Business Plan template -Instructions ## Don’t attempt to incorporate EXCEL spreadsheets into this WORD document; it doesn’t work in many cases. ## To incorporate the spreadsheets into the Business Plan: 1. If you are EMAILING, just email me the WORD document AND the EXCEL document. 2. If you are printing and mailing, just print out the required sheets from the EXCEL document and attach to the business plan. You can hand-number these pages or just leave them unnumbered. ## Notes -remove these before submitting your plan! ##Use 3rd person in writing your plan. Say “Dr. Smith” instead of “I/me”. Talk about the practice as if you were describing it from the outside. Page 2 Business Plan for [your practice name] Page 3 Table of Contents Executive Summary ............................................................................................................................................ 4 General Company Description ............................................................................................................................... 4 Type of Firm and Legal Structure ...................................................................................................................... 4 Location (city, state, street) .............................................................................................................................. 4 Office Description ............................................................................................................................................ 4 Office Purchase/Rental .................................................................................................................................... 4 Doctors/associates/employees .......................................................................................................................... 4 Practice Mission .................................................................................................................................................. 4 Product/Service Plan ........................................................................................................................................... 4 Marketing Plan ................................................................................................................................................... 5 Circle of Practice ............................................................................................................................................. 5 Competition .................................................................................................................................................... 5 Population Demographics ................................................................................................................................ 5 Marketing and Promotion Strategy .................................................................................................................... 5 Management Plan ............................................................................................................................................... 5 Owner/Manager .............................................................................................................................................. 6 Key Employees ................................................................................................................................................ 6 Practice Advisors ............................................................................................................................................. 6 Operating Plan ................................................................................................................................................... 6 Office Operations ............................................................................................................................................ 6 Fee Schedules and Financial Policies .................................................................................................................. 6 Office Facilities ................................................................................................................................................ 6 Financial Plan ..................................................................................................................................................... 7 Startup Costs .................................................................................................................................................. 7 Details of Cash Requirements ............................................................................................................................ 8 Year 1 Pro Forma Income Statement ...................................................................Error! Bookmark not defined. Financing Needs .................................................................................................Error! Bookmark not defined. Sources and Uses of Funds Statement ............................................................................................................... 7 Resume ................................................................................................................................................................. 9 Personal Financial Statement ................................................................................................................................. 10 Personal Cash Flow Budget .................................................................................................................................... 11 Appendixes ........................................................................................................................................................... 12 Page 4 Executive Summary ##Write this section LAST! It provides an overview of your practice to our reader. Include a short description of the business, with city/state or country. Describe the purpose of your business. Ask for specific funding amounts. General Company Description Type of Firm and Legal Structure Location (city, state, street) Office Description Office Purchase/Rental Doctors/associates/employees ##You may want to include other details about the practice location and its operations here. Practice Mission ## If you have prepared a practice mission statement or vision statement, include it here. Product/Service Plan • Here is where you describe the unique aspects of your practice. Include details on what makes your practice different from other chiropractors. Page 5 • You may include a BRIEF description of chiropractic here, but limit it to a paragraph or two, Remember, your reader doesn’t know the difference between SOT, NUCCA, and Gonstead. • Discuss the types of patients you want to provide service to, and the services you’ll be providing (hours of operation, rehab services, billing and payment plans, “new patients seen same day,” and other BENEFITS to patients). Marketing Plan Circle of Practice • Your circle of practice is the area from which you can reasonably be expected to draw patients. In a densely populated urban area, it is often about 3 to 5 miles in circumference. In a less densely populated rural area, it might be as much as 30-50 miles. Discuss this area and the people in it. Competition • Include information about your direct competition (other chiropractors, others practicing the same technique) and discuss what makes you different. If your area has a high concentration of chiropractors, discuss why there are not too many in the area. Population Demographics • Provide as much information as you can about the population in the area around your practice. Include overall population statistics and also information such as: average income level, education level, number of households.... You may also include information about hospitals and other health care providers in the area, largest industries and businesses, other striking facts about the area. Marketing and Promotion Strategy • How specifically will you market to this circle of practice? Discuss your overall marketing strategy for the first 12 months of practice, emphasizing the external strategies and mentioning internal strategies. o Advertising o Publicity o Sales Promotion/Specialty Items o Personal Selling o Promotion Budget Include a month-to-month review of your promotion activities and costs. Total each month’s activities. Management Plan Page 6 Owner/Manager ## describe yourself and your management attributes. Refer the reader to your resume and/or write a brief description of your business experience. ##Include your plans for obtaining your license to practice. Key Employees ##Does the practice currently have any employees? Are you bringing someone with you (spouse, significant other) to do some of the work in the practice? Describe the work this person will do. When will you hire employees? What will they do? Practice Advisors ##If you have an attorney or an accountant or a financial advisor, describe these people and their background. If you don’t have them and plan to get them, talk about what you expect these people to do for you. Operating Plan ##This section shows you know how to run an office Office Operations ##Describe a day in your office. Include procedures for new patients, returning patients. Fee Schedules and Financial Policies ##Include a brief fee listing (no more than 1-2 paragraphs). ##Include a discussion of your payment policies, including credit cards, payment plans, insurance processing. Office Facilities ##Describe your expected office layout; include an office layout diagram if you have one. Page 7 Financial Plan $$This list is for information purposes, to remind you which spreadsheet pages need to be included. Startup Costs Cash Flow Statement Pro Forma Income Statement Sources and Uses of Funds Statement ##(Optional)Details of Cash Requirements and Financing Needs ##After you’ve listed all your startup costs, total these and include a brief discussion of the financing needed. ##Provide narrative to explain individual items in cash flow projections. For example: Rent: Assumes rental rate of $$ per sq. foot for 1000 sq. foot office Salaries: Assumes no employees until Month 4, then one part-time employee at $10/hour, 30 hours per week. Advertising: See advertising budget above. Startup needs total [$$ amount]. The owner expects to contribute [$$] of this cost in previous purchases and cash. The balance of [$$ amount] will be financed. It is estimated that the financing amount will result in a monthly payment of [$$ amount], which is included in the monthly cash flow projections. Page 9 Resume ##insert your resume/CV here Page 10 Personal Financial Statement (See 10th tri students section on my web page for a sample) Page 11 Personal Cash Flow Budget ##From “draw calc” page on spreadsheetsPage 12 Appendixes ##You may also want to include additional charts, graphs, other financial data.