Podiatry Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Podiatry Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Podiatry Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Podiatry practices are very economically stable businesses given that they are a medical practice that focuses specifically on issues with the feet and ankles. These companies are able to generate very high-margin revenues through a combination of co-pays, reimbursements from private insurance, as well as income from publicly funded healthcare systems. The barriers to entry for you podiatry practice are very high given that the individual who owns the business must be licensed as a podiatrist. Generally, the startup costs for a new podiatry practice range anywhere from $100,000 to $300,000 depending on location and whether or not a number of podiatrist will be working at the practice initially. The largest expense for starting one of these businesses is the acquisition of medical and surgical equipment. Most financial institutions are willing to place any amount of capital with the podiatry practice given the highly secure nature of the revenue generated from diagnostic and surgical procedures.
As with any business, it is imperative to develop a in-depth business plan. This document should include a three-year profit and loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. Additionally, and overview of the competition that is within any market should also be examined as well. This includes doing a demographic analysis that focuses on the population size, population density, median household income, median family income, the number people have insurance, and the statistical probability of people I have issues with their feet and ankles. This is going to be one of the largest challenges in developing a business plan.
Once the business plan is developed, it is time to write out the podiatry practice marketing plan. This document should focus heavily on obtaining referrals from general practitioners within the local market so that people that have issues with their feet can be referred to the business. Additionally, many podiatrist work closely with endocrinologist in order to have patience I have diabetes come to the practice for those issues. Beyond developing referrals with other healthcare professionals, it is very common for podiatrist to develop their own online platform that showcases the biography of the practicing podiatrist, hours of operation, insurance is accepted, and had to obtain an appointment with the business. While many practitioners maintain profiles on social networking websites – it is not imperative that this is done right away.
The podiatry practice SWOT analysis should focus heavily on the strengths, weaknesses, opportunities, and threats that are commonly faced by these businesses. As it relates the strengths, the revenues are immune from negative economic changes in the barriers to entry are extremely high. For weaknesses, the underlying operating expenses associated with practice can be high given that a number of nurses need to be kept on staff in order to assist the doctor on a day-to-day basis. As it relates to opportunities, any podiatrists will hire Associates that will increase the length of the business law concurrently developing satellite locations. For threats, as with any healthcare focus business there is the risk that reimbursements from both private insurance as well as publicly funded healthcare systems may decline in the future. As such, a podiatrist need to have a very well-developed financial plan that can ensure that any decline in reimbursement will not result in a major loss in profits.