During our coaching sessions with you, we often hear that you’re unsure of how to start up your nutrition business or private practice. What comes first, you ask – is it coming up with my business name or brand? Is it handling the legal aspects of my business and setting up my LLC or other business entity? While there are numerous places to begin, here at Healthy Bytes, we suggest starting with drafting your business plan.
The Importance of Having a Business Plan
A business plan provides direction for your business. It helps keep you aligned with your ultimate business goals as well. That way, when an opportunity comes along for your business, you can refer back to your plan. Does that potential opportunity help you reach a wider slice of your core audience? If it does, great! If it doesn’t, then it may be a sign that the opportunity isn’t for you. Or, it may mean that you wish to revise or update your business plan.
A quick search online will provide you with countless business plan templates. One of our favorites is Steve Blank's Lean Startup Method and business model canvas. These tools help you think through what you want your private practice or nutrition business niche to be. Creating a plan forces you to put thought and effort into truly defining what you want your business to be and what will make you happiest!
What to Include in Your Business Plan
Each and every business plan is different, but according to the Small Business Administration, most business plans contain the following:
An executive summary, or a snapshot of your business. What makes your practice unique?
Competitive analysis on your industry, market and competitors
Organizational and management overview – that’s you!
Description of your services or products
Budget and financial projections for the next few years
Once you have your high-level business plan in place, create your marketing plan. These documents go hand-in-hand; once you have your business structure and goals outlined, you’ll use your marketing plan to market and/or advertise your services.
A Word About Timing When Starting Your Business
Don’t let the creation of a business plan hinder your progress. Your plan doesn’t have to be perfect before launching your business. Treat it as a “living” document, one that you can come back to and make changes to as often as need be. And it doesn’t have to be a novel, either! You don’t need a 45-page, densely-written stack of papers to have a legitimate business plan! We’ve seen business plans that are one page to a few pages long.
Good luck! And as always, your Healthy Bytes experts are here to answer any questions that you have about starting your nutrition business or private practice. Sign up for a one-on-one coaching series with us today!