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You’re about to embark on your lifelong dream – starting a chiropractic office. This can be a daunting endeavor that requires you to wear many hats, especially at first. You’re a practitioner, a business owner, and a manager. With so many moving parts it can be a bit overwhelming at first blush. But with proper planning and the right tools onboard, it can be a thrilling and expedient ride into a new era of practice ownership. Let’s start with writing a business plan.
Studies have shown that successful businesses started off with a business plan, and chiropractic practices are no exception. Organizations with a business plan perform more efficiently than those who do not have one because business plans characterize the roadmap of achieving your objectives. In the previous article, we went over the basics of a business plan. We will now dive into other aspects that are included in writing a business plan.
This plan deals with a particular industry, Chiropractic, which is why it’s advisable to include near-term projections for the chiropractic profession from reputable sources. You should also include a mission statement for your business, as chiropractic is a healing art as well as a business venture.
It’s important to identify your success metrics. Include information on the metrics of how you will judge the success of your practice. This should include how many patients you intend to treat annually as well as financial measurements.
Putting your financial needs and wants on paper is one of the primary purposes of a business plan. Determine your financing needs by figuring out what you need to invest in, and how much that will cost. Determine the projected expenses and income. List your current financial state and where do you plan to be in a year. Make sure your business plan, but especially the financial part, is rooted in reality.
Plans and Budgets
A chiropractor’s business plan should state everything relating to their business, including:
Always remember that if a lender has any questions about your business or your projections, you must have a solid answer.
After you’ve compiled your chiropractic business plan, compose an executive summary, which outlines all of the major points in the document. The executive summary is placed at the beginning of your chiropractic business plan, even though it is written last. Its purpose is to give readers a quick overview of your plan so that they can grasp the basic concepts. Include a brief description of what chiropractic care is and how you conduct your practice. List any areas of concentration, such as sports therapy.
The executive summary can make or break any financing plans, as a poorly written one can make a lender decide if there is no need to read further. A well-written, compelling plan invites the lender to take a close look at what appears to be a promising venture. Before submitting your plan to a lender, show it to a successful business person for a critique and review. You might also seek guidance from a mentor or another chiropractor when putting your plan together.
Complement your chiropractic business plan with a PowerPoint presentation consisting of 10 to 12 slides hitting the highlights of your plan. Graphics are good but use some photos of your practice or proposed location so viewers receive a personal glimpse into your business. The PowerPoint presentation is an easy way to present this information in addition to the business plan, and it’s something the lender you work with can show to higher-ups who make the ultimate lending decisions.
Once your chiropractic business plan is complete, it should not be relegated to the shelf or stored on your computer and never visited again. Think of it as a living document, and conduct at least an annual review for changes and updates. Plans are just that, plans, and are always subject to change. Economic and other realities can cause you to reconsider your goals and focus on different aspects of your practice. Regular review will let you see if you are meeting your goals and benchmarks, or if the material in the plan is no longer relevant.
Stay tuned. The next article in this business series will take a closer look at securing your finances for your chiropractic business.
ChiroTouch provides this information with the understanding that authors or speakers are not experts in finance, regulatory policy or law. ChiroTouch shares this information to the best of our knowledge and experience.