Business Plan for New Product or Service Line

Complete your Module 4 Assignment by the end of Week 4.
Nurse leaders are involved in identifying unmet healthcare needs and working with other professionals to provide opportunities to meet those needs. This might include developing and launching a new business, product, or service. Whether as entrepreneurs or clients, nurse leaders must be aware of factors impacting the development of business plans.
Students will work in groups assigned by their faculty member to develop an initial business plan for a new healthcare-related business, product, or service line. The business plan will include an initial budget encompassing expenses associated with start-up, initial revenue projections, a discussion of marketing and implementation strategies, and regulatory considerations. The groups will also develop a slide presentation or video to introduce the idea to the board of directors.
Working as a Group:
Step 1. Decide
Participate in group decision making to determine how and how often group members will communicate for the project and the roles each member will play.
Step 2. Identify
Brainstorm with group members to identify a new healthcare-related business, product, or service line.
Step 3. Develop
Develop an initial budget including expenses associated with start-up and initial revenue projections. Justify expense and revenue projections with rationale statements.
Step 4. Outline
Outline marketing and implementation strategies, including rationale statements for each decision.
Step 5. Assess
Assess regulatory considerations for the new business, product, or service line. Articulate each regulatory standard and how it will be met.
Step 6. Develop
Develop a business plan integrating your group’s work from Steps 1–5 in an APA-formatted Word document with a title and reference pages.

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