How to Write a Nursing Practice Business Plan
A business plan is a document that outlines the operations, financial situation, and management and staff of a business. Business plans are often used to secure investors for start-up companies, but can also be useful to expand and guide the activities of established businesses. When writing a business plan for a nursing practice, you will lay out each aspect of your business in great detail. A well-written business plan requires a great deal of thought and planning.
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Instructions
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Write an executive summary. This section is one of the most important parts of a business plan. It should summarize, in concise and clear language, the type of nursing practice you are starting, the specific medical services you will provide, the management and nursing personnel, and financial information that will keep the practice viable. Spend a considerable amount of time writing the executive summary. Often, it is the only part of the business plan read in depth by potential investors.
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Describe the company. In this section, your goal is to impress the reader with information about your nursing business. Describe the company history, including the reason the business was founded, the medical need it filled in the community, and the successes of the practice so far. If you have a nursing business that specializes in geriatric home care, for example, you might demonstrate a decrease in the number of travel-related injuries to your clients as a result of in-home care. If your business plan is for a start-up nursing business, explain the niche you will fill in the community and why it is important.
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Explain marketing and competition. Describe the ways you will market your nursing practice to attract clients who need your services. In doing so, demonstrate a complete understanding of your target audience. Lay out the marketing strategies you will use to reach customers, and include demographic data. As a part of the marketing section, you should include an analysis of competitors in the nursing market for your region. Are there other companies providing similar services? How will your nursing and administrative staff be competitive? What edge can you bring to the medical needs of the community?
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Lay out financial information. If your business plan is for an established nursing practice, include financial data for the past three years: tax forms, balance sheets, profit and loss statements, and quarterly financial reports. If you are writing a business plan for a new nursing business, lay out the financial needs. Include the dollar amounts needed for start-up costs, such as rental fees, state licensing, inspections, salaries, and administrative overhead.
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Introduce the personnel. An important factor in a successful nursing practice is an experienced, organized staff that will deal well with clients and office duties. In this section, list your board of directors, managers, nursing staff, and office managers. For each person, include a brief biography and details of his professional and educational history. For nursing staff, be sure to include the dates of their nursing licenses to demonstrate adherence to state requirements.
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