"Pin Point LLC" Business Plan 24-0097-0032 10 Pages
TABLE OF CONTENTS Part I. EXECUTIVE SUMMARY...1 Part II. BUSINESS DESCRIPTION...1 A. Location...2 B. SWOT Analysis...2 Part III. OBJECTIVES OF THE BUSINESS...2 Part IV. PROPOSED BUSINESS STRATEGIES...3 Part V. SERVICES TO BE PROVIDED...3 Part VI. MANAGEMENT AND OWNERSHIP OF BUSINESS...4 A. Personnel...4 B. Location...5 C. Business Hours...5 Part VII. MARKETING ANALYSIS...5 Part VIII. FINANCIAL ANALYSIS...6 A. Office Analysis...7 Part IX. SUPPORTING DOCUMENTS...8
Pin Point Page 1 Part I - Executive Summary The United States is having more and more issues with obesity and other health concerns. A lot of people are finding themselves constantly on the run because of today s society and so they aren t finding the proper time to exercise or eat well. The obesity then causes a lot of knee problems and back issues. It is my objective to help with these health issues with my service. More and more people are becoming interested in different forms of solving health issues and acupuncture has been proven to be very successful. My business is providing the unique service of acupuncture. My offices will be located in Richmond, IN but my services will be provided as far as Indianapolis, IN and Dayton, OH areas. I would like to start this business once I get out of college so I can focus on this business. The startup fee is predicted to be $4,964.67 while the monthly fees will be predicted to be $2,344.73. The main reason to start an acupuncture business is to help people with health issues. Acupuncture is a very different form of health care services and is just one of the many aspects to Chinese medicine. My services will not be restricted to just acupuncture, but will also go into different Chinese herbal medicine. The need for alternative treatments is extremely high especially in America. We as a nation are trying to use many unnatural supplement pills to lose weight and to treat illnesses and many people are now seeing the side effects of using harsh medications to our bodies. The interest for acupuncture is going up and now is the right time to open up this service. Part II Description of Proposed Business The main purpose of acupuncture is to promote health and help with pains. Many people have used it for fertility, musculoskeletal problems, insomnia, depression, high blood pressure, stress, and many other health issues. The method in which this service is performed is one that many other health care services do not use. The use of very thin needles pressed into the body at specific points, called meridians, can help alleviate many pains and can cleanse the body of stress and help your body s energy flow. My main focus would be to create a healthy and relaxing atmosphere for my clients and to maintain well being. Acupuncture is just one of the many aspects of Chinese medicine. Chinese medicine includes herbology, physical therapy, and special exercises that are different from the modern branch of Western medicine. Many people turn to acupuncture when Eastern medicine does not work for them anymore. Acupuncture has been proven to be a better method in treating many ailments that
people commonly face today. The most common treatment that people come to acupuncture for is pain and stress relief. Pin Point Page 2 A. LOCATION Pin Point is located within Richmond, but the services, advertisement, and target market will extend to Dayton, OH and Indianapolis, IN. Pin Point 107 SW 3 rd St. Richmond, IN 47374 Placing my office area inside a home provides me with the benefit of adapting my office space to specific changes as needed. It gives the service room a quality feeling as well as a professional one. The mortgage payments towards the business offices inside the house will cost $161. 41. B. SWOT ANALYSIS Strengths Access to many physicians Minimal start up fee Alternative natural medication Devoted management Opportunities Unique alternative medicine Current focus on body image Natural medications and service Reduces dependency on drugs Weaknesses Minimal financial knowledge Small budget Small staff Threats Competition from area hospitals Potential for legal ramifications Limited insurance coverage for clients Part III Objectives of the Business My long-term goal for this business is to become a local leader in the target market for acupuncture. I want to be the best in the business and want to be able to provide the best care that I can give. I also would like to spread information and knowledge about acupuncture and the benefits that it can give people.
Part IV Proposed Business Strategies Pin Point Page 3 Many people do not know what acupuncture is. It is my goal to make sure that they have the right information and can be well informed about it. I will establish good relationships with referring physicians within local hospitals and the targeted market. I will also use flyers, business cards, newspaper advertisements, brochures, and word of mouth to promote my business. I will also develop an online website and provide as much information as I can about my location and the services that I provide. The customer service will also be a major part for my success. Making sure that the client gets what they are asking for and seeing the results they would like to see is going to be one of my main focuses. My short-term goal is to just get started. As part of my start up plan I will pass out brochures to all the hospitals within my targeted area as well as business cards. Making strong connections to physicians around the area is one of the key components to getting started. This will allow me to gain initial clients and continue to grow and spread my name. I will hang up flyers around the area where my targeted clients are most likely to be. My long-term goal is to be extremely competitive with area business in this industry. Not only will I be competing with other acupuncturists, but I will also have Western medicine as a competition. Many people are more likely to go to hospitals to get diseases treated, but I want to provide them with more education about Eastern medicinal practices. Informing the public about acupuncture will give them the choice of treatment. I would also like to grow my company further into the extending areas. I would like to be at this step in my business in about 15 years. This will allow me the time to figure out what works best for me and I would have the clients needed to develop. Part V Service to Be Provided I will provide a consultation service. During the initial consult I can assess what type of treatment the client will need as well as tell the client how many sessions they will need. I can answer any questions they have and provide them with any additional information about acupuncture and different herbal medicines. The first 30 minutes of the consultation will be free, but for every 30 minutes after that there will be a charge of $40.00. I expect that 5% of my profit will come from consultations. The primary source of income will be from the sale of acupuncture and acupressure services. Acupuncture will cover, but is not limited to: diseases of the muscles, bones, and joints. Many people will come back for regular tune-ups, meaning that I will have regular clients. I will charge $100 per session, but this may vary in special cases. I expect that 70% of my profit will come from acupuncture services.
The third part of my profit will come from selling Chinese Herbal medications. I will carry a small inventory of a variety of medications that relate to the treatments that I offer. Many people might feel cautious about acupuncture, but I can accommodate them with this form of medication. These medications can be sold anywhere from $15.00 - $50.00. I expect that 25% of my profit will come from herbal medication. Part VI Management The management of the business will lie with me. I will own 100% of Pin Point, LLC. I will be in charge of patient care as well as performing the actual acupuncture service. It is my requirement that I go through extensive training through an acupuncture school, Everglades University and receive my bachelor s degree in alternative medicine and have two years of training as well. At the end of the training I need to apply for certification through the National Certification Commission for Acupuncture and Oriental Medicine. I need to stay in practice to make sure that I can keep my acupuncturing license. My certification needs to be visible in my offices at all times. I am not highly learned in finances, but hiring a secretary will allow me to conduct my business in an organized and proper way. A. PERSONNEL First Year Salary Monthly Salary Hours per Week Secretary $15,552 $1,296 27 Requirements Graduate from reputable business school Experience in business fields and knowledge in finances Friendly conduct and good attitude Responsibilities Handle all financial responsibility Schedule appointments for clients Future Positions may include: Another secretary Another practiced acupuncturist Pin Point Page 4
B. LOCATION Pin Point Page 5 Having a service like acupuncture requires the setting to be calm and serene. Having a home-operated business and office would be the most ideal location for me as well as my clients. I would be able to control the setting and make it more suited to the clients wants and needs. I will also allow for certain cases to have sessions held at their house. If they are in too much pain to move, or are too sickly, then I will make special trips to see the client in their most suitable location. C. BUSINESS HOURS Day Open Close Monday 9:00 A.M 1:00 P.M Tuesday 1:00 P.M 7:00 P.M Wednesday 9:00 A.M 1:00 P.M Thursday 1:00 P.M 7:00 P.M Friday 9:00 A.M 1:00 P.M Saturday Special Cases Only Sunday Closed Special Saturday cases will be taken in order to accommodate the needs of certain clients who cannot make my office hours. Part VII Marketing Analysis Many people seeking acupuncture are people who have health issues. This includes issues such as infertility and childbirth, nausea and vomiting, muscle soreness, headaches, growing pains, back pain and other body pains, and arthritis. Knowing this information I can come to the basic comprehension that my target market will be adults from the age of 25-80. This does not exclude anyone younger or older though. This can include women and men of all sizes with many different occupations, but I would be targeting people with hectic lives and tough jobs. I ll be sure to spread my name around with local physicians and hospitals because that is where my clients would most likely find out about me and my business.
Pin Point Page 6 Lower Back Pain Headaches 10% 15% Herbal Medication Homeopathy 10% 6% Herbal Medication Homeopathy 14% 24% Acupuncture Acupuncture 61% Traditional Chinese Medicine 60% Traditional Chinese Medicine This information was taken from http://www.biomedcentral.com/1472-6882/11/89. This research shows that out of 150 people who use Eastern medicine as their preferred method of treatment turn to acupuncture the most. Acupuncture.com reported that in July of 2006 one in four hospitals offer some form of alternative treatment and refer their patients to alternative practitioners. In 1998, just 8% of hospitals nationwide offered alternative therapies, but the number increased to 27% in 2005. The interest in alternative forms of treatment is on the rise and now would be the perfect time to open up an acupuncture business. Many cancer patients are now starting to use acupuncture to help them deal with the pains and fatigue of chemotherapy and have seen success in treatment. Part VIII Financial Analysis Item Cost Printer/Fax/Copier Desk Computer Glass Cupping Set Acupuncture Models Fire Cup Glass $149.99 (once) $129.99 (once) $883.95 (once) $130.00 (once) $86.00 (once) $8.00 (once)
Pin Point Page 7 Bio-Hazard Container Acupuncture Equipment Chinese Herbal Medication Office Supplies Planning Notebooks Secretary Salary $9.00 (monthly) $100.00 (monthly) Limit of $300 (monthly) Limit of $70.00 (monthly) $19.99 (monthly) $1,296 (monthly) Business Cards 500 for $14.21 Fliers 500 for $82.80 Newspaper Article $435 (Dayton, OH for 3 days) $450 (Indianapolis, IN for 3 days) $250 (Richmond, IN for 3 days) Estimated Startup Fee: $4,964.67 Estimated Monthly Fees: $2,344.73 A. OFFICE ANALYSIS My offices will be located at 107 SW 3rd Street, Richmond, IN 47374. The house is approximately 2,508 square feet and I will be approximately using 30% of the house for the business. Expenses Cost Phone/ Internet $100.00 Water $40.00 Electric $55.00 Gas $35.00 Malpractice Insurance $83.33 Property Insurance $75.00 Mortgage Payments $161.41
Pin Point Page 8 PART IX -- Supporting Documents Here I will have an informational brochure, a business flyer, articles of organization, a resume, property details, recertification application, a business card, etc.