Are you about starting a nursing school? If YES, here is a detailed sample nursing school business plan template & FREE feasibility report. The nursing professional is one of the highly sought-after professions in the United States and of course in most countries of the world because of the vital role they play in the health sector. A nurse is a member of the health care industry and their responsibility is to carry out health care jobs as assigned by doctors.
Such jobs could be administering drugs, giving injections, bathing a newborn baby, feeding, dressing, helping doctors to hold patients when the need arises, helping doctors to organize all they need to treat a patient or carryout surgical operations et al.
A Sample Nursing School Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
Nursing schools falls under the Community Colleges industry and Community colleges are post-secondary educational institutions offering college transfer courses and programs (including the first two years of college instruction); vocational, technical and semiprofessional occupational programs; and general educational programs.
Community colleges confer associate degrees, certificates or diplomas below the baccalaureate level. Public, private nonprofit and for-profit community colleges are all part of the community colleges industry.
If you are a keen follower of the industry in the united states, you will agree that the industry has experienced fluctuations over the last five years, principally due to the recession and stagnant growth in federal funding for such schools.
High unemployment has caused individuals to seek out further education, while employers are increasing their training requirements to remain competitive. Going forward, decreasing unemployment rates combined with the increasing tuition of four-year colleges, will both boost enrollment in nursing schools, and hamper industry growth.
Statistics has it that in the United States of America alone, there are about 1,839 registered and licensed (accredited) community colleges (nursing schools inclusive), responsible for employing about 669,450 people and the industry rakes in a whooping sum of $66 billion annually. The industry grew at -0.4 percent annual rate within 2011 and 2016. It is important to state that there are no establishments in this industry that has a lion market share.
A recent report released by IBISWorld shows that the Community Colleges industry operates in a countercyclical manner. The report shows that the industry revenue grew significantly as a result of slow economic growth earlier over the five years to 2016, but has suffered subsequently.
Sluggish economic activity helped the industry to grow as the unemployed sought professional training to improve their job prospects. As national unemployment has decreased in recent years, however, so has industry revenue.
The report further stated that in recent years, the restructuring of the US economy has accelerated. Service industry professions are in higher demand than ever, while growth in manufacturing continues to fail to impress. As a result, individuals displaced by major economic changes are still retooling their skillset.
Due to the fact that it can be somehow stressful to get government accreditation for a standard nursing school in the United States, it will be safe to say the industry is under saturated. As a matter of fact, in most countries of the world and even in the United States of America, a host of colleges and schools have come up with training programs to train nurses. In recent time in America, almost every state is having training facilities for nurses.
Some of the factors that encourage entrepreneurs to start their own nursing school despite the fact that the business is challenging is that it is quite profitable, they can easily get funding and support from government and charity organizations and the business can be started in any part of the world.
Starting a nursing school requires professionalism and good grasp of the nursing trade and the overall Community Colleges industry. Besides, you would need to get the required certifications and license (accreditations) and also meet the standard for such business before you can be allowed to start.
One good thing about nursing school is that there is readily available market for their services because there loads of people want to work as Registered Nurses but haven’t been able to secure admission.
2. Executive Summary
Camp David® Community Nursing School, Inc. is a registered and accredited nursing school that will be located in Rio Rancho – New Mexico. We are registered under the United States’ Government. We are well equipped to train people and certified people to become Registered Nurse (RN) and to meet with international best practices as it relates to the industry.
We are quite optimistic that our values and quality of service offering will help us drive our nursing school to enviable heights and also help us attract the numbers of students that will make the business highly profitable. We will be dedicated to establishing good business relationships with our students, giving them value for their money and reasons why they should continue to recommend their family members and friends to us.
We are in the Community Colleges industry to favorably compete with other leading brands in the industry both in the United States and in the globe. Our corporate business goal is to be among the top 5 nursing schools in the United States of America.
As a company, we are willing to invest in some of the finest professionals (trainers / instructors) we can find and also, we have put structures in place that will ensure that we are always at the top of our game when it comes to impacting knowledge.
We have been able to secure permits from all relevant departments in the State of New Mexico. We are open to the use of latest technology in our line of business. No doubt, our excellent customer service and of course the testimonials from our students will surely position us to always welcome new students on a regular basis.
Camp David® Community Nursing School, Inc. is owned and managed by Campbell David and other members of his faculty. Campbell David has over 15 years’ hands on experience in the Community Colleges industry in the United States and he is a Registered Nurse (RN), a Certified Education / Trade Instructor and he has a Degree in Public Health and Nursing.
3. Our Products and Services
Camp David® Community Nursing School, Inc. is a standard and accredited nursing school that offers a wide range of services that revolves around the Community Colleges industry. We will be dedicated to establishing good business relationship with our students giving them value for their money and reasons for why they should continue to recommend their family members and friends to us.
These are the services we will offer as a nursing school;
- Registered Nurse (RN) trainings
- Degree in Public Health and Nursing Related Courses
- Medical technician training
4. Our Mission and Vision Statement
- Our Vision is to become the number one government approved nursing school in the whole of Rio Rancho – New Mexico, United States of America.
- Our mission as a government approved nursing school is to develop a highly successful, and profitable nursing school which provides quality training in our community and to become the standard for an ideal nursing schools not only in Rio Rancho – New Mexico, but also throughout the United States of America.
Our Business Structure
Camp David® Community Nursing School, Inc. is aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our nursing school on the right business foundation.
We want to build a dedicated workforce who will ensure that our students are satisfied and they get value for their money when they enroll in our nursing school. We aware that it takes a business with the right employees and structure to achieve all what we have set to achieve, which is why will be putting structures and standard operating processes in place that will help us deliver excellent trainings and run the business on auto pilot.
The success of our nursing school will be anchored on our faculty members not on any individual. Camp David® Community Nursing School, Inc. will employ professionals and skilled people to occupy the following position;
- Head of The School / School Coordinator
- School Administrator
- Marketing and Sales Executive
- Client Service Executive
5. Job Roles and Responsibilities
Head of the School/School Coordinator:
- 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
- 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 fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Responsible for overseeing the smooth running of HR and administrative tasks for the school
- Designs job descriptions with KPI to drive performance management for tutors (different trade instructors) and other staff members
- Regularly hold meetings with key stakeholders (member of the school board) to review the effectiveness of the schools’ 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 induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily activities of the school.
- Responsible teaching students based on the subjects assigned
- Accesses the progress of students under their care
- Ensures that students abide by the rules and regulations of the regulating bodies in the United States of America
- Receives complaints from students and channel it to the appropriate quarters
- Handles any other duty as assigned by the school coordinator.
Marketing and Sales Executive
- Identifies, prioritizes, and reach out to new students, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- 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 student’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the school.
- 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.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
Client Service Executive
- Welcomes students and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with students on the phone, uses every opportunity to build client’s interest in the company’s services
- Consistently stays abreast of any new information on the schools’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to students when they make enquiries
- Distributes mails in the organization
- Handles any other duties as assigned by the school authority
6. SWOT Analysis
In the United States, nursing school is one of the many businesses that can easily attract students as long as they are well positioned and equipped to carry out their training. We are building a standard nursing school with various training areas which is why we have decided to subject our business idea to SWOT Analysis.
We hired the services of a HR and Business consultant with bias in educational and training startups to help us conduct SWOT analysis for our company and she did a pretty job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of Camp David® Community Nursing School, Inc.;
Camp David® Community Nursing School, Inc. is centrally located in an area with the right climatic conditions and demographic composition for the kind of business we want to run. Another strength that counts for us is the power of our team (professional and licensed nursing instructors on various subjects and back – office staff members); our workforce and management.
We have a team that are considered experts in the nursing school line of business, a team of hardworking and dedicated individuals.
Camp David® Community Nursing School, Inc. is a new business and we may not have the financial muscle to acquire the latest equipment needed to train students, to attract and retain the best hands in the industry and also to sustain the kind of publicity we want to give our business.
The fact that nurses are in high demand in the United States of America and all across the globe opens up more opportunities for a business such as ours. We are centrally located in one of the busiest areas in Rio Rancho – New Mexico and we are open to all the available opportunities that the city has to offer.
Our business concept and staff strength also positioned us to accommodate over 100 students per time. The truth is that there are no standard nursing schools within the area where ours is going to be located; the closest to our proposed location is about 10 miles away. In a nutshell, we do not have any direct competition within our target market area.
Some of the threats that are likely going to confront Camp David® Community Nursing School, Inc. are unfavorable government policies, seasonal fluctuations, demographic / social factors, downturn in the economy and of course emergence of new competitors within the same location where our nursing school is located.
7. MARKET ANALYSIS
- Market Trends
The trend in the nursing school line of business is that the key to attracting students is the ease at which students earn their professional certifications (RN). The truth is that, any nursing school that has good records and loads of positive testimonials from students who have passed through the school, will always thrive.
Another common trend in the Community Colleges industry is that in the bid to survive the global economic melt-down and to ensure steady flow of income to effectively run the business, most players in the industry engage in other related services. Some of them even go as far as establishing agency services to provide professional and certified nurses for clients and some also offer specialized training for executive students.
It is a known pattern that as unemployment declines, demand for courses provided by this industry will drop, as further education and training becomes less essential to finding employment. The national unemployment rate is expected to decrease significantly going forward, posing a serious potential threat to the industry.
As a matter of fact, about half of total government postsecondary education comes from state governments while federal contributions comprise mostly of grants bestowed on universities to be used for specific research. A rise in government funding for universities will cause enrollment in nursing schools to grow, as government funding typically increases affordability for students who need education loans.
Government funding for universities and colleges is expected to increase going forward, representing a potential opportunity for the industry.
8. Our Target Market
Prior to choosing a location for our nursing school, we conducted thorough feasibility studies and market survey and we were able to identify those who will benefit greatly from our service offerings.
Essentially, the demographic and psychographic composition of those who require the services of nursing schools are people who want to work as Registered Nurses, both male and female and they are not restricted to any age bracket as long as they have the required qualifications.
Our Competitive Advantage
The fact that nursing school businesses have stiff huddles to scale before establishing the school does not mean that there are no real competitors in the industry. The truth is that no matter the line of business that you are involved in, as long as it is called business, you will definitely face one form of competition or the other and nursing school is not an exemption.
So, if you are looking towards setting up this type of business, it is advisable to do your due diligence if indeed you want to succeed. Our competitive edge is that we can quickly adopt new technology and we have access to highly skilled workforce.
As a standard nursing school that is centrally located in Rio Rancho – New Mexico; our location is in fact one of our major strengths because we are in a location with the right demography for the kind of business we run. Another strength that counts for us is the power of our team, our workforce and management. We have a team that are considered experts in the business, a team of hardworking and dedicated individuals.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category 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 objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Camp David® Community Nursing School, Inc. is established with the aim of maximizing profits in the Community Colleges industry and we are going to go ensure that we do all it takes to attract students on a regular basis. Camp David® Community Nursing School, Inc. will generate income by offering the following services;
- Registered Nurse (RN) trainings
- Degree in Public Health and Nursing Related Courses
- Medical technician training
10. Sales Forecast
We are well positioned to take on the available market in and around Rio Rancho – New Mexico and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow our nursing school and student base.
We have been able to examine the nursing school business, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Camp David® Community Nursing School, Inc., it is based on the location of our business and of course the wide range of related services that we will be offering;
- First Fiscal Year (FY1): $750, 000
- Second Fiscal Year (FY2): $1.8 Million
- Third Fiscal Year (FY3): $3.5 million
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same services as we do within same location. 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 strategy adopted by Camp David® Community Nursing School, Inc. is going to be driven basically by excellent customer service and quality training delivery. We will ensure that we build a loyal customer base. We want to drive sales via the output of our jobs and via referral from our satisfied students. We are quite aware of how satisfied students drive business growth especially businesses like nursing schools.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of Camp David® Community Nursing School, Inc.
Our goal is to grow Camp David® Community Nursing School, Inc. to become the leading nursing school in Rio Rancho – New Mexico which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with in our business.
Camp David® Community Nursing School, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our nursing school by sending introductory letters alongside our brochure to schools and other key stake holders in and around Rio Rancho – New Mexico
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our business
- Post information about our nursing school and the services we offer on bulletin boards in places like schools, libraries, and local coffee shops et al
- Place a small or classified advertisement in the newspaper, or local publication about our nursing school and the services we offer
- Leverage on referral networks such as agencies that will attract students who would need our customized services
- Advertise our nursing school in relevant magazines, newspapers, TV and radio stations
- Attend relevant expos, seminars, and business fairs et al to market our services
- Engage in direct marketing approach
- Encourage the use of Word of mouth marketing from loyal and satisfied students
- Join relevant groups that have school leavers to market our nursing school and the courses we offer.
11. Publicity and Advertising Strategy
Camp David® Community Nursing School, Inc. is set to create a standard for the nursing school business not only in Rio Rancho – New Mexico, but throughout the United States of America which is why we will adopt and apply best practices to promote our business.
Here are the platforms we intend leveraging on to promote and advertise Camp David® Community Nursing School, Inc.;
- Encourage our loyal customers/students to help us use Word of Mouth mode of advertisement (referrals)
- Advertise our nursing school in relevant aviation magazines, local newspaper, local TV and local radio station
- Promote our nursing school online via our official website
- List our nursing school on local directories (yellow pages)
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, et al to promote our brand
- Install our Billboards in strategic locations all around Rio Rancho – New Mexico
- Direct coupon mailing approach
- Distribute our fliers and handbills in target areas
- Ensure that all our staff members wear our customized clothes, and official cars are customized and well branded.
12. Our Pricing Strategy
At Camp David® Community Nursing School, Inc. we will keep our fees below the average market rate for all of our students by keeping our overhead low and by collecting payment in advance. The prices of our training services and certifications will be same as what is obtainable in the open market.
- Payment Options
The payment policy adopted by Camp David® Community Nursing School, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation in the United States of America.
Here are the payment options that Camp David® Community Nursing School, Inc. will make available to her clients;
- Payment via bank transfer
- Payment via online bank transfer
- Payment via Point of Sale Machines (POS Machine)
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payments without any stress on their part.
13. Startup Expenditure (Budget)
If you are looking towards starting a nursing school, then you should be ready to raise enough capital to cover some of the basic expenditure that you are going to incur. You need money to secure a standard facility, acquire license and permits, relevant software apps 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.
We have been able to pull cash that will be enough for us to successfully launch a standard and government approved nursing school in Rio Rancho – New Mexico. The items listed below are the basics that we would need when starting our school in the United States, although costs might vary slightly;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $25,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
- The total cost for hiring Business Consultant – $15,000.
- The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
- The total cost for leasing facility for the business – $250,000.
- The total cost for equipping our lab – $750,000
- Other start-up expenses including stationery – $10,000
- Phone and utility deposits – $8,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $200,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, snooker board, tables and chairs et al) – $40,000.
- The cost of launching a website – $600
- Miscellaneous – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about $2.5 million to successfully set up a medium scale but standard nursing school business in the United States of America.
Generating Funds/Startup for Camp David® Community Nursing School, Inc.
Camp David® Community Nursing School, Inc. is owned and managed by Campbell David and other members of the faculty. They decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $1 million (Personal savings $800,000 and soft loan from family members $200,000) and we are at the final stages of obtaining a loan facility of $1.5 million from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their 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 closes shop.
One of our major goals of starting Camp David® Community Nursing School, Inc. is to build a business that will survive off its own cash flow without 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 school fees a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Camp David® Community Nursing School, Inc. 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.
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard facility and reconstructing the facility: Completed
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Purchase of training tools and equipment and supplies: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of lab equipment, furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating official website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress