People want solutions-what shortcomings is the business solving right out of the gate in your respective market? How is your business leveraging the chosen location to secure clientele? Answer these questions, and do the research required to build your business plan on a solid foundation. Great practice descriptions include information about why you’re getting into business, what therapy your practice excels at providing, and why your clinic is equipped to provide those services. People want to get a good sense of who they’re conducting business with. Practice DescriptionĪ practice description should tell the reader everything they need to know about who you are, where you’re at, and what you do. Detailed analysis of the rehabilitation marketplace pinpointing your clientele, marketplace growth, and competitor data.įurthermore, you’ll write a summary of your management expertise and projected financials to hook your audience. Opportunity statement to investors or lenders explaining the marketplace for physical therapy and how your clinic will contribute.Mission statement and overlying purpose for creating the clinic.Writing the executive summary for private practices requires market research. Not only does it provide a clear and concise overview for readers, but it promotes other benefits such as attracting potential investors and determining if your practice will be profitable in the long-run. Writing the executive summary is perhaps the most integral part of creating a business plan for your private physical therapy practice. This could include new markets, new referral sources, new markets or just fine-tuning existing strategies. For established practices, the exercise of writing a business plan or updating an existing plan can help provide an opportunity to think about what's working and what's not and to then plot a way forward. Even if you're not planning to seek external funding, having a business plan is crucial to success the plan will act as a roadmap and as a roadmap. Start-ups absolutely need a business plan to guide and aid them in getting loans or additional funding. While business plans are most associated with new practices looking to get open, the reality is that having a business plan can serve all practices. Business Plans Are Not Just for Start-Ups They’re also a fantastic device for goal-setting in all major areas, including sales, expenses, hiring, and financing.So what’s included in a business plan? And how can you write one for your physical therapy private practice? In this article, we’ll break down each section of the business plan and give you the tools you’ll need to write your very own. Excellent business plans provide structure for an organization for the first five years of operation. And while it contains vital information about your finances, management, market, and funding requests-it doesn’t have to be complicated. You Can't Get Where You're Going Without a PlanĪ business plan is an essential formal document and should outline every aspect of an existing or new physical therapy private practice.
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