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Business Plan of CareNow 2023
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Table of Contents
1. Executive Summary ......................................................................................................................... 3
2. Product Overview ............................................................................................................................ 4
2.1. CareNow’s Story ...................................................................................................................... 4
2.2. Vision, Mission and Values ...................................................................................................... 4
2.3. Platform and Distribution ........................................................................................................ 4
2.4. CareNow App .......................................................................................................................... 5
2.5. Intellectual Property ................................................................................................................ 6
3. Market Research ............................................................................................................................. 7
3.1. Singapore Market Overview .................................................................................................... 7
3.2. Market Analysis ....................................................................................................................... 7
External Environment Analysis ............................................................................................................ 7
Care Professionals ........................................................................................................................... 8
Care organisations ........................................................................................................................... 8
4. Competitor Analysis And Strategic Advantage ................................................................................ 9
4.1. USP of CareNow ...................................................................................................................... 9
5. Marketing Plan .............................................................................................................................. 10
5.1. Target Audience Characteristics ............................................................................................ 10
5.2. Promotion ............................................................................................................................. 11
6. Key Partners .................................................................................................................................. 12
7. Human Resources .......................................................................................................................... 13
8. Risk Mitigation ............................................................................................................................... 14
9. Financing ....................................................................................................................................... 15
9.1. Pricing .................................................................................................................................... 15
9.2. Costs ...................................................................................................................................... 15
9.3. Revenue ................................................................................................................................. 16
10. Sensitivity Analysis ......................................................................................................................... 17
Appendix ................................................................................................................................................. 0
Appendix A - PESTEL Analysis .............................................................................................................. 0
Appendix B - Singapore Health Facilities Statistics 2021 (MOH, 2021) ................................................ 1
Appendix C - Founders qualifications .................................................................................................. 1
Appendix D - Staff wages ..................................................................................................................... 1
Appendix E - CareNow Roadmap ......................................................................................................... 2
Appendix F - Cost Breakdown.............................................................................................................. 2
Appendix G - Financial Forecast .......................................................................................................... 2
Appendix H - Sensitivity Analysis ......................................................................................................... 4
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1. Executive Summary
CareNow is a digital platform that aims to revolutionise the healthcare professional recruitment process
in Singapore. It addresses the unsatisfactory gap between healthcare institutions and care professionals
in response to the ageing population and rising demand for better job quality. The application (app)
offers skilled healthcare professionals attractive pay and the freedom to select shifts that work with
their schedules while giving healthcare organisations an easy and effective means to identify and recruit
them. CareNow will break even in its first year of operation with a profit of $22,879 and has strong
projections for the next 2 years. CareNow is in a good position to seize a sizable portion of Singapore's
expanding healthcare staffing industry, giving both healthcare organisations and care professionals a
much-needed alternative.
4
2. Product Overview
2.1. CareNow’s Story
CareNow connects carers and nurses to healthcare businesses for temporary staffing by providing a
pool of pre-screened and flexible healthcare employees available for short-term shifts to assist
healthcare companies in managing their temporary staffing needs. Singapore has a strong foundation
in healthcare but like many developed countries, they are facing a shortage of healthcare workers to
support the system and must account for last minute staff shortage due to illness or emergencies (Teo,
2022). This makes staffing the biggest challenge in Singapore’s healthcare industry. Founded by 2
passionate individuals to change this, CareNow can play an important role to help fill the gaps in the
industry, one shift at a time.
2.2. Vision, Mission and Values
CareNow’s vision: “To revolutionise the way healthcare is provided through the use of technology to
improve healthcare delivery by making it more effective, efficient and flexible”
Carenow’s mission: “To streamline the process of staffing shifts and enhance the standard of care given
to patients by offering a platform that links care organisations with a network of trained healthcare
experts - “No agency, no paperwork, no fuss””
Carenow’s values: Care to make a difference, Positive mindset, and Empathy - always put yourselves in
their shoes.
2.3. Platform and Distribution
CareNow is a digital platform accessible through a webpage and mobile application, providing more
benefits than office spaces as online platforms offer significant advantages, such as easier market
updates and more accurate information (Rosoiu and Popescu, 2016). The website provides information
about CareNow, while the app is the main usable platform as smartphone healthcare apps are widely
gaining acceptance as useful clinical communication tools (Mosa, Yoo and Sheets, 2012). The app is
available on IOS and Android and will be offered in four languages: English, Mandarin, Malay, and Tamil
to cater to Singapore's diverse population (Department of Statistics (DoS), 2020).
5
2.4. CareNow App
A flexible and simple interface will be a key attraction for firms (Baig, GholamHosseini and Connolly,
2015).
CareNow for Care Organisations
Figure 1. Process of CareNow for Care Organisations
An example of how the process will be like for care organisations can be seen in figure 1 above. Care
organisations provide key information to the CareNow app, including company details, type of care
needed, estimated number of patients, authorizations, and payment details. After a 20-minute
consultation with a care advisor to answer any queries or doubts, CareNow checks each applicant's
credentials and prior employment history. If a company struggles with this, a demo session can be
booked in. Once vetted, care organisations can access the app's main page to load shifts, ticking off the
required job details. Shifts with specific skill requirements will only be shown to workers with matching
skills and star ratings (1 to 5 stars), which can be reviewed along with previous feedback from
employers. The app also enables firms to invite workers, subject to their approval, providing the
flexibility to choose the right workers for the job.
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CareNow for Care Professionals
Compliance obligations, background checks, and security are essential before hiring a worker due to
strict government regulations in Singapore's healthcare industry. Care professionals will download the
CareNow app and submit necessary documents (figure 2). CareNow’s care advisor will contact workers
with little experience (< 1 year) for interviews to assess suitability. Only after these checks have been
screened and approved by CareNow, will they then be allowed onto the app to work shifts.
Figure 2. Process of CareNow for Care Professionals
Approved workers can easily search for shifts and apply for jobs with filter options and dashboards.
Payments are made once timesheets are submitted and approved within 2 working days, and workers
are paid weekly. A chatbot feature is also available for any questions about the process.

2.5. Intellectual Property
Patent registration grants us exclusive intellectual rights to our invention, ensuring that our idea won't
be copied (Intellectual Property Of Singapore, no date). While a recruitment platform is not a new idea,
a shift-based app concept for healthcare is new to Singapore. Therefore, patent application is critical to
fostering innovation and securing CareNow's future sustainability.
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3. Market Research
3.1. Singapore Market Overview
Singapore is an ideal location for CareNow due to its strong economy, ranked 1st in healthcare with a
score of 86.9 (Statista, 2020), and projected to triple healthcare expenditure from US$13.2 billion to
US$36 billion by 2029 (International Trade Administration (ITA), 2020b). Singapore also has one of the
highest GDP per capita in the world at US$397 billion (World Bank, 2022). This all shows a strong
economy with good infrastructures in place and excellent indication of growth potential.
3.2. Market Analysis
External Environment Analysis
A PESTEL analysis (Appendix 1) shows that barriers to entry is low and that main threats that can impact
CareNow are:
● Strict policies and guidelines the company needs to have (e.g., visas and healthcare standards).
● Cultural diversity of staff. Singapore is very diverse with many languages being spoken. Cross-
cultural management is crucial, and the app will be in 4 languages.
There are also more opportunities identified such as being able to attract young people into the industry
with easy-to-use app technology as they are more sensitive to social media and new technology (Ng,
2022).
CareNow has 3 different services:
Services Market size
Elderly care Senior population increased from 338,000 in 2010 to 614,000 in 2020 (DOS,
2023), and is estimated one in five citizens will be aged 65 and above by 2030
(DOS, 2022)
Patient care (e.g., sub-
acute care, wound care)
In 2020, about 600,000 patients were admitted in hospitals (Ministry of Health
(MOH), 2020). Also, Singapore’s population has grown from 4 million in 2000 to
5.64 million in 2022, and it is projected to continue rising due to immigration
(DOS, 2023) which means more patients in future.
Specialised care (e.g.
rehabilitation)
About 400,000 patients were in Specialised Outpatient Care and seek care from
facilities (CEIC, 2018)
CareNow has 2 targets - healthcare institutions and independent healthcare professionals seeking
temporary and flexible staffing options.
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Care Professionals
There are 3 types of care professionals: caregivers, nurses and specialised carers. Caregivers are
different from nurses as nurses require Singapore Nursing Board (SNB) licence and training
certifications while caregivers do not (Ward-Griffin and McKeever, 2000). Specialised carers can be any
caregiver or nurse that is trained in one or a few particular skills such as rehab care.
There are over 210,000 caregivers (Ng, 2019b) and 58,000 nurses which MOH said they need to grow
to 82,000 by 2023 (Teo, 2022). However, many are quitting due to burnout, low pay, lack of recognition,
extra workload, and long hours, leading to a shortage of healthcare professionals (Ting et al., 2022).
Also, many take career breaks, and are hesitant to return to high-pressure, long-hour work
environments. (Kerrane, Banister and Wijaya, 2022). This unsatisfactory gap means care professionals
seek flexibility, attractive pay, shorter shifts and job satisfaction (Cohen, 2006; Chua, 2021). They prefer
temporary shift solutions that offer above-market pay, flexibility, and diverse learning opportunities,
which CareNow offers (Yip and Chia, 2022).
Care organisations
Appendix B shows that there are over 2000 facilities in Singapore which means there is a need for more
care professionals to have good healthcare support (Chua 2020). It has also been publicly announced
that Singapore aims to double the number of public and private eldercare facilities by 2025 to
accommodate the ageing population needs (Chong, 2022). This shows a good base of clients CareNow
can work with, and the base will continue to grow.
Consulting firm Wyman (2016) have revealed that care homes require cross-trained, versatile carers
with knowledge across multiple functions, which CareNow can provide as carers work across different
organisations. Many healthcare facilities are well funded by the government to maintain care, so they
are not as price sensitive even though CareNow charges slightly above market pay (ITA, 2022a).
9
4. Competitor Analysis and Strategic Advantage
Competitor
Description
Strengths
Weaknesses
Competitive advantage of
CareNow
Traditional
recruitment
agencies
e.g.,
RecruitFirst
- Established
network and
reputation
Additional fees
Inaccurate payments
Different carer each
time
Slow response
No hidden fees
Error-free records
Fast Response
Flexible management
Continuous care


Online job
platforms
Usually just a
healthcare
section on the
site e.g.,
STJobs,
GradJobs


- Wide reach
- Easy to use

Lack of healthcare-
specific features
Need for additional
screening or vetting
procedures


Healthcare-specific
features
Pre-screened pool

Freelance
healthcare
professionals
Usually on
online job
platforms e.g.,
Upwork

- Flexible
- Lower fees
Might not be as
dependable or consistent
Might be less
accessible
Dependable and
consistent
Accessible and responsive
Flexible



Part time maid
agencies
Maids are
common in
Singapore
with rates
starting from
$25/hour
(Cuellar, 2023)


- Lower fees
- Wide
availability
Not trained in
specialised care
Minimum number of
shift hours
Significant charge for
night shifts

Professionally trained
No minimum number of
hours
No night shift charges

4.1. USP of CareNow
CareNow is Singapore's first temporary staffing platform offering shift-based work for healthcare.
Unlike typical year-long temporary contracts from competitors mentioned above, many workers are
reluctant to commit due to unfavourable conditions (Chua, 2020). CareNow’s key advantages:
- Easily Accessible: CareNow uses technology to streamline hiring and connect skilled nurses with
healthcare institutions through an easy-to-use app, eliminating paperwork, increasing
efficiency and much more accessible than competitors
- Cost and time effective: Everything is covered in one app interface, saving time to find
information. As employees accept from their phones, shift gaps close instantly, optimising
covers and eliminates overpaying agencies.
- Flexible: CareNow prioritises healthcare workers' autonomy and flexibility, allowing them to be
in charge of their own earnings and schedule unlike competitors.
- Quality Staff: Only workers who have been qualified and screened are allowed to use the app
to uphold quality and ensuring patients receive best care.
10





5. Marketing Plan
5.1. Target Audience Characteristics

Target 1: Healthcare Organisations (main target as they are paying clients)
• Private and public health facilities of all sizes in Singapore with good facilities (e.g., beds,
medical instruments)
• Compliant with local laws and regulations
• Need for a range of healthcare professionals
Target 2: Healthcare Professionals
• Minimum 5 months of nursing or care experience with good references, ages 18 to 65
(retirement age)
• Registered with SNB, or with related qualifications/certifications, valid work permit with clean
criminal record
• Seeking flexibility, work-life balance and fair compensation

Both target groups must have strong focus on patient safety and quality of care - aligned with
CareNow’s values and goals. They must also be technologically adept as higher adoption of technology
means more likely to embrace an app like CareNow (Mosa, Yoo and Sheets, 2012).
11





5.2. Promotion
Marketing pushes will begin pre-launch through the different methods below to create buzz prior to
launch.

Social Media for carers
Social media penetration rate for healthcare is increasingly accepted and widely used today (Gupta,
Tyagi and Sharma, 2013). Creating and maintaining social media profiles on Facebook (76%), Instagram
(64%), TikTok (45%) will help engage with potential care workers as they are the largest platforms in
Singapore (Statista, 2022). CareNow will use real worker reviews and 'day in the life' videos to increase
relatability and optimise reach through SEO by using relevant keywords and consistent hashtags such
as #caregiverlife and #flexiblejobs to attract organic traffic (Enge et al, 2012). This approach will
establish CareNow as a young, tech-savvy brand with a positive image in healthcare.

Email Marketing for organisations
Email marketing is effective in healthcare with 72% of companies using it in Singapore (Subrammanian,
2019). A targeted email to healthcare organisations can convey important information about CareNow
and its benefits and include app download links. Click rates on links can be used to measure success.
Email lists can be generated from LinkedIn and Google search.

Traditional Marketing
WOM marketing is highly effective, delivering 5 times more sales than paid ads (Todorov, 2021). This is
done through social media where positive user experiences with the app will be shared among
colleagues and peers, building a loyal customer base and negative feedback should be addressed
promptly. For older generations (especially asian culture), personalised relationships with brands are
preferred. Traditional methods such as door-to-door sales, brochures, and face-to-face meetings are
necessary to deliver positive user experiences (Belch et al, 2004; Elrod and Fortenberry, 2020).

Partnerships
Partnerships with local charities and government agencies will help increase brand awareness, build
trust and create potential synergies (GovTech, 2021). CareNow will work with SingPass, Singapore Red
Cross and MOH to run events to promote the app and will offer special incentives such as access to
additional features for users who are referred by these facilities.
12





6. Key Partners

Key Partners Examples Impact

Healthcare facilities
E.g. Singapore General
Hospital, Raffles Hospital,
Mount Elizabeth Hospital
Access to potential users and chances for cooperation.
Higher profile (slightly more prestige) facilities can
provide more credibility and trust
Technology
providers
Cloud and web hosting
companies
Provides the tools required to build and manage the
app
Payment gateway
providers
PayPal most used platform
(Web Imp, 2020)
Allows for convenient and safe payment transactions
within the app
Insurance providers
E.g. Provide
Provide care professionals and CareNow with insurance
policies or with discounts to attract more users
Government
agencies
MOH, Health Promotion
Board, SingPass
Run events to promote app, gain more credibility and
trust as its with government
Non-profit
organisations
Charities such as Singapore
Red Cross
To increase brand awareness, gain access to knowledge
and capabilities and enhance brand image
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7. Human Resources
Figure 3. CareNow Organisational Chart
Human resource is a key resource for CareNow as the app is developed in-house so having a strong
team is crucial for the company’s success (Gurel and Sari, 2015). Following Jeff Bezos’ “two-pizza rule”
where a team should only consist of enough people for 2 pizzas to feed, there will be 7 full time
employees for CareNow (figure 3). It is important that all employees are in line with the business code
of conduct, and share similar values as CareNow (Petrov et al., 2021). Job listings will be posted on
LinkedIn and will also rely on employee referrals.
There will be two distinct teams - one who manages sales, marketing and carer profiles, the other will
manage the technical aspect of the app (see Appendix C). The founder (me) would be in charge of
finances (timesheets and payroll) and all sales and partnerships and manages 2 employees - marketing
executive and care admin. A marketing executive will oversee promotions and designs of
advertisements. The care admin position will be held by someone who has experience in the healthcare
industry as the role involves answering client queries and onboarding nurses and carers on the app,
ensuring they are all qualified. The co-founder, who is a friend, will be head of operations and will
manage the app development team, any app security measures and IT operations related jobs. This
team will develop the app, chat bot and website. UI/UX designer job scope is to make the app interface
user friendly while the 2 software developer roles is to develop and maintaining the app. These roles
require prior experience with app development.
14





Full time employees will receive these benefits to cultivate positive work culture (Yamamoto,
2011):
● Fully remote, flexible working hours (10 am to 5pm)
● Annual team building activities
● Year-end bonus based off profits
● 20 days Annual Leave (higher than 17-day average)

8. Risk Mitigation

Risk Category Identified Risk Risk level Mitigation Plan
Law and
regulations
CareNow needs to have
relevant licences and
certificates and comply with
laws and regulation. Failure to
do so can result in dire
consequences
High
prob,
high
impact
● Ensure compliance with all relevant laws
and regulations, regularly review and
update policies and procedures to stay
current.
● Users will be made aware of their legal
responsibilities before coming on app
Inaccurate
information
Users might provide
inaccurate and false
information when signing up
which will impact reputation
High
prob,
high
impact
● System in place for verifying information
(Care Admin)
● Provide clear guidelines to users and
chatbot available for doubts
● Regularly monitor and audit the app for
inaccurate information
Not Enough
Sign Ups
Nurses and caregivers might
be hesitant at first to sign up
as it is a new app but risk will
be lower once CareNow is
more established
Medium
prob,
high
impact
● Increase targeted advertising to reach a
wider audience of healthcare
professionals
● Provide Incentives such as insurance and
referral bonus
Security Sensitive nature of healthcare
information and the potential
consequences of data
breaches, which could
compromise the privacy and
safety of users
Medium
prob,
high
impact
● Strong IT team to input security
measures (2 fa and encryption)
● Regularly monitor for vulnerabilities
15





9. Financing
9.1. Pricing

Figure 4. Pricing List


CareNow's prices are slightly higher than the market rate as they believe in paying their carers what
they deserve. In Singapore, nurses earn $17/hour on average, while caregivers earn $14/hour (Talent,
2023a; Talent, 2023c). CareNow's hourly rates for their services vary based on the level of experience
of the carer and the type of care needed (figure 4). The average hourly rate for caregivers is $20, and
for nurses, $24. The prices are slightly lower for less experienced workers (<2 years) and higher for
experienced ones. Senior nurses and carers earn an average of $36/hour (Talent, 2023) so the pricing
for our specialised care services will be average of $48/hour and varies depending on care required.
Nurses and carers require specific skills for this service so will both have the same pricing.

9.2. Costs
Table 1. First 3 months costs

Cost Element 3-month cost Comment
Licenses $1,495 One Time cost
Inventory $8,900 Second hand laptops for staff to cut cost
Marketing $1,500 Marketing activities e.g., leaflets and pop ups
Overhead $234 Monthly virtual office address. PO box cannot be used
Staffing $58,635 Staff wages and insurance
Taxes $9,957 17% of employees income
Technology $145 Cloud platform, web hosting fee annual payment

Translator

$600
One time cost, $0.10 per word. Founder can translate to Mandarin
and the co-founder can translate to Tamil.

CareNow aims to launch the app by Q1 (see appendix E). Table 1 concludes that $81,466 is minimum
capital required. Please see appendix F for more detailed cost breakdown.
16





9.3. Revenue
Startup capital: Total personal savings of $40,000 will be from me and co-founder and $51,363 will be
from my parents which we aim to repay in next 3 years with an agreed fixed interest rate (5% pa).

There are 3 streams of revenue (see figure 4):
1. Booking fee
2. 20 % commission fee of hourly pay
3. Extra charges ($2/hr) from weekend and holiday shifts and last minute (24 hours) shift posts.
*Commission of 20% will be for CareNow from the extra charge


With the pre-launch marketing efforts, we expect a good sign-up rate, predicting 100 sign-ups from
nurses and 200 sign ups from carers (1:2 ratio as there are more caregivers than nurses as revealed in
market research). We anticipate signing with 10 care organisations upon launch with growth of 5 new
contracts every month with a need for about 100 shifts each for nurses and carers per month based on
same high demand for both professionals from market research. Specialised care may not be as popular
due to its nature, and we expect to gain more credibility and trust over the next few years. Due to
demand for flexibility, a 7-hour average shift is anticipated, shorter than the national average of 10
hours (Chua, 2021). For a detailed sales forecast and justifications, please refer to appendix G.

Table 2. Key Forecast Figures


Year 1 (Y1) Year 2 (Y2) Year 3 (Y3)
Total Sales $1,032,528 $5,443,920 $9,884,910
Pay to Care Professionals $726,230 $4,355,136 $7,907,928
Revenue to CareNow $306,298 $1,088,784 $1,976,982
Total Expenses (including corporate tax) $283,419 $733,312 $1,152,484
Net Profit $22,879 $355,472 $824,498
From table 2, we will break even in Y1 with profit of $22,879 mostly with the help of startup capital. Y2
and Y3 will predict better sales growth 5 new facilities every month and increasing shifts needed by
50%. Specialised care will see more growth with 15 more shifts a month as we increase marketing
efforts to recruit more skilled nurses and carers. Extra expenses in Y2 and Y3 include increasing data
storage and paying back our loan. Note that corporation tax in Singapore is calculated based on profits
17
and not revenue (Inland Revenue Authority of Singapore (IRAS), no date). Detailed report in
Appendix G. Overall, there is good growth and very promising future for CareNow.
10. Sensitivity Analysis
CareNow recognizes that there may be challenges, particularly in recruiting care professionals due to
the risks identified in section 9, which could affect the number of qualified professionals on the app.
Therefore, a sensitivity analysis was conducted in Appendix H assuming 20% of care professionals are
not qualified to work on the app or there are not enough sign ups, which reveals a reduction in profit
by $164,900 in Y3. To mitigate these risks, CareNow must establish effective risk management plans
and implement targeted advertising and consider expanding our services to offer training and
certifications to entice more people to get qualified and upgrade their skills while working with
CareNow.
Appendix
Appendix A - PESTEL Analysis
Factor Issue
Impa
ct
Implication
Politic
al/
Legal
Healthcare policies and regulations
are very strict where all rules must
be followed and licences must be
acquired (MOH, 2021)
High
Foreign workers must have Practising
Certificates (PS) issued by Singapore
Nursing Board (SNB) to be eligible to work.
Failure to comply may result in legal
consequences and reputational harm.
Foreigner to local ratio need to be
adhered to but currently the
government is more flexible with
this law for healthcare services (Ng,
2019a)
Low
Less carers on the app if fewer foreigner
visas are issued.
Econo
mic
Unemployment rate is at a record
low of 1.9% in 2023. Healthcare
employment has grown by 12%
since 2019 and is expected to rise
due to an ageing population,
leading to greater competition for
talent and higher expectations from
care professionals (Ministry of
Manpower, 2023)
High
Strong demand for CareNow's services as
the healthcare sector booms.
Promote USP of CareNow to carers to
attract them. Could mean high labour cost
as competing with other recruitment firms
Social
Ageing population have challenges
such as age-related health concerns
(Ting et al., 2022)
High
Requires recruiting more carers that
specialises in these areas
Singapore is very culturally diverse
which will cause cross-cultural
management challenge (Wong et
al., 2018)
High
Implementing a diverse pool of healthcare
professionals and improving HR
management, such as adding language
options to the app
Young carers are more
technologically adept which can
attract them more to the industry
with CareNow’s app (Ng, 2022)
Mod
erate
Promote how easy it is to use and earning
extra cash can be simple
Techn
ologica
l
Increasing use of technology in
healthcare encourages staff to
embrace new innovations (Mosa,
Yoo and Sheets, 2012).
Mod
erate
Must stay up with medical technology
improvements and make sure that its app is
user-friendly and functional on a variety of
devices.
Due to advanced tech, there are
more people coming to Singapore
for healthcare services, currently
ranked 2nd place on Medical
tourism Index (Stephano, no date)
High
More opportunities due to healthcare
advancement
Enviro
nment
al
Carers might not be used to
changing environment concept as
they mostly work in a job for years
(Ting et al., 2022)
Mod
erate
Need to ensure care organisations
CareNow works with are good
environments and conditions, this can be
done via site visits and feedback
Appendix B - Singapore Health Facilities Statistics 2021 (MOH, 2021)
Health Facilities Public Private Total
Hospitals 16 8 29
Nursing Homes 27 30 80
Hospices 3 5 8
Centre-based Care Facilities - - 153
Home care providers - - 24
Primary Care Facilities 20 2,410 2,430

Appendix C - Founders qualifications

Role Qualifications
Founder and
General
Manager
- International Business degree, undertook new venture creation,
entrepreneurship and accounting & finance modules
- Sales rep for 2 years
- Helped with financial paperwork for parents’ business
Co-Founder and
Head of
Technology
- Computer Science degree (graduated in 2020)
- 3 years’ experience in developing apps at startups
Appendix D - Staff wages
Staff Wages and Breakdown
Position
No
Annual
Salary
Monthly
Salary
Comment
Founder 1 50/50 split on company profit
Co-Founder 1 50/50 split on company profit
Care Admin
1
$40,500
$3,375
Higher pay than national average of $2,900 as previous
healthcare experience required (Indeed, 2023)
Marketing
Executive
1
$37,800
$3,150
Experience in marketing and social media adept, aligned
with national average pay (Talent, 2023b)
UI/UX
Designer
1
$48,000
$4,000
With 1 -3 years of experience with app development,
aligned with national average pay (Talent, 2023d)
Software
Developer
2
$108,000

$9,000
With 1 - 3 years of experience with app development,
aligned with national average pay (Glassdoor, 2023)
Total $234,300 $19,525
Appendix E - CareNow Roadmap
Appendix F - Cost Breakdown
Appendix G - Financial Forecast
Y1
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total Comments (insert any explanatory comments and evidence/justification here)
Sales source 1 - Booking Fee
Elderly and
patient care
No of caregiver shifts
0
0
0
100
150
200
250
300
350
400
450
500
2,700
There are over 2000 facilities in Singapore. We start working with 10 after launch and increase number of facilities by 5
every month, and there is strong demand for shifts to be filled based off market research:
--> 10 facilities need estimated 100 shifts filled a month for a caregiver
Expected to increase by 5 every month due to marketing and WOM based on good reviews
Price per caregiver $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 NIL
No of Nurses shifts
0
0
0
100
150
200
250
300
350
400
450
500
2,700
There are over 2000 facilities in Singapore. We start working with 10 after launch and increase number of facilities by 5
every month, and there is strong demand for shifts to be filled based off market research,
--> 10 facilities need estimated 100 shifts filled a month for a caregiver
Expected to increase by 5 every month due to marketing and WOM based on good reviews
Price per nurse $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 NIL
Specialised
Care
No of carer/nurse shifts
0
0
0
0
2
5
10
13
15
18
20
25
108
Not expecting any take up in first month of launch to give time for them to review reviews. Specialised care is more
niche, we do not expect as much demand as normal care for first year
Price per carer/nurse $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 NIL
Total sales from source 1 $0 $0 $0 $4,500 $6,810 $9,150 $11,550 $13,890 $16,200 $18,540 $20,850 $23,250 $124,740
Sales source 2 - 20% commision
Elderly and
patient care
No of hours - Carer 0 0 0 700 1,050 1,400 1,750 2,100 2,450 2,800 3,150 3,500 18,900 Estimated 7 hours per shift
Price per hour $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 NIL
CareNow's share (20%) $0 $0 $0 $2,800 $4,200 $5,600 $7,000 $8,400 $9,800 $11,200 $12,600 $14,000 $75,600 20% cut from hours charged
Pay to carer (80%) $0 $0 $0 $11,200 $16,800 $22,400 $28,000 $33,600 $39,200 $44,800 $50,400 $56,000 $302,400
No of hours - Nurse 0 0 0 700 1,050 1,400 1,750 2,100 2,450 2,800 3,150 3,500 18,900 Estimated 7 hours per shift
Price per hour $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 NIL
CareNow's share (20%) $0 $0 $0 $3,360 $5,040 $6,720 $8,400 $10,080 $11,760 $13,440 $15,120 $16,800 $90,720 20% cut from hours charged
Pay to Nurse (80%) $0 $0 $0 $13,440 $20,160 $26,880 $33,600 $40,320 $47,040 $53,760 $60,480 $67,200 $362,880
Specialised
Care
No of hours 0 0 0 0 14 35 70 91 105 126 140 175 756 Estimated 7 hours per shift
Price per hour $48 $48 $48 $48 $48 $48 $48 $48 $48 $48 $48 $48 NIL
CareNow's share (20%) $0 $0 $0 $0 $134 $336 $672 $874 $1,008 $1,210 $1,344 $1,680 $7,258 20% cut from hours charged
Pay to nurse/carer (80%) $0 $0 $0 $0 $538 $1,344 $2,688 $3,494 $4,032 $4,838 $5,376 $6,720 $29,030
Total sales from source 2 $0 $0 $0 $30,800 $46,872 $63,280 $80,360 $96,768 $112,840 $129,248 $145,320 $162,400 $867,888
Total Pay to carer (80%) $0 $0 $0 $24,640 $37,498 $50,624 $64,288 $77,414 $90,272 $103,398 $116,256 $129,920 $694,310
Total CareNow's share (20%) $0 $0 $0 $6,160 $9,374 $12,656 $16,072 $19,354 $22,568 $25,850 $29,064 $32,480 $173,578
Sales source 3 - Last minute and weekend/PH shift surcharge (20% commission)
Number of hours extra

0
0
0
700
1,050
1,400
1,750
2,100
2,450
3,150
3,500
3,850
19,950
11 holidays a year and 52 weekends in a year :
1 facility = 4 weekends a month and 1 holiday day and 1 last minute shift = 9 weekend + holiday shifts and 1 last minute
shift= 10 shifts x 7 hours = 70 hours extra pay a month, align with number of facilities as above
Surcharge price $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 NIL
CareNow's share (20%) $0 $0 $0 $280 $420 $560 $700 $840 $980 $1,260 $1,400 $1,540 $7,980 20% cut from hours charged
Pay to nurse/carer (80%) $0 $0 $0 $1,120 $1,680 $2,240 $2,800 $3,360 $3,920 $5,040 $5,600 $6,160 $31,920 Not included in revenue for CareNow as it is part of cost
Total sales from source 3 $0 $0 $0 $1,400 $2,100 $2,800 $3,500 $4,200 $4,900 $6,300 $7,000 $7,700 $39,900
Total Pay to carer (80%) $0 $0 $0 $1,120 $1,680 $2,240 $2,800 $3,360 $3,920 $5,040 $5,600 $6,160 $31,920
Total CareNow's share (20%) $0 $0 $0 $280 $420 $560 $700 $840 $980 $1,260 $1,400 $1,540 $7,980
Total sales $0 $0 $0 $36,700 $55,782 $75,230 $95,410 $114,858 $133,940 $154,088 $173,170 $193,350 $1,032,528 Total sales (including care professionals share)
Total Pay to Care Professionals $0 $0 $0 $25,760 $39,178 $52,864 $67,088 $80,774 $94,192 $108,438 $121,856 $136,080 $726,230
Total revenue to CareNow $0 $0 $0 $10,940 $16,604 $22,366 $28,322 $34,084 $39,748 $45,650 $51,314 $57,270 $306,298 Total share for CareNow (NOT including care professionals share)
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total Comments (insert any explanatory comments and evidence/justification here)
Sales source 1 - Booking Fee
Number of caregiver shifts
Elderly and
Price per caregiver
patient care Number of Nurses shifts
Price per nurse
Number of carer/nurse shifts
1650
$20
1650
$25
150
1725
$20
1725
$25
160
1800
$20
1800
$25
170
1875
$20
1875
$25
180
1950
$20
1950
$25
190
2025
$20
2025
$25
200
2100
$20
2100
$25
210
2175
$20
2175
$25
220
2250
$20
2250
$25
230
2325
$20
2325
$25
240
2400
$20
2400
$25
250
2475
$20
2475
$25
260
24,750
NIL
24,750
NIL
2,460
Expected to increase by 5 facilities every month due to marketing and WOM based on good reviews, increase to 15
Expected to increase by 5 facilities every month due to marketing and WOM based on good reviews, increase to 15
shifts instead of 10
Good reviews so companies trust us more to meet specalised needs
Specialised Care
Total Pay to Care Professionals
Total revenue to CareNow
$523,320 $547,988 $572,656 $597,324 $621,992 $646,660 $671,328 $695,996 $720,664 $745,332 $770,000 $794,668 $7,907,928
$130,830 $136,997 $143,164 $149,331 $155,498 $161,665 $167,832 $173,999 $180,166 $186,333 $192,500 $198,667 $1,976,982
Y2
Expenditures
Business Setup
Insurance
Marketing
Overhead
Staffing
Taxes
Taxes
Technology
ACRA tax $60 $60 Annual Cost
Employment Agency
Insurance
$20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $240
Employment agency insurance cost covers all business and care professionals risks (Provide, no date)
Marketing Expense $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 To engage with government bodies, host up events etc
Virtual Office Address $78 $78 $78 $78 $78 $78 $78 $78 $78 $78 $78 $78 $936 Address legally needed, PO box cannot be used. (Regus n.d.)
Staff Wages (non-owner) $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $19,525 $234,300 Not including 2 founders who will not be getting any fixed salary. profits will be split in half
CPF (income Tax) $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $3,319 $39,828 17% of employees income must be contributed by employer to go into their provident fund (CPF, 2023)
Goods and services tax
(GST) $21,742 $23,563 $25,384 $27,204 $29,025 $30,846 $32,667 $34,487 $36,308 $38,129 $39,949 $41,770 $381,074 7% of total revenue
App Store Fees $124 $124 Annual cost, Apple App Store fee of $99/year. Google Play has a one-time fee of $25. (Tech republic, 2022)
Microsoft Azure Hot Blob Storage @ $0.018/gb . Increase by 100gb per month as more information is needed (box blogs,
Technology
Technology
Debt
Total Expenses
Cloud Platform
Web Hosting Fee
Return of startup capital
$23
$2
$1,427
$47,321
$25
$2
$1,427
$48,959
$27
$2
$1,427
$50,782
$29
$2
$1,427
$52,604
$31
$2
$1,427
$54,427
$32
$2
$1,427
$56,249
$34
$2
$1,427
$58,072
$36
$2
$1,427
$59,894
$38
$2
$1,427
$61,717
$40
$2
$1,427
$63,539
$41
$2
$1,427
$65,362
$43
$2
$1,427
$67,184
$400
$24
$17,121
$686,107
2021)
Monthly package for website domain (Tuca, 2023)
$51,363 loan from parents, pay monthly at 5% interest over 3 years
1 year = $17,121
Per month = $1,426.75
Profit before Corporation Tax
Taxes Corporation tax
Total Profit
Y3
$14,801
$14,801
$18,364
$18,364
$21,744
$21,744
$25,123
$25,123
$28,503
$28,503
$31,882
$31,882
$35,262
$35,262
$38,641
$38,641
$42,021
$42,021
$45,400
$45,400
$48,780
$48,780
$52,159
$47,205
$4,954
$402,677
$47,205
$355,472
Need to calculate profits to calculate corporation tax
$125,000 exemption for first $200,000 . So 17% tax on balance.
Specialised Care
Price per carer/nurse $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 NIL
Total sales from source 1 $78,750 $82,425 $86,100 $89,775 $93,450 $97,125 $100,800 $104,475 $108,150 $111,825 $115,500 $119,175 $1,187,550
Sales source 2 - 20% commision
Number of hours - Carer 11550 12075 12600 13125 13650 14175 14700 15225 15750 16275 16800 17325 173,250 Estimated 7 hours per shift
Price per hour $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 $20 NIL
CareNow's share (20%) $46,200 $48,300 $50,400 $52,500 $54,600 $56,700 $58,800 $60,900 $63,000 $65,100 $67,200 $69,300 $693,000 20% cut from hours charged
Elderly and Pay to carer (80%) $184,800 $193,200 $201,600 $210,000 $218,400 $226,800 $235,200 $243,600 $252,000 $260,400 $268,800 $277,200 $2,772,000
patient care Number of hours - Nurse 11550 12075 12600 13125 13650 14175 14700 15225 15750 16275 16800 17325 173,250 Estimated 7 hours per shift
Price per hour $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 $24 NIL
CareNow's share (20%) $55,440 $57,960 $60,480 $63,000 $65,520 $68,040 $70,560 $73,080 $75,600 $78,120 $80,640 $83,160 $831,600 20% cut from hours charged
Pay to Nurse (80%) $221,760 $231,840 $241,920 $252,000 $262,080 $272,160 $282,240 $292,320 $302,400 $312,480 $322,560 $332,640 $3,326,400
Number of hours 1050 1120 1190 1260 1330 1400 1470 1540 1610 1680 1750 1820 17,220 Estimated 7 hours per shift
Total sales from source 2 $558,600 $585,060 $611,520 $637,980 $664,440 $690,900 $717,360 $743,820 $770,280 $796,740 $823,200 $849,660 $8,449,560
Total Pay to carer (80%) $446,880 $468,048 $489,216 $510,384 $531,552 $552,720 $573,888 $595,056 $616,224 $637,392 $658,560 $679,728 $6,759,648
Total CareNow's share (20%) $111,720 $117,012 $122,304 $127,596 $132,888 $138,180 $143,472 $148,764 $154,056 $159,348 $164,640 $169,932 $1,689,912
Sales source 3 - Last minute and weekend/PH shif t surcharge (20% commission)
11 holidays a year and 52 weekends in a year :
Number of hours extra 8400 8750 9100 9450 9800 10150 10500 10850 11200 11550 11900 12250 123,900 1 facility = 4 weekends a month and 1 holiday day and 1 last minute shift = 9 weekend + holiday shifts and 1 last minute
shift= 10 shifts x 7 hours = 70 hours extra pay a month, align with number of facilities as above
Surcharge price $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 $2 NIL
CareNow's share (20%) $3,360 $3,500 $3,640 $3,780 $3,920 $4,060 $4,200 $4,340 $4,480 $4,620 $4,760 $4,900 $49,560 20% cut from hours charged
Pay to nurse/carer (80%) $13,440 $14,000 $14,560 $15,120 $15,680 $16,240 $16,800 $17,360 $17,920 $18,480 $19,040 $19,600 $198,240
Total sales from source 3 $16,800 $17,500 $18,200 $18,900 $19,600 $20,300 $21,000 $21,700 $22,400 $23,100 $23,800 $24,500 $247,800
Total Pay to carer (80%) $13,440 $14,000 $14,560 $15,120 $15,680 $16,240 $16,800 $17,360 $17,920 $18,480 $19,040 $19,600 $198,240
Total CareNow's share (20%) $3,360 $3,500 $3,640 $3,780 $3,920 $4,060 $4,200 $4,340 $4,480 $4,620 $4,760 $4,900 $49,560
Total sales $654,150 $684,985 $715,820 $746,655 $777,490 $808,325 $839,160 $869,995 $900,830 $931,665 $962,500 $993,335 $9,884,910
Price per hour
CareNow's share (20%)
$48
$10,080
$48
$10,752
$48
$11,424
$48
$12,096
$48
$12,768
$48
$13,440
$48
$14,112
$48
$14,784
$48
$15,456
$48
$16,128
$48
$16,800
$48
$17,472
NIL
$165,312
20% cut from hours charged
Pay to nurse/carer (80%) $40,320 $43,008 $45,696 $48,384 $51,072 $53,760 $56,448 $59,136 $61,824 $64,512 $67,200 $69,888 $661,248
Appendix H - Sensitivity Analysis
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