A nanny service business plan can be used by either a single individual looking to get jobs as a full-time nanny or a small business that farms out jobs to a wider base of eligible nannies. Of course, the type of business you envision running does change what the business plan needs to display. If you will have an agency that offers the services of several different nannies, you should make it clear whether these people will be payroll employees (and therefore appearing as part of your formal personnel plan) or 1099 contractors, working outside the business. If the latter, what are the implications for your business, have you thought that through? And if you need the plan only to offer your own services, will you turn to anyone for part-time help? Determine how your company will be structured first, and then branch into issues like:
• The market for your services
• How many households are there in the area?
• Who is your target customer (profile, commonalities, etc.), do you think?
• What are the promotional methods at play for your business?
• What is the funding you need?
Your plan should also show how the company will make use of the funds (how much to marketing, how much for legal and permitting, etc.) and it needs to list out any liabilities or other risks you'll face. Perform a competitive comparison so that you know who else is in business in this market and use the data you can gather from these businesses to inform your own financial modeling and strategy development. What are the shortcomings of competing businesses and what strengths can your nanny service use to gain an edge? If you're confused about this or are scared that you will start the financial pro forma on the wrong foot, call the experts at MasterPlans for a free consultation and quote about how our firm can help you get the plan done right: (877) 453-2011.
