Monthly Archives: October 2017

Nursing Home Marketing

The state of Florida has the oldest population in the U.S. Most seniors prefer to age in place, which is why senior homes in Florida often undergo renovations to keep them convenient and efficient as the needs of homeowners evolve. Sometimes, seniors can no longer live on their own and move to assisted living facilities or nursing homes. Thus, entrepreneurs are attracted to Florida as a place to establish new nursing home chains. To succeed, they must put together a comprehensive marketing plan and then find investors who share their vision.

Here are a few tips for starting a nursing home business:

·       Research the Market: You should first start by researching the competition and try to discover unmet needs. If a location is already saturated with nursing homes, then it’s probably a poor venue for a new one. At the same time, it’s important to understand how the successful nursing homes operate and how they market their services. It might be that there are specific features that are currently not available from local nursing homes. Your marketing plan must look at demographics, projected supply and demand, and important unmet needs. If the location you are studying seems to be well-served already, move on to another location.

·       Assemble the Necessary Skills: You and your partners should have all the expertise necessary to plan your enterprise and then operate it. Areas such as medical care, financing, real estate and construction, accounting, law and many others need to be mastered. The knowledge will come either directly from you and your partners, from people you hire, or from consulting services and vendors. By identifying the required skill sets and assembling top people, you will build a functional and productive team.

·       Hire a Good Lawyer: Much of your business will rely on contracts you negotiate with others. The best contracts are win-win for both parties. You need to be represented by a good lawyer so that you aren’t taken advantage of by a sharp operator. By the same token, your dealings with others should be honest and straightforward. When both sides win, both sides win.

·       Pricing: How much will you charge to nursing home residents? You might be circumscribed by Medicare or other regulations – know the facts before you commit to a plan. It might be that the only way to make a profit is to neglect the needs of your residents. If that is the case, is it really the way you want to make a living?

Understanding Blue Trust Loans and Their Characteristics

Any personal loan provided by Blue Trust Loans shall be reimbursed in accordance with the conditions laid down in the contract. This means that a borrower must pay back the money no matter what it is used for. For instance, if a person uses their loan to buy goods or services and those do not meet the borrower’s expectations, they are still liable for the loan.

Characteristics of a personal loan

For an amount between 20,000 and 50,000 dollars, people will find commercial loan offers at most credit institutions. Depending on the lender and the borrower’s profile (income, debt capacity) as well as what the money is used for, interest rates are generally fixed, but there is nothing to prevent financial institutions from offering revisable rates. The debt ratio is the main constraint, as the amount people can claim is limited to this indicator, which sets usage at 33% of the borrower’s total income.

To estimate your loan amount, although each institution has its own calculation rules, tally the total number of expenses: rent, monthly repayments on various debts (mortgage, consumer loans, etc.) and divide the result obtained by the income, then multiply by hundred to get a percentage.

Example of a debt ratio

For a couple living together, one makes $2950 per month and the other $1990. They have a $1000 mortgage and a monthly car payment of $420. To calculate a possible loan amount, do the following:

  • Step 1 – Calculate total monthly payments: $1000 + $420 = $1420
  • Step 2 – Calculation of total income (both salaries): $2950 + $1990 = $4940
  • Step 3 – Calculation of the debt ratio: 1420/4940 x 100 = 28%

As their debt ratio is less than 33%, this couple should have no trouble convincing a financial institution to give them a personal loan. However, it is up to the borrower to be reasonable because a loan must be repaid back. Ask yourself if you really need to make this investment and try to minimize the borrowed capital to avoid financial difficulties in the event of a loss of employment, disability, the death of a spouse, etc.). Make sure you have the necessary repayment capabilities before signing any agreement.