Business plan development

May 23, 2019

Author: Janet Peter

Introduction

A business plan is an essential step in starting the clinic. A well-prepared business plan can be revisited to help steer the business all along its growth curve. The purpose of writing this business plan is to define the type of business and the prospective position that it intends to be in future. This clarification of purpose and direction will provide an understanding of what needs to be done as it moves forward. To clarify, it is important to describe the business structure and its product and services, cost estimates and income necessary to support its operations.

Business structure

One of the choices one makes when starting a business; the legal structure is one of the most important. The structure of business impacts on the amount of taxes we pay, the personal liability, the ability to raise capital and other finances and the amount of paperwork the business is required to carry out. My business will be a limited company. There are several factors that I considered before settling for a limited company (Dima et al., 2014). The first benefit of registering a business as a company is personal asset protection. Incorporation allows for the separation and protection of personal assets in events of claims or lawsuits against the entity.

The owner of a structured company has limited liabilities against obligations and outstanding business debts. Also, the owner and the business are treated as two different persons in matters of law. Personal asset protection is one of outright benefit that comes from operating a business as a registered company. Secondly, a registered company enjoys enhanced credibility due to the stamp of approval done by adding the Inc. or alternatively an LLC after the name of the business. The distinction as a result of incorporation affords the business with credibility and authority that comes with owning a registered company. Potential partners such as vendors prefer to do business with a registered company.

Thirdly, registering a company is an important aspect in brand protection. Other businesses are unlikely to file an exact corporate name in the state. It helps protect the reputation of the company from being confused with or diminished by others with similar or almost similar names. It also strengthens the business in terms of marketing efforts and brand identity. Various tax advantages are associated with incorporating a business. A corporation is capable of avoiding double taxation of its profits and dividends by retaining them in the firm (Ward, 2016). This form of business allows for the deduction of normal business expenses before allocating income to the owners. It means that money intended to finance the clinic’s growth can be separated from income when determining the actual taxable income.

Monthly cost estimates

Month

Expenses

Clinical site expenses

137510

145000

155000

160000

167000

Employee structure and expense

66000

Supplies

6700

Utilities and other overhead expenses

9000

7100

7200

8300

8700

Malpractice insurance

1500

700

Continuing education expenses

15000

Accounting fees

5800

Marketing

7500

5000

8000

5000

Advertising

3000

Tax

Miscellaneous

1500

15000

Total expenses

238510

240800

250900

275000

292900

Incomes

Month

Income

Service charges

85000

95000

103000

124000

135400

Insurance billing

54000

54700

89000

97800

104500

Drugs and Pharmaceuticals

147800

156000

189000

245000

278000

286800

305700

381000

466800

517900

Conclusion

The proposed independent practice clinic will focus on diagnosing and treating conditions while emphasizing overall health and wellness of his patients. New equipments will be utilized and staff trained to use equipments and optimize care given to each patient. The clinic will make efforts to provide the most comprehensive medical care possible in order to optimize the care and well-being of each patient. Minor procedures will be carried out after explaining both risks and benefits to the patient. Written consent will be required when necessary and patients be referred to specialists when appropriate. Elizabeth Jones will be assisted by employees and specialists in different areas of medicine.

References

Dima, I. C., Grabara, J., & Modrak, V. (2014). Sustainable logistics and business competitiveness. International Letters of Social and Humanistic Sciences, 15 (2), 148-156.

Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.

Carolyn Morgan is the author of this paper. A senior editor at Melda Research in essay writing services New York. if you need a similar paper you can place your order for a custom research paper from nursing writing services California USA.