How to write a veterinary practice business plan
by Brian Faulkner, Vetpreneur
Practice management
By Brian Faulkner, BSc (Hons), BVM&S, CertGP(SAM), CertGP(BPS), MBA, MSc(Psych), FRCVS, Veterinary Clinician, Business Consultant and co-founder of Vetprenuer
Securing investment and support is often essential when setting up your veterinary business. To achieve this, you must create a compelling narrative about your practice's journey toward becoming a profitable business. However, the idea of writing a business plan can feel like a daunting task.
In this second in a series of four videos, created and presented by Vetpreneur, the membership organisation for those who wish to set-up, launch and grow their veterinary practice, Brian discusses how to go about writing a business plan.
Keep reading for a quick overview of what is included in the video.
A business plan is a written document that provides a description and overview of your practice in terms of its financial goals and strategy for achieving them. Typically written to persuade financiers, investors and other interested parties that the potential risks and returns associated with investing or getting involved are acceptable.
The standard business plan typically includes the following sections:
A brief overview of the nature of the business, the people involved, the financial investment required and the potential return on investment.
An analysis of the marketplace explaining the Problem, Gap or Opportunity the business intends to address.
Information about the individuals steering the practice.
Including what makes this business unique, novel or superior when compared to existing competitors.
The approach the business intends to use to recruit, build and retain an active client base.
The financial investment required, income and costs forecasts and return on investment over a 3-5 year period.
Watch the video to see how these areas are brought to life within the business plan.
The membership community to set up, launch and grow your veterinary business.
Find out more about Vetpreneur
Join Vetpreneur's Whatsapp Membership Community
