Practice Description

A practice description provides specific information about the services you offer and who will benefit from those services.

Planning

Developing Your Practice Description

The practice description section of your business plan defines what the business is, why people will seek out the services and provides a guide to govern the business through the inevitable gray areas where you will have to make decisions.


It is important to clearly answer these questions:

  • What will the practice do?
  • Who will it cater to?
  • What is the market demand for the proposed services?
  • What is chiropractic and what does it do for the patient?
  • What products and services will be offered?

Industry Analysis

As part of the practice description, you should also provide an analysis of the business environment on a macro level in terms of the demand for what you (and your competitors) intend to provide. It sets the stage for your reasoning, explaining why there is a demand for the services your practice will provided and whether the market is growing, declining, etc.

Areas you need to address in this section include:

  • Size of the market globally and industry trends
  • Rivals/competition for the health care dollar
  • Technology and how it impacts the market
  • Growth prospects for the market
  • Alternatives to chiropractic (from the public's point of view)

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.