease.”

The important factor in each of these goals is that they are measurable, either with a numerical value or by answering a yes or no question.  The corresponding objective should represent a strategic improvement to either the property or its performance as an investment.

Rental Property Business Plan Section 4:  Management

A business plan should not be confused with a manager’s Standard Operating Procedures (SOP, see Note 1).  A plan is a list of tasks, while procedures describe how those tasks should be done.  The Management section will identify recurring and non-recurring tasks and who will perform them.  These include leasing, tenant care, property care, and improvements.

For example, Section 4.B, Inspections, could include the following:

“Full exterior/interior inspections will be conducted semi-annually and per the Management SOP.”

What does the Management SOP say about inspections?  That depends on the manager’s standard practices.  Most commonly, the SOP will stipulate the types of inspections that will be performed in the usual course of managing a property, such as weekly drive-by exterior inspections.  The SOP may also describe inspections to be performed under special circumstances, such as a tenant complaint about a specific problem, complaints from neighbors, notification of a nuisance on the property by law enforcement, suspicion of illegal activity on the property, suspicion of abuse on the property, or habitually late rent payments (see Note 2).

If there is a plan to make capital improvements, the Management section is a good place to describe them.  There should, however, be a separate Project Plan for each improvement that gets into the details of what is to be done.

A Property Management Schedule , either in list form or graphic (e.g. Ganntt chart ), should be used to identify and track progress of all recurring and non-recurring management activities.

Rental Property Business Plan Section 5:  Financial

Financial plans can be either simple, such as a single page spreadsheet, or consist of hundreds of pages that include detailed descriptions of each income, expense or financing item.  For most single unit or small multi-unit owners and managers, a spreadsheet reflecting an Operating Budget like the example below should suffice (see Note 3).

Rental Property Business Plan:  Tracking Performance

Tracking performance against the business plan is the ultimate purpose for having it.  The primary tracking tools are the Management Schedule and the Operating Budget, which we created in the Management and Financial sections.  Establish regular reviews (monthly, quarterly, etc.) and write a brief analysis of your performance to the plan – even if you are the only person who will read it.  Your analysis is feedback that should prompt you to take action in response to changing market conditions.

Rental Property Business Plan:  A Few Final Words

The business plan we’ve been discussing is applicable to a property or small group of properties, typically condos, single family homes, or small multi-family complexes.   As with all plans and procedures, the format and content of the document should be tailored to your specific needs.  In most instances, rental property profit or loss is just one part of an owner’s total financial picture.  When this is the case, the rental property business plan should be incorporated into a broader company or family financial plan.

If you’re an active investor, you may find that drafting a business plan for a potential investment target provides a great analysis tool. To get a good start, you might want to order our Business Plan Services to help get your first plan organized.

Hope you found this review of the residential rental property business plan helpful.  For answers to your questions or for help with California real estate investing, sales and property management, please use Contact Us .

• Most professional property managers have written Standard Operating Procedures (SOPs) that they either apply globally to all properties under their management or adapt to each property individually. It is common for managers to either reference their existing SOP or attach an SOP tailored to a client’s property to a property management contract.
• We offer “ Problem Tenant Services ” that include inspections when special circumstances warrant them.
• Financial plans and the bookkeeping system used to track financial performance should support the information requirements of your accountant and tax adviser. Consult with these professionals when drafting your operating budget.

Appendix A:  Residential Rental Property Business Plan Outline

• Demographics
• Target Market
• Market Rent Analysis
• Goals and Objectives
• Inspections
• Maintenance and Repairs
• Capital Improvements
• Operating Budget
• Capital Budget

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Property Rental Business Plan PDF Example

• February 28, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful property rental business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your property rental business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a property rental business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the real estate industry, this guide, complete with a business plan example, lays the groundwork for turning your property rental business concept into reality. Let’s dive in!

Our property rental business plan is structured to cover all essential aspects needed for a comprehensive strategy. It outlines the rental operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

• Executive Summary : Offers an overview of the property rental business’s concept, market analysis , management, and financial strategy.
• Properties, Amenities & Services: Describes the diverse range of properties, from urban apartments to countryside cottages, each equipped with customized amenities and services to cater to various guest preferences.
• Properties Deep Dive: Offers a detailed look into each property, including design style, location, key features, and financials related to purchase and renovation.
• Key Stats: Shares industry size , growth trends, and relevant statistics for the short-term rental market.
• Key Trends: Highlights recent trends affecting the short-term rental sector, such as the rise of eco-friendly properties, technology integration, and the shift towards local experiences.
• Key Competitors : Analyzes main competitors and differentiates the business based on unique property offerings and guest experiences.
• SWOT: Strengths, weaknesses, opportunities, and threats analysis.
• Marketing Plan : Strategies for marketing the properties to maximize occupancy and revenue.
• Timeline : Key milestones and objectives from property acquisition and planning through launch and operational optimization.
• Management: Information on who manages the property rental business and their roles.
• Financial Plan : Projects the business’s financial performance, including revenue, profits, and expected expenses, with a focus on achieving profitability and sustainable growth.

Property Rental Business Plan (Airbnb / VRBO)

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your property rental business plan, providing a succinct overview of your rental operation and its offerings. It should detail your market positioning, the variety of properties you manage, their locations, sizes, and an overview of day-to-day management practices.

This section should also discuss how your property rental business will fit into the local real estate market, including the number of direct competitors in the area, identifying who they are, along with your business’s unique selling points that set it apart from these competitors.

Moreover, it’s important to include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your property rental business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

For a Property Rental Business, the Business Overview section can be effectively divided into 2 main sections:

Properties & Locations

Describe the range and types of properties within your portfolio, such as apartments, single-family homes, vacation rentals, or commercial spaces. Emphasize the diversity and quality of your properties, including any unique features or high-demand attributes they may have. Discuss the locations of your properties, stressing their accessibility and the convenience they offer to tenants.

Highlight properties that are strategically located near key amenities, such as public transport, business districts, schools, or recreational areas. Explain why these locations are beneficial in attracting and retaining your target tenants.

Amenities & Services

Detail the amenities and features available with your properties, such as in-unit laundry, security systems, fitness centers, communal spaces, or eco-friendly installations. Highlight how these amenities meet the needs and preferences of your target tenant demographic.

Outline your leasing terms and pricing strategy , ensuring they align with the value provided by your properties and the competitive market landscape. Discuss any flexible leasing options, promotional offers, or loyalty incentives you provide to enhance tenant retention and attract new tenants.

Make sure to cover here _ Properties, Amenities & Services _ Properties Deep Dive

Market Overview

Industry size & growth.

In the Market Overview of your property rental business plan, begin by examining the size of the property rental industry and its growth potential. This analysis is vital for understanding the market’s breadth and pinpointing opportunities for expansion.

Key Market Trends

Next, discuss recent trends in the property rental market, such as the growing demand for flexible leasing options, the rise of smart home technology in rental properties, and the increasing preference for properties with green, sustainable features. Highlight the shift towards more personalized tenant experiences and the popularity of properties that offer unique amenities, such as co-working spaces or pet-friendly environments.

Key Competitors

Finally, assess the competitive landscape, which ranges from large property management companies to individual landlords, as well as emerging short-term rental trends facilitated by platforms like Airbnb. Focus on what sets your rental business apart, be it superior tenant services, innovative property features, or niche market focus. This section will outline the demand for rental properties, the competitive environment, and how your business is uniquely positioned to succeed in this dynamic market.

Make sure to cover here _ Industry size & growth _ Key market trends _ Key competitors

Dive deeper into Key competitors

First, conduct a SWOT analysis for your property rental business, identifying Strengths (like diverse property portfolio and prime locations), Weaknesses (such as maintenance costs or vacancy rates), Opportunities (for instance, the growing demand for flexible housing and rental spaces), and Threats (like market saturation or regulatory changes impacting rental operations).

Marketing Plan

Then, devise a marketing strategy that details how to attract and retain tenants through strategic online listings, virtual tours, referral incentives, a strong online presence, and engagement with the local community.

Lastly, establish a comprehensive timeline that marks key milestones for the launch of your rental operations, marketing initiatives, tenant engagement plans, and growth or diversification goals, ensuring the business progresses with a focused and strategic approach.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the property rental business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the property rental business towards its financial and operational goals.

For your property rental business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your property rental business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your property rental business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Privacy Overview

Rental Properties Business Plan Template

Written by Dave Lavinsky

Rental Property Business Plan

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their rental property business. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a rental property business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Rental Properties Business Plan?

A business plan provides a snapshot of your rental property business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Rental Properties Business

If you’re looking to purchase a rental property, multiple rental properties, or add to your existing rental properties business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your rental property business in order to improve your chances of success. Your rental property business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Rental Property Companies

With regards to funding, the main sources of funding for rental properties are personal savings, credit cards, mortgages, and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a rental property is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund a rental property company. They might consider funding a rental property company with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.

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How to write a business plan for a rental property company.

Your business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of rental property you are operating and the status; for example, are you a startup, or do you have a portfolio of existing rental properties that you would like to add to?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the rental properties industry. Discuss the type of rental property you are offering. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of rental properties you are offering.

For example, you might offer the following options:

• Single family homes – This type of rental property is often owned by a single individual, rather than a company, who acts as both landlord and property manager.
• Multi-family properties – These types of properties can be subcategorized by the number of units per site. Buildings with 2 – 4 units are the most common (17.5%), while multistory apartment complexes with more than 50 units represent the next-largest, at 12.6% of the industry.
• Short-Term Rental properties – These are fully furnished properties that are rented for a short period of time – usually on a weekly basis for vacation purposes.

In addition to explaining the type of rental property you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include occupancy goals you’ve reached, number of property acquisitions, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the rental properties industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the rental property industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your rental property business plan:

• How big is the rental properties industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your rental property. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population or tourist arrivals.

Customer Analysis

The customer analysis section of your rental property business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: households, tourists, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of rental property you offer. Clearly, vacationers would want different amenities and services, and would respond to different marketing promotions than long-term tenants.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.  

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other rental property companies.

Indirect competitors are other options customers may use that aren’t direct competitors. This includes the housing market, or hotels. You need to mention such competition to show you understand that not everyone who needs housing or accommodation will seek out a rental property.

With regards to direct competition, you want to detail the other rental properties with which you compete. Most likely, your direct competitors will be rental properties in the vicinity.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What lease lengths or amenities do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior properties?
• Will you provide services that your competitors don’t offer?
• Will you make it easier or faster for customers to book the property or submit a lease application?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a rental property business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of rental property business that you documented in your Company Analysis. Then, detail the specific options you will be offering. For example, in addition to long-term tenancy, are you offering month-to-month, or short-term rental?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the properties and term options you offer and their prices.

Place : Place refers to the location of your rental property. Document your location and mention how the location will impact your success. For example, is your rental property located in a tourist destination, or in an urban area, etc. Discuss how your location might draw customer interest.

Promotions : the final part of your rental property marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your rental property business, such as customer service, maintenance, processing applications, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect 100% occupancy, or when you hope to reach $X in sales. It could also be when you expect to acquire a new property.  

Management Team

To demonstrate your rental property business’ ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in rental property management. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in real estate, and/or successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you have 1 rental unit or 10? And will revenue grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $200,000 on purchasing and renovating your rental property, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $200,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a rental property business:

• Location build-out including design fees, construction, etc.
• Cost of equipment like computers, software, etc.
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your property blueprint or map.  

Putting together a business plan for your rental properties company is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the rental property industry, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful rental properties business.

Rental Properties Business Plan FAQs

What is the easiest way to complete my rental properties business plan.

Growthink's Ultimate Business Plan Template  allows you to quickly and easily complete your Rental Properties Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of rental property business you are operating and the status; for example, are you a startup, do you have a rental properties business that you would like to grow, or are you operating multiple rental property businesses.

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More From Forbes

Five tips for successful single-family rental investing.

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Co-Founder & CEO of PlanOmatic.

The single-family rental market is booming , with more and more investors jumping into the sector. The demand for single-family rental homes is exploding as consumers seek larger homes with more outdoor space, and prices are reaching record highs. Rents for these spaces increased 12.6% year-over-year in January, compared to an increase of 3.9% in January 2021, according to a press release by CoreLogic.

As CEO of PlanOmatic, I provide single-family rental investors and owners with photography, 3-D and floor plans with speed and at scale. However, I recently decided to put my industry knowledge to work and personally invest in single-family rental properties. I launched a single-family rental fund along with 13 other investors, and we have acquired 24 properties to date. As a relatively new single-family rental investor, I’ve learned many important lessons along the way. Here are five tips I encourage individuals to keep in mind if they're new to single-family rental investing.

Identify your investment criteria.

There are several factors to consider before investing in a single-family rental property. First, it’s important to determine your investment criteria. Are you looking for cash flow or appreciation? Next, determine how much cash you have to invest. And lastly, identify the markets you are familiar with and the ones you want to invest in. Some markets will provide higher appreciation, and some will offer better cash flow and cap rates. Whatever you choose, focus is key. To be successful at the beginning of your investing journey, I recommend focusing on a specific product type and a specific market.

Assess your finances.

You must have an understanding of your financial situation before investing. It’s important to first check your credit score and then determine if you qualify for a loan. Find out how much your bank is able to leverage for you. My rule of thumb is to look at loans with a seven-year amortization schedule because, in my experience, that timeframe will get you through a normal real estate or economic cycle.

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Another consideration when investing in a single-family rental property is whether the property already has leases and/or a tenant in place. Your bank might be more likely to approve you for a loan if there is already a tenant in place, as there is less risk.

Determine markets and properties ripe with potential.

Remember: location, location, location. No matter where you are looking to invest, the location of the property is critical. Properties in good locations typically retain their rental rates and often value far better than those in outlier areas. In addition, a big part of your investment is property taxes, so it’s crucial to look at the cost of property taxes prior to acquisition.

Once you have determined a strong single-family rental investment opportunity, beware of what I call “analysis paralysis.” You are not buying this home to live in it, so you don’t need to overanalyze every aspect of the property as if you would be. When you are investing in these properties, it’s important to look at a few simple factors. What’s the appreciation potential, what does the cash flow look like and what’s the potential for a renovation?

You certainly want to be informed and to do your analysis before the acquisition, but “analysis paralysis” can ultimately slow you down. This is a market that is moving quickly, so you have to be ready to acquire. Try not to get hung up on a couple of percentage points as you answer the questions above, especially if the investment is a longer-term play.

Do your due diligence.

Before acquiring a property, investors should embark on a thorough due diligence process. For instance, I always recommend checking the property’s roof condition, sewer scope and foundation. Examining these three things can help make sure you are not missing anything big when it comes to estimating maintenance expenses. One big expense like that can really devastate a full year’s investment.

Furthermore, when you are under contract to buy a rental property, the title will only go so far as to check for any owed taxes. Check to see if there are any municipality leans and taxes on the property that won’t show up in the title. You could very well be stuck with an unpaid tax bill if you don’t conduct thorough property due diligence.

I also suggest checking regionally and locally to learn if the property has a history of unexpected natural disasters in the area, such as floods, hurricanes, fires and/or tornados. If so, you can make sure you are insured to avoid disastrous expenses due to these types of events.

Check water bills, electricity bills and rent rolls as well, and make sure the rent is reconciled with the bank and actually was deposited.

Last, look to see if anything is expected to be built around the property, as a potential development next door could create a lot of noise, and a tall building, for example, could block your property views.

Determine your property management plan.

Once you have acquired a property, you can consider hiring a trusted and experienced property management company. If this is the route you take, identify a property manager that can onboard quickly, has the same values as you in regard to how you want to treat your tenants and has a process in place.

By working with a trusted property management partner, the investing process can be a lot easier and allow you to invest from anywhere across the country.

The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

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How To Start A Rental Property Business Like A Pro

What is a rental property business?

Starting a rental property business

Writing a business plan

Is a rental property business a good investment?

As Antoine de Saint-Exupery once said, “A goal without a plan is just a wish.” Consequently, the best plans have developed a reputation for helping people in every industry realize their own goals, no matter how lofty they may be. There literally isn’t a single professional who couldn’t benefit more from a well-crafted strategy, and real estate investors are no exception. When learning how to start a rental property business , buy-and-hold investors in particular stand to improve their long term outlook by establishing a rental property business plan.

A proven rental property business plan can help layout the systems and benchmarks investors need to realize success at a higher level. That said, only one question remains: what does a rental property business plan look like?

If you are interested in starting a rental property business, there are several valuable lessons to take away from experience. Meanwhile, here’s a guide for developing a bullet-proof rental property business plan; it may be just what you have been waiting for.

On the FortuneBuilders Real Estate Investing Show , join our host, Jeffrey Rutkowski, as he talks to Gregg Cohen, the Co-Founder of JWB Real Estate Capital, on the subject of passive income and rental properties. Listen to the podcast here:

What Is A Rental Property Business?

A rental property business is a venture through which an investor will purchase and manage one or more income-producing properties. These properties can have one or more units leased out to tenants in exchange for monthly rental fees. Investors can have an effective rental plan without directly managing these properties; property management companies can be hired to carry out the duties often associated with landlords, such as rent collection and maintenance.

Is My Rental Property A Business?

Renting a house may be considered a business endeavor, depending on who you ask. This may seem like a controversial question, and there are at least two answers to consider. From a financial standpoint, renting a residential property may result in passive income. It is important to note that investors do not have to pay self-employment taxes when reporting their rental properties. Therefore, many would argue that owning a rental property is not considered a “business,” specifically in the lens of tax filing. However, from a career standpoint, many individuals live on passive income derived from their rental property companies; in this lens, renting a house can be considered a business. It’s entirely possible to manage a rental property portfolio as a business. Still, those with a single rental property may not need to start a company to collect passive income. It’s only once the portfolio starts to grow that turning the practice of renting into a business becomes more important.

How To Start A Rental Property Business

Learning how to start a rental property business isn’t all that different from just about every other entrepreneurial endeavor. Investors need to identify several key elements before getting started; that way, they can start their business on a solid foundation. Here are some of the most important steps to consider when drafting a rental property business plan and becoming a real estate entrepreneur:

Join a local REI club and start networking

Pick a niche and choose your rental property market

Figure out the proper financing and secure it

Conduct the appropriate research and hire a manager

Implement systems to improve efficiency

Manage the properties and scale the business at a sustainable pace

1. Join A Real Estate Investor Club

Joining a local real estate investing club or association provides networking opportunities, not the least of which may actually help rental property investors find a partner—or perhaps anyone else who may help them further their rental property business plan. Nathan Hughes at DiggityMarketing suggests that “investors need to identify various factors before entering the rental property business. Investors should join some real estate investors clubs as a beginner”. There’s absolutely no reason to think new investors, specifically aspiring rental property owners, can’t find a helpful hand at a real estate investor club. These types of meet-ups are specifically designed to help their attendees, and there’s always someone willing to lend a hand. At the very least, investors will gain insight into local professionals who are most likely already doing the one thing they want to do.

2. Pick A Niche & Choose A Market

Determining where to invest can often be more important to investors than how much capital or experience they bring to the table. After all, the golden rule of real estate persists: location, location, location. There is perhaps no more influential factor to a rental property investor’s success than the location in which they choose to invest. The location will determine everything from demand and price, not to mention the property’s long-term potential. Therefore, a truly great rental property business plan will want to make sure it answers these questions and many more like them:

How distant a market am I willing to invest in?

Do I have a team in place to handle the day-to-day, or will I have to commute back-and-forth?

How much will commute and market research cost me?

How stable and diverse is the economy in a market? Are there various business sectors that can help keep jobs and businesses? Is there one main employer?

What’s the average market price for property acquisition?

What’s the average rental price?

No rule says investors need to live in the markets they invest in, but there is no excuse for neglecting to mind due diligence and research the local housing market. To invest successfully, investors need to know every detail about a specific area, not to mention the specific niche they intend to serve.

Jordon Scrinko, the Founder & Marketing Director of Precondo states that “Investors’ decisions on where to invest are frequently more significant than their capital or experience. After all, when it comes to real estate, location is the most important. The area in which a rental property owner chooses to invest is possibly the most important aspect in determining their success”.

If for nothing else, investors need to know their renters just as much as the area they are investing in. Picking a niche, not unlike focusing on college housing or single-family homes, is the easiest way to target a specific audience. Therefore, at this time, rental property investors should decide who they will serve; only then will they be able to tailor their rental property business plan to see their audience’s needs.

3. Figure Out Financing

Securing financing is probably the biggest hurdle rental property investors face. However, financing a real estate deal isn’t nearly as hard as many new investors make it out to be. As it turns out, there are countless lenders just waiting for an opportunity to give savvy investors the money they need to invest in real estate. Like institutionalized banks, today’s real estate investors have access to more funding sources outside of traditional sources than ever before. Private money lenders and hard money lenders, in particular, have become synonymous with the best ways to secure funding and are as willing to work with investors as investors are eager to work with lenders.

These “alternative” sources tend to coincide with higher interest payments (often three to four times higher than traditional banks), but the added cost is well worth it. In exchange for their higher rates, investors not only receive the money they need to complete a deal, but they also receive it a lot faster than they would if they went through a bank. Whereas banks can take upwards of a few months to distribute funds, alternative lenders can have the money in investors’ hands in as little as a few days—if not hours.

It is also important to note that securing financing should be done before even looking for a home. That way, the investor will know exactly how much home they can afford and which investments are worth pursuing further.

4. Conduct Research & Hire A Property Manager

Becoming a landlord means investors will be responsible for maintaining the appearance and function of the rental property. However, whether or not the investor is a handyman is a moot point, as hiring a property manager is highly recommended. While it helps to know everything about a subject property, enlisting a third-party property manager’s services is an essential step in a rental property business plan. Through their help, investors may expand their portfolio without adding on countless hours of work. If for nothing else, a property manager will take care of everything. From finding tenants to collecting rent, property managers will see to it that everything is covered. Meanwhile, the investor is free to add more assets to their portfolio and increase their passive income cash flow.

5. Systemize

There are many rental plan options for landlords, such as specializing in low-income neighborhoods or university towns. Alternatively, they can choose to specialize in higher-income, urban neighborhoods. Different strategies require different skill sets, so landlords may find better success if they pick a niche in which they specialize. However, landlords will need to set up a system for running applications, credit, and background checks regardless of the niche. Adding proven systems to a rental property business plan is the surest way to make success habitual. Therefore, investors will need to create a system for every single process associated with rental property investing. That way, there will always be an appropriate course of action, regardless of the situation. Property managers, for that matter, make it a lot easier to implement systems.

6. Manage The Properties

Managing a rental property is about far more than just hiring a property manager; it’s about figuring out exactly what systems will be put in place to keep the properties in good shape and the cash flowing in. This means answering queries like:

Are you going to be a landlord? (Or will you hire a property manager?)

Who will find and select tenants?

Will you perform repairs to maintain the property? (Or hire a contractor?)

Who will perform yard maintenance and other duties?

Your answers will depend on your budget and available time. The key is to use your rental property business plan to map out all management systems beforehand and ensure no last-minute surprises.

Why Write A Business Plan

A well-crafted business plan will help in more ways than one as you learn to navigate the real estate industry. You can establish a clear framework of your goals and overall mission by writing a business plan. It should also include the reason why you want to start investing. This will ensure you remain focused as you make investment decisions and eventually grow your business. Think of a business plan as a roadmap for your future.

A business plan is also highly useful when speaking to potential lenders, designing marketing campaigns, and hiring new employees. These tasks will be made easier if you have a clear outline of what your business does (and how). For example, when you begin raising funds for your first deal, you will likely need to present your business goals to potential investors. A business plan can help take the pressure off — as the information will already be written down. If you are even slightly considering opening a rental real estate business, learning how to write a business plan is a great first step.

How To Write A Rental Property Business Plan

Starting a rental property business is one thing, but learning how to write a rental property business plan is entirely different. While the two sound similar, the latter is critical to making the former even stronger. At the very least, knowing how to start a rental property business must come before actually starting one. As a result, investors will need to familiarize themselves with the most important steps first:

Determine a vision and write a mission statement

Set passive income and business goals

Build a team structure that is conducive to success

Gain a high-level overview perspective of the company as a whole

Develop marketing systems and funnels tailored to a specific audience

1. Vision & Mission

A truly great rental property business plan must emphasize one thing above everything else: the investor’s vision or mission. What an investor hopes to achieve by investing in real estate may simultaneously serve as motivation and a guide when times are less than ideal. Therefore, investors must take a minute to think about why they are investing. Is it to retire comfortably? Is it to spend more time with family and friends? Is it both of these things? Knowing their “why” will help investors build out a sound business strategy, one that gets them closer to their goals with every investment. Consequently, those without a mission won’t know what direction to head, which doesn’t bode well for any rental property business.

2. Passive Income Goals

While closely related to one’s own vision or mission, passive income goals identify how much cash flow will be necessary to satiate investors’ appetites. That said, passive income goals should help investors meet their own mission statement. Likewise, if an investor wants to retire comfortably, they will need to set their passive income goals high enough to facilitate their desired retirement. While everyone’s passive income goals will be different, a general rule of thumb accounts for how much cash flow will be necessary to maintain their preferred lifestyle.

Remember, goals should be realistic and directly related to the reason someone wants to invest. Seeing overly ambitious goals can deter many investors from progressing, so the goals must be achievable. The sense of accomplishment developed from realizing a goal is, oftentimes, a powerful motivator.

Determining passive income goals will also help answer the most important question of them all: what type of rental property will I focus on? Residential? Commercial? Multi-family? Start from the end and work backward for better results; it’s the best and most efficient way to build a business.

3. Structure

Starting a rental property business may lead many investors to hire a team. After all, it’s true what they say: many hands make light work. The more qualified individuals investors have worked towards a common goal, the more likely they are to realize success. Not only that but hiring a competent real estate team is simply one more step towards investors removing themselves from the equation and earning more passive income. That said, it’s not enough to hire just anyone; the employees need to bring something new to the table. Investors need to hire a team that complements their skills—not that replicates them. That way, the team structure is more well-rounded and capable of accomplishing more tasks.

4. High-Level Overview

Investors need to look beyond the prospects of a single investment property and towards the potential of an entire portfolio. While a single home can produce encouraging cash flow levels, an entire portfolio can help investors realize financial freedom. Therefore, it’s important not to forget the “bigger picture.” Sure, start with a single home, but plans should inherently be scalable. When writing a rental property business plan, see that everything can be expanded to include future growth.

5. Marketing

Buying a rental property is just the first step on a passive income investing journey. At some point, investors need to figure out how to find tenants to bring in cash flow. More often than not, investors will rely on their property managers to fill vacancies. However, in the event an investor neglects to hire a property manager, there are various ways to find tenants, not the least of which include:

Rental websites

Social media

Print media/newspaper

Local bulletin boards

Local Realtors

Word-of-mouth marketing

Direct mail campaigns

Previous renters

Is A Rental Property Business A Good Investment?

Investors will know if a rental property is a good investment if their net cash flow remains consistently positive. Seasoned real estate investors know that to have a solid rental plan and business, they must first mind their due diligence and ensure that a rental property is indeed a good investment. There are several measurements available to help investors get an idea of the profit-making potential for a property. Make use of 10 real estate calculators that are helpful for any type of real estate investor.

Features of Successful Rental Properties

You don’t have to reinvent the wheel to be successful. Many successful rental properties can serve as a model for your business. Here are some distinct features of profitable rental properties:

Location: Real estate is always about location. The location of your rental property will be a major determinant of the type of tenants you will attract. For example, if you purchase a rental property at the edge of a university, you’ll naturally get applications from many college students. Consider the neighborhood and how it could influence your tenant profile, behavior, income, and vacancies.

Taxes: The location will also influence the property taxes that you end up paying. High property taxes may be well-worth it if your property is located in a great area that attracts high-paying tenants. However, property taxes could be a burden if your financials don’t make sense. Find out your property tax rate by contacting the local assessor’s office.

Schools: The ratings of local schools will help indicate what type of tenants you’ll attract. Rental properties near distinguished school systems will help draw in families willing to pay higher rental rates.

Safety: No one wants to walk home while constantly checking over their shoulder, or living in fear that their car will get broken into. Check local crime statistics and pay attention to trends. A reg flag could be a stead increase in criminal activity, even if it’s in a neighborhood that was known to be safe in the past.

Employment: A hot job market can help draw in larger groups of tenants, thus creating a healthy demand for your property. This could bring in benefits such as higher rental rates and lower vacancy rates. Growing employment opportunities can also boost your local economy and local amenities.

Local amenities: Tenants are constantly looking to balance rental rates with quality and easy of life. If your rental property is located near public transit systems, shopping, restaurants, gyms, and entertainment, you may find yourself having to field competitive offers from many tenants.

Economy: The local economy and horizon of industrial developments can also be a good indicator of rental property performance in a given area. The resulting improvement of local infrastructure could vastly improve the neighborhood and tenant pool. However, watch out for noisy construction that could hurt rental rates temporarily, plus new housing developments that could put a strain in competition.

Rental rates: Be sure to research a local neighborhoods average rental rate. This number can help you conduct a financial analysis to determine whether owning a rental property in the area would be feasible. Be sure to factor in costs such as property taxes, maintenance, repairs, and mortgage payments.

Vacancy rates: If you notice that the neighborhood has an abnormally high number of listings, it could signal that demand is low and vacancy rates are up. You may not want to invest in an area that is on the decline.

How To Determine Rent

Rent can typically be determined by analyzing other properties in the area. Start by reviewing the average rental rates, and then look at similar units to see what they go for. Pay attention to properties with the same number of bedrooms, bathrooms, and amenities. This will give the best idea of what you can charge.

Another approach is to take your monthly loan repayment as a baseline, and raise the rate to cover maintenance and repairs. Maintenance costs can vary significantly, so again pay attention to the typical market. If your rental property is in a college town, you may want extra room for maintenance. However, if you already know you are renting to a tenant you know you may be able to leave less room for repairs.

The final number should stay in the range of other properties in the area. However, they may be some wiggle room to decide exactly where to land for your own property. Just remember: charge too much and you risk vacancies, charge too little and you lose out on valuable income. If you want to learn more about determining rent , be sure to read our guide.

Confidence isn’t simply a positive mood based on affirmations and “feel-good” mantras. Confidence, according to Webster’s Dictionary, is the “state of feeling certain about something.” As you learn how to start a rental property business , there may be no greater confidence-booster than a business plan that comes to fruition. By mapping out your precise goals—and the systems you’ll employ to achieve them—you’ll find wealth-building objectives more attainable than you ever thought possible.

If you're interested in investing in real estate, but don't have the time or experience to start, click the banner below to see JWB Real Estate Capital's full-service solution for a truly stress-free investing experience.

Guide to Portfolio Building

Starting and growing a real estate portfolio the right way, how to start a real estate business in 10 steps [updated 2024], investor's guide to the real estate contingency contract.

Start Your Single Family Home Building Business in 9 Easy Steps

By henry sheykin, resources on single family home building.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan
• Bundle Business Plan & Fin Model

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• KPI Metrics
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• Increasing Profitability
• Sales Strategy
• Rising Capital
• Valuing a Business
• Writing Business Plan
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• How Much Makes
• Sell a Business
• Business Idea
• How To Avoid Mistakes

Are you interested in starting your own single family home building business but not sure where to begin? Look no further! This comprehensive checklist will guide you through the essential steps to launch a successful residential construction company. By following these 9 steps , you can turn your business idea into a thriving reality.

The single family home building industry is experiencing steady growth, with a projected market size of $331 billion in 2021. As demand for new homes continues to rise, there is ample opportunity for aspiring builders to enter the market and capitalize on this trend. With the right strategy and execution, you can carve out a lucrative niche in this competitive but rewarding industry.

From conducting market research to securing funding and building a strong team, every aspect of starting a single family home building business is covered in this checklist. Whether you are a seasoned professional or a newcomer to the industry, this guide will help you navigate the complexities of launching a construction business and set you on the path to success.

• Conduct market research to identify opportunities and target audience.
• Develop a comprehensive business plan outlining goals and strategies.
• Create financial models to forecast revenue and expenses.
• Secure funding through investors, loans, or grants.
• Obtain necessary licenses and permits to operate legally.
• Establish a reliable network of suppliers for products or services.
• Recruit and build a skilled team to support business operations.
• Develop a strong brand identity and marketing strategies.
• Implement quality control systems to ensure product or service excellence.

9-Steps To Start a Business

• Market Research

Before diving into the world of Single Family Home Building, it is crucial to conduct thorough market research to ensure the success of your business. By analyzing various factors such as target markets, consumer preferences, local housing trends, and competitor strategies, you will be able to make informed decisions and tailor your offerings to meet the demands of the market.

Start by identifying your target markets and understanding their specific needs and preferences. Market segmentation is key in the Single Family Home Building business as different demographics may have unique requirements when it comes to home design, size, location, and price point.

Next, analyze consumer preferences in the housing market. Consumer surveys and focus groups can provide valuable insights into what homeowners are looking for in their dream homes. Whether it's energy-efficient features, smart home technology, or open floor plans, understanding these preferences will help you differentiate your offerings and attract more customers.

Local housing trends play a significant role in shaping the demand for Single Family Home Building. Market reports , real estate data , and industry publications can help you stay informed about the latest developments in your area and identify emerging opportunities in the market.

Competitor analysis is essential to stay ahead in the competitive Single Family Home Building industry. Study your competitors to understand their strengths and weaknesses, pricing strategies, and target markets. This will help you position your business effectively and differentiate your offerings to attract prospective homebuyers.

Tips for Conducting Market Research:

• Utilize online tools and resources such as market research reports and data analytics platforms to gather valuable insights.
• Attend industry events, trade shows, and networking sessions to connect with industry experts and stay updated on the latest trends.
• Engage with potential customers through surveys , focus groups , and social media polls to understand their preferences and expectations.

• Business Planning

Before you dive into launching a Single Family Home Building business, it is crucial to develop a comprehensive business plan that outlines your mission, vision, structure, and services. A well-thought-out business plan will serve as a roadmap for your company, guiding you through the various aspects of your operations and helping you stay on track towards your goals.

Start by defining your mission and vision for your Single Family Home Building business. What do you aim to achieve with your construction projects? What sets your business apart from competitors? Having a clear mission and vision will help you stay focused and aligned with your long-term goals.

Next, outline the structure of your business. Will you be a sole proprietorship, a partnership, or a corporation? Define the roles and responsibilities of key team members, and establish a clear hierarchy within your organization. Having a well-defined structure will ensure smooth operations and effective communication within your team.

Define the services you will offer as a Single Family Home Building business. Will you specialize in custom home construction, or will you focus on spec homes? Clearly outline the types of projects you will take on and the services you will provide to your clients.

Include strategies for marketing, operations, risk management, and scalability in your business plan. How will you attract clients and promote your services? What systems will you put in place to ensure efficient project delivery? How will you identify and mitigate potential risks in your projects? And finally, how will you scale your business as you grow and take on larger projects?

Tips for Business Planning:

• Conduct thorough market research to understand your target audience and competition.
• Seek guidance from industry experts or mentors to help refine your business plan.
• Regularly review and update your business plan to reflect changes in the market and your business goals.

Define your Unique Selling Propositions (USPs) in your business plan. What makes your Single Family Home Building business stand out in the market? Whether it's your commitment to quality craftsmanship, personalized customer service, or innovative design solutions, highlight what sets you apart from the competition.

Lastly, outline your profit models in your business plan. How will you generate revenue from your construction projects? Will you charge a fixed fee, a percentage of the total project cost, or a combination of both? Understanding your profit models will help you set pricing strategies and ensure the financial sustainability of your business.

• Financial Modeling

One of the most critical steps in starting a Single Family Home Building business is creating a robust financial model that covers all aspects of your financial planning. This will help you understand the financial feasibility of your business and make informed decisions moving forward.

When building your financial projections, it is essential to consider various factors such as startup costs , operating expenses , revenue streams , and profit margins . By having a clear understanding of these elements, you can set realistic goals and track your progress effectively.

Include scenario analysis in your financial model to prepare for market fluctuations and potential risks. This involves creating different scenarios based on varying market conditions and assessing how each scenario would impact your business. By doing so, you can develop contingency plans and mitigate potential risks.

Tips for Financial Modeling:

• Consult with a financial advisor or accountant to ensure accuracy and reliability of your financial projections.
• Use industry benchmarks and data to validate your assumptions and projections.
• Regularly review and update your financial model to reflect changes in the market and business environment.

Remember, your financial model is a dynamic tool that will evolve as your Single Family Home Building business grows and adapts to the market. It is essential to invest time and effort into building a solid financial foundation to set yourself up for long-term success.

• Funding Acquisition

Securing the necessary funding is a crucial step in launching your Single Family Home Building business. Whether you are looking to obtain bank loans, attract investors, or explore construction financing programs, it is essential to have a solid plan in place to convince potential funders of the viability of your business.

Here are some key steps to help you identify potential funding sources and prepare persuasive pitches:

• Research Funding Options: Begin by researching the different funding options available to Single Family Home Building businesses. This may include traditional bank loans, private investors, or specialized construction financing programs. Each option has its own requirements and benefits, so it is important to understand the pros and cons of each.
• Prepare a Detailed Financial Plan: Create a comprehensive financial model that outlines your projected expenses, revenues, and cash flow projections. This will help potential funders understand the financial viability of your business and how their investment will be used.
• Develop a Convincing Pitch: Craft a persuasive pitch that clearly articulates your business idea, market opportunity, competitive advantage, and growth potential. Highlight the unique value proposition of your Single Family Home Building business and why investors should choose to fund your venture.

Tips for Funding Acquisition:

• Be prepared to provide detailed financial documentation, including business plans, financial statements, and projections, to potential funders.
• Network effectively to build relationships with potential investors and funding partners who may be interested in supporting your Single Family Home Building business.
• Consider seeking guidance from financial advisors or consultants who specialize in funding acquisition for construction businesses to optimize your chances of securing the necessary capital.

By following these steps and tips, you can increase your chances of successfully acquiring the funding you need to start and grow your Single Family Home Building business.

Licensing And Permits

One of the most critical steps in starting a Single Family Home Building business is obtaining all the necessary licenses and permits to ensure compliance with local and state regulations. Understanding zoning laws, building codes, and environmental regulations is essential to avoid any potential legal issues down the road.

Obtaining the proper licenses and permits is crucial for Single Family Home Building businesses. These documents not only demonstrate your legitimacy as a builder but also ensure that your projects meet the required standards set by local and state authorities.

Here are some key points to consider when dealing with Licensing and Permits:

• Research Local Regulations: Before starting any construction project, it's essential to research and understand the specific zoning laws, building codes, and environmental regulations in your area. This will help you avoid any surprises or delays during the building process.
• Obtain Necessary Licenses: Depending on the location of your Single Family Home Building business, you may need to obtain various licenses, such as a contractor's license, home builder's license, or general business license. Make sure to complete all the required paperwork and pay the necessary fees.
• Secure Building Permits: Building permits are essential for any construction project. They ensure that your design complies with local building codes and regulations. Make sure to apply for and obtain all the necessary permits before starting any construction work.
• Stay Updated on Regulations: Building codes and regulations are constantly evolving. Stay informed about any changes or updates in the industry to ensure that your projects remain compliant with the latest standards.

Tips for Dealing with Licensing and Permits:

• Build relationships with local authorities to streamline the permit application process.
• Consider hiring a professional to help navigate the complex world of permits and licenses.
• Keep detailed records of all permits and licenses to avoid any issues in the future.
• Supplier Network

Establishing a strong supplier network is crucial for the success of your Single Family Home Building business. By building relationships with reliable suppliers and subcontractors for materials, labor, and specialty services, you can ensure cost-efficiency and quality assurance throughout your projects.

When selecting suppliers for your Single Family Home Building projects, consider the following factors:

• Reliability: Choose suppliers who have a proven track record of delivering materials on time and meeting quality standards. Establishing long-term relationships with reliable suppliers can help you streamline your supply chain and avoid delays in construction.
• Quality: Quality is essential in the construction industry, as it directly impacts the overall finished product. Work with suppliers who provide high-quality materials and services to ensure the durability and aesthetics of your Single Family Home Building projects.
• Cost-efficiency: Negotiate terms with suppliers to ensure that you are getting the best possible prices for materials and services. Consider bulk purchasing or long-term contracts to secure discounts and improve your profit margins.
• Diversity: Having a diverse supplier network can help you access a wide range of materials and services, allowing you to offer customization options to your clients. Consider working with suppliers who offer a variety of products to meet the unique needs of each Single Family Home Building project.

Tips for Building a Strong Supplier Network:

• Attend industry trade shows and networking events to connect with potential suppliers and subcontractors.
• Ask for referrals from other professionals in the construction industry to find reliable suppliers with a good reputation.
• Regularly evaluate the performance of your suppliers and subcontractors to ensure that they continue to meet your quality and cost standards.
• Team Building

Building a strong and skilled team is essential for the success of your Single Family Home Building business. Your team will be responsible for bringing your construction projects to life, so it's crucial to hire experienced professionals who are dedicated to delivering high-quality work.

Hire Experienced Construction Managers, Architects, And Support Staff: When assembling your team, look for individuals with a proven track record in the construction industry. Experienced construction managers can oversee the day-to-day operations of your projects, while architects can bring innovative designs to the table. Support staff, such as project coordinators and administrative assistants, are also essential for keeping your business running smoothly.

Ensure The Team Has The Necessary Skills And Licenses: Make sure that each member of your team has the required skills and licenses to perform their job effectively. Construction managers should have a strong understanding of building codes and regulations, architects should be proficient in design software, and support staff should be organized and detail-oriented.

Implement Training Programs To Maintain High Standards Of Workmanship And Safety: Continuous training is key to ensuring that your team stays up-to-date on the latest construction techniques and safety protocols. Provide opportunities for professional development and encourage your team members to seek out certifications in their field.

Tips for Team Building:

• Encourage open communication and collaboration among team members.
• Recognize and reward hard work and dedication to foster a positive work environment.
• Invest in team building activities to promote camaraderie and trust among team members.

Branding And Marketing

Developing a strong brand identity is essential for establishing credibility and attracting clients to your Single Family Home Building business. Your brand should reflect your values, mission, and unique selling points to resonate with your target demographics. Here are some key steps to consider when developing your brand identity:

• Define Your Unique Selling Proposition (USP): Identify what sets your Single Family Home Building business apart from competitors. Whether it's superior craftsmanship, sustainable building practices, or exceptional customer service, your USP will form the foundation of your brand identity.
• Create a Memorable Logo and Tagline: Your logo and tagline should be visually appealing and memorable, reflecting the essence of your business. These elements will be the face of your brand and should be consistent across all marketing materials.
• Establish Brand Guidelines: Develop a set of brand guidelines that outline the colors, fonts, and messaging that should be used consistently in all marketing materials. Consistency is key to building brand recognition and trust with your target audience.
• Implement Marketing Strategies: To build visibility and attract clients to your Single Family Home Building business, consider implementing a mix of digital marketing, traditional advertising, and community engagement strategies. Here are some tips to help you get started:

Marketing Strategies Tips:

• Invest in Digital Marketing: Create a professional website for your business, optimize it for search engines, and leverage social media platforms to showcase your projects and engage with potential clients.
• Utilize Traditional Advertising: Consider placing ads in local newspapers, magazines, and home improvement shows to reach a wider audience. Direct mail campaigns and signage on job sites can also help increase brand visibility.
• Engage with the Community: Participate in local events, sponsor community initiatives, and build relationships with real estate agents and other industry professionals. Networking and community engagement can help increase awareness of your Single Family Home Building business.

By focusing on developing a strong brand identity that resonates with your target demographics and implementing effective marketing strategies, you can build visibility and attract clients to your Single Family Home Building business.

• Quality Control Systems

Setting up strict quality control mechanisms is essential for the success of your Single Family Home Building business. Quality control ensures that all construction projects meet or exceed industry standards, leading to customer satisfaction and a strong reputation in the market. Here are some key steps to establish effective quality control systems:

• Define Quality Standards: Clearly define the quality standards that your Single Family Home Building business will adhere to. This includes materials used, construction techniques, finishing details, and overall project timelines.
• Implement Quality Checks: Integrate regular quality checks at different stages of the construction process. This can include on-site inspections, material testing, and adherence to regulatory requirements.
• Continuous Improvement: Regularly review and adjust your quality control processes for continuous improvement . Analyze feedback from customers, identify areas for enhancement, and implement changes to ensure high-quality outcomes.

Tips for Effective Quality Control Systems

• Invest in advanced technology tools for quality inspections and monitoring.
• Provide training to your construction team on quality control protocols and best practices.
• Seek feedback from customers and incorporate their suggestions for improvement.

By establishing robust quality control systems, your Single Family Home Building business can deliver exceptional homes that meet the expectations of your clients and set you apart in a competitive market.

Starting a single family home building business can be a rewarding venture with the right strategy and planning. By following the 9 steps outlined in this checklist, aspiring builders can set a strong foundation for success in the competitive construction industry.

• Licensing and Permits
• Branding and Marketing

By conducting thorough market research, developing a solid business plan, securing financing, building a reliable team, and implementing quality control measures, builders can differentiate themselves in the market and attract clients looking for high-quality, custom-built homes.

Single Family Home Building Financial Model

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Rental Properties Business Plan Template

Written by Dave Lavinsky

Rental Properties Business Plan

You’ve come to the right place to create your Rental Property business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their rental property business.

Rental Property Business Plan Example

Below is a template to help you create each section of your rental property business plan.

Executive Summary

Business overview.

Noble Properties is a rental property agency in Seattle, Washington, that specializes in managing, renting, and leasing properties. Our mission is to provide luxury rentals that tenants can call home for years to come. Noble Properties rents out hundreds of homes across the Seattle area, including apartments, single-family homes, and trailers. To help prospective tenants find the perfect home, the company has created an online platform that allows them to search by their specific criteria (number of bedrooms, amenities, rent, etc.). We aim to be one of the most popular rental agencies in the area that customers can depend on again and again for their housing needs.

Noble Properties is founded and run by Joseph Pierce. He has worked in the industry for decades and has extensive knowledge of all aspects of the business. He will be in charge of most of the operations but will hire other staff to help with marketing, accounting, and managing the rentals.

Product Offering

Noble Properties offers a variety of properties for prospective tenants to choose from. Some of the options we provide include:

• 1-3 bedroom apartments
• Single-family homes
• Multi-unit buildings
• Short-term rentals
• Mobile homes or trailers

Customer Focus

Noble Properties will target renters located throughout the Seattle area. Most renters are under the age of 40 and earn about the median income. This means that we will primarily market to younger demographics and those who earn around the local median income or more.

Management Team

Noble Properties is led by Joseph Pierce, who has been in the rental property industry for 20 years. Throughout that time, he worked in various positions in local rental property agencies but is now eager to start a rental property business of his own. During his extensive experience in the rental property industry, he acquired an in-depth knowledge of the local area, local regulations, facilities, and the characteristics of different neighborhoods. He also has extensive experience in handling business management activities.

Karen Miller has been Joseph Pierce’s loyal administrative assistant for over ten years at his former rental agency. Joseph relies strongly on Karen’s diligence, attention to detail, and focus when organizing his clients, schedule, and files. Karen has worked in the rental agency industry for so long that she has a thorough knowledge of all aspects required to run a successful rental agency. She will help out with administrative tasks and some of the initial marketing efforts.

Success Factors

Noble Properties will be able to achieve success by offering the following competitive advantages:

• The founder, Joseph Pierce, has decades of extensive experience and knowledge of the industry that will prove invaluable for the company.
• The company will purchase rentals in popular areas around the city, putting our rentals in high demand.
• Noble Properties offers reasonable and affordable rates for all our rentals. Our pricing will be far more cost-effective than the competition.

Financial Highlights

Noble Properties is seeking $1,100,000 in debt financing to launch its rental property agency. The funding will be dedicated to securing initial rental spaces, securing an office space, and purchasing office equipment and supplies. Funding will also be dedicated toward six months of overhead costs, including payroll, rent, and marketing costs. The breakdown of the funding is below:

• Purchasing initial rentals: $600,000
• Office space build-out: $20,000
• Office equipment, supplies, and materials: $20,000
• Six months of overhead expenses (payroll, rent, utilities): $350,000
• Marketing costs: $50,000
• Working capital: $60,000

Company Overview

Who is noble properties, noble properties’ history.

After decades of working for other rental agencies, Joseph Pierce decided to launch an agency of his own. He conducted extensive research on the rental market in the Seattle area. This helped him determine the best spots to find in-demand rentals and how much he should rent them out for. He also did extensive marketing research to determine the best customer segments to market to. After conducting this research and finding a potential office location, Joseph Pierce incorporated Noble Properties as an S-Corporation.

Noble Properties’ operations are currently being run out of Joseph Pierce’s home office but will move to the office location once the lease is finalized.

Since incorporation, Noble Properties has achieved the following milestones:

• Developed the company’s name, logo, and website
• Determined rent/leasing and financing requirements
• Found a potential office location and signed a Letter of Intent to lease it
• Began recruiting key employees with experience in the rental homes/apartment industry

Noble Properties’ Products

Industry analysis.

The rental market is expected to continue to grow over the next five years. According to RentCafe, the average rent for a Seattle apartment is around $2,300 per month. This value is only expected to increase as the demand for apartments and other rentals skyrockets. Furthermore, Seattle’s vacancy rate is incredibly low and expected to decrease further, meaning there aren’t enough rentals to keep up with demand.

The growth is primarily driven by increasing housing prices. Now that housing prices have increased substantially, fewer and fewer people can afford to buy a home. Therefore, many people seek out rentals to live in since they are far more affordable.

Another factor that will help the Seattle rental market is the increasing population. More people are moving to the city, meaning the demand for homes and rentals will continue to soar. This will only push rental prices even higher, which will increase the local rental market’s value substantially.

This is a great market to start a rental agency in. By capitalizing on these trends, Noble Properties is expected to have great success.

Customer Analysis

Demographic profile of target market.

Noble Properties’ target market includes people of all demographics. We are open to offering rentals to people of all ages and groups as long as they can afford to pay their rent. From our initial market research, we expect most of our marketing efforts will target young adults, medium and high-income individuals, and families.

The precise demographics for Seattle, Washington, are:

Customer Segmentation

Noble Properties will primarily target the following customer profiles:

• Young adults
• Individuals who earn the region’s median income or more

Competitive Analysis

Direct and indirect competitors.

Noble Properties will face competition from other companies with similar business profiles. A description of each competitor company is below.

Leasing Inc.

Leasing Inc. is a marketplace for finding rental homes and apartments in multiple metropolitan areas around the country. It originally started more than a decade ago as a networking tool for real estate agents, but today it is a fully searchable online database of homes for both sale and rent. Leasing Inc. offers ideal rental properties, all with different amenities that can best suit the tenant’s requirements. Leasing Inc.’s properties are well furnished with all modern accessories and priced competitively.

Rental Barn

Rental Barn is the most visited rental agency website in the United States. Rental Barn and its affiliates offer customers an on-demand experience for selling, buying, renting, and financing with transparency and nearly seamless end-to-end service. The company’s rental property portfolio provides multiple rental apartments according to the customer’s needs and requirements.

Seattle Properties

Seattle Properties is a local rental property business that has dominated the market since 1982. The company manages and rents out hundreds of properties all across the city, including apartments, single-family homes, and mobile homes. All prices are competitive, and some rentals qualify for government programs to help low-income individuals. The company also utilizes a well-designed website to help prospective tenants find their perfect home based on rent, location, and accessories.

Competitive Advantage

• The company will purchase rentals in popular areas around the city, making our rentals in high demand.

Marketing Plan

Brand & value proposition.

The Noble Properties brand will focus on the company’s unique value proposition:

• Offering homes/apartments for rent suited for families and working professionals.
• Offering a diverse range of rental homes in a prime location for a competitive rate.
• Providing excellent customer service.

Promotions Strategy

The promotions strategy for Noble Properties is as follows:

Print Advertising

Noble Properties will invest in professionally designed print ads to display in programs or flyers at industry networking events and relevant local establishments.

Website/SEO Marketing

Noble Properties has designed a website that is well-organized and informative, and lists all our available properties. The website also lists the company’s contact information and other services it provides. We will utilize SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Seattle rental properties” or “rentals near me,” Noble Properties will be listed at the top of the search results.

Referrals  

Noble Properties understands that the best promotion comes from satisfied tenants. The company will encourage its tenants to refer other individuals by providing economic or financial incentives for every new tenant produced. This strategy will increase effectiveness after the business has already been established.

Social Media Marketing  

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. The company will use social media to develop engaging content that will increase audience awareness and loyalty. Engaging with prospective clients and business partners on social media platforms like Facebook, Instagram, Twitter, and LinkedIn will also help understand the changing customer needs.

The real estate industry fluctuates, and therefore, rental prices, for the most part, are usually out of a company’s control. However, Noble Properties will market its properties at a competitive rate to ensure we do not have vacant properties. We will also keep tight control of costs in order to maximize profits.

Operations Plan

The following will be the operations plan for Noble Properties.

Operation Functions:

• Joseph Pierce will be the Owner and President of the company. He will oversee all staff and manage tenant relations. Jay has spent the past year recruiting the following staff:
• Karen Miller will serve as the Office Manager. She will manage the office administration, client files, and accounts payable. She will also handle much of the marketing efforts until the agency becomes large enough to hire a marketing team.
• Tim Johnson will be the Maintenance Director, who will provide all maintenance at the properties.
• Joseph will outsource professionals to handle the accounting and human resources aspects of the business.
• Joseph will also hire Rental Managers for the various properties as the agency continues to grow.

Milestones:

Noble Properties will have the following milestones completed in the next six months.

5/1/202X – Finalize contract to lease office space.

5/15/202X – Finalize personnel and staff employment contracts for the Noble Properties team.

6/1/202X – Begin moving into Noble Properties office.

7/1/202X – Finalize purchases of initial properties that will be rented.

7/15/202X – Begin networking and marketing efforts.

8/1/202X – Noble Properties opens its office and rentals for business.

Financial Plan

Key revenue & costs.

Noble Properties’ revenue will come from rental income, property management fees and deposits received from tenants.

The major costs for the company will be staff salaries and property maintenance. In the initial years, the company’s marketing spending will be high to establish itself in the market.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

• Number of Managed Properties Per Month: 10
• Average Rent Per Month: $2,300
• Office Lease per Year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Rental Properties Business Plan FAQs

What is a rental property business plan.

A rental property  business plan is a plan to start and/or grow your rental properties business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your rental properties business plan using our rental properties Business Plan Template here .

What are the Main Types of Rental Property Businesses?

There are a number of different kinds of rental property companies , some focus on Single family homes, Multi-family properties and others on Short-Term Rental properties.

How Do You Get Funding for Your Rental Property Business Plan?

Rental Property Businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. This is true for a real estate rental business plan or a rental property business plan.

A well-crafted rental property business plan is essential to securing funding from any type of potential investor.

What are the Steps To Start a Rental Properties Business?

Starting a rental property business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Rental Property Business Plan - The first step in starting a business is to create a detailed business plan for a rental property that outlines all aspects of the venture. This should include a market analysis, information on the services you will offer, marketing strategy, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your rental properties business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your rental properties business is in compliance with local laws.

3. Register Your Rental Properties Business - Once you have chosen a legal structure, the next step is to register your rental properties business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your rental properties business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Rental Properties Equipment & Supplies - In order to start your rental properties business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your rental properties business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful rental properties business:

• How to Start a Rental Properties Business

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Concrete Installation

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Introduction Concrete Installation LLC plans to become the leading provider of concrete formwork services in the area. This means always having the best and most efficient facilities, processes, and people. To achieve this, Concrete Installation is investing in many ways that will pay off in competitive advantages for its customers.

The company’s overall strategy will be based on a continuing improvement process of setting objectives, measuring results, and providing feedback to facilitate further growth and progress.

Concrete Installation is an Oklahoma Limited Liability company, with principal offices located in Sulphur, Oklahoma. Concrete Installation’s management is highly experienced and qualified. Mr. Barry Newman leads the management team with over ten years of experience in the construction industry.

Products/Services Concrete Installation has developed sophisticated formwork solutions for some of the most complex construction projects being done today. The company’s standard form systems are versatile and completely adaptable to a variety of configurations such as Y-walls, shafts, and circular walls.

The Concrete Installation system can be adapted to almost any construction requirement that calls for forming. The company’s expert staff has the capability to design and manufacture any custom component or accessory item that may be required to complete the formwork package.

Owners, developers, construction managers, general contractors, and concrete subcontractors have realized substantial savings in labor and material costs by using structural contours construction methods, systems and equipment. Applications include commercial and residential structures, bridges, educational projects, recreational projects, civil projects, tunnels, utility projects, environmental projects, and virtually every other type of concrete construction.

The Market The housing industry has proceeded at a red-hot pace for several years running. An all-time record was set in 1998, when 886,000 new-site single family homes were sold. That represented a 10% gain from the robust total of 804,000 homes sold in 1997, and an 8.1% rise from the prior record of 819,000 units in 1977. Single-family housing construction accounted for $48 million of the total $125 million generated in the industry. This makes for an excellent opportunity to expand Concrete Installation operations and gain significant market share in its primary target market segment. The company also plans to focus to a lesser extent on the residential and heavy construction industry, which is also very robust at the moment.

The company plans to rapidly develop marketing alliances with industry leaders and pursue new sales of its services to residential and commercial builders. The market strategy is to capitalize on Concrete Installation’s alliances by securing city, county, and state and federal government contracts.

Concrete Installation plans to use a direct sales force, relationship selling, and subcontractors to reach its markets. These channels are most appropriate because of time to market, reduced capital requirements, and fast access to established distribution channels.

Financial Considerations We expect to be profitable during the first year of operations. Despite initial large outlays in cash to promote sales, the company’s cash account is expected to remain healthy. The company expects to earn approximately 1.5 million dollars in revenue by Year 3.

1.1 Mission

The mission of Concrete Installation is to provide quality service at competitive pricing.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Concrete Installation is an Oklahoma Limited Liability company, with principal offices located in Sulphur, Oklahoma.

Concrete Installation will be committed to conducting business in a manner that protects the health and safety of all employees, customers, and persons living in the community where it operates. To accomplish this, Concrete Installation will ensure that it complies with current Health Administration and Occupational Health and Safety laws and will maintain its operations, procedures, technologies, and policies accordingly. Each employee will have the responsibility to fully comply with established safety rules and to perform work in such a manner to prevent injuries to themselves and others. Concrete Installation is very concerned about job-site safety and plans to set up a comprehensive safety program.

Concrete Installation’s formworks will offer major advances, complete adaptability, and high strength-to-weight ratio, and all at cost effective prices. Assembly will be quick and easy. During form use, maintenance will be minimal. Concrete Installation will recommend, as a safety precaution, occasional inspection for bolts and nuts that may have loosened from handling.

The required formwork drawings that Concrete Installation will furnish to the contractor eliminate all guesswork. The company will specify the order of assembly and erection including the location of the strongbacks and joists, the location and actual loading of the form ties, location of all accessories and advise clients of the maximum allowable rate of concrete placement.

Accident prevention is the cornerstone of Concrete Installation’s safety commitment. The company will strive to eliminate foreseeable hazards which could result in personal injury or illness; at Concrete Installation, health and safety will not be compromised. Concrete Installation will sell its services clients in the area of commercial construction.

3.1 Applications

The following applications are uses for Concrete Installation’s services.

• Foundations
• Parking Lots
• Parking Garages
• Low Rise/Tilt-Up
• Flowable Fill/Soil Displacement
• Retaining Walls

Market Analysis Summary how to do a market analysis for your business plan.">

Industry Statistics – Concrete Work

Special trade contractors primarily engaged in concrete work, including portland cement and asphalt.

Establishments primarily engaged in manufacturing portland cement concrete manufactured and delivered to a purchaser in a plastic and unhardened steel.

4.1 Market Segmentation

The housing industry has proceeded at a red-hot pace for several years running. An all-time record was set in 1998, when 886,000 new-site single family homes were sold. That represented a 10% gain from the robust total of 804,000 homes sold in 1997, and an 8.1% rise from the prior record of 819,000 units in 1977. Single-family housing construction accounted for $48 million of the total $125 million generated in the industry.

The record setting string of home sales since the second half of 1997 has forced builders to pick up the pace of their construction activity. During 1998, total starts increased by 9.7% to 1.62 million units. Starts for single family units moved up 12 % for the year, and those of multifamily units were ahead by 1.5%. As an indication of building activity at year-end 1999, housing starts in November 1999 came in at a seasonally-adjusted annual rate of 1.6 million units.

The table below outlines the total market potential of the three targeted market segments in the served markets (in US$ thousands).

(Information provided by Standard & Poor’s)

Strategy and Implementation Summary

Concrete Installation will be committed to ensuring that the products used on its’ customers job sites, everything from access scaffolding to concrete shoring frames and forming equipment, is safe and OSHA approved. Along with clients, the company believes in a health and safety initiative that is all pervasive, managing any potential loss in the work environment.

Concrete Installation will develop sophisticated formwork solutions for some of the most complex construction projects being done today. The company’s standard form systems will be versatile and completely adaptable to a variety of configurations such as Y-walls, shafts, and circular walls.

With that in mind, Concrete Installation will adopt a corporate strategy that is dedicated to improving the performance of activities on the critical path of its customers’ projects. The company will do this by building on its core strengths: innovative equipment, design engineering expertise, and project and site management, within an environment of safety excellence.

At Concrete Installation, customer service is a pro-active partnership, a relationship that ensures a professional, efficiently run, safe workplace. The company’s customer service philosophy starts at the top, is ingrained into the fabric of the company, and is closely aligned to Concrete Installation’s goal of contributing to its’ customers critical success factors.

Customer service can be divided into two interrelated areas: equipment and people. On the job site, with the help of a newly integrated technology system and a well-trained staff, Concrete Installation will be able to maintain excellent control over such key areas as inventory, shipments/deliveries, damage loss, and invoicing. Troubleshooting, which customer service representatives often do right on the job site, will be handled quickly and efficiently. On the people side, Concrete Installation will provide a highly qualified and well-prepared labor force, ensuring that schedules and deadlines are met and worker safety remains a top consideration.

5.1 Sales Forecast

The following table and charts show our projected Sales Forecast.

5.2 Marketing Strategy

Concrete Installation plans to use a direct sales force, relationship selling, and subcontractors to reach its markets. These channels are most appropriate because of time to market, reduced capital requirements, and fast access to established distribution channels. The overall marketing plan for Concrete Installation’s service is based on the following fundamentals:

• The segment of the market(s) planned to reach.
• Distribution channels planned to be used to reach market segments: television, radio, sales associates, and mail order.
• Share of the market expected to capture over a fixed period of time.

In addition, Concrete Installation plans to advertise in magazines, newspapers, and radio.

The table and chart below outline the company’s sales forecast for FY2000-2002. In our sales forecasts, the cost of sales includes only direct labor costs (administrative labor costs are discussed below).

Promotional Campaign

Concrete Installation is committed to an extensive promotional campaign. This will be done aggressively and on a broad scale. To accomplish initial sales goals, the company will require an effective promotional campaign to accomplish two primary objectives:

• Attract customers who will constantly look to Concrete Installation for their construction projects.
• Attract quality sales personnel who have a desire to be successful.

In addition to standard advertisement practices, Concrete Installation will gain considerable recognition through these additional promotional mediums:

• Press releases sent to major radio stations, newspapers, and magazines.
• Radio advertising on secondary stations.

Marketing Programs

For the first six months of operation, advertising and promotion is budgeted at approximately $11,000. A fixed amount of sales revenues will go toward the state Concrete Installation advertisement campaign. On an ongoing basis, Concrete Installation feels that it can budget advertising expenses at less than 10% of revenues.

Incentives. As an extra incentive for customers to remember Concrete Installation’s name, the company plans to distribute coffee mugs, T-shirts, pens, and other advertising specialties with its logo.

Brochures. The objective of brochures is to portray Concrete Installations’ goals and products as an attractive functionality. It is also to show customers how to use the latest in technology as it relates to construction and building services. Concrete Installation will develop three brochures: one to be used to promote sales, one to use to announce the product in a new market, and the other to recruit sales associates.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

The company’s management philosophy will be based on responsibility and mutual respect. Concrete Installation will maintain an environment and structure that will encourage productivity and respect for customers and fellow employees.

Concrete Installation will be responsible to its employees, the men and women who work with the company throughout the state. At Concrete Installation, everyone will be considered as an individual and the company will respect their dignity and recognize their merit. Employees will be encouraged to have a sense of security and pride in their jobs. Additionally, employees will be free to make suggestions and complaints. The company will afford equal opportunity for employment, development, and advancement for those qualified.

Concrete Installation employees will be committed to:

• Providing a safe work environment to protect employees, the employees of customers and subcontractors, and the public.
• Supplying safe products for customers.
• Continuously improving the company’s safety program to reduce the risk of accidents and occupational illness in a changing work environment.
• Encouraging employees to participate in accident prevention programs and take personal responsibility for their own and their co-workers’ health and safety.
• Regulatory compliance and contribution to high safety standards for our industry.
• Monitoring workplaces, enforcing safe work practices, and communicating the company’s safety performance to employees and other stakeholders.
• Making safety a value-added service that the company provides to its customers.

6.1 Personnel Plan

Financial Plan investor-ready personnel plan .">

The following sections describe the financials for Concrete Installation.

7.1 Projected Cash Flow

Projected cash flow statements for FY2000-2002 are provided below.

7.2 Break-even Analysis

During the first year of operations, the break-even sales volume is estimated as shown below.

7.3 Projected Profit and Loss

Concrete Installation is in the early stage of development, thus initial projections have only been made on accounts that are believed to most drive the income statement. 

7.4 Projected Balance Sheet

The table below provides Concrete Installation’s projected balance sheets for 2000-2002.

7.5 Business Ratios

The following table presents important ratios from the concrete work industry, as determined by the Standard Industry Classification (SIC) Index code 1771.

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Group Home Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Group Home

Are you about starting a group home for elderly people ? If YES, here is a complete sample group home business plan template & feasibility study you can use for FREE .

If you have a passion for taking care of those who can’t take care of themselves, then you may want to consider starting a group home business.

This is one trade that is humanitarian based, but yet can put good food on the table. This is also a thriving industry because every day more and more people get incapacitated one way or the other.

Starting this business will to a large extent require that you do all the research that is required to be done. This is so that you are armed with ample information as you set out in the trade.

Also, you will need to write a business plan. Business plans are like road maps, that tell where a business is headed for, based on projections.

A Sample Group Home Business Plan Template

1. industry overview.

When it comes to caring for people who can’t take care of themselves, there are several options and one of them is to take them to group homes.

In general, a group home is a private residence for the elderly, children or young people who cannot live with their families due to obvious reasons, or people with chronic disabilities who may be adults or seniors and can’t take proper care of themselves if left to live alone.

Basically, the term group home referred to homes from 8 to 16 individuals, which was a state-mandated size during deinstitutionalization.

Before a group home can commence operations, there should be at least six residents and at least one trained caregiver there 24 hours a day. So also a standard group home is expected to have a house manager , night manager, weekend activity coordinator, and 4 part-time skill teachers were reported.

It is important to state that residents of group homes usually have one form of disability or the other. It could be autism, intellectual disability, chronic or long-term mental/psychiatric disorder, or physical or even multiple disabilities.

Some group homes were funded as transitional homes to prepare for independent living (in an apartment or return to family or marriage and employment), and others were viewed as permanent community homes. Society may prevent people with significant needs from living in local communities with social acceptance key to community development.

The residents of group homes sometimes need continual or supported assistance in order for them to be able to complete daily basic and simple tasks, such as:

Taking medication or bathing, making dinners, having conversations, making appointments, and getting to work or a day service, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.

Going by the data published by the US Census Bureau, the regions that account for the largest share of establishments in the industry are the Southeast (23.9% of total establishments), Great Lakes (17.3%), West (12.9%) and Mid-Atlantic (12.7%) regions.

This data basically reflects the age distribution in the united states. So also the data shows that employment in this industry is also concentrated in the Southeast, the Mid-Atlantic and the Great Lakes regions. The largest states in terms of employment are New York, California, Texas, Ohio and Florida.

The Nursing Care Facility industry of which group home is a subset of is indeed a very large industry and pretty much thriving in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.

Statistics has it that in the United States of America alone, there are about 24,115 licensed and registered Nursing Home Facilities responsible for employing about 1,775,943 employees and the industry rakes in a whopping sum of $132bn annually with an annual growth rate projected at 2.3% percent. It is important to state that there is no company with dominant market share in this industry.

Over and above, the Nursing Care Facility / Group Home line of businesses in developed countries are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market; the aging population and those who with disabilities.

2. Executive Summary

Grace & Mercy Group Home, LLC is a standard and licensed group home facility that will be located in the heart of Saint Augustine – Florida in a neatly renovated and secured housing facility.

Our group home is specifically designed and equipped with the needed accommodation facilities / gadgets to give comfort and security to all our residence irrespective of the religious affiliations, their race, and health condition. We are set to take care of people with one form of disability or the other whether old or young.

Grace & Mercy Group Home, LLC is a family owned and managed business that believe in the passionate pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to venture into the hospitality industry by establishing our own assisted living facility business.

We are certain that our values will help us drive the business to enviable heights and also help us attract the numbers of clients that will make our facility fully occupied year in year out.

We are going to be a health conscious and customer-centric group home business with a service culture that will be deeply rooted in the fabric of our organizational structure and indeed at all levels of the organization. With that, we know that we will be enables to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele, partners (vendors), and all our employees as well.

Our accommodation facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city where it is located. Grace & Mercy Group Home, LLC will provide a conducive home for our residence.

We will engage in services that will help our residence complete daily basic and simple tasks, such as taking medication or bathing, making dinners, having conversations, making appointments, and getting to work or a day service, budget their personal allowance, select photos for their room or album, meet neighbors and “carry out civic duties,” go grocery shopping, eat in restaurants, make emergency calls or inquiries, and exercise regularly amongst other activities.

Grace & Mercy Group Home, LLC will be equipped with everything that will make life comfortable for the disabled and elderly.

We will as build a fitness room and library et al. We will also install a free Wi-Fi that will enable our residence and guests surf the internet with their laptop in the room free of charge, and there will be wireless access in all the public area within the lodging facility.

Grace & Mercy Group Home, LLC is a family business that is owned and managed by Mrs. Grace Smith and her family. Mrs. Grace Smith is a licensed Group Home Administrator, nurse and social health worker with well over 25 years of experience working for leading brand in the industry.

She has a Master’s Degree in Public Health and she is truly passionate when it comes to taking care of people with disabilities.

3. Our Products and Services

Grace & Mercy Group Home, LLC is set to operate a standard Group Home service in Saint Augustine – Florida. The fact that we want to become a force to reckon with in the Nursing Care Facility industry means that we will provide our resident a conducive and highly secured accommodation.

In all that we do, we will ensure that our customers are satisfied and are willing to recommend our facility to their family members and friends. We are in the group home business to deliver excellent services and to make profits and we are willing to go the extra mile within the law of the United States to achieve our business goals, aims and objectives.

Grace & Mercy Group Home, LLC will provide a conducive home for our residence; we will engage in services that will help our residence complete daily basic and simple tasks, such as:

4. Our Mission and Vision Statement

• Our vision is to become the number one choice when it comes to group home service delivery in the whole of Florida and also to be amongst the top 20 group home service provider in the United States of America within the next 10 years.
• Grace & Mercy Group Home, LLC is in business to establish a first class group home facility service that will take care of both the elderly and young disable as long as they can afford our services. We want to become one of the leaders in nursing care facility industry in Florida, and in The United States of America.

Our Business Structure

Grace & Mercy Group Home, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (nurses, nurse’s aides, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers) to man various job positions in our organization.

We are quite aware of the rules and regulations governing the nursing care facility industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our business brand to be well accepted in Florida and the whole of the United States.

When hiring, we will look out for applicants that are not just qualified and experienced, but homely, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more. These are the positions that will be available at Grace & Mercy Group Home, LLC;

• Chief Executive Officer

Medication Management Counselors

• Assisted Living Administrator (Human Resources and Admin Manager)
• Nurse’s Aides
• Home Health Caregivers / Home Caregivers /County Aging Workers
• Sales and Marketing Executive
• Accounting Officer

5. Job Roles and Responsibilities

Chief Executive Officer:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board.

Group Home Administrator (Admin and HR Manager)

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily home activities.
• Responsible for providing professional medical services to our residence
• Responsible for ensuring that disable and elderly people under our care takes their medication as at when due
• Responsible for handling medical emergencies

Nurses / Nurse’s Aides / Mental Health Counselors

• Responsible for managing our patients in their various houses
• Handles personal injury case management
• Responsible for offering home medication management services

Marketing and Sales Executive

• Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
• Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents Grace & Mercy Group Home, LLC in strategic meetings
• Helps to increase sales and growth for Grace & Mercy Group Home, LLC.

Accountant / Cashier

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for the organization
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for Grace & Mercy Group Home, LLC
• Serves as internal auditor for Grace & Mercy Group Home, LLC.
• Responsible for cleaning the facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Assists our residence when they need to take their bath and carry out other household tasks
• Cleans both the interior and exterior of the facility
• Handles any other duty as assigned by the facility manager

6. SWOT Analysis

Grace & Mercy Group Home, LLC is set to become one of the leading group home facility in Florida which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business. We want our group home business to be the number one choice of all residence of Saint Augustine and other cities in Florida.

We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.

Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of people with disability and the aging population, we still went ahead to hire the services of business consultants who are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the assisted living facility industry.

This is the summary of the SWOT analysis that was conducted for Grace & Mercy Group Home, LLC;

Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our organization.

As a matter of fact, they are some of the best hands in the whole of Saint Augustine, Florida. Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.

Grace & Mercy Group Home, LLC is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business and also to attract some of the highly experienced hands in the nursing care facility industry.

• Opportunities:

The opportunities that are available to group home facilities are unlimited considering the fact that we have growing aging population and people with one form of disability or the other in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in Saint Augustine – Florida.

Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new and bigger / well established group home facility brand in same location where ours is located.

7. MARKET ANALYSIS

• Market Trends

Because of the essential nature of services provided by nursing care facilities / group homes, the industry was able to grow even in the face of economic stagnation. In addition, the continued growth of the aging population and people with one form of disability or the other has stimulated demand for industry services.

Since the aging population is more prone to injury and illness, and therefore requires more assistance with daily activities, the larger share of senior adults has propelled demand for nursing care facilities. Despite favorable demographic trends, unsatisfactory government funding has hindered industry growth.

The trend in the industry is that players in the industry are now flexible enough to adjust their services and facilities to attract more knowledgeable and educated residents by incorporating more technology and adapting to new markets

Another trend in the industry is that, in order to make group home facilities more affordable for low income individuals, many states in the United States of America are enacting changes to the portion of Medicaid which can be applied to Group Home Facilities.

Before now, only individuals living in nursing homes were typically provided Medicaid assistance, but in recent time, there are now a growing number of states that have recognized the importance of offering Medicaid dollars to senior citizens living in Group Home Facilities.

No doubt the Nursing Care Facility industry will continue to grow and become more profitable because the aging baby-boomer generation in United States is expected to drive increasing demand for this specialized services and care.

8. Our Target Market

Grace & Mercy Group Home, LLC is in business to service the aging population and people with disabilities in Saint Augustine – Florida and other cities in Florida. We will ensure that we target both self – pay customers (who do not have Medicaid cover), and those who have Medicaid cover.

Generally, those who need the services of group home facilities are the aging population, people with one form of disabilities or the other and perhaps those who need daily help.

The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the nursing care facility industry in the United States. Our staff is well – trained to effectively service our customers and give them value for their monies. Our customers can be categorized into the following;

• The aging population
• People with one form of disability or the other (Both young and the elderly)
• The aged who might suffer from severe joint pains and every other age categories who falls under the conditions listed by the physician.

Our Competitive Advantage

Aside from the competitions that exist amongst players in the nursing care facility industry, they also compete against other home healthcare services providers such as assisted living facilities.

To be highly competitive in the nursing care facility industry means that you should be able to secure a conducive and secured facility, deliver consistent quality patient service and should be able to meet the expectations of the children / family members paying for their loved elderly parents and people with disabilities in your facility.

Grace & Mercy Group Home, LLC is coming into the market well prepared to favorably compete in the industry. Our office facility is well positioned (centrally positioned) and visible, we have good security and the right ambience for elderly and disabled people.

Our staff is well groomed in all aspect of group home facility services and all our employees are trained to provide customized customer service to all our clients.

Our services will be carried out by highly trained professional nurse’s aides, medication management counselors, county aging workers, home health caregivers and home caregivers who know what it takes to give our highly esteemed customers value for their money.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups group home facility business and other related businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Grace & Mercy Group Home, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry.

We will generate income by providing a conducive home for our residence; we will engage in services that will help our residence complete daily basic and simple tasks, such as:

10. Sales Forecast

One thing is certain; there would always be elderly people and people with disabilities who would need the services of group home facility.

We are well positioned to take on the available market in Saint Augustine – Florida and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our group home facility business and our residences base.

We have been able to critically examine the group home services market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Saint Augustine – Florida.

Below is the sales projection for Grace & Mercy Group Home, LLC, it is based on the location of our business and of course the wide range of related services that we will be offering;

• First Year-: $100,000 ( From Self – Pay Clients ): $250,000 ( From Medicaid Covers )
• Second Year-: $250,000 ( From Self – Pay Clients ): $500,000 ( From Medicaid Covers )
• Third Year-: $500,000 ( From Self – Pay Clients ): $1,500,000 ( From Medicaid Cover )

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

The marketing and sales strategy of Grace & Mercy Group Home, LLC will be based on generating long-term personalized relationships with our residence. In order to achieve that, we will ensure that we offer top notch all – round nursing care facility services at affordable prices compare to what is obtainable in Florida.

All our employees will be well trained and equipped to provide excellent and knowledgeable nursing care facility services and customer service.

We know that if we are consistent with offering high quality nursing care facility service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.

Before choosing a location for Grace & Mercy Group Home, LLC, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Saint Augustine and other cities in Florida.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time. We hired experts who have good understanding of the nursing care facility industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Florida.

In summary, Grace & Mercy Group Home, LLC will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters to residence, clubs for elderly and people with disability and other stake holders in Florida
• Advertise our business in community based newspapers, local TV and local radio stations
• List our business on yellow pages ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing
• Leverage on word of mouth marketing (referrals)
• Enter into business partnership with hospitals, government agencies and health insurance companies.
• Attend healthcare related exhibitions / expos.

11. Publicity and Advertising Strategy

We are in the group home facility business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote Grace & Mercy Group Home, LLC.

Grace & Mercy Group Home, LLC has a long term plan of building group home facilities in key cities in the United States of America which is why we will deliberately build our brand to be well accepted in Saint Augustine – Florida before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Grace & Mercy Group Home, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community health programs that appeals to the aging population
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our BillBoards on strategic locations all around Saint Augustine – Florida.
• Engage in road show from time to time in location with growing aging population
• Distribute our fliers and handbills in target areas with high concentration of aging population and people with disabilities
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

We are aware that for us to gain more grounds, we will need to enter the market with a very competitive price. Grace & Mercy Group Home, LLC will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.

On the average, group home facility service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment.

In view of that, it is easier for group home facility service providers to bill their clients based in their discretions. Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us.

• Payment Options

At Grace & Mercy Group Home, LLC, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money
• Check (only from loyal customers)

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

If you are looking towards starting a nursing care facility business, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.

You would need money to secure a standard residential facility big enough to accommodate the number of people you plan accommodating per time, you could need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.

The items listed below are the basics that we would need when starting our assisted living facility business in the United States;

• The Total Fee for Registering the Business in the United States – $750.
• Legal expenses for obtaining licenses and permits – $1,500.
• Marketing promotion expenses for the grand opening of Grace & Mercy Group Home, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
• Cost for hiring Consultant – $2,500.
• Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
• Cost for leasing a standard and secured facility in Saint Augustine – Florida for 2 years – $500,000
• Cost for facility remodeling – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost for Start-up inventory (stocking with a wide range of products such as toiletries, food stuffs and drugs et al) – $50,000
• Storage hardware (bins, rack, shelves,) – $3,720
• The cost for the purchase of furniture and gadgets (Beds, Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
• The cost of Launching a Website: $700
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our group home facility in Saint Augustine – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for Grace & Mercy Group Home, LLC

Grace & Mercy Group Home, LLC is a family business that is solely owned and financed by Mrs. Grace Smith and her family. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas Grace & Mercy Group Home, LLC intends to generate our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Grace & Mercy Group Home, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our group home services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Grace & Mercy Group Home, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of Medical Equipment and vans et al: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress

Frequently Asked Questions

Are you qualified to run a group home.

To qualify to run and manage a group home, you need a master’s or bachelor’s degree in social work, public health, or a similar field. In addition, you will need certain skills like excellent communication, time management, and leadership skills.

2. What Is A Youth Group Home?

Youth group home is a group home that provides therapy, 24-hour supervision and support to troubled teens in a home-like setting. Unlike large residential treatment facilities or psychiatric hospitals, youth group homes serve a small number of teens.

They reside in a family-like setting with trained staff. These group homes may house youths with physical disabilities, mental disabilities, emotional problems or those in transition between foster homes.

3. Who Qualifies You To Live In A Group Home?

Residents of group homes tend to have some type of chronic mental disorder that impairs their ability to live independently. Note that many group home residents also have physical disabilities such as impairments of vision or ambulation.

These individuals require continual assistance to complete daily living and self-care tasks. Some also require supervision due to behaviour that may be dangerous to self or others, such as aggression or a tendency to run away.

4. What Certifications Are Needed To Open A Group Home?

• CPR certification
• Group Home Administrator 40 hour ICTP
• Certified Occupational Health Nurse (COHN)
• Informatics Nursing Certification (RN-BC)
• Board-Certified Case Manager (CCM)
• Certified Addictions Registered Nurse (CARN)
• Local fire marshal’s certificate

5. What Is A Group Home For QRTP?

QRTP is a specific category of non-foster family home setting, for which public child welfare agencies are expected to meet detailed assessment, case planning, documentation, judicial determinations and ongoing review and permanency hearing requirements for a child to be placed in and continue to receive federal Title IV-E funding for the placement. QRTPs are a subset of licensed group care facilities; they do not wholly replace them.

6. How Do You Get Funding To Start A Group Home?

Group homes are licensed and monitored by state departments of human services, licensing offices or bureaus, and funding for their operations may come from different sources.

• Microfinancing
• Peer-to-Peer Lending
• State and Federal Government Grants and Loans
• Private Foundations

7. What Is Needed To Start A Home Day-Care?

• Adequate funding
• A suitable location
• Furniture and supplies
• Child care safety equipment such as fire extinguishers, disaster supplies, etc
• Child care software
• Qualified staff
• Policies and procedures

8. What Do You Need To Work In A Group Home?

To become a group home worker, you need a high school diploma or equivalent. However, some employers may require post-secondary education, such as an associate or bachelor’s degree in social work.

You will also need to acquire an internship at a group home to gain hands-on experience working with residents. Nonetheless, to be a good group home worker, you need lots of patience and empathy, and the perseverance to handle different physical, emotional, and behavioural issues.

9. How Do You Start A Group Home At Risk Youth?

Opening a group home at risk youth requires adhering to all licensing requirements and passing the inspection and application process. Nonetheless, the steps involved in opening a group home at risk youth include;

• Research the current availability of group homes for teens in your community
• Write a mission statement and a business plan
• Appoint a board of directors
• Find funding for your teen sanctuary
• Apply for licensing, non-profit tax exemption, incorporation and other legal protections and sanctions your board recommends.
• Buy an existing building and hire a contractor to refurbish the structure, or purchase property on which your group home will be built.
• Solicit community help to build your teen group home so you can save money on construction.
• Get occupancy permits and submit to inspections from village, city, township and/or county authorities.
• Hire staff and conduct criminal background checks.
• Keep a wait-list of clients to fill beds as residents’ age out, move out or leave.

10. What Qualifications Do You Need To Open A Care Home?

All 50 states require these professionals hold licensure, although requirements for receiving this requirement vary by state. Nonetheless, to qualify to open as a care home in the United States, you must:

• be at least 21 years of age;
• be of good moral character and suitability;
• hold a Bachelor’s (or higher level) Degree from an accredited educational institution, including (or supplemented by) 15 credit hours of specific education;
• complete an Administrator-In-Training (AIT) Program (Internship) OR qualifying field experience;
• complete a course in nursing home administration;
• Receive a passing score on the Nursing Home Administrator Licensing Examination.

11. What Is Your First Step?

The very step when looking to start a care home in the United States is to create a well detailed business plan that identifies the type of group home you would like to open. You need to make a business plan for your care agency because it is the base of your home and will be needed for each step you follow. A business plan includes the following:

• Executive summary – Explain the basics of your care home.
• Company description – Write the mission and goals of your care home.
• Services – Describe what services you will be providing.
• Marketing plan – How will people learn about your business? Decide the pricing of your business as well.
• Management and organization – Describe the ownership structure of you care home business.
• Operational plan – Explain the facility and staff, as well as supplies you will need to operate.
• Financial plan – This is where you will write a cash flow projection, balance sheet snapshot and break-even analysis.

12. What Qualifications Must The Program Administrator Of The Group Home Possess?

Group home program administrators are responsible for planning, directing, and coordinating their group home program or service. Howbeit, the qualifications they are expected to posses include;

• A Group Home Administrator Certificate
• A Bachelor’s Degree in Behavioural or Social Sciences from an accredited school is required.
• A Master’s Degree in Behavioural or Social Sciences is preferred.
• One year experience in a residential setting
• One year experience as a supervisor

13. How Much Does It Cost To Start A Group Home?

The amount you need will depend on many factors, but on the average, it will cost between $115,000 — $155,000.

14. How Profitable Is A Group Home?

A group home in the United States is quite profitable especially since demand from individuals aged 15 and under is expected to remain high because the majority of orphanages and group homes cater to children in this age bracket. Note that a properly retrofitted group home can reap $7,000, or more, per bed in revenue. And with 8 to 12 beds in a mansion setting, the rewards can be stunning.

15. How Do Group Homes Work?

The treatment provided in a group home tend to primarily focus on improving self-esteem, teaching new skills and holding residents accountable for their behaviour. Some group homes offer specialized treatment for specific issues, like autism, substance abuse, or inappropriate sexual behaviour. Most group home programs include:

• Anger management
• Drug education
• Family therapy
• Group therapy
• Individual therapy
• Individualized behaviour programs

16. What Does A Group Home Manager Do?

A group Home Manager directs operations in care facilities for the elderly or the disabled. Duties of a group home manager include overseeing daily operations, developing budgets, hiring and training staff, scheduling employees, and implementing programs for residents.

17. How Do You Start A Senior Living Home?

The following steps are how you can get started in the senior living industry.

• Acquire Land or a Home
• Contract a Real Estate Agent and Check Zoning Laws
• Hire an Architect and Building Contractors
• Apply for Permits
• Hire the Right People
• Secure the Necessary License
• Purchase Furniture
• Plan for Marketing and Advertising

18. Can You Turn Your Home Into An Assisted Living Facility?

Yes, you can  convert your home into an assisted living facility . However, you need to see the regulations in your state or city and apply them to the structure you are considering for conversion to an Assisted Living Facility.

19. How to Start a Group Home In California?

There are several agencies involved in the oversight of group homes in California. The processes to start a group home in California include;

• Contact your local Regional Centre.
• Attend a “Residential Services Training” through your Regional Centre
• Develop a “program design” that shows how you can meet and fill the current needs of your local Regional Centre.
• Attend an orientation at Community Care Licensing (CCL) for Adult Care, Child Care or Elderly Care.
• Apply for a license
• Apply for “Vendorization” through your local Regional Centre
• Accept your first client from the placement packets and proudly open your Group Home.

20. How Do You Convert Your Home Into An Assisted Living Home?

Depending on your house, neighbourhood and state, it may not be possible to convert your house into an assisted living facility. If it is, the process and steps will include;

• Check the zoning of your property with your city or county. Assisted living facilities are businesses and are typically not allowed in residential zones.
• Research your state laws and regulations on assisted living facility licensing.
• Understand the regulations on facility space, structural and safety requirements and compare them to your home.
• Seek adequate financing to make physical changes to your home as well as to hire the clinical and support staff required under state law.
• Hire a contractor with experience in assisted living facilities, skilled nursing facilities or other healthcare structures.
• Apply to your state for licensure as an assisted living facility.
• Hire or contract required staff which usually includes a nurse who visits a certain number of hours per week.

21. How To Start A Group Home In Michigan?

Here is how you can start a group home in Michigan;

• Consult with a licensed group home institution and take notes on its current operating setup.
• Meet the state requirements for group homes.
• Hire competent staff
• Create a building plan review and submit it to the Department of Energy, Labour and Economic Growth (DELEG) and the Bureau of Fire Services (BFS).
• Apply for a local zoning approval to start a group home that fits seven or more clients
• Apply for a group home license in Michigan

22. How To Start A Group Home In Ohio?

The Ohio Department of Job and Family Services (ODJFS) is responsible for providing guidelines for group homes, which must be licensed by ODJFS or an approved local entity. Here is how you can start a group home in Ohio;

• Review your financial situation and determine if you can afford to purchase a house
• Determine the location and house
• Purchase the house
• Develop a written emergency plan that outlines procedures for fires, evacuations, missing persons and severe weather
• Sign and submit the application to the Ohio Department of Job and Family Services
• Attend the onsite inspection
• Hire the home staff

23. What Are The Steps To Start A Group Home In Kansas?

Here is how you can start a group home in Kansas;

• Decide which kind of group home you would like to have in Kansas.
• Choose the programs your group home is going to offer.
• Decide on the exact location of your group home.
• Decide on the number of occupants you’d like to have in your group home.
• Make sure that you know the type of employees and the manpower you need to operate your group home.
• Obtain a group home license from the Kansas Department of Health and Environment.
• Research grants that would match your choice of business.

24. How Many Group Homes Can You Open?

As a new entity, licensing agencies will be eager to see how you succeed with one program. Howbeit, when licensed, if the program is successful in its initial operation (a period of approximately 15-18 months), you may apply for a license for another facility.

25. How To Start A Group Home In Texas?

Here is how you can start a group home in Texas;

• Register the type of group home you want based on the type of people you wish to help in your community.
• Write a business plan that summarizes your vision, mission, business goals,  start-up and operating costs , marketing plan and expenses, financial projections and competitor analysis.
• Buy, rent or lease a home or facility that is sufficient to house the number of people you want
• Comply with local fire building codes and zoning regulations.
• Contact the Texas Department of Aging and Disability Services (DADS) and Texas attorney general’s office.
• Obtain the license to open the group home in Texas from DADS.
• Register your business legal structure and business name with the Texas Secretary of State.
• Obtain general liability insurance and business insurance
• Hire employees who have a clean criminal background and a driver’s license.

26. Where Can You Get Information And Financial Help To Open A Foster Or Group Home?

Group homes are licensed and monitored by state departments of human services, licensing offices or bureaus, and funding for their operations may come from different sources. Note that contacting the local county child welfare agency is a first good step to learn about requirements and financing options concerning Foster or group homes.

Child Welfare Information Gateway, a service of the Children’s Bureau, Administration for Children and Families, also provides contact information for State Foster Care Program Managers and State Licensing Specialists on its website.

27. What Does A Residential Care Worker Do?

Residential care refers to personal care services given to children and adults unable to live independently. Responsible for providing these services are residential care workers, professionals who focus on improving the physical and mental well-being of their clients. The primary role of residential care workers is to provide physical care to patients who cannot perform day-to-day living tasks.

29. How Do You Start A Group Home For Special Needs Adults?

The necessary steps to take include;

• Contact a Social Service agency such as the Department of Human Services (DHS) or a private charity such as Catholic Social Services or Lutheran Social Services.
• Find housing that meets licensing and inspection requirements
• Attend the workshop or other licensing sessions required for licensure.
• Apply for grants and seek funding for your group home .
• Evaluate your budget regularly, and make changes as needed.
• Renew your license.

30. What Is The Difference Between A Group Home And A Residential Treatment Centre?

The key differences between a group home and residential treatment centre are the intensity of the treatment and environment where treatment is carried out in. Group homes consist of 24/7 monitoring, while residential treatment centres consist of monitoring, but not quite on a 24/7 intensity.

Another key difference between the two is the length of treatment. Note that most people that seek treatment for mental health issues are treated on an outpatient basis, in which they attend regular meetings – usually 2-3 times per week.

While group home treatment is usually short-term. Residential treatment has the potential to be ongoing – it all depends on how an individual responds to treatment.

31. What Is The Single Point Of Entry?

Single point of entry simply refers to a program from which a current or potential long-term care consumer can get long-term care information, screening, assessment of need, care planning, supports coordination, and referral to appropriate long-term care supports and services.

GOC is responsible for the coordination and oversight of the Single Point of Entry process. GOC staff conducts the Single Point of Entry Training and provides technical support to prospective residential child care program providers.

32. How Do You Start A Non-Medical Home Care Business?

To start a non-medical home care business, here are steps to consider;

• Determine the Structure of Your Business.
• Create a Business Entity and Meet Licensing Requirements.
• Develop Your Policies and Procedures.
• Set Up Your Financial Systems.
• Recruit and Hire Office Staff.
• Develop a Recruitment and Retention Plan for Caregivers.
• Scheduling, Billing, and Time Keeping Systems.
• Set Up Your Office.
• Develop Your Sales and Marketing Plan
• Measuring the Success of Your Business

33. What Do I Need To Ask Myself Before Starting The SPE Process?

The process of becoming licensed to operate a group home for children is not easy and will take a lot of time and energy on your part. You need to ask yourself:

• Am I qualified to run a group home?
• What experience do I have with the population I intend to serve?
• What data/information do I have that indicates a program is needed in the area where I plan to locate?
• Do I have the six months of financial resources the State recommends to start a new business? If I am dependent upon loans, will I have the resources to pay them back?
• What is special about my program that will make it attractive to placement workers?
• Do I have the business skills needed to run a small business? If not, whom can I depend upon to help me with the business side?
• Do I have the management skills needed to run a program? If not, whom can I depend upon to help me with the program side of the business?

34. What Are The Benefits Of Transitional Housing?

Transitional housing  more or less describes a community project or program that provides temporary housing and support services for homeless people until they can find permanent solutions. Its benefits include;

• Reduced Crime
• Disease Prevention
• Substance Abuse
• Employment Assistance
• Self Esteem

35. How To Start A Group Home In Florida?

The Steps to take include;

• Decide what type of group home you would like to open and create a business plan
• Find a location that will suit your group home needs
• Consult with local agencies and  become a certified group home
• Pass a safety inspection and take classes to become a foster parent if you would like a group home for children .
• Apply with the local Florida area agencies if you wish to start a group home for disabled individuals.
• Contact the Florida Department of Elder Affairs if you would like to run a group home for the elderly.

36. How Much Does It Cost To Build A Custom Home?

Custom homes cost anywhere from $350,000 to $1.5 million or more. Expect to pay $300 to $500 per square foot for custom and luxury builds. Custom homes come in almost any shape and size.

37. What Happens After I Attend A Single Point Of Entry Training?

After attending the SPE Training, you will be issued the SCYFIS (State Children, Youth and Families Information System) logon and a password needed to submit your proposal online.

38.  How Much Does A Group Home Owner Make A Year ?

Most group home owners really do not profit off of their group homes because it is about helping the residents or whoever occupies the group home. However, if you are running a group home to make money, you could get about 400 dollars a week per child from the state.

A lot of people do get the money but most of it is put back into the group home to pay the expenses of the occupants and the home itself. The expenses of the group home are mandatory if you want to keep your home from getting shut down or closed. But in a year a group home owner makes about $20,800 per child.

39. How Much Do Group Home Workers Get Paid?

According to the BLS, the median salary of a group home worker was $25,280 per year as of 2019, or $12.15 per hour. Also, job website PayScale notes that supervisory positions in group home jobs pay an average of $14.30 per hour, with salaries typically ranging from $11.13 to $18.75 per hour. Annualized, the average full time salary is $36,498, with a typical range between $28,000 and $50,000.

40. How Much Money Do You Need To Start An Assisted Living Facility?

An article by Forbes on assisted living facilities estimates the cost of an 80-bed facility at $11 million (or $130,000 to $145,000 per bed). Howbeit, ensure to add three to six months’ operating expenses to the budgeted start-up costs. The level of operating costs will depend on the type and size of the facility to be created.

41. What Happens After You Submit A Proposal To GOC?

Within 90 days of receiving it, GOC will put your proposal through rigorous examination. Note that after the review, you will either be required to submit additional information, or your proposal will be forwarded to the appropriate licensing agency.

If you are asked to submit additional information, you will be asked to submit it within 60 days of receipt of the letter or the State will consider your proposal withdrawn. The entire process – including the review of the proposal and any proposal revisions requested by GOC, and the process for acquiring a license by one of the licensing agencies – can take up to one year or longer. The length of time for the entire process will depend on the quality of your proposal submission.

42. What Experience Do You Need To Have For The Population You Intend To Serve?

• Crisis Intervention
• Independent Living
• Personal Care
• Other Skills like CPR and patient care

43. How Do You Start A Non-Profit Assisted Living Facility?

While all assisted living communities charge a fee to residents, non-profit facilities are different because any profit the facility makes after all expenses are paid goes back into that facility. No profits are taken by shareholders or anyone else. To start a non-profit assisted living facility, here are steps to consider;

• Choose a name
• Build, purchase or convert an existing facility for your new assisted living business.
• File articles of incorporation
• Apply for your IRS tax exemption
• Apply for a state tax exemption
• Draft bylaws
• Appoint directors
• Hold a meeting of the board
• Obtain a specialized license as an assisted living business.
• Obtain an operator’s license required by your state.

44. What Are Some Good Rules To Follow In Developing Your Proposed Program?

It is pertinent you consider your proposal as a business plan. Take time to think about your vision for your program. Your completed proposal should be a picture of what your program will look like and what it will take to operate it.

It should encompass every aspect of your business such as: description of your program, operational plan, description of staff and their duties and responsibilities, services offered, start-up budget and operational budget. Please be sure to read through your proposal thoroughly before submission.

45. How Many Youths May You Have In Your Program?

Have it in mind that several factors determine the maximum number of youths you may have in your program. These factors include the Fair Housing Act as amended in 1988; COMAR regulations, fire authority, and health and safety.

46. How Much Do Resident Managers Make?

As of Mar 17, 2022, the average annual pay for a Resident Manager in the United States is $40,250 a year. This equates to approximately $19.35 an hour, $774/week, and $3,354/month.

47. What Types Of Group Homes Are Licensed By DHR, DJS, And DHMH?

DHR Licenses the following types of group homes:

• Independent Living Programs
• Shelter Care
• Regular Group Homes
• Respite Care
• Teen Mother Baby Programs
• Treatment Foster Care

DJS Licenses the following types of group homes:

• Secure Group Homes

DHMH Licenses the following types of group homes:

• Residential facilities for children with developmental disabilities
• Therapeutic Group Homes

48.  Is Owning An Assisted Living Facility Profitable ?

Yes, the senior care industry in the US has never looked more promising than it does now. Thanks to the mass retirement of baby boomers and massive leaps in healthcare technology, we are experiencing the largest population of older adults than ever before.

The US assisted living home market size was estimated at $73.6 billion in 2018, with a CAGR of 6.4% over the forecast period. Stable assisted living communities have a profit operating profit margin between 28 and 38% – though the margin decreases in facilities with a memory care component.

Note that a single-family home can generate $36,000 of gross profits and $10,000 of monthly cash flow. This value varies based on a range of aspects, like its size, location, and amenities.

49. Where Can You Find A List Of Homes That Are Designated As Residential Homes For Developmentally Disabled Individuals?

Group homes that serve persons with disabilities are regulated by the Agency for Persons with Disabilities. Group homes that serve children will be regulated by the Department of Children and Families. Meanwhile, certain group homes for the elderly may be licensed by the Agency for Health Care Administration. These agencies provide detailed lists of homes designated as residential homes for the population they cover.

50. Are Group Homes Non-Profit?

Group homes can be run either as a non-profit or a for-profit venture.

51. Can A Non-Profit Organization Own A Long-Term Care Facility?

No, nonprofit organizations cannot own long- term care facilities

52. How Much Profit Do Care Homes Make?

Non-medical home care rates currently range from $20 an hour to $40 per hour, depending on the location. Small towns and rural areas, where living costs are lower, are less, and big cities, where living costs are high, tend to be on the high side. Nonetheless, the national average is $27 per hour, which works out to $54,000 a year with a 40 hour work week.

53. How Long Does Your Proposal Have To Be?

Note that there is no limit on the length of your proposal. You will only have to follow the Proposal Outline and the COMAR regulations (14.31.06) when developing your proposal.

54. How Do You Start A Private Care Business?

Due to the aging of baby boomers and increased life expectancy, the number of senior citizens over the age of 65 is increasing every year. With that comes the increasing need for medical and personal care as well. This offers great business opportunities for entrepreneurs in the healthcare industry to start your own private care business, here are steps to consider.

• Create a business plan.
• Register with the state
• Obtain Medicare and Medicaid certifications.
• Hire great staff.
• Get your clients.

55. Where Can You Find Classes For Assisted Living Training?

• CareAcademy
• American Caregivers Association
• Family Caregiver Videos and Webinars
• Video Experiences of Fellow Caregivers
• Interactive Caregiver Courses and Videos

56. How Do AFC Homes Get Paid?

• Social Security
• State Based, Non-Medicaid Assistance Programs
• Veterans’ Programs
• Reverse Mortgages & Home Equity Options
• Life Insurance Policies
• Long Term Care Insurance

57. What Are Tips For Writing A Good Proposal?

• Be clear, concise and logical.
• Make it reader friendly.
• Leave plenty of time to research the type of program you want to develop and whether that type of program is needed in the area you are considering.
• Familiarize yourself with State regulations,  policies and procedures that will govern your program .
• Use the SPE Proposal Outline as it will help you structure the information that is needed in the proposal.
• Do not use jargon and contractions.
• Do not rely heavily on acronyms.
• Proofread, proofread, proofread.

58. How Does A Homeless Shelter Work?

A homeless shelter more or less starts with a group of individuals who intend to develop a plan to help people in the community who need shelter. It eventually grows into a plan to  put up a homeless shelter . Most homeless shelters are funded by sponsors such as hospitals, companies, professionals, and individuals. Among the programs provided by homeless shelters are:

• Providing shelter
• Distribution of basic necessities
• Rehabilitation

59. What Is The HUD Septic System Distance Requirement?

According to HUD, a domestic well is expected to be located a minimum of 100 feet from the septic tanks drain field, where the waste is disposed, and a minimum of 10 feet from any property line. In some cases, state or local regulations have greater distance requirements which must be met.

60. How Much Does The Government Pay For Group Homes?

$400 a week per child from the state

Related Posts:

• Adult Daycare Business Plan [Sample Template]
• Hospital Business Plan [Sample Template]
• Methadone Clinic Business Plan [Sample Template]
• How to Start a Group Home for Adults with Disabilities
• How to Get a Job at a Group Home in 6 Steps

• Sample Business Plans
• Construction, Architecture & Engineering

House Flipping Business Plan

Have a keen eye for distressed properties and a knack for renovations?

Well done! You’ve stumbled upon a cool business idea. It’s time for you to start an exciting journey into the world of house flipping!

However, you need to think about resources and funding for navigating the ins and outs of flipping houses.

Also, you need to specify if there’s a prominent market for your business to be successful, what potential patrons expect from businesses like yours, and how many competitors you’ll encounter.

Surprisingly, answering all these questions is all part of writing a thorough business plan. Here is the house-flipping business plan template , which will surely help you!

In this guide, you can explore the essential elements you need to know for a well-written business plan. It will provide business strategies and insights to kickstart your flipping houses business plan writing.

Let’s jump in together and discover the secrets to crafting a house flipping plan.

Key Takeaways

• Write an impactful executive summary that outlines your marketing approach and team expertise to attract potential investors or partners.
• Conduct comprehensive market analysis to highlight industry trends, target audience needs, and customer preferences.
• Consider potential contingencies & emergencies while making realistic financial plans for sales revenue, costs, and profit forecasts.
• Use tools for SWOT analysis to evaluate your strengths, weaknesses, opportunities, and threats for informed decision-making.
• Highlight your flipping business services and elevate your property values in the market by incorporating strategic USPs.
• Clearly add flipping houses business descriptions to ensure efficient project management and consistent, high-quality renovations.
• Scrutinize the competitive landscape, and identify competitors, to create strategies that support your business’s competitive advantage.

Why do you need a house-flipping business plan?

A well-crafted business plan is a foundation for planning, managing, and growing a house-flipping business. It provides a detailed roadmap that confidently navigates you to the complexities of the real estate industry.

Here are a few benefits you must know:

• A professional plan guides your flipping-house business in a strategic direction and gives clarity to your business idea, outlining business strategies, goals, and steps to enhance your credibility.
• It can crystalize your vision for the house-flipping venture and ensure that you clearly understand the target audience, including trends, customer preferences, and competitors.
• An actionable plan offers a comprehensive view of your business’s operational aspects and helps you identify potential risks and challenges in the house flipping industry.
• You can plan to seek funding or partnerships with the estimated startup costs, operational expenses, and profit margins.
• A detailed business plan is a legal armor that prompts you to consider legal requirements and obtain necessary permits.

So, having a flipping house business plan is a game changer in the ever-evolving real estate landscape. Now, let’s move forward to create an interesting business plan without any further ado:

How to write a business plan for your house-flipping business?

1. get a business plan template.

Before you start writing a business plan for your house-flipping business, consider using a business plan template first.

It serves as a structured format and helps you cover all the necessary elements in your business plan, saving you time and effort.

However, it is an effective way to organize your thoughts and cohesively prepare a professional document. It guides you on what to include in each section according to your business needs and preferences.

If you are new to business planning or searching for a well-presented template, choose Upmetrics’ business plan template today. It is the best-suited and valuable tool for your flourishing house-flipping business!

Free Business Plan Template

Download our free house flipping business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

2. Write an executive summary

An executive summary is a brief overview of your entire house-flipping business plan.

It is the initial section of the professional plan and highlights the key points of your house-flipping business, from mission-vision statements to financial projections.

This executive summary section should be clear, concise, and engaging as it attracts readers to delve further into your plan.

Start your summary with a quick introduction of your house-flipping business, including who you are and what type of house-flipping business you are running.

Here is an example of a business introduction using Upmetrics:

After that, discuss below key elements in the summary:

• Mission & Vision Statement
• Market Opportunity
• Services Offered
• Management Team
• Financial Summary
• Call to Action

3. Prepare a business overview section

Now, provide detailed information about your house-flipping business. It includes ownership, legal structure, office location, business history, and other such business-related facts.

Initially, introduce what type of business you are operating. For example, it will be one of the below types of house-flipping businesses:

• Single-family Home Flipping: It emphasizes on renovating and selling a single property acquired at a lower cost for a profit.
• Multi-unit Complex Flipping: It focuses on multi-unit properties where house flipper rehabs all the units in the multi-unit complex, with an option to sell units individually or the entire complex
• Multi-investor Flipping: It includes house flipping among multiple investors before moving to the fix-and-flip stage.

Provide the history of your house-flipping company. You can also add business goals and milestones you have achieved. Take the below as an example,

Do not forget to include the names of your business owners/partners and your future goals as this section gives an in-depth overview of your business.

4. Conduct a market and industry analysis

Starting a house-flipping business requires a strategic roadmap, and the key to developing that roadmap lies in a comprehensive industry and market analysis.

This chapter highlights the clear picture of your house-flipping industry. It serves the broader real estate market, which is affected by economic trends, market conditions, interest rates, and regional factors.

Here are certain key components to include:

Market share and growth potential

Identify your Targeted Available Market(TAM) and measure the viability of your business.

Consider market growth factors and financing availability to analyze the potential shares in the real estate market.

Industry trends

The dynamics of the housing market and emerging trends can potentially influence buying and selling patterns.

Technological advancement in the real estate market such as virtual tours and online property platforms has helped house flippers to reach a wider audience and upgrade property visibility.

Navigating the ideal target market

In this section, you can give details of the customers you serve or expect to serve. House flippers, prospective homeowners, contractors, and real estate agents are a few examples of customer segments.

Do proper market research and try to create a buyer’s persona by exploring the psychographic and demographic details of the ideal customer.

Navigate their needs, preferences, and behaviors to customize your strategies, property selections, and renovation decisions to align with market demands. Here is an example written using Upmetrics’ AI writing assistant :

For Kent & Flippers house-flipping business, our target market cuts across people of different classes and people from all walks of life. We are coming into the real estate industry with a business concept that will enable us to work with the highly placed people in the country and at the same with the lowly placed people who are only interested in putting a roof under their heads at an affordable price.

Our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents (brokers) nationally to represent our business interests wherever they are located in the United States of America.

Below is a list of the people and organizations that we have specifically designed our products and services for:

• Families who are interested in acquiring a home
• Corporate organizations who are interested in acquiring their own property/properties
• Home Owners who are interested in selling off their home
• Properties Owners who are interested in selling off their properties
• Foreign investors who are interested in owning properties in the United States of America
• The government of the United States of America (Government contracts)
• Managers of public facilities

Competitor analysis

Now, it’s time to identify the top competitors in the house-flipping businesses. Get details of their businesses, and monitor their strengths and weaknesses.

It is a very important part of market research that helps you evaluate the real estate competitive landscape. Conduct a SWOT analysis to find your business position.

Demonstrate your competitive edge and present to potential stakeholders that your business is set for success in the challenging market.

Want to Perform Competitive Analysis for your Business?

Discover your competition’s secrets effortlessly with our user-friendly and Free Competitor Analysis Generator!

5. Describe your house-flipping services

After understanding the market trends, give details about your house-flipping services. These services enclose a range of activities aimed at buying, renovating, and selling properties for a profit.

Your house-flipping services might be any of the following:

• Property Assessment
• Renovation Project Management
• Design Consultation Services
• Project cost evaluation
• Broker opinion of valuation
• Marketing property for lease/sale

Effectively communicate your services to the customers by sharing precise pricing plans and service descriptions with project timelines. For instance,

Additionally, state other additional services that you execute for house flips or property management.

6. Prepare marketing and sales strategies

Developing the sales and marketing section involves summarizing the strategy to entice new users and retain existing ones.

It describes the methods and approaches to gaining and keeping customers for the house-flipping business. Some of the sales and marketing strategies for property-flipping companies are:

Unique Selling Points (USPs)

Specify the USPs of each property that set you apart from the other house-flipping businesses. Emphasize a few aspects such as historical features, energy-efficient upgrades, or a prime location.

Professional Branding

Having a website and a memorable logo can establish a strong and professional brand that spreads a wider reach. It builds trust among potential customers. Showcase all your services with virtual tours and 3D imaging.

Social media advertising

Leverage social media channels (Facebook, Instagram, Twitter) to target particular audiences. Generate visually appealing ads and content to draw interest and drive traffic to your property listings. It helps you generate leads.

Email marketing

Create an email list of your potential clients. Regularly give updates on new property, renovation progress, and recent offers. This marketing tactic can nurture leads and keep your target market engaged.

Networking and partnerships

Always try to build strong relationships with real estate agents, mortgage brokers, and other professionals. Networking can help with referrals and partnerships that improve your reach.

Organizing open houses and events

Allow potential buyers to experience the property firsthand by hosting open houses and events. It gives an opportunity to answer queries, address concerns, and build a sense of urgency.

7. Introduce leadership or management team

A powerful management team is essential to showcase your house-flipping business’s ability to thrive in the industry.

Letting your readers or investors know about your business leadership or key managers will help them have a clear idea of who is running your house-flipping company.

Highlight your key managers’ and project managers’ backgrounds, including those skills and experiences that ascertain their ability to grow a business. Here is an example of mentioning the management team using Upmetrics:

Also, discuss the compensation plan in this section and it includes salaries, incentives, or employee benefits. Not only that, mention any key advisor or consultant who adds credibility to your business idea.

8. Outline your operational plan

Now it’s time to emphasize an effective description of a business operational plan as this section highlights key areas such as staffing, operational processes, and facilities/technology.

Operational excellence is essential for fulfilling your goals and commitments to clients and ensuring optimal results. Briefly outline operational planning, underscore how it directly impacts the quality of services, and pique the reader’s interest.

Wondering what to add to your house flipping operational plan? Well, here is a distinct section:

Start by introducing your dedicated team and their roles for seamless operations. Also, describe your recruitment procedure, training sessions, and methods for fostering a collaborative and skilled workforce.

Here is an illustration of a house-flipping company’s staffing requirement using Upmetrics:

Operational process

Detail the intricacies of your property acquisition, renovation, and sales processes. Define the operational framework and delve into the systematic approach to project management, quality control, and timeframes.

Quality assurance

Discuss the inspection protocols, compliance verifications, and ongoing improvement initiatives to show your commitment to high standards and quality control measures.

Facilities/Technology

Describe how innovative tools and platforms improve your efficiency in project management, real estate property scouting, house flips, designs, and communication.

9. Create a financial plan

A well-structured and in-depth financial plan comes last in the house flipping plan but is the most exciting section for investors.

It is a detailed blueprint of all the cash flow and revenue streams, initial startup costs, and how these expenses will be covered through the earned profits.

This financial projection has a significant value in terms of whether you secure funding or not. So, mention all the below key components in your plan:

• Profit and loss statement
• Sales forecast
• Cash flow statement
• Balance sheet
• Break-even analysis
• Financial needs
• Tax considerations
• Business ratios
• Exit strategy

From the above, you can identify the funding requirements and evaluate the funding resources for your house-flipping company, including bank loans, SBA-guaranteed loans, real estate investors, and personal savings.

However, calculating all the financial statements from scratch can be an overwhelming task. In addition to that you have to work on graphs and visuals for the clarity of your financial plan.

Not to worry; here is an easy way. Use Upmetrics’ financial forecasting tool to formulate all the financial aspects for starting a real estate flipping business.

This tool guides you through the projected financial statements and helps you generate key reports and graphs that can be easily downloaded. Here is an example of a projected cash flow for 3 years with the help of Upmetrics:

Additionally, you can offer stakeholders a transparent view of your business’s fiscal health and growth potential with a deeper exploration of your financial strategy.

Well, having realistic financial projections at your hand can help you evaluate the financial sustainability of your property-flipping business.

House flipping Industry Highlights 2024

Flipping houses continues to be a money-making strategy for a real estate investor. So, let’s go through some house-flipping industry trends and statistics:

• According to Forbes , the housing market will shift positively by the year’s end. The talk of decreased mortgage rates will provide more opportunities to invest in real estate, whether for home flipping or renting.
• Fix-and-flip profits aren’t as high as in 2022, but house flippers can still make great returns in the next few years. They generated an average gross profit of 22.5% compared to the first quarter of 2023.
• A home-flipping report in the U.S. shows that 84,350 single-family homes and condominiums were flipped in the second quarter of 2023. It is significantly higher than the first quarter of the year.
• In the U.S. market, Texas and Florida are the two major hotspots for flipping houses and are most popular among house flippers.
• Depending on location and other external factors, successful house flips can yield returns varying from 10% to 100% or even more of the initial real estate investment.

Refine and present a house-flipping Business Plan

Once you have drafted your entire house-flipping plan, read and re-read your documented plan to make sure that it is error-free. You have to feel confident about your flipping business plan before presenting it to your audience.

In addition, tailor your documented plan to serve different audiences to enhance communication. For instance,

Real estate Investors: For seeking funding, keep a professional tone in your plan and include all the growth potential, profitability, and ROI data.

Banks: Showcase thorough financial details and emphasize economic stability. Also, address potential risks and indicate risk mitigation plans.

Business partners or lenders: Highlight collaboration benefits and how they can add value to their personal growth. Focus on goals for mutually profitable partnerships.

Well, don’t forget the importance of visual aids and digital representation here. Use engaging visuals, graphs, interactive elements, and multimedia to demonstrate property transformations.

Thus, integrate all the above things in a clutter-free and visually appealing manner to create a digital presentation of your plan.

After that, it’s time to final check and email your plan to the intended audience. And celebrate your efforts and dedication to drafting a captivating narrative.

Download sample house-flipping business plan

Are you ready to start a house-flipping business plan writing? And want to get help with your business plan? Well, here you can download our free house-flipping business plan pdf and start writing.

This advanced investor-friendly template has been crafted with house-flipping businesses in mind. With step-by-step instructions and examples, this flipping business plan template assists you in developing your own plan.

Import data into your editor and start a house-flipping business plan writing.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Write your business plan with Upmetrics

With Upmetrics, you will get easy-to-follow steps, 400+ sample business plans , and AI support to streamline your business planning approach.

Our financial forecasting tool will help you create accurate financial forecasts for 3 or more years if you’re not good at finances.

Whether you’re venturing into a new business or aiming for expansion, Upmetrics provides resources and valuable insights to build successful and professional business plans that perfectly align with your objectives.

Let’s embark on a journey to real estate triumph!

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Frequently asked questions, what financing options are available for my flipping business.

Several financing options are available to you in order to fund your house-flipping business:

• Hard money lenders
• Private money lenders
• Home Equity Line of Credit (HELOC)
• Seller financing
• Business credit cards
• Crowdfunding

Can I Use My Business Plan to Attract Investors or Partners?

Definitely! A well-crafted business plan can be a powerful tool to attract investors or partners for your house-flipping business. Here’s a list of reasons:

• Showcases viability
• Highlights return on investments (ROI)
• Outlines marketing and sales strategies
• Presents risk mitigation tactics
• Demonstrates exit strategies
• Facilitates strategic partnerships

What are the Key Elements of a Successful House Flipping Business Plan?

Creating a successful house-flipping business plan involves the following key elements:

• Executive summary
• Business overview
• Market and industry analysis
• House-flipping services
• Marketing and sales strategies
• Management team
• Operational plan
• Financial plan

What Insurance Policies Should Be Included in the Business Plan?

Local laws suggest that purchasing insurance policies is very important for any business. So, as per the SBA guide , include below six common types of business insurance in the plan:

• General liability insurance
• Product liability insurance
• Professional liability insurance
• Commercial property insurance
• Home-based business insurance
• Business owner’s policy

How Often Should I Review and Update My House Flipping Business Plan?

It is necessary to regularly review and update your house-flipping plan to ensure its relevance, accuracy, and alignment with your evolving business objectives. Follow the below guidelines:

• Quarterly assessments for minor adjustments
• Semi-annual reviews for an extensive analysis of market trends and strategy
• Specific annual update to capture changes in the market
• Revamp your business plan whenever significant events occur
• Ensure your plan is up-to-date while seeking funding or partnerships

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Single Family Home Rental Business Plan and SWOT Analysis

Single Family Home Rental Business Plan, Marketing Plan, How To Guide, and Funding Directory

The Single Family Home Rental Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Single Family Home Rental business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be available for download after your purchase.

Product Specifications (please see images below):

• Bank/Investor Ready!
• Complete Industry Research
• 3 Year Excel Financial Model
• Business Plan (26 to 30 pages)
• Loan Amortization and ROI Tools
• Three SWOT Analysis Templates
• Easy to Use Instructions
• All Documents Delivered in Word, Excel, and PDF Format
• Meets SBA Requirements

Single family home rental businesses are popular among both novice and seasoned real estate investors given the fact that they can provide a continuous stream income given that this is residential real estate. One of the nice things about these businesses is that they can be very quickly sold to a renter or to a prospective homebuyer. Unlike large-scale residential real estate, like apartment complexes, there is always a market for single family homes. The capitalization rate for most residential properties typically ranges anywhere from 5% to 11% depending on the specific geographic region in which the single family home is located. These types of real estate investment firms can be started for as little as $10,000 given the fact that there are a number of programs available that will provide financing for single family home acquisitions with a minimal down payment. However, most real as the investors enter the specific type of property market typically start out with around $100,000. The gross margins generated from rentals is extremely high with most companies reporting 90% to 95% gross margins.

A single family home rental business SWOT analysis should be completed as well. As it relates to strengths, single family homes are always he easily rented given the fact that families move from place to place and will demand a detached home. The startup costs are low and the barriers to entry are extremely low.

For weaknesses, only a number of single family homes in any market can create some level of moderate risk. During difficult economic times, people may move out of an area in search of better jobs. As such, the most successful single family home rental businesses are typically located in markets that have a number of financial, healthcare, educational, and related industries that are relatively economically stable. One of the ways of these businesses can also remedy the risks associated with real thing investing is by maintaining single family homes in areas that have large-scale universities.

For opportunities, these businesses thrive when they have the ability to acquire a working capital line of credit secured by real estate. This can be used to acquire many other additional single family home rental businesses on an ongoing basis. Banks and lenders are always happy to provide additional capital for the acquisition of single family homes given the fact that they have a very high collateral value.

For threats, there’s really nothing that is going to impact the way that these companies do business moving forward. People are always going to demand single family homes and as such they can always generate a stream of residential rental income. The only major threat faced by these businesses are drastic changes in the geographic locations economy or a major economic recession.

Given that almost all real estate is acquired with borrowed funds, a single family home rental service business plan should be developed if a number of properties are going to be purchased and financing from a bank is needed. This business plan should feature a three year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Most importantly, a demographic analysis that showcases the profiles of the potential renters should be included as well. This includes taking a look at the area’s median household income, population density, population size, average salary by industry sector, and other relevant information regarding a tenant profile. A competitive analysis is not needed given the fact that there are number of people that own single family homes directly it simply written out to third parties. Real estate is a very free market enterprise.

A single family home rental service marketing plan should also be developed. In many cases, a real as the entrepreneur will hire a qualified brokerage firm to manage all aspect of sales. This typically requires a commission equal to 1 to 2 months rent. One of the nice things about having a real estate brokerage handle all these aspects is that they are able to complete all the work and will only get paid if a renter successfully placed within the single family home. It should be noted that some real estate investment firms will maintain their own website showcasing properties that are available for rent in the event that a person comes across it and decides to rent directly from the company without going through a real estate brokerage. In the long run, this can save a substantial amount of money for many real thing investment firms that focus specifically on single family homes.

There is really nothing that is going to change about this industry over the next 20 years. Individuals and families are always going to want detached homes that they can live in prior to actually purchasing property or because they choose not to. The rental incomes generated are highly economically secure as most people plays a substantial priority on paying the rent on time. As such, for a highly experienced real estate entrepreneur or even someone that just getting to the field of real estate investment – single family homes can be a very economic we viable way of enjoying returns associated with residential real estate.

FBI raid of Oakland mayor rocks city, fuels questions over family’s political influence

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While it’s still unclear why FBI agents raided the home of Oakland Mayor Sheng Thao this week, the action has cast a renewed spotlight on a years-long probe into the political influence — and campaign finance machinations — of one prominent local family.

A long-running probe

For five years, the Oakland Public Ethics Commission and the state Fair Political Practices Commission have been investigating allegations that executives at California Waste Solutions, namely members of the Duong family, used “straw donors” to circumvent donation limits and fill the campaign coffers of public officials.

On Thursday, as federal agents walked out with boxes from Thao’s home, agents also executed warrants at the Oakland office of Cal Waste Solutions, which provides recycling services to the city, FBI officials confirmed. Agents also searched the homes of the company’s chief executive, David Duong; and his son, Andy Duong, a purchasing agent who is in charge of the company’s public relations.

Federal agents raid home of Oakland Mayor Sheng Thao

Federal authorities on Thursday raided the home of Oakland Mayor Sheng Thao. No further details were provided.

June 20, 2024

The FBI has not formally accused Thao or members of the Duong family of wrongdoing. Thao’s attorney, Anthony J. Brass, told The Times in an email that the mayor has no information or indication that she is the subject of the federal inquiry, and that she is willing to cooperate with investigators.

“She has nothing to hide,” Brass said. “It’s unfortunate that she has had to endure the bad optics of having this search warrant executed on her home. She would have cooperated with this investigation without the need for this search.”

Cal Waste Solutions issued a statement on Saturday.

“We were very surprised by the federal law enforcement’s search of our homes and office on June 20,” the statement said. “To help facilitate the law enforcement agencies in carrying out their duties, we, as good citizens who always obey the law, have cooperated, and provided every possible condition for the law enforcement agency to perform their work effectively. We believe that we have not engaged in or committed any illegal activities and are awaiting the decision of the law enforcement agency.”

David and Andy Duong did not respond to requests for comment.

Another hit for the city

For Oakland, a city already reeling from a spate of recent reputation hits, the timing is inauspicious to say the least. Before the raid, Thao was facing a recall fueled by concerns over crime — a problem so pronounced it prompted Gov. Gavin Newsom to deploy 120 California Highway Patrol officers to Oakland as part of a new state law enforcement campaign to address violent crime.

Big chain restaurants such as In-n-Out and Denny’s have closed local locations, citing safety concerns. A recent Juneteenth celebration was marred by a shooting that left several people wounded.

While the crackdown seems to be showing some results — recent reports from the Oakland Police Department show a 33% reduction in crime in 2024, compared with the same time last year — the raids have renewed concerns about the city’s leadership.

“This is the kind of attention we don’t need,” said Brenda Harbin-Forte, who launched the Oakland United to Recall Sheng Thao effort.

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March 14, 2024

The federal inquiry, she said, is another stain on the city.

“I think people who were on the fence about the recall will now understand that we need to clean house from top down,” she said. The recall measure is expected to be on the November ballot.

Ethics probe

Simon Russell, a special investigator with Oakland’s Public Ethics Commission, confirmed that the agency has an investigation into Cal Waste Solutions that started in 2019.

The commission has claimed in court documents that the alleged election finance laundering scheme spanned several cycles and involved straw donors making contributions to different candidate-controlled committees.

In an effort to identify participants of the scheme, the commission issued subpoenas, including one to Phuc Hong Tran, board member of the Oakland Vietnamese Chamber of Commerce and friend of David Duong.

When Tran failed to respond to the subpoena, the commission and the Oakland city attorney sought to enforce it in Alameda County Superior Court, detailing for the first time the scope of their investigation.

Tran did not immediately respond to a request to comment.

Shocked by Oakland’s decline, a resident seeks to revive one block at a time

One Oakland resident brought together nonprofit organizations, local government and residents to restore their block. She thinks it can be a model.

March 19, 2024

The January 2020 court document showed that investigators were looking at campaign contributions made to the Sheng Thao For Oakland City Council 2018 committee, which included donations from Kim Huong Vietnamese Cuisine that investigators said were laundered.

Investigators were also looking at other contributions Tran made to the committees of council members seeking reelection in 2018.

The agency has issued subpoenas to members of the Duong family and business associates — seeking emails, texts and communications regarding campaign donations between 2016 and 2018, records show.

Russell declined to provide details on the case, but said it involved allegations of campaign money laundering. He said he had no comment when asked if the agency had been in contact with officials with the FBI or the Department of Justice regarding the investigation.

The ethics commission also has an investigation into Thao that was opened in July 2022, Russell said, though he declined to offer specifics.

To catch a thief: Oakland installs hundreds of surveillance cameras to try to thwart crime

Gov. Newsom announced Friday that Oakland will install about 480 surveillance cameras around the city and on freeways to help combat crime.

March 29, 2024

But subpoenas and court and public records show that watchdog groups had been looking at Cal Waste Solutions and its role in Oakland politics for years. That includes the company’s relationship with Thao, who in 2018 became the first Hmong person to be elected to office in a major U.S. city.

A family’s rise

The story of the Duong family, at first glance, seems a realization of the American dream. The family at one point owned the largest paper mill in South Vietnam, but was forced to flee during the Vietnam War, according to a biography on the Cal Waste Solutions website.

The Duongs settled in San Francisco, 16 members of the family cramming into two studio apartments. For years, family members collected cardboard until midnight — saving up until they bought a recycling warehouse in West Oakland.

That first warehouse has since grown into the self-proclaimed largest recycling company in Northern California, with more than 300 employees. It is headed by three siblings: David, the chief executive; Kristina, the chief financial officer; and Victor, the vice president.

The Public Ethics Commission opened its investigation into the alleged straw donor donations in 2019, issuing subpoenas for business associates connected to the family.

Court documents filed by the FPPC detail how, according to a former business associate of Andy Duong, the company allegedly tried to circumvent campaign contribution limits — using friends and associates to make campaign contributions to political candidates, and then reimbursing them with cash to conceal where the donations were coming from.

“CWS was the true source of at least 93 contributions to multiple local campaign committees,” the court record reads, with the goal being “to curry favor with candidates and provide more access to candidates.”

Oakland police are doubling down on a tough-on-crime plan. Some activists are skeptical

Oakland Police Chief LeRonne Armstrong is extending a plan that he says has tamped down violent crime, but for some activists the strategy is a return to failed policies of the past.

Nov. 3, 2022

The contributions were made, according to court records, in jurisdictions where the company was doing or looking to do business.

Contributions were made to political candidates in Oakland, San José and Santa Clara County, the document alleges, suggesting the inquiry could expand beyond Oakland.

Investigators also suggested Andy Duong made sure that the company’s efforts were known to politicians.

“Duong ensured the targeted candidates were aware of his commitment to raise money for their campaign by attending candidate fundraisers, bringing individuals to campaign fundraisers, at times hosting campaign fundraisers, providing the committees and candidates with multiple checks,” the FPPC alleged.

One former business associate told investigators how Andy Duong allegedly approached him to recruit people who could make political contributions to his chosen candidates, and then reimburse the money from a drawer filled with cash at his office.

The inquiry continues. FPPC officials did not immediately respond to a request for comment.

Oakland police chief is out. Mayor cites report on officer misconduct

Oakland Mayor Sheng Thao announced at a news conference that she was firing Police Chief LeRonne Armstrong following an investigation into his handling of officer misconduct.

Feb. 15, 2023

Thao has not spoken publicly about the investigation, but her attorney said the mayor expects to continue to do her work.

But critics said they wish Thao and other city leaders would be more transparent about the ongoing inquiries.

“You need to say something to reassure your residents because they’re worried and scared about who will be swept up in this,” said Harbin-Forte, who has led the recall effort against Thao. “What’s going to happen to our city government? We have a budget deadline next week, where’s the leadership?”

More to Read

Oakland mayor in crisis as lawyer, top aide jump ship following fiery speech after FBI raid

June 25, 2024

‘I have done nothing wrong.’ Oakland mayor declares herself innocent in fiery speech after FBI raid

June 24, 2024

Secret FBI files allege former L.A. city attorney lied to feds, likely obstructed justice. He denies it

May 17, 2024

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Money blog: Energy bills 'to rise 10% in October' as wholesale costs head up again

Welcome to the Money blog, your place for personal finance and consumer news and tips. Enjoy our Weekend Money content below and we'll be back with live updates on Monday - when we'll also have a Q&A on energy prices. Submit a question below.

Sunday 30 June 2024 09:34, UK

Weekend Money

• Winter energy bills projected to rise for millions of households - submit a question for Q&A on Monday above
• How to split housework fairly with your partner
• Ofgem urged not to lift ban on acquisition-only energy tariffs
• Your comments : Paying off a mortgage into retirement and new cars turning faulty

Essential reads

• A week when probable future of mortgage rates became clearer
• Women in Business : How accident in cafe and £400 turned into a genius business idea that's about to go global
• Money Problem : 'I bought a new car but it's been back six times with same fault - what can I do?'
• How to stop your car from being stolen - or even 'cannibalised'
• Best of the Money blog - an archive

Ask a question or make a comment

Winter energy bills are projected to rise significantly due to an uptick in the wholesale market, according to a closely watched forecast.

Market specialist Cornwall Insight released an updated winter forecast ahead of the latest price cap change kicking in on Monday.

Britons who pay by direct debit will see their typical annual bill for gas and electricity go down 7%, or £122, to £1,568 this week until 1 October.

However, a 10% rise is then expected, taking the annual bill for a typical household back up to £1,763, Cornwall predicts.

This is actually slightly lower than its previous forecast - but still represents bad news for Britons who may have thought energy bills were on a linear path down following two years of sky-high prices.

"The drop in forecasts for October are positive, but we need to keep this in perspective," the Cornwall report says.

"We are still facing an average 10% increase in bills from October, and as winter approaches this will put a strain on many household finances."

We'll have experts from Cornwall Insights and consumer group Which? answering your energy-related questions here in the Money blog on Monday afternoon - so whether it's about why bills could rise again or if now is a good time to switch, submit your query above.

By Jess Sharp , Money team

Splitting up household jobs, whether that be cleaning, washing or life admin, is an issue that affects a lot of couples. 

Starling Bank found women do a total of 36 hours of household tasks and admin per week - equivalent to a full-time job. 

This is nine hours more than men - and yet men believe they do the majority in their household. The average man estimates they do 52% of work overall.

It's the discrepancy between perception and reality (and, of course, this can work both ways) that leads to arguments.

Couples who don't divide the housework equally have roughly five arguments about housework each month - rising to eight for couples who rely on just one person for the work.

We spoke to relationship expert Hayley Quinn about the best ways to split household work - and how to deal with arguments should they arise with your partner. 

She explained that it's necessary to be "transparent" when deciding how to split the workload - but also to be flexible in order to find a solution that suits all involved. 

While a 50/50 split might be your idea of perfection, Hayley said it was "almost inevitable that one partner may take on slightly more of the load" at different periods of time. 

"Striving for perfect 50/50 fairness at all times is a really nice ideal, but it just may not be that practical for modern life," she said. 

She said some jobs may be more visible than others, like cleaning, sorting out the washing, and taking the bins out.

Other jobs can take up just as much time and resource, but will fly under the radar. She gave the examples or sorting out travel insurance or changing over internet provider. 

How should you approach a conversation with your partner about splitting the work? 

To start off, Hayley said you should enter the conversation with a positive mindset - think how you are both contributing to the relationship in different ways.

"When you're having these conversations, it's not that many people are sitting around feeling like they're not contributing," Hayley said. 

"In fact, I think if there's a discrepancy in how people contribute, it's just due to a lack of awareness as to what the other partner does, and some chores are just more obviously visible than others."

Try to avoid starting the chat with the perspective that you are working a lot harder than your partner and they're not pulling their weight. 

"That way, you start from a place of we're all on the same team," she said. 

"When you're doing that as well, it's really important not to make statements which assume what the other partner is thinking, feeling, or contributing. 

"So, for instance, saying something like 'I'm always the one that's picking the kids up from school and you never do anything',  becomes easily very accusational, and this is when arguments start.

"Instead, most partners will be much more receptive if you simply ask for more help and assistance." 

When asking for help, Hayley said it's important to ask in a way that's verbal and clear - don't assume your partner is going to intuitively know what share of household chores to take on if you just complain. 

"In a nice way, explicitly ask for what you want. It could be something like saying, 'Look, I know that we're both working a long week, but I feel like there's so much to do. It would be really helpful if... I'd really appreciate it if you take over lunch,'" she explained. 

"Again, start from a place of appreciation. Acknowledge what your partner contributes already, and be explicitly clear as to what you would like them to do. Phrase it as a request for their help." 

She also said some people can feel protective of how jobs are completed, and learning to relinquish that control can be helpful. 

"If you want it to feel more equitable, you have to let your partner do things in their own way," she said. 

What happens if that doesn't work? 

If you find the conversations aren't helping, you can always try organising a rota, Hayley said. 

She recommended using Starling Bank's Share the Load tool to work out your chore split. 

However, she said if you feel there are constant conversations and nothing is changing then the issue is becoming more about communication than sharing the workload. 

"It's actually about someone not hearing what you're trying to communicate to them, so it's more of a relationship-wide issue," she said. 

She advised sitting down and trying to have another transparent verbal conversation, making it clear that you have spoken about this before and how it's making you feel in a factual way, without placing blame. 

Using phrases like "I've noticed" or "I've observed" can help, she said. 

If after all that, the situation still isn't getting better, she said it's time to consider confiding in friends or family for support, or seeing a relationship counsellor. 

The oldest and most prestigious tennis event in the world returns on Monday, with the best of the best players to battle over two weeks to be named champion.

Crowds in their thousands will flock to Wimbledon to enjoy a spot of sport - as well as the range of food and drink on offer.

It's not the cheapest day out, with a cool cup of Pimms setting you back just under £10 and a bottle of water coming in at nearly £3.

But did you know that despite souring inflation in recent years sending food prices through the roof, one fan favourite - the quintessentially British strawberries and cream combo - has stayed at the same price since 2010?

A pot of the sweet snack costs just £2.50, making it one of the more affordable offerings at the All England Club. It has been served up there since the very first Wimbledon tournament in 1877.

Perdita Sedov, Wimbledon's head of food and beverage, previously told The Telegraph the price freeze "goes back to a long-standing tradition" of strawberries and cream being associated with the championship.

"It's about being accessible to all," she said.

According to the Wimbledon website, each year more than 38.4 tonnes of strawberries are picked and consumed during the tournament.

Ofgem is being urged not to lift a ban on acquisition-only energy tariffs (deals that are available only to new customers, not existing ones).

A coalition of consumer organisations and energy companies led by Which? has penned a letter to the government regulator for electricity and gas warning it of the risk of a "return to a market which discriminates against loyal customers". 

They have also raised the potential impact on customers in debt, who may not be able to switch but could also find themselves struggling to access a better deal with their current supplier under the plans. 

The letter also notes the "very recent history" when more than 30 suppliers went bust - many after trying to win customers with unsustainably cheap tariffs.

Ofgem has said it could remove the ban on acquisition-only tariffs from 1 October but consumer choice website Which?  has research that shows the public are opposed to cheap deals that exclude existing customers, with 81% feeling it would be unfair if their supplier was offering cheaper deals to new customers only. 

The consumer champion has signed the letter to Ofgem alongside E.ON, Octopus, So Energy, Rebel Energy, End Fuel Poverty Coalition, Citizens Advice and Fair by Design.

Two topics dominated our inbox this week.

Many readers got in touch about our Weekend Money feature on older Britons who face having to work past pension age to pay off long-term mortgages.

Lots of you share the fears of those we spoke to in the feature...

I am in my 70s with still about five years to go on my mortgage. It stands at 30k on a 300k house. The mortgage repayments are £800 a month, this doesn't sound much but on a static pension it is massive and I am literally on the point of not having sufficient money to pay it. Red

I was supposed to retire in 2.5 years at 66 and 4 months, my mortgage finishes when I'm 70. I was paying off extra (double) on my previous rate to reduce an interest only mortgage, but the recent increases in mortgage rates have meant I'm paying off hardly any. AVB

I'm 67 and still trying to pay off a mortgage that has another five years to run. I can't stop working and do over 10 hours a day, 5 days a week. Keith

My problem is going to be paying off an interest-only mortgage. More than anything I wish I hadn't changed when I had my twins but we couldn't make ends meet at the time. Sazavan

Six years ago I reached the age of 70 and my interest-only mortgage ended - to extend it was impossible with the conditions attached. This then threw me into the rental market, paying more than my mortgage. Now I am facing eviction from the rental due to it being sold. Marianj

We also heard from a mortgage adviser, whose recommendations matched those of Gerard Boon, the managing director of online mortgage broker Boon Brokers, who we spoke to for the feature...

I am a mortgage adviser in Leicestershire and have found an increasing number of people asking to go as long as possible past normal retirement age. I always point out that it's great to have lower payments in the short term but you will need to work to 75. There's no choice. Semaine

Onto the second topic that dominated your correspondence, and we were sorry to learn that lots of you face similar issues as reader Adam, who has had to take his faulty car back to the garage six times - and is still not convinced it is fixed. 

Scott Dixon, from The Complaints Resolver , was on hand to help break down what Adam could do for our Money Problem feature - read his advice here:

Same thing happened to me, except that they didn't let me refund the vehicle and claimed it was my fault even though I told them about the issue during the six months' warranty multiple times... they barely replied. K

I have bought a used car and there is an engine management light on. The garage where I bought it from has since changed name and moved premises (found out by accident). When I call to book in I am told to expect a call back or the mechanic will ring me but they never do. Andy D

I have taken my car to Halfords four times in the last 14 months. Each time they guarantee me it's fixed and within a week it's back to normal. Can I get it repaired elsewhere and bill Halfords? Simon

I have a JAG SVR that's been faulty since day one, the garage sent me home with it faulty and not working correctly. I have tried to reject it but the finance company are playing David versus Goliath... we can prove issues from day one, we have two vehicle reports to back it up. Jezza

Have a Nissan Juke, which has a seat issue where it sinks on its own… Nissan saying it's not a manufacturing fault, but "user error". Where do I stand in getting it fixed? Technical team keeps fobbing it off as our fault. Esmith97

If you're in a position like this, do check out Scott Dixon's advice in the feature above.

The Money blog is your place for consumer news, economic analysis and everything you need to know about the cost of living - bookmark news.sky.com/money.

It runs with live updates every weekday - while on Saturdays we scale back and offer you a selection of weekend reads.

Check them out this morning and we'll be back on Monday with rolling news and features.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

Starting from next month, gamers will be able to play Xbox titles like Fallout 4, Starfield and Fortnite using Amazon Fire TV.

A new upgrade coming to the Fire TV 4K devices transforms your television into a console, thanks to Xbox Cloud Gaming.

You'll need to be a member of Xbox Game Pass Ultimate to take advantage, plus you'll need a compatible controller and a solid internet connection.

"One of the biggest benefits of cloud gaming is the ability to play premium games without needing a console," Amazon explained.

"The Fire TV Stick may be compact, but it can stream and run graphically intense Xbox games like Senua's Saga: Hellblade II.

"This portability also means you can easily move your cloud gaming setup from the living room TV to a different room or even take it on the road.

"As long as you have a solid internet connection and your compatible Fire TV Stick, and a compatible controller, you can take your Xbox Game Pass games and saved progress travels with you."

Once downloaded, the Xbox app is designed to offer a smooth and seamless experience. Here’s how it works:

• Install and launch the Xbox app from your Fire TV device;
• Sign in with your Microsoft account to play. If you’re an Xbox Game Pass Ultimate member, you’ll have instant access to hundreds of cloud-enabled games;
• Connect a Bluetooth-enabled wireless controller. Controllers like the Xbox Wireless Controller, Xbox Adaptive Controller, PlayStation DualSense, or DualShock 4 controller are all compatible.

A new Amazon Fire TV Stick 4K will set you back £59.99 on Amazon, while a new Xbox Wireless Controller costs £49.59.

Xbox Game Pass Ultimate currently costs £1 for the first 14 days for new members, then is billed at £12.99 per month.

House prices are overvalued by thousands of pounds, according to a major property company.

The typical property is £20,000 more than is affordable to the average household, says Zoopla.

But rising incomes and longer mortgage terms mean the "over-valuation" is expected to disappear by the end of the year.

Zoopla's report said: "House prices still look expensive on various measures of affordability.

"We expect house price inflation to remain muted, likely to rise more slowly than household incomes over the next one to two years."

The average house price is around £264,900 – but according to Zoopla's calculations, the affordable price is £245,200.

"A new government will add a dimension of political stability when the autumn market starts in September and even if the [Bank of England base] rate is not lower by then, a cut will be imminent," said Tom Bill, head of UK residential research at estate agent Knight Frank.

"Given that mortgage rates will steadily reduce as services inflation comes under control, we expect UK house prices to rise by 3% this year."

Zoopla's over-valuation estimate was reached by comparing the actual average house price in its index with an "affordable" price, which was calculated based on households' disposable incomes, average mortgage rates and average deposit sizes for home buyers.

It's one of the most iconic and popular music festivals in the world, and it's notoriously hard to get a ticket.

Glastonbury has rolled around once again and roughly 210,000 people have flocked to Somerset this year as Dua Lipa, Coldplay and SZA headline the UK's biggest festival this weekend.

Those in the crowd are in the lucky minority — an estimated 2.5 million people tried to get tickets for this year's event, meaning the odds really aren't in your favour if you fancy going.

Tickets routinely sell out within an hour of going on sale, and that demand is unlikely to decrease next year, given the festival will likely take a fallow year in 2026.

So, if you're feeling jealous this year, how do you get tickets for Glastonbury 2025, and how can you give yourself the best possible chance?

We've run through all the available details as well as some tips so you're best prepared when the time comes.

Registration details:  Before potential festivalgoers get the chance to buy tickets, they must register on the official website.

One of the reasons this is done is to stop ticket touting, with all tickets non-transferable. Each ticket features the photograph of the registered ticket holder, with security checks carried out to ensure that only the person in the photograph is admitted to the festival.

Registration is free and only takes a few minutes. You will be asked to provide basic contact details and to upload a passport-standard photo.

Registration closes a few weeks before tickets are released.

Where to buy tickets:  Tickets can be bought exclusively at  glastonbury.seetickets.com   once they become available.

No other site or agency will be allocated tickets, so if you see anyone else claiming to have Glastonbury tickets available for purchase, it's most likely a scam.

When tickets go on sale: We don't know the details for next year yet - but Glastonbury ticket sales usually take place in October or November of the year before the festival. 

This year's ticket sales began, following a delay, in November 2023. Coach tickets typically go on sale a few days before (traditionally on a Thursday), with general admission tickets following on the Sunday morning a few days later.

For those that miss out, there's also a resale that takes place in April for tickets that have been returned or for those with a balance that has not been paid.

This year's April resale took place on 18 April (for ticket and coach travel options) and 21 April (general admission tickets and accommodation options).

How much it costs:  General admission tickets for this year's festival cost £355 each, plus a £5 booking fee. That's an increase on last year's price of £335 each, which was also an increase on the 2022 price of around £280.

So, we can probably assume that ticket prices will go up once again for next year's festival. 

Remember, there are options to pay for your ticket in instalments, so you won't have to pay the full price in one go if you don't want to. All tickets are subject to a £75 deposit, with the remaining balance payable by the first week of April.

It's also worth noting that Glastonbury is a family festival, and that's reflected in the fact that children aged 12 and under when the festival takes place are admitted free of charge.

TIPS FOR THE BIG TICKET SALE DAY

The scramble for tickets when they go on general sale is nothing short of painstaking, with demand far outweighing supply.

Here are some tips to give you the best possible chance of bagging tickets:

Familiarise yourself with the website: You may see a reduced, bare-looking version of the booking page once you gain entry. The organisers say this is intentional to cope with high traffic and does not mean the site has crashed, so be sure not to refresh or leave the page.

Once you reach the first page of the booking site, you will need to enter the registration number and registered postcode for yourself and the other people you are attempting to book tickets for.

When you proceed, the details you have provided will be displayed on the next page.

Once you have double checked all of your information is correct, click 'confirm' to enter the payment page, where you will need to check/amend your billing address, confirm your payment information, accept the terms and conditions, and complete the checkout within the allocated time.

Timekeeping: You can get timed out if you don't act fast, so it's a good idea to have your details saved on a separate document so you can copy and paste them over quickly.

You might also have to approve your payment, which could mean answering security questions from your card issuer. Have a device on hand to ensure you're ready for this.

Internet connection: This should go without saying, but you won't stand a chance without a solid internet connection.

Avoid trying to rely on your mobile phone signal, and politely ask those you might share the internet with to delay any online activity that might slow your connection.

Don't give up: Until the page tells you that tickets have sold out, you still have a chance. 

Shortly before that point, there will be a message saying 'all available tickets have now been allocated,' which users often think means their chances are up. 

What it actually means is that orders are being processed for all the tickets that are available. But if somebody whose order is being processed doesn't take our previous advice and runs out of time, their loss could be your gain.

Multiple tabs and devices: Glastonbury advises against its customers trying to run multiple tabs and devices to boost their chances of getting a ticket.

Glastonbury's website says running multiple devices simultaneously is "a waste of valuable resources, and doesn't reflect the ethos of the festival".

"Please stick to one device and one tab," it adds, "so that you can focus on entering your details without confusing your browser and help us make the ticket sale as quick and stress free as possible for all."

Shoppers have been buying bigger TVs to enjoy this summer's European Championships, according to the electrical retailer Currys.

The chain said UK sales were up by more than 30% in the past month, with "supersize" screens — 85-inch and above — selling well in the run-up to the Euros.

"Having a third of the TV market and the Euros being a big event for many people, we're seeing that super-sizing trend keep on giving," said Currys chief executive Alex Baldock.

The most popular, and also cheapest, 85-inch TV on the Currys website costs £999. 

The most expensive super-size TV is a 98-inch offering from Samsung that will set you back £9,499.

Currys reported adjusted pre-tax profits of £118m for the year to 27 April. That represented a 10% increase from the previous year's profits of £107m.

Like-for-like sales for Currys UK and Ireland declined by 2% to £4.97bn in the 12 months to 27 April, with consumer confidence knocked by high inflation levels and rising interest rates.

"We can see our progress in ever-more engaged colleagues, more satisfied customers and better financial performance," Mr Baldock added.

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