Business Plan Basics

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We all want more visitors to our practices, more qualified leads, and more revenue. Unfortunately, starting a chiropractic practice isn't usually a "if you build it, they will come" situation. If you are to build a successful practice, you have to create a business plan, assess finances, complete legal paperwork, carefully choose your associates, pick the best tools and systems to get your marketing plan and sales going...and a whole lot more!

What Is a Business Plan?

Let's start with business plans. A business plan is a living document that outlines the details of your chiropractic practice. It covers how your business will be structured, what services you will offer, what the market looks like, how you plan to sell your products/services, required funding, financial projections, and required leases, permits, and other documentation. 

How To Make A Business Plan

  1. Determine what makes you stand out - Consider what sets you apart from other chiropractic practices and differentiate yourself from them.
  2. Keep it simple- A good business plan is short and concise. Too many details aren't helpful and will only distract stakeholders. Instead, know those details, but keep them stored separately. 
  3. Be flexible - A successful chiropractic practice can should evolve over time, and so should your business plan! It is a living document after all, and should be treated as such. .

Determine What Makes You Stand Out:

Before you dive right in to your business plan, think very carefully about what makes your practice unique. How exactly does your chiropractic practice differ from the next one in your town?

What is it that makes your practice stand out from others? Are you planning on focusing on accident-related injuries, chiropractic for pregnancy, chiropractic for pets? Does a certain percentage of your proceeds go to a local charity? Do you promote overall health and wellness with the use of other treatments?

Keep in mind that you aren't just selling your product or service. You are selling a combination of your skills and experience, products, and value. By thinking through these big questions and outlining them before you dive into business plan research, you will set yourself up for success.

Keep It Simple

Today's business plans are more short and concise than they once were. You might be tempted to include all the results of your market research, outline the exact design of your website, and explain every product you will sell, but that won't actually provide any help in your business plan's format.

Those details are all important, but can be kept elsewhere. You want to exclude everything but the core details. While your business plan shouldn't simply be a quick read, it should be relatively easy to skim.

Be Flexible

You can (and should) change your business plan as you go. Because the plan is a living, breathing document, you can update it as things change. For example, you might look to update the business plan a year or two after opening if applying for a new round of funding. 

There is, of course, more to building a successful business plan. If you keep these tips in mind, you'll be off to a great start!

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