How to Write a Business Plan

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The literature on business planning is definitely overwhelmed with books and articles. However, Guglielmo focused specifically on launching a venture in the medical sphere. Below are some pieces of advice for the graduates of medical schools who are willing to try themselves in managing a medical facility.

  • First of all, it is important to carry out a company analysis. The business owner has to decide what services would be offered and at which price.
  • Secondly, industry analysis is to be carried out. At this point, the prospective medical practitioner has to research the market, e.g. to find out which segments are free and which ones are already occupied by others. Additionally, he has to determine which trends prevail and which ones are temporary.
  • The third step provides for the identification of future competitors. Here, it is important to determine who the competitors are and what advantages and weaknesses they possess. The weaknesses could be used to bite their market shares (Lucash, 2015). Also, it is important to define the customers, i.e. the patients that would benefit from the services offered by the medical facility. In this regard, the owner should check the legal requirements as to his venture and obtain all the necessary certificates and licenses to run his medical business (Lucash, 2015). The needs of the patients will determine the marketing plan. The latter should include steps for reaching the customers, advertising the business and increasing the awareness of people about the business in question.
  • The last, but not least three steps include the development of financial plans, operations plan and determining the members of the management team.

Finally, it should be stressed that the previously mentioned steps are not required, but desired. Depending on the field of medical practice, the list of operations might be either extended or shortened. Yet, it is considered as the backbone of success for a medical start-up.