Cashflow beschleunigen im Pflege- und Betreuungsgeschäft

0:00Unternehmer/Gast Yeah. So, I'm in the uh wiping booties for seniors business. You're supposed to live in memory care business. And the main problem we have sales are good, but it takes a long time to get the LTV. So, they stay within a year at least in our business, but I'd like to find out a way to bring the cash forward. So, it's kind of like, you know, we're getting cash, but it takes two, three months for us to really get good profits. And then, of course, after that, it's doing really well. But how do we bring that cash up forward and present that ahead of time?

0:31>> Are you billing insurance or you billing private >> private? No, no insurance. >> Okay, got it. So, do you bill monthly or how do you bill? >> Yeah. So, we build, you know, the first of the month and a lot of times we look to collect first and last month's rent and last month's rent fully, you know, refundable on a 30-day notice, but it's similar to like an apartment building.

0:54Alex >> Yeah, got it. So I would have I mean honestly all there's there's really only um two options that are like immediately available to you or I guess three. So number one is you could have some sort of setup enrollment onboarding some sort of fee like that that you could put into the upfront payment. That's thing one. Thing two is you could require first three months upfront.

1:19That's option two. Um, option three is you can add on an additional service that many of them need and then you could uh contract that out. So let's say that what are the other things that someone has to buy in order to begin your service? I'm guessing there's some sort of moving cost or moving services, right? >> Yeah. There's like an like transportation, you beauty, hair and nails, stuff like that. >> Yeah. So basically what we do is just create a bundle that many of those people immediately need to buy in addition to Have you read the Money Miles book?

1:51Alex Yeah. Okay. I'm reading through it and I I bought the course, too. >> Oh, awesome. Um, so big picture, the one of the first stories I tell in there is a guy who owns a storage facility, right? And so he gave a free month of storage away. So very similar business to yours. Not saying that you get free month, but same idea. It's like, well, what else do you need to have when you have a storage unit? You need a lock. >> Oh, uh, you need boxes. Oh, you need insurance. Oh, you need maybe a bigger unit, right? And so all of these things pull cash forward and so well not the bigger unit but the other ones do. Um and so same degree it's like okay can we sell insurance on top? Can we sell the movein services? Can we sell the boxes associated with that? Um you know where I'm going with this?

2:31>> Yeah. >> So I think people will have some some sort of elasticity like people are very very sensitive to the monthly fee. >> Right. >> They are. >> Right. Less but people are less sensitive to onetime fees because it's only once. >> Correct. So, we just need to create that onetime fee for people. Um, and it'll be even more profitable, obviously, if it's not just a fee, but it's also tied to stuff they already have to get solved.

2:56And if they do it through you, then it just feels easier. >> Yeah. >> Does that help? >> Yeah. Something else I was thinking about too is like furniture. I mean, we have it fully furnished, but maybe we could give them like a buy extra furniture if they want a nice queen size or upgrade on their bed. We could offer that to them, too. That's something that, you know, just popped up. I never thought about that. Yeah, exactly. So, we just look at all the other problems that a customer has that they're going to pay somebody to solve when because you're at a transition point in someone's life. So, money's coming out of their pocket and it's already the wallet's already open. And if you can, especially because this is such like a stressful time for many families.

3:29>> Um, if you can just say like, right, if you can just say, >> "We'll handle everything. Just pay us this extra fee. We'll make it easy." Uh, many people will just give you that money and then I think you would pull forward all your your cash flow to act to car customers. Awesome. Okay. Well, sounds good, Alex. >> Appreciate you, William. >> Yeah. >> All right. Have a good one, man. >> All right. See you. >> All right.