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Buying A Veterinary Practice

How to Create a Veterinary Business Plan

Oct 5, 2017 10:12:37 AM

Create veterinary business planA solid business plan is the basis of any strong business venture. Veterinary practices are no exception. Writing a business plan serves two main purposes in the future of your practice. First, it gives you a clear idea of what your goals are and how you will go about reaching them. Second, it gives you a chance to consider some of the finer points of owning a practice and forces you to consider your strengths and weaknesses, as well as who you will turn to when you need help.

Start With a Proposal

The first step is to create a simple proposal. This will include the ideal location for your practice as well as a description of your practice as a whole. You should also include a long-term goal for your practice and a few short-term goals, as well as a basic timeline of how you plan to advance your practice over time.

Dive Into the Details

The next step is to perform a thorough analysis of your intended market and target demographic. Don't just hypothesize about who your business could serve. If you want people to take your business plan seriously, you need to have demonstrable facts backed up by hard numbers. If you hope to get any lending for the purchase or building of your practice, your lender will be looking for these numbers as they assess their risk in the situation.

You should also have some sample floor plans or visuals of what you want your practice to look like, along with estimates for how much it will cost to build out or purchase a location that matches those specifications.

Think About Human Resources

You probably won't be running your veterinary practice alone. Thus, your business plan needs to include relevant information about how you will staff your practice, projections for salaries and benefits, and a well thought out plan for training and workforce development. Many practice owners create an employee manual to go with this portion of their business plan which will also take time to write and perfect.

Bringing in Customers

No business plan is complete without a platform for reaching new customers. It's easy to imagine how you will serve customers once they arrive, but it's a lot harder to get them in the door in the first place. Your business plan needs to include a budget and a strategy for reaching your target demographic.

Other Details

After all of these points are covered, you will still need to include some information about your background, why you want to own a practice, and who you will be working with. Be prepared to provide names of advisors as well as personal references.

Your business plan needs to cover a lot of territory as far as your dream practice goes. This is your chance to get other people on board with your vision, but it can also prevent you from gathering steam if you fail to provide adequate details.

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