Many health and wellness professionals have the passion and the vision necessary to jump-start a business, but they aren’t sure where to begin. Starting a business can be hard, but with the right tools, you can make your vision a reality.
Creating a business plan to give all of your decisions a cohesive direction is a great way to start. In this blog, we’ll go over the benefits and purposes of business plans and provide a general outline to help you get underway.
What is a Business Plan?
Simply put, a business plan is a step-by-step guide that you can use to achieve a specific business goal. For example, a traditional start-up business plan is the initial proposal that a growing business follows as it uses its startup funds to make a name for itself. In later years, a business plan may detail your goals for expansion or increased audience.
Benefits of a Business Plan
A business plan is beneficial for growing businesses because it’s a tool for you to articulate your business and understand the steps it may take to operationalize your vision.
If you're seeking outside investors, your business plan will be an integral tool for sharing your vision. Investors will want to see a clear plan for how you intend to use their investment and what they can expect in return.
Even if your business is self-funded, taking the time to sit down and plan out each step toward your goals will help you remain consistent and efficient in your decision-making.
Types of Business Plans
The depth and breadth of your wellness business plan depend on the funding of your venture. A traditional and detailed business plan is the best option if you want to be funded through a bank loan or investor. A simple and direct business plan is adequate if you're self-funding your wellness center dream.
Lean Plan
A simple business plan can suffice if you’re only using a business plan as a guide to start your venture.
One great tool to use is the business plan option from Lean Stack called LeanCanvas. This will walk you through the individual steps and provide you with a clean and visually appealing business plan.
Traditional Startup Plan
If you are seeking an investor or a bank loan, then you’ll want to follow a traditional business plan format. A traditional business plan has many sections and may take several weeks to complete.
The sections typically include:
- Cover Page
- Table of Contents
- Statement of Purpose
- Executive Summary
- The Business
- Financials
- Supporting Documents
A Breakdown of the Typical Sections in a Business Plan
1. Cover Page
The first section includes the contact information (address, phone number, web page, etc.) for your wellness center or business.
2. Table of Contents
You may want to leave this section until the end. Once all your sections are complete, give the plan a final check for mistakes and correct page numbers.
3. Statement of Purpose
This is where you describe your business to potential investors. It’s helpful to provide a small background of the owner(s) and how they are connected to the business. If you have credentials in the health and wellness industries, this is where you mention that!
4. Executive Summary
The fourth section is a summary of your entire wellness center or business. Focus on one to two key points from each section of your business plan to help create this piece. It’s important to be brief but informative.
Keep the tone professional, watch out for wordiness, and don’t exaggerate any claims. This is another piece that may be easier to complete after the other sections are done.
5. The Business
This section is the meat and potatoes of your new venture. It should include the mission statement, a detailed description of the business, the purpose and goals, marketing strategies, a risk analysis, the operating procedures, the personnel, and the business insurance.
Don’t be afraid of writing multiple drafts of your mission statement. Treat your mission statement as any other writing project; embrace messiness in early drafts. You don’t have to write the perfect mission statement in one sitting.
Here are a few ways to approach your mission statement:
- Write down the values and beliefs of your business
- Brainstorm how your venture benefits customers by linking your values and beliefs to your product
- Have a friend or colleague ask you these questions:
- “Why are you starting this wellness business?”
- “How will your wellness center help people?”
- “What makes your business idea special?”
After the mission statement, describe your business in detail. Give specifics about what makes your business unique, what services you’ll offer the community, and your long- and short-term goals.
Don’t forget to discuss any risks you may foresee, such as financial risks, growth challenges, or competition from other businesses.
This section ends with the marketing plan. How do you plan to gain and retain customers? What tools will you use? What is your overarching marketing strategy to build awareness around your venture? For more help in planning an effective marketing and branding strategy, check out our blog on health and wellness branding!
6. Financials
You most likely won’t have revenue yet, but you can look at projected income from your intended business and model it from a consumer analysis.
How successful were similar businesses in your area? You should also factor in personnel costs, production costs, rent, and any other potential expenses.
If you plan on working with investors or getting a loan from the bank, you’ll want to include your personal financial records and tax returns in this section.
Jumpstart Your Business with ACHS Courses!
You have what you need to make your holistic health business a reality: passion. All you need now is a business plan to create a roadmap, and you’ll be on the path to success!
If the tips in this blog aren’t enough, you can always check out ACHS’ self-paced online business courses to develop the tools you need to manage a growing business. You can do it!
Disclosure of Material Connection: I am professor at American College of Healthcare Sciences, the Institution that publishes this blog. However, all opinions are my own. This blog may contain affiliate links. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
This article is for informational purposes only. It is not intended to treat, diagnose, cure, or prevent disease. This article has not been reviewed by the FDA. Always consult with your primary care physician or naturopathic doctor before making any significant changes to your health and wellness routine.
