Creating a Business Plan
When starting a private practice, it is essential to write a business plan. This plan will help guide you and aid in decision making. It contains a description of all areas of the business, including its history, services, marketing, and finance.
Follow these steps to create a business plan for your private practice:
Step 1: Find a Template
Various templates and business plans are readily available online. Find one that fits your needs. Entrepreneur offers free templates here.
Step 2: Executive Summary
The executive summary is the first item that appears in the business plan, but it should be written last. This section sums up the rest of the plan in one page so only the most important details should be included.
Step 3: History and Description
Include a brief summary of your practice’s history in this section. How and when you started your practice, picked your niche, and moved into your office are important details to include. This section of the plan can be used to show off your personality and brand identity.
Step 4: Objective
This section should include your mission and vision. The mission statement describes what you want to accomplish and how you plan to achieve your goal. The vision statement describes what you want your practice to look like in the future. This section is important because it communicates ultimate goals to future 1099 contractors and any other staff you may hire.
Step 5: Business Summary
This part of your business plan is a brief description of how you plan to develop your practice once you open and start taking on clients.
Step 6: Market Analysis
Describe your target customer and niche here. Also include research on your area’s key demographics and established practices.
Step 7: Strategy
This section describes how you plan to attract the clients included in your market analysis. Describe how your practice and its services will appeal to clients. Also include a description of your marketing strategy.
Step 8: Implementation
Clarify your practice’s objectives and goals and set specific deadlines for them. Include where you would like to be in 1 year, 3-5 years, and 10 years as well as how you will measure your growth. Number of clients, 1099 contractors, and income are just some of the ways you can do this.
Step 9: Financial Plan
Include a cash flow statement in this section. It will give you a general idea of how you will fund your practice and where you will spend these funds.
Step 10: Exit Strategy
The final part of your business plan summarizes your exit strategy. Describe what you will do if you do not meet your goals.