APR 2014

MedEsthetics—business education for medical practitioners—provides the latest noninvasive cosmetic procedures, treatment trends, product and equipment reviews, legal issues and medical aesthetics industry news.

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By So and So 24 APRIL 2014 | Med Esthetics © ISTOCKPHOTO.COM BUSINESS CONSULT | By Jay A. Shorr BUSINESS CONSULT | A detailed business plan is key to practice success. You've completed medical school, internship and resi- dency, and possibly even worked as an associate at an established medical practice. Now your dream of opening your fi rst practice is within reach. But where do you start? A solid business plan is an integral part of any entrepre- neurial venture. If you plan to borrow money or attract in- vestors, a business plan is essential. If you are self-funded, a business plan functions as a roadmap that will help you determine where you are going, how you will get there, and once you arrive, how you are going to stay solvent and keep growing. A physician who is launching a new practice typically creates a business plan. But they are also helpful tools that can be used to improve operations in a struggling practice or to help ensure the successful launch of a new proce- dure or satellite offi ce. Following, we highlight the key components of a prac- tice business plan. ; Operational Plan: The operational plan is an essen- tial component of the business plan. It defi nes the struc- ture of the new business and outlines how the practice will be organized and managed. The operational plan tells the lenders and investors how you will create your product and deliver it to the consumer. The operational plan includes details such as where your business will be located, your timeline and operation- al costs, vendors and quality control measures. In short, this section explains how you will take your practice from concept to reality. This section should also include your mission statement, which spells out your unique identity and goals as a medical provider. Those who review business plans know the importance of a well-thought-out operational plan and place consider- able weight on this section, since it can signal the success or failure of a business. This document will also give the entrepreneur an opportunity to work out potential prob- lems on paper prior to commencing operations, acting as a guidebook on quality control, inventory management and purchasing procedures. The operational plan tells lenders and investors how you will create your product and deliver it to consumers. Crafting a Business Plan B u s i n e s s C o n s u l t M E D 4 1 4 . i n d d 2 4 Business Consult MED414.indd 24 3 / 1 3 / 1 4 9 : 1 7 A M 3/13/14 9:17 AM

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