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.
Posted in Planning on Tuesday, March 15, 2016
Questions to Answer
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?
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)