Free Hearing Aid Store Business Plan
For Raising Capital from Investors, Banks, or Grant Companies!
Please note that the financials
in this complete free business plan are completely fictitious and may not
match the text of the business plan below. This free business plan demonstration
purposes only. If you are interested in purchasing the completed editable MS Word
and Excel documents for this business plan, please click the button below! Also,
the text of the business plan is formatted with a fully automated
table of contents.
It should be noted that there is no special software required to use these
templates. All business plans come in Microsoft Word and Microsoft Excel format.
Each business plan features:
- Excecutive Summary
- Company and Financing Summary
- Products and Services Overview
- Strategic Analysis with current research!
- Marketing Plan
- Personnel Plan
- 3 Year Advanced Financial Plan
- Expanded Financial Plan with Monthly Financials
- FREE 30 Page Sample Private Placement Memorandum
- FREE PowerPoint Presentation for Banks, Investors,
or Grant Companies!
1.0 Executive Summary
The purpose of this business plan is to raise $150,000 for the
development of an audiologist practice and hearing aid store while showcasing
the expected financials and operations over the next three years. Hearing Aid
Store, Inc. (“the Company”) is a New
York based corporation that will provide general hearing
care to customers in its targeted market. The Company was founded by Dr. John
1.1 Products and Services
Dr. Doe will render audiology examination services to his patients. These
services include comprehensive hearing examinations, and co-management with ENT
physicians. The Company will receive direct fees from patients as well as
reimbursement from private insurance companies.
The Company will also recognize substantial revenues from the sales of
The third section of the business plan will further describe the services
offered by the Hearing Aid Store, Inc.
1.2 The Financing
At this time, Dr. Doe is seeking to raise $125,000 via bank loan for the
development of the business. The terms, interest rate, and loan covenants are to
be determined at the time of negotiation. However, this business plan assumes
that the Company will receive a 10 year loan with a 9% interest rate due on the
outstanding principal balance. The financing will be used for the following:
Development of the Company’s Hearing Aid Store location.
Financing for the first six months of operation.
Capital to purchase inventory and equipment.
He will contribute $25,000 towards the development of the practice.
1.3 Mission Statement
Dr. Doe’s mission is to become the recognized leader in its targeted market for sales of
quality hearing aids coupled with audiology services.
1.4 Mangement Team
The Company was founded by Dr. John Doe. The Founder has more than 10 years of experience
as a practicing audiologist. Through his expertise, he will be able to bring the
operations of the business to profitability within its first year of operations.
1.5 Sales Forecasts
Mr. Doe expects a strong rate of growth at the start of operations. Below are the
expected financials over the next three years.
1.6 Expansion Plan
The Founder expects that the business will aggressively expand during the first three
years of operation. Dr. Doe intends to implement marketing campaigns that will
effectively target individuals and families within the targeted market.
2.0 Company and Financing Summary
2.1 Registered Name and Corporate Structure
Hearing Aid Store, Inc. The
Company is registered as a corporation in the State of New York.
2.2 Required Funds
At this time, the Audiologist
requires $125,000 funds. Below is a breakdown of how these funds will be used:
2.3 Investor Equity
At this time, Dr. Doe is not
seeking an equity investment from a third party.
2.4 Management Equity
Dr. Doe will retain a 100%
ownership interest in the Hearing Aid Store, Inc.
2.5 Exit Strategy
If the business is very
successful, Dr. Doe may seek to sell the practice to a third party for a
significant earnings multiple. Most likely, the Company will hire a qualified
business broker to sell the business on behalf of the Audiologist practice.
Based on historical numbers, the business could fetch a sales premium of up to 2
to 3 times earnings.
3.0 Products and Services
3.1 Audiologist Services
Dr. Doe is a licensed
audiologist, and his practice will render general treatment of hearing
disorders, co-management of ear based medical procedures, prescribing of hearing
aids, and comprehensive ear examinations. As stated in the executive summary,
the business will be reimbursed from co-pays, direct patient payments, and
reimbursements from insurance companies.
3.2 Sales of Hearing Aids
The bulk of the Company’s
revenue will come from the ongoing sale of prescription hearing aids. The
business will carry an expansive line of hearing aids. Management expects that
approximately 60% of the Company’s revenues will come from this revenue center.
4.0 Strategic and Market Analysis
4.1 Economic Outlook
This section of the analysis will detail the economic climate, the audiologist and hearing care
industry, the customer profile, and the competition that the business will face
as it progresses through its business operations.
Currently, the economic market condition in the United States is moderate. Unemployment
rates have declined while asset prices have risen substantially. However,
audiology practices operate with great economic stability as people will
continue to require care despite deleterious changes in the general economy.
4.2 Industry Analysis
Audiology practices as well as hearing aid stores provide aggregate revenues of
$3 billion a year and employ 15,000 people. There are approximately 5,000
private hearing aid stores in the
The industry is expected to
grow faster than that of the general economy as many baby boomers will require a
greater level of hearing care and hearings aids over the next ten to twenty
4.3 Customer Profile
The Hearing Aid Store, Inc.’s
average client will be a middle class man or woman living in the Company’s
target market. Common traits among clients will include:
Annual household income
Lives or works no more than 15
miles from the Company’s location.
Has medical insurance with
audiology and hearing aid purchase coverage.
4.4 Competitive Analysis
This is one of the sections of
the business plan that you must write completely on your own. The key to writing
a strong competitive analysis is that you do your research on the local
competition. Find out who your competitors are by searching online directories
and searching in your local Yellow Pages. If there are a number of competitors
in the same industry (meaning that it is not feasible to describe each one) then
showcase the number of businesses that compete with you, and why your business
will provide customers with service/products that are of better quality or less
expensive than your competition.
5.0 Marketing Plan
Hearing Aid Store, Inc. intends
to maintain an extensive marketing campaign that will ensure maximum visibility
for the business in its targeted market. Below is an overview of the marketing
strategies and objectives of the practice.
5.1 Marketing Objectives
Develop an online presence by developing a website and placing the Company’s name and contact
information with online directories.
Implement a local campaign with the Company’s targeted market via the use of flyers, local
newspaper advertisements, and word of mouth.
Establish relationships with referring physicians within the targeted market.
5.2 Marketing Strategies
Dr. Doe intends on using a
number of marketing strategies that will allow Hearing Aid Store, Inc. to easily
target men, women, and families within the target market. These strategies
include traditional print advertisements and ads placed on search engines on the
Internet. Below is a description of how the business intends to market its
services to the general public.
The Company will also use an
internet based strategy. This is very important as many people seeking local
services, such as audiologist or hearing aid stores, now the Internet to conduct
their preliminary searches. Dr. Doe will register the Hearing Aid Store with
online portals so that potential customers can easily reach the business. The
Company will also develop its own online website.
The Company will maintain a
sizable amount of print and traditional advertising methods within local markets
to promote the general audiologist services and hearing aids that the Company is
In this section, describe the pricing of your services and products. You should provide as much
information as possible about your pricing as possible in this section. However,
if you have hundreds of items, condense your product list categorically. This
section of the business plan should not span more than 1 page.
6.0 Organizational Plan and Personnel Summary
6.1 Corporate Organization
6.2 Organizational Budget
6.3 Management Biographies
In this section of the business plan, you should write a two to four paragraph biography
about your work experience, your education, and your skill set. For each owner or
key employee, you should provide a brief biography in this section.
7.0 Financial Plan
7.1 Underlying Assumptions
The Company has based its
proforma financial statements on the following:
Hearing Aid Store, Inc. will
have an annual revenue growth rate of 16% per year.
The Owner will acquire $150,000
of debt funds to develop the business.
The Company shall settle most
short term payables on a monthly basis.
7.2 Sensitivity Analysis
In the event of an economic
downturn, the Company will not see a major decline in revenues. Audiology
services and hearing aids are in demand regardless of the general economic
climate as they are an essential service for health.
7.3 Source of Funds
7.4 General Assumptions
7.5 Profit and Loss Statements
7.6 Cash Flow Analysis
7.7 Balance Sheet
7.8 General Assumptions
7.9 Business Ratios
Expanded Profit and Loss Statements
Expanded Cash Flow Analysis