The business plan must be in APA format and all references must be in a reference page.
The business plan should include the following components:
- The name of your business
- A description of your business. Describe your idea; purpose, mission, vision, background information, and description of the product and or service. The business must be related to the healthcare field (e.g., a doctor’s office, a home healthcare practice, a new hospital, etc.) Discuss how your business will meet a significant marketplace need or solve a problem or challenge that currently exists in the community. Discuss why you believe it is worth pursuing.
- Targeted location (Where you would propose to establish this business and explain your reasoning).
- Market analysis: Define the target market for your idea, why you think it exists, what you believe to be the size of the market demand for your idea, and who your competitors will be. Discuss how you would bring your product or service to market (how you would go about building or developing your product, service or idea into a real, tangible product or service that customers would want and buy). Perform a S.W.O.T. Analysis.
- Budget: Create a budget that shows and discuss what it would cost in terms of time and resources to bring it to market and make it available to the public. In doing so, outline your plans to mange revenue (compliance management), manufacture the product or perform the service (including the proposed manufacturing process or method of performing the service) and your projection of the production costs, which may include: material labor, employees, salaries, equipment facility, etc).
- Requests for proposal (RFP): Include in your plan at least one product request from vendors for equipment you will need for your business. For example, electronic systems are commonly used in healthcare businesses. You can draft a request to review different electronic systems from various vendors that you might use in your business. Be sure to include details on the type of electronic system needed.
- Discuss risks and or uncertainties within your proposal: Outline what you believe are the most significant risks and uncertainties that you are likely to experience in bringing your idea to market and discuss how you would deal with them.
- Marketing strategy: Discuss your marketing and sales strategies. In doing so, discuss: Your target market, and how you plan to reach that market (e.g. distribution strategy, pricing strategy, promotion strategy). Discuss how your business will offer a unique value proposition and be able to sustain a competitive advantage in the marke. Discuss your marketing plan and budget to promote the business online or offline.
- Discuss expected profit and return on investments: Estimate the revenues you expect to earn, as well as the costs and expenses you expect to incur, and the resulting profits you would expect to earn over the first 3–5 years. Remember, even a non-profit business needs to be able to bring in enough revenues to cover its expenses. Estimate the amount of money you think would have to be invested to get your business started.
- Discuss your assessment of whether or not your business service is likely to be successful.