Welcome to the third article in our physical therapy private practice business plan blog series. This article explains exactly what to include in the Business Description section.
The Importance of the Business Description
In this section of the Plan, you will want to describe your practice and what it does. You should discuss when your business formed, and explain your Mission Statement in some detail. These points help tell your story and allow others to connect with you. Approaching the description of your business in this way can also serve as your own reminder of why you got started in the first place. For example, was starting your own PT business a way of guaranteeing a certain level of care for your patients? Did you want to treat patients in a way that larger clinics seem not to?
Exactly What to Include
There are certain points that should be covered in your physical therapy private practice Business Description section.
1. Explain your Legal Name and Form of Business (e.g. LLC, PC)?
2. Company Objective/Statement of Mission. What is your business model? Where will you be located and what is your patient catchment area? What/who are your revenue/referral sources? Do you have special business relationships that offer you an advantage?
3. Describe the Management/Leadership. Who are the Principal(s) and how will you configure your staff?
4. Describe the Service that you and your staff will perform. How will it be “better” than the level of service provided by any competitors? What are some of the Market opportunities in your area?
5. Explain the Financial Status of your start-up. To date, what expenses have you incurred and how did you pay for them? How much do you need to borrow to get past the start-up phase of say, six months? What is your projected growth?
6. Development Stage and Milestones Achieved to Date. Describe where you are with your start-up. Have you lined up clinic space yet? Do you have quotes for equipment? Have you interviewed any prospective staff? What hurdles, if any, have you gotten past thus far?
What Lenders Look For
Answering questions like the above in your Business Description narrows your focus and shows potential lenders just how you are viewing your new business. This effort also highlights any goals/accomplishments you have reached to date, and demonstrates to potential lenders that you are both serious and committed to making your new business a success.
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