APMA News - April 2013 - (Page 50)
Small Business 101
From the American Academy of Podiatric Practice Management,
the voice of practice management for the profession.
By John Guiliana, DPM
Creating the Vision for Your Future
Are you thinking about starting a practice? Investing in a
new entity? Purchasing new technology? A well-thought-out
business plan is essential for start-up ventures. It will be required for any credit or other financing, but even if you’re
flying solo, a business plan will help keep you focused on
what you know will create success.
The following are advantages of creating a plan before beginning any business:
1. Directs the Business—A business plan helps others know
your vision for the business.
2. Estimates the Costs—A business plan helps in estimating
the investment needed to start the business. The plan
helps in analyzing the equipment required and the method of obtaining it.
3. Arranges for Funds—A business plan helps illustrate the
concept of your business to bankers and investors.
4. Determines Competitors—A business plan helps in defining competitors that offer similar products and services.
5. Sets Goals—A proper business plan clearly defines the
production goals of the business.
A solid plan includes the following sections:
The executive summary is often considered the most important section of a business plan. This section briefly tells
your reader the current status of your company, where you
want to take it, and why your business idea will be successful.
If you are seeking financing, the executive summary is also
your first opportunity to grab a potential investor’s interest.
Because the executive summary usually appears first in
your business plan, it should highlight the strengths of
your overall plan. For this reason, it usually is the last section you write.
If you have an established business, be sure to include the
Mission Statement—Explains in just a few sentences what
your business is all about.
Company Information—Includes a short statement that
covers when your business was formed, names of the
founders and their roles, number of employees, and business location(s).
50 APMA News April 2013
Products/Services—Briefly describes the products and/or
services you provide.
The executive summary should be clear and concise and
kept to a single page.
This section of your business plan provides a high-level
review of the different elements of your business. It should:
explain how your services meet identified needs;
list the specific consumers your company serves or will
explain the competitive advantages you believe will make
your business a success, such as your location, expertise,
The market analysis should illustrate your industry and
market knowledge as well as your research findings and conclusions. This section should include:
a description of your industry, its current size, and its
information about your target market and how much
market share you can expect to gain;
information about your pricing and profitability;
an analysis of your competition; and
identification of potential regulatory restrictions.
Organization and Management
This section should provide your company’s organizational structure, details about the ownership of your company, and profiles of your management team. It should
owners’ names and their ownership percentage;
forms of ownership (e.g., common stock, preferred stock,
general partner, limited partner); and
management profiles (credentials, experience, etc.).
Table of Contents for the Digital Edition of APMA News - April 2013
APMA News - April 2013
Beat Bunion Blues: APMA’s Spring PR Campaign
Matthew G. Garoufalis, DPM: Presidential Inaugural Speech to the APMA House of Delegates
Nuts and Bolts of the House of Delegates and Resoultions Outcomes
State Advocacy in Focus: Building Relationships
Medicare Advantage: Answering Questions about Coverage
2012 Podiatric Practice Survey: Corporation Type
Podiatric Medical Assistants’ Program at The National Promotes Team Learning
Annual Scientifi c Meeting Registration Forms
Annual Scientifi c Meeting Sponsors
Team APMA 5K Run/Walk
Seeking Award Nominations
Federal Advocacy Forum
APMAPAC Chair Report
Inside APMA’s Social Media
On the Road with APMA
Small Business 101
Worthy of Note
Classifi ed Advertising
Dates to Remember
APMA News - April 2013