A funeral service business plan is imperative to starting a new, expanding your current, or buying an existing funeral service parlour.
With a population of over 57 million, the South African funeral industry is vast and potentially lucrative. A large part of the industry is informal and operators are not required to register with industry organisations. Each year, R10 billion is generated, with 50% of that being collected from funeral premiums. 5,6 million risk polices are taken each year. The industry is serviced by 15,000 funeral parlours; 70,000 undertakers, and 100,000 burial societies.
The funeral industry articulates that there is a growing trend of special requests for luxury funerals. Funerals are seemingly no longer about a sombre farewell, but are about making a statement and a memory that will linger in people’s minds for years to come.
Dream Team Capital developments are often used to secure funding, secure non-repayable business grants, attract team members and/or manage the business, as well as, create a vision for businesses.
Elements of a detailed Funeral Service Business Plan include:
Executive summary: This is the first section in the business plan and includes key management information, objectives, mission, and keys to success. The amount and purpose of the grant or funding is included in this section.
Company summary: This section includes the company description and history.
Products and services: This section will cover your burial, cremation, and embalming services, as well as caskets and urns.
Market analysis summary: Target market segments require different programme considerations and marketing strategies. The service business analysis includes information on competition and buying patterns.
Strategy and implementation summary: The competitive edge includes your unique selling proposition, marketing strategy, sales strategy, sales forecast, and milestones.
Management summary: Includes management and staff detailing. This includes current and future members of staff.
Financial projections: The projections comprise of the management account, income statement, balance sheet, cash flow, cash forecast, break even analysis, loan amortisation schedule, and fixed asset schedule. Charts, calculations, and ratios are included.
Annexures: Depending on the stage your business is in, this section includes supporting documents that funders require in an application.
At DTC, we understand the complexities of the requirements and criteria for a custom business plan. If using the document for the purpose of raising funding and/or non-repayable business grants, we guide you through the process. We provide access to our vast network of funders across the country.
Do not hesitate to contact us for more information and assistance.