Episode 10: Why You Need A Business Plan

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November 17,  2020

The reason to write a business plan is for you. Sure--you may eventually show it to someone else--like a partner or if you are trying to get financing. But the real reason is that it is a road map for you and your business. 

Your "why" for writing a business plan is that the clearer the plan, the more detailed with the specifics of execution, the more likely you are to succeed. Why? Because business success is based on data driven analysis--not wishful thinking and an idea. And, of course you want to have a plan to set yourself up transform your idea into a successful reality.

Here are the key components of the business plan:

  • Executive Summary
    • Even though this is first, write it last
    • Essentially this is your elevator pitch
  • Company Description
    • What problem do you solve?
    • Who is your ideal client?
    • What's your niche?
  • Market Analysis
    • Who's your competition?
    • What can you do better?
  • Organization
    • How is your business organized?
    • Who's responsible for running the business?
  • Service
    • What service do you provide?
  • Marketing
    • What is your marketing plan?
  • Financial Projections
    • First year--monthly--outlining your ramp up of revenue, your start up and operating expenses
    • Subsequent years can be projected either quarterly or annually

If you want help starting your own practice  sign up for the How to Start Your Own Practice course waitlist! People on the waitlist will receive early -bird access to the course, bonus and a significant waitlist-only discount for the course. 

Join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

If you would like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com .

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