2018 Strategy Planning
- Posted on: Jan 25 2018
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2018 Strategy Planning
Medical Spa or Aesthetic Practice Benchmarks for Success
Need help creating a bank-ready business plan from start-up to expansion?
A professional, well-thought out business plan is a must for a new med spa or aesthetic wellness practice in order to secure financing. A business plan will help your anti-aging practice set goals and achieve them. Let’s review some of the most important components of a business plan. Stop! Do you need a business plan or a strategy plan? It’s based on your need for a loan.
The Executive Summary
The Executive Summary is typically the first page of the business plan and provides an outline of the plan. Clearly state what you’re asking for in the summary. In this summary, you will note how many patients/clients you have secured in your practice. You will list what differentiates your practice from the competition. In two sentences, name 3 competitors and the reasons why a potential patient would choose your practice over another. What is your Unique Selling Proposition (USP)? Compile 3 – 5 year projections of your financial revenue goals. If you are soliciting funds, you will state the amount you desire, what purpose the funds will serve, and how the influx of funds will increase revenue. You must take many things into consideration. Buying a building or renting a space? Space planning and design are very important to remember to include in your numbers.
Next is the business description. First, offer an overview of the industry, including the future outlook. Then describe how your practice solves a problem or meets a demand in the industry.
Market strategies offer a market analysis. This includes defining your target markets. Who is your target market? Try to figure out a unique niche in your community.
The competitive analysis will show the strengths and weaknesses of the competitors within your market and offer strategies that will provide you with a distinct advantage. It will delve into your practice’s points of difference that will grant you a winning edge over the competition and will allow your practice to take advantage of any weaknesses that exist in the current marketplace. Clearly define your Unique Selling Proposition.
Design & Development Plan
The purpose of the design and development plan is to outline your plans for marketing the practice and to create a development budget that will enable you to meet your revenue goals.
Operations & Management Plan
The operations and management plan demonstrates your insight into how your business will function on a daily basis. This includes the various responsibilities of the management team, the tasks assigned to each division within the practice, and the capital and expense requirements related to the operations of the practice.
Financial factors describe revenue numbers by month with a minimum of 2 years of projections. This section will also describe annual projections for the next 5 years.
More information on creating a plan to expand your current practice or to launch a new business may be found on page 10 of my critically acclaimed book, Beautifully Profitable, Forever Profitable, now in its 5th edition on Amazon. Click this link to direct you to our website for more information.
If you only need planning assistance to start or grow your business, we can help guide you in creating a USP or a strategic plan that will save you money and time. You might not need a full business plan. We may suggest a strategic plan or a mini plan over paying for the creation of a full business plan.
Beautiful Forever offers Financing Options for start-up or practice expansions or SBA loan options with quick response times. Connect with us for details. Check out our website at www.beautifulforever.com
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