If you have in mind starting your own massage therapy business, you've probably wondered what is the necessary planning for starting a business? Certainly, doing good planning requires investing the time and energy you could spend practicing massage therapy. However, it is certainly a long-term investment for your business success. If the various tools presented in this article are not guarantees of the success of your company itself, they will certainly improve your chances of success in the adventure.
Business Plan and Massage Therapy Strategies
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Plan # 1: Canvass of the business model
Before discussing the first plan to start a business, it's important to understand what your business model is. The business model is the set of functions, processes and inputs needed to run your business.
In line with this definition, the business model framework allows you to structure your business model in a visual way and thus promotes an overview of your business project.
It becomes easier to illustrate your business model. This facilitates the linking of the different elements and gives you a global vision of your company. Such a template allows you to organize information and summarize your analyzes and reflections throughout your project.
Once completed, your template should contain all the information that will be in your business plan. However, pay special attention to the following. The primary purpose of the business model framework is not to replace the business plan, these two tools are complementary.
The canvas is a tool for structuring and testing your ideas. It allows you to have an overview of the different elements of your company. The business plan is a tool for communicating your ideas.
This is why you need to complete your canvas and test your business model before starting to write your business plan. When all the thinking around your business model is completed and tested, you'll write a concise and useful business plan much faster!
Plan # 2: The Strategic Plan
Strategic planning, is it the art of planning the growth of your business to finally realize that our projects do not come out as planned?
Well yes! It sums up pretty well!
For a self-employed worker, a strategic plan can be complete in just a few pages. This is a document that will allow you to define on a timeline what actions you will need to achieve in order to achieve your business strategies to achieve your business objectives, ie your business vision.
This type of plan allows you to illustrate your business vision and translate it into objectives that will speak to you and motivate you. Then, it will allow you to develop coherent strategies and an action plan to achieve these goals.
Entrepreneurship is uncertain and unstable. To succeed on your account, it is important to arm yourself against the unknown, because, be certain, you will have to face it! In this sense, you probably wonder at this moment: If I evolve in such a changing context, why would I need to draw up a strategic plan when I know that everything will change?
The answer is simple: you will be able to detect faster than a change of strategy is needed and you will be able to react more effectively in this situation.
To illustrate my words, take the image of a mountain to climb. You enter the forest at the base of the mountain. Your strategic plan is your compass. At the top of this mountain is your advertising goal: reach 70 readers per month on your blog for three consecutive months, before your 10th month of operation.
You have your compass (strategic plan) to get there and your climbing tools: 1000-word articles, published bi-monthly on your blog and advertising through the Facebook platform. You realize at your 5th month of operations that you have no more than 20 readers per month, you have not even climbed half of the mountain!
If the summit is achievable (your goal is realistic) and your compass is well adjusted (you have achieved the planned actions), it means that there is something wrong with your tools (you do not use the right strategies ). It's up to you to find the problem later. Do your customers prefer more frequent and shorter items? Do they prefer to interact through your company's Facebook page than through your website?
In short, your strategic plan is there to reassure you (or sound the alarm) against your different development goals. With a good strategic plan, you'll be able to adjust your strategies faster to achieve your business vision more effectively.
Plan # 3: Your Business Plan
The famous business plan ... Too often portrayed as dirt that is hidden under the carpet before guests arrive, it is a real stress for many aspiring entrepreneurs. Yet, the business plan is nothing more than a communication tool. Whether you have not started your business or have been practicing for several years now, the business plan allows you to explain and communicate your business ideas to another person in a text format. When creating your business plan, it’s also important to consider the legal structure of your business, which can vary depending on the state. For instance, forming a Georgia LLC can be particularly beneficial for massage therapy businesses, offering liability protection and flexibility in management. Including this decision in your business plan not only demonstrates that you’ve carefully thought about the legal and financial aspects of your business but also strengthens your overall strategy for long-term success.
While it may be interesting to get some help in setting it up, be aware that the main challenge is not in writing the plan. The real challenge is to create the content. It's about structuring your business in a consistent way (and that's where good entrepreneurship training can help!) In a start-up context, if the business plan is not reserved solely for funding applications, it is widely used to achieve such an objective. Why?
Because it allows to communicate to the financiers the functioning of your company (your business model), as well as your future objectives for the company (your strategic planning), all in a standard text format for the reader.
Is it absolutely necessary to have a business plan in hand when you knock on the doors of banking institutions (or any other type of investor)? Some would say that a detailed business model with supporting evidence will suffice, but the reality is that many financial institutions still require a formal business plan. In this sense, planning properly will greatly increase your chances of getting the amount you want, on favorable terms for you. In concrete terms, it will increase your credibility as an entrepreneur and project leader with investors.
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