So you’re right at the start of your journey into Private Practice; you’ve gone through your main education time and have done your time for the NHS, but now you are starting to put together the foundations of your new Private Practice. Private Practice start up isn’t quick or straight forward, but can be very rewarding.
So with that, it’s probably a good time to start thinking about putting together your business plan. ‘But I know what i’m doing, why do i need a business plan?’ you ask. Well firstly, even the best business people in the world, who have created the best businesses in the world still use business plans and that’s their primary skill set. You are a fantastic doctor and (probably) business isn’t the strongest of your skill sets, or you may not even have the experience to know if it is or isn’t yet, but if you need a bit more persuasion around why business plans are so important then have a look at these reasons:
If you aren’t starting off from the outset knowing what is most important to your business, but also what will take up the most time and resource, you may end up putting far too much time, effort and money into small things, leaving not enough for the more important and resource heavy parts. With a business plan, you can understand what is most important and most resource intensive, allowing you to be able to plan for and designate appropriate amounts of time and resource to each part of the private practice start-up process.
There is a reason that there is an order to starting up a business, each section will have a direct knock on to the next one. Without a plan, you may be doing things without already collecting the relevant and necessary information.
Strategy is key, especially for a business that plans to be successful. A strong business plan sets you up to allow you to be truly strategic in your approach and execution. With a well developed business plan, you will know all about your industry, target markets, competitors and allow you to identify your strengths, weaknesses, opportunities and threats. Once you know your starting environment, you can be truly strategic in your execution moving forward, making decisions based off of knowledge rather than intuition and gut feeling.
Looking to get a loan? Looking for angel investors maybe? Well you are very unlikely to secure the vital funds you need without a business plan. You are able to show exactly how your business works, your understanding of it and most importantly, how the money will work i.e. if you are a good investment and how your financiers will get the money out of it that they need to for it to be worth their while.
‘Fail to prepare, prepare to fail’
It’s a very old saying but still very relevant. Whats the other one? Prior planning prevents… you know the rest.
We believe in strong business plans for effectively setting up in Private Practice are of a paramount importance, hopefully you can now see why. Want any further information on business plans? Take a look at our start-up steps found on your profile.