subject: 5 Ways To Create A Better Chiropractic Business Plan [print this page] Many chiropractors create a business plan in order to get small business financing. But this isn't the only reason you should take the time to write a chiropractic business plan. Even if you are able to fund your expansion plans out of your own pocket, or through the generosity of a rich uncle, putting your chiropractic business plan on paper can help you see your situation more clearly, thereby greatly increasing your chances of success.
Despite these facts, many small business owners either don't have a business plan, or have a business plan and no longer reflects the realities of their business. What is the explanation for this reluctance? Many people believe that writing a business plan is inevitably very difficult, and they feel they are too busy managing day-to-day operations to spend time on strategic planning. Fortunately, your business plan does not need to be extremely long or detailed to provide useful guidance. Furthermore, if your business plan is for your own personal use, you have complete freedom to use whatever format makes sense to you.
Nonetheless, all effective business plans do have a few things in common. They clearly specify the products or services you will provide, the problems you will solve, and the types of clients that you will serve. A chiropractic business plan also describes your competitors, and explains how you will set yourself apart.
The key to any successful business is the ability to solve the problem for a large enough group of customers. Although this may seem pretty obvious, many small businesses fail because they are offering a product or service that few people really want. If you build your chiropractic business around a proven market such as back pain or whiplash, you can be pretty sure that demand exists. However, if you decide to focus on a smaller, less competitive niche, it will be important to verify that there is sufficient demand.
Once you define the problem that you will attempt to solve, you can find out who your competitors are. Simply put, your competition includes anyone or anything that offers a solution to the same problem. Your competitors include not just other chiropractors, but many types of health care providers, and even manufacturers of prescription and over-the-counter drugs. When the field is this crowded, you need to find ways to differentiate yourself.
In conclusion, don't put off writing a chiropractic business plan because you find it boring or scary. It's much easier to start with a well-designed plan than to change course later on. Finally, don't think that your business plan has to be perfect. Many business plans end up collecting dust in a filing cabinet. Instead, you should treat your chiropractic business plan as a living document to be revisited and revised throughout your professional career.
by: Joshua Beidler.
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