A comprehensive to-do when creating your veterinarian business plan.
You would surely not set out on a road trip without a map and a tank full of gas. In a similar way, strategic business planning is important when you run your own veterinary business. A solid well-developed business plan is the base of any strong business venture. Whether you want to improve your existing practice or you are a first-time practice owner, you need to plan and strategize for the future.
There are two main purposes for creating a business plan. First, it will give you a clear idea of what your goals are and how you will go about achieving them. Second, it will give you a chance to consider the finer points of owning a practice and also helps you consider your strengths and weaknesses.
Components of your Business Plan
Initial Proposal
Start by creating a simple proposal. The following has to be included in the proposal: 1. The ideal location for your practice 2. The description of your practice 3. Short term goal for your practice 4. Long term goals, and 5. A timeline of how you plan to advance your practice over time.
Consider all Details
Next step is to perform a thorough analysis of your intended market and target demographic. Don’t just assume or hypothesize about who your business could serve. If you want people to take your business plan seriously, you must demonstrate facts backed by strong numbers. Even when you are looking for lenders to finance the veterinary business, prospective funders will look at these numbers to assess the risk they may be taking. A sample floor plan and visuals of what the business will look like can also help.
Focus on Customers- No business plan is complete without a platform for reaching out to new customers. Many people who own pets value their pets as a part of their family. The pet owners you will be serving majorly belong within these targeted groups:
- Businessmen/Businesswomen
- Corporate Executives
- Celebrities
- Dog walkers and trainers
- Kennel Stores
- Sportsmen and women
It is easy to imagine how you will take care of animals once they come into your clinic, but it’s a lot harder to get them to come to you in the first place. The business plan should include a strategy and budget to reach out to your target customers whoever you decide you want them to be.
Marketing strategies- Marketing is important because it ensures that your business gets publicity and consequently generates more money. Here is a list of marketing strategies which can be included in your business plan;
- Place adverts in local newspapers, radio, television stations, pet and lifestyle magazines.
- Print and distribute fliers with a first-time incentive like a free pet evaluation in target areas.
- Use your digital and social media platforms.
- Ask your loyal contacts to refer your clinic and offer them incentives in return.
- Sponsor pet-related events in your local community.
- Attend trade fairs and pet events to network and increase awareness of your business.
Gather your Equipment
Veterinary clinics have strict laws guiding their operations. Factors such as zoning laws as well as laws on site; such as, surgery suite, light lumens, and ventilation systems. These legal necessities used in the clinic will need to be considered. There are certain equipment that a veterinary clinic must own. Most veterinary clinics own their own blood analyzers. Along with the basic equipment, the latest technology has begun to impact the veterinary practice as well. Most clinics offer state-of–the–art services and are standardized.
Recruit Staff
You probably won’t be running your veterinary practice alone. Include staffing in your business plan. Also, include the projections for salaries and benefits. Make sure you have a well-thought plan for training and workforce development. You can also create a practice manual to go with this portion of your business plan. Ensure that you hire competent employees with relevant experience. Not only will they understand the business, but also use their expertise to ensure that the business’ intended goals and objectives are attained.
Competitor Analysis
Even though your aim of running a veterinary clinic is to help keep pets healthy and extend their lives, you also should have a profitable goal. Competition in the marketplace will try to vie for this profit and you will have to strategize how to come up on top. For this, there are several competitive strategies you can customize to ensure you are the vet that your customers choose first.
Veterinary business is a creative opportunity with unique benefits, rewards, and opportunities. There are challenges, but you can practice the profession that you love in a whole new way. Before you decide to buy a domain name, purchase a space or hire any staff, ensure that you have done your homework and thought out necessary details. This guide should be used as a checklist but customize it to what your needs are and let us know if you need any help with funding your business in the future.
