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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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Your Guide to Writing a Business Plan
If you’re starting a new business, then you need an effective plan. Not only does this enable you to plan your company, but it also gives potential clients an insight into how your business works. A business plan is also vital if you want to attract investors or secure a loan from the bank. Drafting a business plan is a complex process, but it doesn’t have to be. This guide will ensure you create a definite plan to impress investors and clients.
When creating your business plan, there are some essential elements you must include. The Executive Summary provides a description of your business, and what you hope to achieve. People usually write at least one page, but leave their Executive Summary until last.
You’ll also need to detail what your business offers and define your target audience. This makes it easier for people to see whether your company has a chance of succeeding. The opportunity section is also an excellent way for you to see what competitors offer and how you can create a USP to stand out from the competition.
Appealing to Investors
Every business that wants growth and prosperity must ensure they promote themselves to potential investors. Business plans aren’t just about what the business is, but who is part of it too. Detail your current team members and explain what they bring to the company. Investors want to know they’re making a wise investment.
Your current finances and financial forecast are also essential aspects of your business plan. Look at your products, how much you’re selling them for and what kind of profit margin you expect to gain. It’s also vital you detail your outgoings and look at how various economic situations could affect your finances.
Writing a Winning Executive Summary
There are problems in every market, and a successful business solves that problem. If you can show how you’ll be able to offer solutions in your business plan, you’ll appeal to investors. Choose your target audience based on research and ensure you show your research. There are many ways to conduct market research including defining SOMs, SAMs and TAMs.
TAM stands for Total Available Market and comprises everyone you want your product to reach. Your Segmented Addressable Market (SAM) is a specific portion of the market you’ll target. This is important because it shows you’re able to direct your product at the right people and not just everyone. Your SOM (Share of the Market) is what you feel you’ll gain with your product.
How to Determine Pricing
Pricing your product is one of the most challenging things you’ll have to do. There are many things to consider, such as how much it’s worth and making sure you don’t charge unrealistically. Many new businesses believe undercharging is the best way to go, but doing this can undermine your company’s authority and cause fewer people to be interested in investing.
Market-based pricing involves looking at your competitors and evaluating their prices. Which company has the most customers? How does their pricing match others? These are all vital aspects you should consider. Remember, customers expect quality and a fair price, so make sure you combine the two.
Investors and banks want to know that you’ve considered what the future will hold for your company. When you write your business plan, be sure to take into account how you see the company growing, what you’ll do to ensure it thrives and that you understand the potential risks. Banks and investors want to know that you can build a business and are aware of the obstacles you’ll have to overcome.
Starting your own business doesn’t have to be difficult. If you ensure you produce a robust business plan, it can be an exciting process. Your business is part of your future, so start by outlining your goals and look forward to seeing results.
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Funeral Home Business Plan
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Evergreen Life Memorial Center
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.">.
Ceremonial practices around death, as practiced by U.S. funeral homes, are leaving a growing segment of the population feeling poorly served. This plan outlines the strategy by which the Evergreen Life Memorial Center (the Center) will define and dominate a new category of funeral provider in AnyCounty, Oregon. It also details how the financing it acquires will be used toward this end.
The Center will be formed as an LLC in the Anytown metropolitan area. It will be solely owned by Stan Peters, an experienced funeral home director and embalmer, active in nonprofit and community activities.
Establishment of the Evergreen Life Memorial Center will provide Anytown and the surrounding area with a way for people to celebrate the life of the individual when it ends and for the living to gather social support to bring closure and move ahead with their lives. Its cornerstone will be the use of a reception area for social gatherings after the funeral that will foster human connection and uplifting remembrance. This is the way the aging segment of Baby Boomers is showing it prefers. This facility will also be the basis of its strategy of community involvement to rapidly develop the reputation the Center needs to attract business in a way that benefits the charities it supports as well. Digitized photos will be used for the reception as well as on our website to extend the celebration of the individual’s life beyond the funeral.
Based on recent average prices nationwide, the Center has the potential of attaining its market share of $768,213 within four years. At the Center’s current prices, its market share is worth $841,412. The industry average gross margin for a funeral home is 62.5 percent. The funding of $225,000 requested in this plan is projected to result in an annual net profit of approximately $194,000 in the Center’s fourth year of operation, with subsequent increases annually due to inflation.
With the establishment of the Evergreen Life Memorial Center, those who lose someone to death will for the first time in our era be integrated into the community of life instead of stigmatized and marginalized. There will be a new center for community involvement. And for the first time, the Boomer generation will be able to go out the way it lived.
The Evergreen Life Memorial Center provides celebration of an individual’s life and social support to bring closure and move ahead with living. The Center will develop by Year 4, a reputation as the uplifting place for locally prominent persons of the Baby Boom generation to celebrate their lives when they end.
In order to achieve this, the Center will create facilities that bring families and communities together in a way that celebrates the life of the deceased and renews bonds of social support.
Digitized photos and films of the deceased will be available in the reception room and on our website.
These facilities will be available free to a number of nonprofit organizations in which the owner, Stan Peters, will be involved. This will:
- Tie the Center into the community of the living and develop positive associations.
- Develop a strong reputation by creating community events in the Center which the local media will want to publicize.
- Serve the owner’s interest in helping others and improving the community.
Stan Peters will make himself available for a leadership position starting a local chapter of a nonprofit that helps children with life-threatening diseases, such as the Make-A-Wish Foundation.
The Center will provide a funeral planning guide for estate attorneys to give to their clients.
These efforts will be supported by a publicity campaign in order to be the first in people’s minds with this new category of funeral provider. Evergreen Life Memorial Center, “People remembering people.”
The mission of the Evergreen Life Memorial Center is to bring people together to celebrate life when it ends and to move on with living. The Center will have facilities that bring families and communities together to remember the life of the deceased and renew bonds of social support. The Center’s facilities will be a focus of nonprofit energies to make the community a better place to live.
1.3 Keys to Success
Since 71 percent of people choose a funeral home on the basis of reputation, the key to success is quickly establishing a reputation for this new category as the uplifting place for Baby Boomers to celebrate life when they die.
The Center’s cornerstone will be its reception facilities, which will promote uplifting interactions with people after the funeral and be used for nonprofit organizations. This will make the Center uplifting, connect it to the community, provide the basis for publicity, and make it a center for the living.
The reception room and website will feature digital photos and films of the persons whose lives are being celebrated. This web presence will increase the Center’s exposure by letting people participate in the celebration of life after the funeral and reception are over.
Providing the greatest choice of quality caskets will make the Center the place to celebrate the lives of locally prominent persons. This will foster publicity and further promote our reputation.
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Funeral Home Business Plan Template
Written by Dave Lavinsky
Funeral Home Business Plan
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their funeral home companies.
If you’re unfamiliar with creating a funeral home business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a funeral home business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your funeral home business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a funeral home business or grow your existing funeral home company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your funeral home business to improve your chances of success. Your funeral home business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Funeral Home Businesses
With regards to funding, the main sources of funding for a funeral home business are personal savings, credit cards, bank loans, and angel investors. When it comes 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 ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for funeral home companies.
How to Write a Business Plan for a Funeral Home Business
If you want to start a funeral home business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your funeral home business plan.
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 kind of funeral home business you are running and the status. For example, are you a startup, do you have a funeral home business that you would like to grow, or are you operating a chain of funeral home businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overview of the funeral home industry.
- Discuss the type of funeral home business you are operating.
- Detail your direct competitors. Give an overview of your target customers.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
In your company overview, you will detail the type of funeral home business you are operating.
For example, you might specialize in one of the following types of funeral home businesses:
- Traditional or full-service funeral home : Includes the preparation of the body, selection of casket, funeral service details, and full implementation of the funeral and committal service. A full-service funeral home plans and presents every detail of the funeral and burying processes.
- Independent funeral home: This type of funeral home works as a stand-alone business, offering full funeral services or any portion of those services.
- Funeral home and cemetery: A traditional funeral home that is on-site at a cemetery and works in tandem with the cemetery to provide all needed services.
- Funeral home and crematory: A traditional funeral home that contains a crematorium on-site and works in conjunction with the funeral home.
In addition to explaining the type of funeral home business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of gravesites sold, the number of families served,, reaching X number of pre-need funeral packages sold, etc.
- Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry or market analysis, you need to provide an overview of the funeral home industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the funeral home industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason 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 funeral home business plan:
- How big is the funeral home 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 target market for your funeral home business? 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.
The customer analysis section of your funeral home business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: individuals, families, and religious organizations.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of funeral home business you operate. Clearly, individuals would respond to different marketing promotions than religious organizations, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other funeral home businesses.
Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes private memorial service providers, “scattering of the ashes” ceremony providers, and “celebration of life” event planners. You need to mention direct competition, as well.
For each direct competitor, provide an overview of their business 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 clients and families do they serve?
- What type of funeral home business are they?
- 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 options for the requests of the families?
- Will you offer funeral services that your competition doesn’t?
- Will you provide floral arrangements as part of your service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a funeral home business plan, your marketing strategy should include the following:
Product : In the product section, you should reiterate the type of funeral home company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide funeral services with either a cemetery burial or a crematory service and memorial service?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your funeral home company. Document where your company is situated and mention how the site will impact your success. For example, is your funeral home and cemetery business located near a forest, lake or park setting? Discuss how your site might be the ideal location for your customers.
Promotions : The final part of your funeral home marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in magazines and newsletters targeted to nurses and caregivers
- Reach out to hospice services
- Create a website utilizing large font sizes to clearly and simply describe services offered
- Engage in pre-need marketing via radio and television
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 funeral home business, including answering calls, planning and providing funeral services, invoicing and giving tours for families, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth funeral service, or when you hope to reach $X in revenue. It could also be when you expect to expand your funeral home business to a new city.
To demonstrate your funeral home business’ potential to succeed, 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 managing funeral home businesses. 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 as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a funeral home business or successfully running a hospice center.
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.
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue 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 increase your funeral services to 10 per day, and/or offer premium family gravesite memorial areas? And will sales 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 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 $50,000 on building out your funeral home business, 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 lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a funeral home business:
- Cost of equipment and office supplies
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment
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 funeral home ownership documentation, or a list of funeral and burial insurance plans you accept.
Writing a business plan for your funeral home business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the funeral home industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful funeral home business.
Funeral Home Business Plan FAQs
What is the easiest way to complete my funeral home business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily write your funeral home business plan.
How Do You Start a Funeral Home Business?
Starting a Funeral Home business is easy with these 14 steps:
- Choose the Name for Your Funeral Home Business
- Create Your Funeral Home Business Plan
- Choose the Legal Structure for Your Funeral Home Business
- Secure Startup Funding for Your Funeral Home Business (If Needed)
- Secure a Location for Your Business
- Register Your Funeral Home Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Funeral Home Business
- Buy or Lease the Right Funeral Home Business Equipment
- Develop Your Funeral Home Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Funeral Home Business
- Open for Business
Learn more about how to start your own funeral home business .
Where Can I Download a Free Business Plan Template PDF?
Click here to download the pdf version of our basic business plan template.
Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.
We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.
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Funeral Home Business Plan Sample
Starting Funeral home business plan
Are you looking for how to open funeral home? A funeral home business mortician and burial services for the deceased. The services may include funeral planning, body preparation, transportation, burial, or cremation.
Funeral homes have been in demand from always. However, these days the demand for funeral services has increased due to the sudden rise in death rate because of coronavirus.
While it’s true that the funeral home business is profitable, it’s also correct that running such a business is not easy. You will have to procure protective kits, chemicals, and a lot of other mortuary items on daily basis. Moreover, you will need to ensure that strict protocols and safety rules are being followed throughout the process.
To ensure the successful running of your business, it is essential to first create a business plan. If you don’t know the components of a comprehensive business plan, you can take help from this business plan for a funeral home startup, James Funeral Home.
2.1 the business.
James Funeral Home will be a licensed and registered funeral home based in San Antonio. The business will aim at performing all the funeral rituals including bathing and enshrouding, burial, cremation, etc. Moreover, the business will also provide catering services and transportation.
2.2 Management of Funeral home
Opening a funeral home is a relatively difficult venture. The funeral process needs to be carried out with great care and attention. Therefore, there must be efficient management and supervision to ensure that all of the sensitive tasks are taken care of properly.
Before exploring how to start a funeral home business you should keep in mind that it is a tough business. Running a funeral home means you have to be on call 365 days a year. Whether it’s Christmas or your wedding anniversary, you’ll have to arrange for the presence at the funeral home. In this sample plan on how to set up a funeral business we will be listing the details of how James Funeral Home will be managed and administered.
2.3 Customers of Funeral home
In your startup business plan for a funeral home, you should identify your customers. So that you can design your services accordingly. The customers of a funeral home are usually families of the deceased. However, in some cases, alive people also plan their funerals before dying.
2.4 Business Target
Our target is to become the number one choice of people of our city whenever they need funeral services. Moreover, we aim at boosting our net profit margin to $24k per month by the end of the three years.
3.1 company owner.
James Ben will be the owner of James Funeral Home. James holds a BS in Mortuary Science from Cincinnati College of Mortuary Science. He has also worked as an embalmer for two years.
3.2 Why the funeral home is being started
After working as an embalmer for two years, James decided to start a funeral home of his own. He entered the business world as he wanted to use his potential to the fullest. And to earn large profits while serving people on a wider scale.
3.3 How the funeral home will be started
Step1: Make Your Business Plan
James had good management skills. However, he didn’t possess the skill set required to make a crematorium business plan. He studied several funeral home business plan examples but eventually decided to hire a professional for it. The marketing analysis, sales strategy, and financial planning done by his business consultant are given in this sample funeral home business plan.
Step2: Get Identified
The next step is to establish a physical basis for your business and define your business’ services and aims. After this, your customers will start recognizing your presence and the distinct features of yours as compared to your competitors.
The hiring process is actually a part of the step in which you set up your physical presence. In this phase, you have to organize tests and interviews to find the most skillful and responsible employees for your business.
Step4: A Strong Web Presence
Along with other operations of your funeral home business , it is really important to focus on web development too. Through a website, you will be able to reach a wider audience and leave a positive image of yourself before even interacting with people.
Before owning a funeral home, it is essential to decide your services. Through this practice, you can make arrangements for equipment and space accordingly. In this business plan template for funeral home, we’re listing the services that James Funeral Home will provide.
- Funeral Planning
Our primary service will be providing funeral plans. These days, many people have started to purchase funeral plans. So that their families don’t have to stress over their funeral charges after their death. In this service, we’ll also be responsible for informing all the friends/ relatives of the deceased about the death.
- Body Preparation
We will prepare the dead body to be buried or cremated. This service will include all the relevant tasks such as bathing the deceased, enshrouding, etc. The paperwork required for burial will also be completed by us.
- Burial/ Cremation
We will provide space for performing eulogies and brief prayers for the dead. Moreover, we’ll also be responsible for burying the dead body. Since in some religions, there is a ritual of cremating the deceased. Thus we’ll be offering cremation services too.
We’ll also transport dead bodies from one place to another in specialized refrigerated vehicles.
- Catered Meal
We’ll offer plated dinner to the mourners in a location other than our funeral home. Since funeral homes are generally prohibited to offer food in the same building, we decided to offer it in another building located nearby.
Marketing Analysis of Funeral Home
Accurate marketing analysis is the key to get prominent in the market as soon as you get launched. For doing so it is essential to know the market, direct and indirect competitors, stakeholders, and market fluctuations. An accurate market analysis will enable you
- To recognize the potential customers
- To identify the needs and expectations of your target customers
- To decide a pricing strategy for the business plan that would allow you to meet financial goals while drawing more customers than your competitors
James studied several funeral home business plans to identify potential customers and market trends. However, he ended up realizing that hiring a professional market analyst would be better for him. As that will make him achieve a greater level of accuracy.
5.1 Market Trends
Funeral homes are high in demand especially after the surge in deaths due to coronavirus. According to IBISWorld, there are more than 28k funeral homes running in the United States. Moreover, Statista predicts that the cremation rate in the U.S. would rise to 79.1 percent by 2035 – resulting in a need for more funeral homes.
Thus, it is evident that opening a funeral home will not run you into a loss. You only need to do efficient planning before starting funeral home to ensure success for your business.
5.2 Marketing Segmentation
The detailed marketing segmentation of our target audience is as follows:
5.2.1 Families of Deceased
Our primary customers will be the families of late. We expect them to avail of our body preparation, burial, and catering services. In San Antonio, the population is quite large and so the death rate. Therefore, we expect to get a considerable number of customers.
Our business values are based on customer care. We totally empathize with the families of the deceased. And therefore, to help the grievers in their misery we are offering body preparation and burial services at relatively lower prices.
5.2.2 Funeral Planners
Our second group of target customers will comprise alive people who purchase funeral planners before they die. These days, many adults and seniors have started to buy funeral plans so that their families and friends do not have to arrange money for their funerals.
5.2.3 Old Homes for Elder Orphans
The third category of our target customers will include the organizations that shelter elder orphans. Elder orphans are the senior people who do not have any friends or family to look after them. The funeral charges of such people are often paid by shelter homes. Thus, we expect them to contact us for our services too.
5.3 Business Target
Setting financial and customers’ related goals before starting a business is a good practice. It allows the business owners to direct the energy and resources towards the company’s goals.
And it is important because how much do funeral home owners make is entirely dependent on how well they could manage their assets.
Our business targets are:
- To earn a profit margin of $24k per month by the end of the third year
- To maintain a CSAT score of above 85%
excellent work, competent advice. Alex is very friendly, great communication. 100% I recommend CGS capital. Thank you so much for your hard work!
5.4 Product Pricing
The prices of our funeral plans and catered foods are a little higher as compared to our competitors. However, our other services could be availed at lower rates than those of our competitors.
Sales strategy is another component that can decide the future of your business. This part enables you to reach out to your target customers and increase your sales on a monthly and yearly basis.
In this marketing plan for funeral home, we’re providing the sales strategy of James Funeral Home.
6.1 Competitive Analysis
James studied several funeral business ideas to find out the areas where his competitors were lacking. After that analysis, he decided to come up with the following competitive aspects:
- James Funeral Home will have a user-friendly app so that people can connect to it remotely and conveniently.
- Secondly, it’s the only funeral home in the whole city that is providing catering meals to the mourners in a separate location.
- Third, it has extremely responsible employees who’ll always adhere to SOPs and strict protocols.
6.2 Sales Strategy
- We’ll promote our startup through Google Local ads and local magazines
- We’ll offer a 50% discount to the first 100 purchasers of our funeral plans
- We’ll offer a 30% discount on our transport and catered meal services for the first two months of our launch
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
Before starting a funeral parlor business you should make a list of employees you will need along with their job descriptions.
7.1 Company Staff
James will be the CEO himself. However, he’ll hire the following staff
- 2 Supervisors to help manage the operations
- 1 Accountant to maintain financial records
- 1 Front Desk Officer
- 8 Morticians to perform funerals
- 3 Cooks to prepare food
- 2 Waiters to serve food
- 8 Cleaners to maintain the facilities
- 3 General Assistants for routine tasks and paperwork
- 1 Sales Executive to promote the company
- 1 Web developer/ App Developer to manage the company’s website and app
- 2 Drivers to transport dead bodies
7.2 Average Salary of Employees
Financial planning for a funeral home business is a little complicated. Firstly, because you’ll need to buy and discard certain materials and protective kits off and on. And secondly due to the complexity involved in setting prices of funeral plans. When you sell a funeral plan to a person you don’t know the inflation rate that will prevail at the time of their death. The period may be shorter or longer – resulting in unpredictable losses or profits.
However, there are still many areas through which you can control the financial trajectory of your business. In this build a funeral home business plan, we’re providing the financial plan developed for James Funeral Home. So that you can have an idea of the cash flows, gross margins, and business ratios for this business.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
Download Funeral Home Business Plan Sample in pdf
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Home » Business ideas » Green & Eco-friendly » Funeral Home
How to Write a Funeral Home Business Plan [Sample Template]
Are you about starting a funeral arrangement company ? If YES, here is a complete sample funeral home business plan template & feasibility report you can use for FREE . Death is one inevitable part in the equation of human existence, so the need to prepare for it cannot be overlooked.
Some people go as far as buying insurance to take care of their own funeral when they die; whilst others state clearly in their ‘will’ the type of funeral they would prefer. This goes to show that the funeral home business will always thrive as long as human exist.
What It Takes to Open a Funeral Home?
The basic things needed to be able to operate a funeral home could range from getting a license to even getting a certification. Some countries consider these as the basics, while in some other countries you could get a waiver for it.
In starting a funeral home, you will be expected to have a standard Casket Carts, Casket Lowering Devices and Accessories, Preparation Room, Embalming Chemicals, Cremation Supplies, Mausoleum, Urn Vaults, Vases, Burial Garments, Waste Containers, Lawn Boards, Straps and Slings and Chairs & Accessories.
If you are in doubt if this kind of business is worth investing in, just try and do a research on existing funeral homes in your area and you will be shocked to know the amount of money they make monthly. It is important to know that this kind of business is not for everyone, it is for those who naturally can comfort and care for bereaved people whether money is involved or not. If you don’t have this basic quality, you might not succeed in this business.
A Sample Funeral Home Business Plan Template
1. industry overview.
A funeral home which can also be referred to as a funeral parlor or mortuary is a business that basically provides interment and funeral services for the dead and their families; these services may include a prepared wake and funeral, and the provision of a chapel for the funeral.
The funeral home industry includes companies that conduct funerals and prepare the deceased for burial or interment. Funeral homes are also involved in the transportation of the dead and the sale of caskets and other related funeral merchandise.
The Funeral Home industry comprises of funeral homes combined with crematories; on the other hand, businesses whose core business activities is to conduct cremation are not included in the Funeral Home industry; they are classified under the Cemetery Services industry
In the united states of America, most modern day funeral homes are run as family businesses. As a matter of fact a large percentage of trained morticians and undertakers et al work in small, independent family run funeral homes. The owners of these families run funeral homes usually hires two or three other morticians / undertakers as either full – time employees or part – time employees.
It is the practice for funeral homes to have one or more viewing rooms, a preparation room for embalming, a chapel, and of course a casket selection room. So also, funeral homes generally sell coffins and urns, they have a hearse for transportation of bodies, a flower car, and limousines et al.
The Funeral Home Services industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, France, Australia and Italy et al. Statistics has it that in the United States of America alone, there are about 24,838 licensed and registered funeral homes responsible for employing about 121,936 employees and the industry rakes in a whooping sum of $16bn annually with an annual growth rate projected at 1.3 percent.
It is important to state that in the falling per capita income during the recession period and of course a rising number of low-priced cremations have hampered the revenue generated in the industry. So also families that are not financially buoyant opt for discount retailers and manufacturers to purchase caskets, which negatively impact revenue generation for funeral home operators. However, the industry’s revenue is projected to grow slightly in the next five years.
No doubt, as the population ages, it is obvious that the number of deaths in the United States and all over the world is anticipated to increase and this will in turn create market for the funeral home industry. Nonetheless, continued competition from discount retailers and the ease of online ordering from casket manufacturers, as well as a rise in low-priced cremations, are expected to curtail prices for funeral home operators.
If you are contemplating starting your own funeral home business in the United States, you should ensure that you carry out a thorough market survey and feasibility studies. If you get some key factors wrong before starting your own funeral home services, then you are likely going to struggle to stay afloat.
2. Executive Summary
Clarion Call – Funeral Homes is a registered and licensed funeral home business that will be located in the heart of Cape May – New Jersey in a neatly renovated and secured housing facility; a facility that is specifically designed and equipped with the needed facility for a world – class funeral home services
Clarion Call – Funeral Homes 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 funeral home services industry by establishing our own funeral home 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 business breakeven within the shortest time frame possible. At Clarion Call – Funeral Homes we will arrange services in accordance with the wishes of surviving friends and family members of the deceased, whether immediate next of kin or an executor so named in a legal will.
We will take care of the necessary paperwork, permits, and other details, such as making arrangements with the cemetery, and providing obituaries to the news media. We will go as far as posting obituaries online and use materials submitted by families to create memorial websites
Our facility include; Wake room: for services and visitations; Preparation room: for embalming and restoration, Merchandise display: caskets and other merchandise that customers may purchase, Privacy room: for the family, Office: for mortician’s personal and administrative use, and Livery: a garage to keep funeral coaches and other vehicles. We have the required staff strength and we will run a 24 hours a day and seven days a week services.
We are going to be a customer-centric funeral 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.
Clarion Call – Funeral Homes is a family business that is owned and managed by Arthur Stamford and his family. Mr. Arthur has a College degree in Mortuary Science and a Master’s Degree in Business Administration. He has well over 15 years of experience working in the Funeral Homes Services industry both at state and national level.
3. Our Products and Services
Clarion Call – Funeral Homes is set to operate a standard funeral homes service in Cape May, New Jersey. The fact that we want to become a force to reckon with in the funeral home services industry means that we will go all the way out to give our clients a lasting and pleasant memory of their bereaved family members and friend.
We will render services that that will make them want to come back as well as recommend our funeral home services to their friends, family members and business partners. These are the services and amenities that will be made available to our clients;
- Providing funeral director services
- Providing embalming services
- Operating funeral homes combined with crematories
- Providing mortician services
- Providing visitation or viewing services
- Providing funeral services
- Providing graveside committal services
- Direct cremation services
- Selling funeral merchandise (e.g. caskets, flowers and obituary notices)
- Transporting the deceased
4. Our Mission and Vision Statement
- Our vision is to establish a funeral home brand that will become the number one choice for residence in the whole of Cape May – New Jersey and other cities in the United States.
- Our vision reflects our values: integrity, service, safety, excellence and teamwork.
- Our mission is to deliver reliable, genuinely, caring and excellent service superior to what our competition can offer in any location where our funeral home services will be situated and to ensure that we work hard to grow out funeral home services to be listed amongst the top 10 funeral homes in the United States of America.
Our Business Structure
It is very vital to build a structure to build on from the very outset. This is why we believe that the success of any business is to a larger extent dependent on the business structure of the organization and the people who occupy the available role.
Although Clarion Call – Funeral Homes is a family run business will still work with a business structure that will give room to the minimal employees (mostly part – time employees) to explore their creativity, feel belong and full integrate into the business philosophy.
We are aware that when recruiting for a funeral home, your aim should be to look for people who can handle grieving and bereaved people not just people looking for a job in other to be able to pay their bills and that is exactly what we will look out for.
We will only recruit people with good customers’ service skills, people with compassion, people who can empathize, who love this line of business and people who don’t have any problem handling dead bodies. We will not make the mistake of recruiting people with the wrong skill sets; because we know they can ruin our business before it even get started.
This is why we will make sure we recruit smartly and wisely; people with the right mindset to help us achieve our business goals and objectives in record time. We intend building Clarion Call – Funeral Homes on this structure;
- Chief Executive Officer
- Funeral Home Director
- Human Resources and Administrative Manager
- Accountants / Cashiers
- Mortician and Undertaker
- Marketing Officer (Contract Worker)
- Cleaners / Washer men (Full – Time Employee)
- Security Officer
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- 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
- Responsible for overseeing the smooth running of the magazine production and distribution process
- Evaluates the success of the organization
Funeral Home Director:
- Obtains information needed to complete legal documents, such as death certificates or burial permits.
- Oversees the preparation and care of the remains of people who have died.
- Consult with families or friends of the deceased to arrange funeral details, such as obituary notice wording, casket selection, or plans for services.
- Plans, schedules, or coordinates funerals, burials, or cremations, arranging details such as floral delivery or the time and place of services.
- Arranges for clergy members to perform needed services.
- Contacts cemeteries to schedule the opening and closing of graves.
- Provides information on funeral service options, products, or merchandise and maintain a casket display area.
- Informs survivors of benefits for which they may be eligible.
- Offers counsel and comforts to bereaved families or friends.
- Discusses and negotiates prearranged funerals with clients.
- Maintains financial records, order merchandise, or prepare accounts.
- Provides or arranges transportation between sites for the remains, mourners, pallbearers, clergy, or flowers.
- Plans placement of caskets at funeral sites or place or adjust lights, fixtures, or floral displays.
- Directs preparations and shipment of bodies for out-of-state burial.
- Manages funeral home operations, including the hiring, training, or supervision of embalmers, funeral attendants, or other staff.
- Arranges for pallbearers or inform pallbearers or honorary groups of their duties.
- Receives or ushers people to their seats for services.
- Participates in community activities for funeral home promotion or other purposes.
- Provides emotional support to the bereaved
- Arranges for removal of the deceased’s body
- Files death certificate and other legal documents
- Trains junior staffs
- Performs various tasks to arrange and direct funeral services, such as coordinating transportation of body to mortuary
- Handles the preparation and care of the remains of people who have died.
- Handles the removal of the deceased’s body
- Performs embalming duties as necessary
- Closes caskets and lead funeral corteges to churches or burial sites.
- Prepares the remains (body)
- Interviews family or other authorized person to arrange details, selecting pallbearers, aiding with the selection of officials for religious rites, and providing transportation for mourners.
Human Resources and Admin Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- 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
- Oversees the smooth running of the daily office and shop activities.
Marketing and Sales Officer
- Identifies, prioritizes, and reaches out to new partners, 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 development projects.
- Writing winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, market surveys and feasibility studies for the business
- 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 the company in strategic meetings
- Helps to increase sales and growth for the company
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
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Cleaners / Washer man:
- Cleans funeral home facilities and grounds.
- Handles and move objects, such as glasses, dish and bottles, using hands and arms.
- Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
- Ensures that toiletries and supplies don’t run out of stock
- Responsible for handling laundry
- Handles any other duty as assigned by the restaurant manager,
- Ensures that the facility is secured at all time
- Controls traffic and organize parking
- Gives security tips to staff members from time to time
- Patrols around the building on a 24 hours basis
- Submits security reports weekly
- Any other duty as assigned by the funeral home director.
6. SWOT Analysis
Clarion Call – Funeral Homes is fully aware that they are coming into an industry that can be highly competitive which is why they have decided to pay attention to the SWOT analysis for the organization. We know that once we are able to identify our strength, our weakness, our threats and the opportunity that is available to us, we will be able to come up with good business strategies that will help us achieve all our business goals and objectives.
We know that if we get things right before starting our funeral home business, we will not have to struggle before attract loyal clients and building our membership base to a level where we can easily breakeven in record time.
We hired the services of Dr. Garry Larson, an HR and Business consultant with bias in business structuring to help us conduct SWOT analysis for our company and he did a pretty good job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of Clarion Call – Funeral Homes Cape May, New Jersey;
Our area of strength cannot be farfetched; the location of our funeral home services is perfect for such business, our management team has robust experience in the funeral home services industry, our customer’s services is second to none in the whole of Cape May – NJ and our facility is top notch.
We critically looked into our Business model and we were able to identify two major weakness. One is the fact that we are a new business and the second is the fact that we may not have the financial resources required to match up with existing and leading funeral homes in Cape – May, New Jersey and also generating the needed hypes that can drive traffic towards our facility.
One thing is certain; our funeral home facility is well – located in busy hence there are loads of business opportunities for us. Besides we are the only funeral home services within a 45 miles radius where ours is located.
Some of the threats that we are likely going to face as a funeral home business operating in the United States are unfavorable government policies – the government, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
All over the globe people die every now and then and that is one of the reasons why the funeral business will continue to soar higher. It is trendy to find funeral homes in the United States of America and in most parts of the world operate a standard and full option services.
They usually have Wake room: for services and visitations; Preparation room: for embalming and restoration, Merchandise display: caskets and other merchandise that customers may purchase, Privacy room: for the family, Office: for mortician’s personal and administrative use, and Livery: a garage to keep funeral coaches and other vehicles.
We have the required staff strength and we will run a 24 hours a day and seven days a week services. Another trend in the funeral home services industry is that falling per capita income during the recession period and of course a rising number of low-priced cremations are seriously hampering the revenue generated in the industry.
So also, families that are not financially buoyant opt for discount retailers and manufacturers to purchase caskets, which negatively impact revenue generation for funeral home operators. However, the industry’s revenue is projected to grow slightly in the next five years.
Lastly, funeral homes in the United States of America are traditionally run by families except for few instances and there are various insurance companies that have funeral insurance policies for their clients. Building a good working relationship with them will position your funeral home to help them handle some of their policy holders.
You can also help them market their funeral insurance cover with the agreement that you will be the one to handle the funerals of the customers you bring to them. This is of course will be a win-win for both parties, and every business person would want to go into such agreement.
8. Our Target Market
We look forward to dealing with those that we plan to focus on in this trade. It will be safe to say that the target market for funeral home services cuts across people of all class, race, religion, and culture as long as they value their deceased loved ones and would want to give them befitting burial or cremation as required.
In view of that, we have conducted our market research and we have ideas of what our target market would be expecting from us. These are the groups of people we intend marketing our funeral home services to;
- Insurance companies
- Owners of mortuaries
- Retirees and Pensioners
- Corporate Executives
- Government Officials
- Business People
- Military Men and Women
- Sports Men and Women
- Everyone who resides in our target locations.
Our Competitive Advantage
There isn’t a business on this face of the earth that doesn’t encounter one form of competition of the other. However, it is the ability to be able to stand the test of time in the face of competition that will stand us out anytime anyway. The competitive edge of Clarion Call – Funeral Homes is the excellent and customized service that we offer to all our guest irrespective of their status, religion, race or political affiliation.
We can boldly say that the location of our funeral home services is perfect for such business, our management team has robust experience in the funeral home services industry, our customer’s services is second to none in the whole of Cape May – NJ and our facility is top notch. We are the only funeral home services within our location.
Another significant competitive advantage that we are bringing to the industry is the robust experience of our management team. We have a team that has a combination of 25 years of experience in the funeral home services industry in United States and Canada. They are considered core professionals in their own right.
9. SALES AND MARKETING STRATEGY
- Sources of Income
We believe that it is very vital to identify our sources of income from the very beginning, so that we will not run into problems. Clarion Call – Funeral Homes is established with the aim of maximizing profits in the funeral home services industry and we are going to go all the way to ensure that we do all it takes to attract guests on a regular basis and sign retainer – ship with most of our corporate clients.
Clarion Call – Funeral Homes will generate income by offering the following services for individuals, families and for corporate organizations;
10. Sales Forecast
We know that sitting on the table and forecasting the sales that we desire will help us draw up good goals for our funeral business. That is why we are well positioned to take on the available market in Cape – May, New Jersey and beyond 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 the business and our clientele base.
We have been able to critically examine the funeral home 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 startups in Cape May – New Jersey.
Below is the sales projection for Clarion Call – Funeral Homes, it is based on the location of our business consulting firm and the wide range of consulting services that we will be offering;
- First Year-: $150,000
- Second Year-: $250,000
- Third Year-: $750,000
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 any major competitor offering same additional 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
It is important to clearly state that in this dispensation, customers use the Internet to find funeral homes, to read reviews, to view facility available and the location of the funeral home; loads of processes have gone digital. Which is why most bed and breakfasts are increasingly adopting technology and the internet for marketing and advertising their business and we are not going to be left out.
We are quite aware that one of the ways to get people to patronize your funeral home is to build good business relationship with owners of mortuaries. Having a good working relationship with people who mortuaries will enable them refers people to you; since their job is to preserve corpses and yours is to conduct a befitting burial.
We will go all out to strike a deal with them that will ensure that they get a commission for any referral we get from them. These are some of the marketing ideas and strategies that are going to adopt for our bed and breakfasts business;
- Open our funeral home in a grand style with a party for all.
- Advertise our funeral home in relevant magazines, national dailies, Satellite TV stations and Radio station
- Promote our business online via our official website and all available social media platform
- Continuously Improving the performance of our brands
- Hire the services of experts to make our brands the first choice for families and corporate organizations
- Delivering consistent customer experiences to all our clients; making our first impression count positively
- Continuously Improving the efficiency of our funeral home services and operating processes
- Ensure that we put our market scale and knowledge to good use
- Building strong partnerships within our industry and with our stakeholders across the United States of America
- Make use of attractive hand bills to create awareness and also to give direction to our funeral home
- Position our signage / flexi banners at strategic places in and around Cape – May, New Jersey
- Create a loyalty plan that will enable us reward our corporate clients such as insurance companies and owners of mortuaries
- Engage on road shows within our neighborhood to create awareness for our funeral home business.
11. Publicity and Advertising Strategy
Advert and marketing is one of the backbone of all businesses. It is also the backbone of ours because we know that if we are able to get the right worlds pout there, people will come for us. Clarion Call – Funeral Homes is in the funeral home business to make profit and we can only make profit if we steadily increase our customer base.
No doubt, in order to remain relevant in the funeral home industry in Cape May – New Jersey, we will continue to create hype around our business brand.
We will ensure that we leverage on all conventional and non – conventional publicity and advertising technique to promote our bed and breakfast brand. Here are the platforms we intend leveraging on to promote and advertise Clarion Call – Funeral Homes;
- Encourage our loyal customers to help us use Word of Mouth (referrals)
- Advertise our funeral home business in relevant magazines, national dailies, Satellite TV stations and Radio station
- Promote our business online via our official website
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
- Install our Bill Boards on strategic locations
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
12. Our Pricing Strategy
Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in the United States of America.
Be that as it may, we have put plans in place to discount our products and services once in a while and also to reward our loyal customers (corporate clients such as insurance companies and owners of mortuaries.
- Payment Options
We want to make our payment mode as simple and free for all as possible. That is why at Clarion Call – Funeral Homes, 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 bed and breakfast lodge;
- Payment by cash
- Payment by check
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty.
13. Startup Expenditure (Budget)
When it comes to starting a funeral home business, loads of factors influences the amount that will be required to successful launch the business. Factors like the location you intend starting the business, the size of the funeral home business you want to start i.e. the number of employees and facilities et al, and of course the state of the economy as at when you intend start the business.
Here are the key areas where we intend spending our start – up capital;
- The Fee for registering the business in the United States -$725.
- The budget for legal fees, insurance, permits and license – $5,000
- The cost of leasing a facility – 100,000
- The amount needed to renovate our Facility (electrical, furnishings, plumbing, painting and landscaping) – $10,000.
- The Cost for the purchase of furniture and equipment – $10,000
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- The Cost for initial inventories and supplies – $10,000.
- The Cost of Launching a Website – $600
- The cost opening party – $5,000 (optional)
- Cost for payment of salaries for the first 3 months of operations – $50,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $5,000
Going by the report from our research and feasibility studies, we will need an average of $200,000 to start a small scale but standard bed and breakfasts business in the United States of America.
Generating Funding / Startup Capital for Clarion Call – Funeral Homes
We at Clarion Call – Funeral Homes, will leave no stone unturned in generating our funds rightly. Our business is a family business that will be owned by Mr. Arthur Stamford and his family. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up 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 $50,000 (Personal savings $45,000 and soft loan from family members $5,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and document has 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
We know that one of the marks of a successful business is the ability to expand far and wide. 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 factor 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 Clarion Call – Funeral Homes 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 nothing short of excellent services.
Clarion Call – Funeral Homes 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 re – training 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 ten 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 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
- Remodeling our 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 the Needed furniture, mattress, bed sheets, pillows, duvets, electronic appliances, office appliances and kitchen utensils: In progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – suppliers of all our needed food ingredient for breakfast and toiletries: In Progress.
More on B2C Sector
Funeral Home Business Plan
Through management and development strategies found in this free, printable business plan, morgues and funeral homes can gain a competitive edge in the mortuary market.
Sample text from Funeral Home Business Plan:
1.0 Executive Summary
[COMPANY NAME], located in [CITY], [STATE], provides the community and surrounding areas personalized and professional funeral services. The primary concern of [COMPANY NAME] is to assure the families the dignified service their loved ones deserve at the lowest possible price.
[COMPANY NAME] is the succession of a family business that began in 1917. The owners, [NAME], take pride in their business and continue look for ways to enhance the services they provide to their customers. The company seeks to improve its funeral home, add an additional funeral vehicle, increase marketing, and reduce debt. Additionally, [COMPANY NAME] is focused on reducing prices while at the same time upgrading the services provided. Therefore, grant funding in the amount of $410,000 is being sought by [COMPANY NAME] to achieve its goals and continue to provide a superior service for its customers.
• Decrease existing debt by at least 20% over the next three years
• Begin building maintenance and expand parking area by the end of 2010 and complete by end of 2011
• Increase sales revenue by 5% each year or the next three years while stabilizing operating costs
• Increase market share by 10% over the next three years by implementing an aggressive marketing and pricing strategy
[COMPANY NAME] mission is to assure its families the dignified funeral service their loved ones deserve at the lowest possible price.
1.2 Keys to Success
The keys to success of [COMPANY NAME] are:
• Implementing knowledge passed down from three generations of ancestors in the funeral home business
• Providing clients with a dignified service their loved ones deserve
• Implementing an aggressive marketing strategy that increases market share in surrounding regions
• Providing high-quality service at the lowest possible price
2.0 Company Summary
[NAME] is located in [CITY], [STATE] of [COUNTY] County and provides it services to [COUNTIES] Counties. The [COMPANY NAME] name has been in the funeral home business since 1917 and is recognized throughout the community and surrounding counties.
2.1 Company Ownership
[COMPANY NAME] is a privately held S corporation owned equally by [NAME].
2.2 Company History
[COMPANY NAME] was established in 1998. The owners, [NAME], collectively have over 63 years of experience in the business. They implemented their experience along with the knowledge provided from their ancestors to start their own funeral home that carries on the family name.
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Funeral Home Business Plan Template
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Funeral Home Business Plan
Guide to writing a funeral home business plan.
A business plan is important in any industry in the United States, but the funeral business often overlooks the act of creating one. ( 1 ) These completed plans may seem superfluous in the funeral home services industry, but they are incredibly useful in helping you look ahead for the safety and success of your business, no matter how the industry changes. Business plans support and identify key goals, a roadmap to success , and allows you to share your strategy with investors, loved ones, and co-founders.
“I’m surprised how many existing businesses manage without a plan. How do they establish what’s supposed to happen? In truth, you’re really just taking a short cut and planning in your head–and good for you if you can do it–but as your business grows you want to organize and plan better, and communicate the priorities better. Be strategic. Develop a plan; don’t just wing it.”
– Jim Berry
A business plan can also help you make key decisions about buying a funeral home or creating one from the ground up. For example, if you create a business plan template and then look for a funeral business that aligns with your goals and is already making a huge profit in the location you want, then it makes sense to buy that funeral home.
If you have a business template and cannot find funeral homes that align with your goals and makes sense to purchase, then it might be easier and better for your sanity to start from scratch. Your business plan should be updated to accommodate these changes. Reviewing the differences this decision makes in your overall business strategy can help you decide whether it is the right decision for you, no matter which path you choose.
Do not be afraid to deviate from your original business idea. In the world of entrepreneurship, things never go exactly as you plan. Business owners quit, deals fall through, and profit expectations for the facility might fluctuate. It is impossible to accommodate every situation in a business, but you can always revise and update a pre-existing business plan.
How to Write a Funeral Home Business Plan
Do you know how to start a business plan ? If you choose to take the entrepreneurial route of owning your own business and bootstrapping your way through the first couple of years, then you might have also decided that, like many people, you will write your own business model.
This is a fine decision so long as you understand what should go into the paperwork to support it. Learning how to write up business plans will help strengthen the legitimacy of your funeral home business and keep your business legally compliant. and able to apply for business credit.
“You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state.”
– How to Start An LLC
When in doubt, never hesitate to hire a professional. A business plan is the foundational building blocks of your funeral business, but so are people. Hiring people is not something you should skimp out on or take lightly, just like you should never take your accounting lightly.
Some areas of the funeral business will require professional assistance from outside people if you are inexperienced in business planning. To start financial projections and marketing plans, for example, are where many new funeral home business owners become stuck in their planning.
Want to learn how to write a model for funeral business services? A summary of each section is in the business plan sample below:
This is an introduction to the document explaining the nature of why you chose to start the small business and your overall intentions. You can list general information about the business here if you plan to purchase a funeral home business, or if you are looking at a space to rent and start your own home.
This is the place to broadly outline your plans . Include information such as the business location, how many people will be in the venture, and details about the space.
What are the requirements for the center, chapel, parking, displays, meeting rooms, and other provisions?
Will there be a website?
What type of equipment will you need to start, and how many vehicles will you need of which type?
What will be your primary method of sales?
An executive summary is a general description of your business and the problems you solve. Who is your target market, and what are your financial highlights? Many investors look at the executive summary as a key indicator of the business’ success and the validity of the idea, so it is important to refine this section and include all the information that is relevant to an investor’s decision.
In plans like this, investors typically look for market success, demand for that business in a certain location, and how long the business will take to become profitable so they can receive dividends on their investment.
This is your chance to strike a chord with your investors and potential founding members. Name your business something easy to remember and provide a caring tagline that speaks to the brand voice you want to push forward.
All branding material should be placed in this section, including guidelines for the overall tone of your business as well as the atmosphere of the funeral home business. With each design and branding decision, you are making a statement. Make sure that statement follows the three C’s: Clear, Concise, and Coherent.
You want your business to break through the noise and be something your audience remembers even when they have passed by the signage and tuned out the television commercials.
In the market analysis, you will need to identify your core audience and determine what your customers need. What is the primary demographic? This analysis is done locally and may require professional assistance to correctly conduct and analyze the data gathered.
Your market analysis should identify the buying patterns of your target demographics, how you are going to reach those customers, and what your average customer’s needs will look like.
Include detailed information here about your marketing plan . Will you have contracts with local hospitals, cemeteries, and caskets salesmen?
How will you market your business to the general public?
What message do you want to send to your clientele?
A marketing plan should use the information gathered in the market analysis to shape what avenues of marketing will be ideal for your funeral home business plans. Will your primary method of marketing be through traditional channels, or digital?
Traditional avenues of marketing growth include television ads, radio, targeted business presentations, local connections, newspaper ads, and roadside billboards.
Digital marketing avenues include social media publications, online advertisements, and website marketing. This type of marketing is also easier to track, as it is easier to track client acquisition data and conversion through online channels than it is through a billboard in midday traffic or a radio ad.
If you are purchasing the funeral business from another owner, ask for their previous marketing plan and whether they would be willing to transfer their current marketing efforts to you. From there, you can analyze the data and trim the marketing channels that are not working and focus on the channels that are bringing in the most customers.
Once your funeral business has been established, it is your job as a funeral director to manage your staff and the accommodates you provide to clientele. Your management practices should assist you in achieving the goals you outlined in the introduction.
What unique services do you offer your clients? This can be anything from transportation to counseling facilities, food, and drink during the procession. These accommodations will increase business and allow it to stand apart from the competition. For example, some funeral homes have begun housing therapy dogs as a way to counsel grieving family members. This is not something a client would receive elsewhere and can spark some joy or lighten a heavy heart.
This is the main area of a home business plan where you will need professional assistance to complete it. A business consultant or accountant will be able to provide these services. These services are typically needed throughout a business’s lifetime, so it is important to start the working relationship in the early stages of your business.
When working through financial projections, you will want to consider marketing costs, staff costs, and other fixed expenses that you will accrue throughout the funeral home’s first year of operation. From there, you will need to assess how you will manage these expenses and highlight your marketing plans to begin bringing in money.
If you are purchasing a funeral home, you may be able to utilize their previous customer base and services to get referrals through word of mouth and provide services to clientele who are already aware of the funeral business through the previous owners’ marketing channels. This is another benefit to purchasing a funeral business rather than starting from scratch, as the first three years of running any business are typically the hardest for many businesses, not just funeral homes.
Plan for Business Success: How Do I Start a Funeral Home Business?
There are several steps to acquiring a funeral business or starting your own funeral home. ( 3 ) Starting a funeral business costs less than purchasing one over a mortgaged period, but the risks are greater and there is no pre-existing clientele or marketing base to help you get started.
Starting a funeral business from scratch is not an ideal choice unless you are experienced in the funeral business already and are willing to consult several business advisors along the way.
“ Opening your own funeral home requires experience in and knowledge of mortuary services. You also need compassion and strong customer service skills to work with families that need help making arrangements to bury their loved ones.”
– Nancy Wagner
Acquiring a funeral business from another director is the best option to ensure your success in the industry. Often, funeral home directors who are selling their business are willing to transfer all assets to your account, including marketing channels, profit loss information, client books, and detailed service handbooks.
If you are acquiring a funeral business, you will still need a funeral home business plan to present to the seller and any investors you might need along the way.
Keep in mind that funeral directors need to obtain certain licenses to practice mortuary services, and these requirements depend on the place of operation. Continuing education may also be required, and your staff members may need to hold certain certifications depending on their job description. These are all details that you should consult with a funeral business advisor about.
Home Business Plan Sample: How to Succeed with Your Business Plan
When asking “what kind of business do I need?” you should settle for a business that accommodates your acquisition of the funeral business as well as any exit strategies you want to include for yourself and fellow founding members. Your basic services should be included in the business plan, and if you are presenting your business plan to investors, you will need a roadmap to success. How do you intend to make your money?
Money is a sensitive subject, but so is death. Funeral home directors have to get used to dealing with money and death in the same sentence, and many tend to take on a detached air of professionalism when the calculators come out.
This is an important subject for keeping your business afloat, however, and potential investors will need to know how you will conduct the business and create financial success. The tips below include a few ways you can create success through client interactions, as well as aid iin aquiring new customers.
Be Empathetic and Accommodating
It is humbling to work with people through times of mourning. Funeral preparations are not something most people want to think about until it is too late. When clients come to your funeral business, they are looking to grieve and mourn the loss of the deceased. By listening to their stories about the deceased and taking a moment to provide sincere care and empathy, they are going to feel like you and your staff care about their problems and the life they are mourning.
Try to be accommodating to their requests. If you typically host somber, quiet funerals, but the client wants a funeral that is lively and upbeat, celebrating the life of their loved one in a positive light, do the most to accommodate their desires. Likewise, if they are looking for a funeral that touches on certain cultural or religious overtones, this is something you should try to include in the service, even if you do not hold the same beliefs or cultural roots. Make the day about them and the deceased, not about your preferences.
Don’t Over-Pitch Your Services
Money is a secondary concern for many who walk through your doors, but if you try to force a sales pitch on them, they are likely going to turn around look for another funeral home, or leave a scathing review. To a funeral business, reputation is everything, and trying to over-pitch your services is one of the fastest ways to flush your businesses reputation down the drain.
Get Involved with Your Community
As a funeral director, you undoubtedly care about the locals and provide a service helping them process their grief. It is a necessary element when taking on the role. Sell your community on the idea that you care about their life, too.
By getting involved with the community, participating in community service and events, and sponsoring fundraisers, charities, and popular attractions, you can get the word out about your funeral business and sending a clear message of, “We are here and we care about you.”
Ready to Take the First Step Towards Providing Funeral Services?
The funeral home business advisors at 4BSF are at your service, ready to assist in your search for funeral homes for sale in your local area. We can help you work through last-minute details and consult with you over your business.
If you are ready to own a business, whether you are new to the funeral business or are experienced in mortuary services, we will guide you towards success. Contact 4BSF today to learn more.
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