Editor’s Note: Part 1 of this article appeared in the April issue.
I’m not looking for funding ,so I don’t need a business plan. I can’t tell you how many times I’ve heard this statement. However, saying this is essentially the same thought process as, No one else is going to look at my calendar, so there’s no need to have one. This misconception of a business plan being only for someone other than you as an owner of a practice is simply not true.
We often put the business plan on the back burner in the category of, Maybe that’s something I should do, but it doesn’t affect my day to day, so I’ll just wait on that. We think it will take forever, or that we won’t have enough to say. However, there are ways to start a business plan without being overwhelmed.
A Simple Framework
There are different structures to a business plan, and an easy way to start in less than an hour is to use the following simple framework, called the lean startup business plan. While there are others, this is a great starting point if you don’t have a plan already on paper, and it can even serve as a framework to eventually transition into a more traditional, long-form business plan. So, what goes into your lean startup business plan?
1. Key Partnerships
What relationships will be critical to your success? Think about vendors/suppliers, contractors, etc. Are you planning on setting up a pharmacy in your practice? Do you know what herbal manufacturers you plan to use or which ones you are already using? What about your supplies?
2. Key Activities
This is usually described: How will your practice gain a competitive advantage over competitors? Essentially, what makes you unique? Does your practice take insurance? Do you do house calls? Do you offer any non-traditional services?
3. Key Resources
Do you have any initial resources to start (or scale) your business? Do you have initial capital, staff, intellectual property, etc.? Do you have the ability to secure loans, or do you already have plenty of equipment and supplies? What do you have to start or scale?
4. Value Proposition
What makes you and your practice unique? What can someone get with you that they can’t get elsewhere? What are the things you are offering prospective customers/patients? If you need help with this, refer back to my previous articles on storytelling, specifically your industry pitch.
5. Customer Relationships
How will you interact with your patients? Write out the entire customer experience: from them finding you (through Google, referrals, etc.), to booking (online, via phone, etc.), to coming in. Also include the second part of that relationship: retention. How are you getting them to stay with you? What does the entire experience – start to finish – look like in your business?
6. Customer Segments
Who (very specifically) are you serving? Is it pregnant women in Los Angeles? Business owners in New York City? Workers’ compensation patients in San Francisco? Government employees in Washington, D.C.? You can get very specific here and dive into all aspects of your target market and ideal-patient avatar.
7. Channels
How will you communicate with your customers? Via phone, patient portal, online education? Although you don’t have to list any and all ways, this does help add clarity to the customer relationship section.
8. Cost Structure
Part of this is your brand and patient experience. Are you high volume, looking to maximize revenue based on the amount of patients? Most acupuncturists have a physical location, but perhaps you’re looking to lower costs by having a house-call model and charging more per treatment. How will you structure the financial aspects of your business?
9. Revenue Streams
Yes, of course treating patients, but what else? You can even outline cash vs. insurance patients and the different revenue streams you could anticipate from both. However, I encourage you to look at other sources of income beyond the actual acupuncture treatment.
Is there an opportunity in your market to add herbal medicine or other supplementation? Can you sell products? How can you get creative here to have multiple revenue streams, all within your scope and on point with your brand?
There’s No Better Time
Remember: this is a starting point. It doesn’t have to be perfect, and it can be a living document that you add to and adjust as you go. The most important thing is to get started – and know you will have the ability to grow and scale this document as you grow and scale your practice!
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Working with chronically ill patients entails acknowledging the reality that not all patients will survive their diagnosis. Chinese medicine and acupuncture play a crucial role in palliative and end-of-life care, addressing medication and disease side effects, alleviating pain associated with death, reducing anxiety and stress, and helping patients find peace during the dying process.
