Regardless of what specific sector in the healthcare industry you may be, setting up a medical practice is not too dissimilar from setting up most other types of businesses – you generally need to start by creating a business plan. Continue reading to learn more.

If you have already finished creating a business plan for your practice and are looking to get things underway, reach out to us at MediPro Capital Finance, we can help you with a range of medical business loans to suit your specific circumstances. To get started, call 1300 375 626 or get in touch online.

What Does the Business Planning Process Look Like in a Nutshell?

The business planning process can help you to prioritise strategies, develop roadmaps to achieving your business goals and can help you to prepare for any contingencies you could encounter along the way. The general process of creating a business plan itself, can be summarised in a few key points:

The business planning process can help you to prioritise strategies, develop roadmaps to achieving your business goals and can help you to prepare for any contingencies you could encounter along the way. The general process of creating a business plan itself, can be summarised in a few key points:

  • Determine your target audience – if, for example, you are looking for finance, the business plan you develop for your practice will not just be for yourself. If you are developing a plan for an investor or a lender, you need to keep in mind what they will be interested in seeing. Remember to be professional as you are essentially creating a pitch for your business here.
  • Do your research and due diligence – it is important to be fully up to date and informed on how your business structure, marketing strategies and financial affairs will be set-up. Set goals and targets for your business as this will help you develop a plan for how to achieve them.
  • Update your finances – this is especially important if you intend to seek the help of a lender to fund your start-up practice. Lenders want to know what your current situation is, how much money do you project you will need, and what you can realistically expect to make in the foreseeable future.
  • SWOT–it – SWOT is a helpful acronym that can really drive a realistic early business strategy, it stands for:
    • Strengths – identify the outstanding aspects and the unique value your medical business will be able to offer compared to its immediate competitors.
    • Weaknesses – if you are applying for finance, recognising that you will have to rely (to at least some degree) on external funding shows that you understand the weaker aspects of your enterprise.
    • Opportunities – consider why your proposed healthcare practice is an opportunity. Whether that is a lack of similar healthcare providers in your area or an overall better quality of service that you intend to offer by comparison.
    • Threats – think about what external factors could threaten your business and list them out to show that you are aware of the risks you are liable to be facing as a new healthcare business operator.
  • Summarise – make a to-the-point summary that includes the key details of your business, its intended market, goals, financial position, how much are you hoping to secure in the way of a loan and what you think you will achieve with that given amount. Think of this summary as an elevator pitch, make it clear, concise, to the point and impactful. 

Why is Making a Business Plan So Crucial?

Making a business plan puts you in control of your business from the start, by forcing you to learn about the different factors and forces that could affect your business throughout its lifetime. Most importantly, especially when working with us here at MediPro Capital Finance, it is vital to help you get finance which you will need to start your business up. It is also important to be realistic – an unrealistic plan can damage your credibility – to lenders, overly optimistic plans will raise red flags.


While we cannot help you create a business plan beyond these few tips, we can help you start your new healthcare practice up with a range of medical business loans to suit your specific circumstances. To get started, call 1300 375 626 or get in touch online.



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