Creating a Business Plan
Consentz continues its series of articles on building a cosmetic medicine business with advice on creating a business plan.
Advice on building a cosmetic business with Consentz, not just the best Clinic Management Software!
A good business plan should portray your knowledge and experience, be highly detailed and include information on all aspects of your business – an introduction into yourself (and your team), the market segment you plan to launch in, your marketing goals, your financial position, and overview on how the business operates and generates money.
Not necessarily in this order your business plan should include details on:
You – Introduce yourself and give a history of your experience. Make this into a story rather than listing a CV. Do the same for your key team members. You are trying to build confidence that you have the right people, with the right experience to achieve the goals you have set out. Be honest and detail any missing skills in your team and how you will hire/train team members to resolve the shortfall.
Your Business – Describe the company ‘accurately and attractively’ by detailing the company’s present status, future goals and expectations. How does it operate, how will it be run efficiently and how is it structured (a good diagram goes a long way)?
The Market – Identify the segment of the market you will be going after and indicate what products/services you are offering to that segment. Perform a competitive analysis and compare your strengths and weaknesses. Highlight any unique selling points you have over them.
Financials – When dealing with financial forecasts be very clear with the numbers used. Explain the catalyst for your expected growth, but always expect growth – no one wants to read a business plan that shows minimal returns! Highlight break even points (when the money used to start or invest in the venture will be recouped) and create at least a three year forecast broken into yearly quarters or months. Be realistic and list any assumptions made.
Marketing – Explain the reasoning behind your branding and how it plays to the market segment you identified. How will you attract new customers (email campaigns, social media, bricks and mortar etc) and any details on advertising plans and ideas.
Finally ask your self these questions:
How you present your plan is up to you but keep in mind the goal of the plan – is it to get investors on board, secure a loan or for use internally?
A good business plan fits the need – does it achieve that?