At the foundation of every strong business is a solid business plan. Therefore, if you’re considering starting your own veterinary practice, a well-crafted business plan is a must. A business plan serves two primary functions. First, it allows you to define your goals and chart a course for their achievement. Second, it provides you with an opportunity to examine the details of practice ownership while forcing you to objectively assess your strengths and weaknesses. Below is an overview of the components of a successful veterinary business plan. For additional information on creating a top-notch veterinary business plan, contact a veterinary start-up attorney.
What to Include in Your Veterinary Business Plan
Proposal
The first step to creating a successful veterinary business plan is to draft a proposal. You should include the following information in your proposal:
- The ideal location for your practice
- A description of your practice
- Long-term goals for your practice
- Short-term goals for your practice
- A timeline for the achievement of your goals
Market Analysis
The next component of a veterinary business plan is a market and target demographic analysis. This analysis should include demonstrable facts and figures. This section of the business plan is particularly important to lenders. The market analysis should also include cost estimates for getting your practice up and running.
Staffing Information
A veterinary business plan should include information regarding how you plan to staff your practice. In addition to creating and attaching an employee manual to your business plan, you should include details regarding projected employee salaries and benefits, employee training, and workforce development.
Marketing Information
Every business plan must include a section that addresses marketing. This section of your plan should include your practice’s advertising budget and strategies. The marketing section of your plan should also include details about your target market.
Personal Information
Finally, your veterinary business plan should include relevant details about your background and an explanation of why you want to open a veterinary practice. You should also be prepared to provide names of references, advisors, and investors.
The Final Takeaway
Owning your own veterinary practice can be highly rewarding and lucrative, and the first step towards making your dream of practice ownership a reality is creating a business plan. However, in order to ensure that you create the most effective plan possible, you should contact an attorney for assistance.
Hire a Veterinary Start-Up Attorney
If you are ready to begin your journey towards practice ownership, you need an experienced veterinary start-up attorney to help you develop your business plan. At Mahan law, our legal team provides comprehensive legal services to veterinary start-up practices on a nationwide basis through our respected network of co-counsel attorneys. And as the owner of an animal hospital, lead attorney Anthony Mahan has the knowledge and real-world experience necessary to help you get your veterinary practice off the ground. Please contact us today to schedule a consultation.