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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.

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?

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)
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