Paper Example. Plan for a Hearing Aid Business

As the number of seniors continues to soar significantly in society, there is a growing urge for a hearing aid. This business will offer hearing aid and audiology services to prospective customers. Revenue will rely mostly on professional audiological services.

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The primary product for the business will be ‘hearing aids.’ Professional services will include hearing aid fitting, follow-up appointments, and audiology fittings. Most insurance covers lack a provision for hearing aids, and people are willing to pay anything to continue hearing.

Since this business is addressing a primary need in society, I see it growing into a large enterprise in five years. Key customers would be senior people whose number is estimated to comprise 20% of the general population by 2030 (Harrison et al., 2016). The goal is to develop into a financially stable enterprise that could offer hearing aid at its own cost. Customers would only have to pay for professional services. Eventually, the business should own an online platform to help market its products.

The target customers for the business will be Seniors, Generation X, and Boomers. The Census Bureau projects that people aged 65 and older will comprise a fifth of the general population by 2030 (2016). Most older people tend to be frugal to spare cash for their health. Boomers are tech-savvy and educated people in the community who are constantly searching for modern ways of treating their health difficulties. Generation X are the children of the target market. They are essential to the business online endeavors as they will be helping their parents with online research.

The competitors will comprise well-established hearing aid centers as well as small start-ups looking to venture into the same business. In order to beat the competitiveness of the market, the business will offer hearing aid at its own cost and develop a range of services to generate revenue.

My management team has vast experience in customer care service and audiology in general. The easiest way to a customer’s heart is through exceptional customer care; that is what my team will prioritize. Most seniors tend to be loyal to their healthcare providers and will offer unswerving loyalty when treated right.

In terms of financial outlook, I have stated that the business will rely mostly on audiological services to keep going. Most hearing aid businesses don’t demand a fully-packed inventory list. Therefore, the business will financially spend on start-up costs and overhead. Most hearing aids are ordered as per the customer’s specifications, though it would be smart to have a few models for the customers to choose from. An estimate of about $3000 will be sufficient to purchase hearing aid models, rent a room, and buy other office equipment. Part of the money will also be used as an initial payment to one hired assistant.

Reference

Harrison, J. P., & Association of University Programs in Health Administration. (2016). Essentials of strategic planning in healthcare (Vol. 1). Chicago, IL: Health Administration Press.