Starting your own nutrition business is an exciting step. It helps to stay organized, by creating a detailed business plan. Creating a nutrition business plan may sound a bit intimidating, but chances are, the document will contain aspects that you have already addressed.
Your business plan will clearly state your business objectives. It will give you the best opportunity to stay on target, with strategies to grow your business. The plan will give you a picture of the market and business processes, and enable you to prioritize, as your nutrition business develops. You can use the business plan for your nutrition practice to set milestones and track results, so you can adjust your goals and strategies accordingly.
These are the key aspects of creating an effective nutritional business plan:
Create an Executive Summary:
Come up with a catchy name for your nutrition business and the products and services you offer. You may include some background information, about why you elected to go into the nutrition business. It can also include your reasons for introducing the main products to the marketplace. The Executive Summary also outlines your vision regarding:
- The size of your company
- Who the key players will be
- The roles they each will play
- How fast you expect the company to grow
- Your plan for raising capital to get the business going and keeping it afloat
A Detailed Business Description:
This section delves into the vision you hold for your nutrition business. Your vision represents:
- The first step towards branding your company
- Development of a mission statement, to differentiate your company from the competition
- A list of your company’s objectives
- What you intend to achieve for the next year, in five years, and ten years down the road
- Your form or type of ownership
Staffing:
This includes an organizational chart of management positions and their direct reports. Each position should have a job description. Project hires for the future.
Marketing:
Outline a marketing plan that includes:
Trends driving the marketplace, such as technological advances and the economy.
How you will position your nutrition company in relationship to the competition
Demographics; i.e., your target audience, in terms of geographic location, age and gender
A plan to promote your business, that includes:
- Public relations
- Internet marketing
- Paid advertising
- Partnering with other healthcare professionals
- Speaking, writing and networking opportunities.
Products and Services List:
Create a detailed list of the products and services you intend to offer and the cost for each
Timeline:
Set a timeline for your action plan, and include:
- Finding a location
- Hiring staff
- Developing policy manuals
- A “Plan B”, in case your action plan does not work out, as planned
Financial Projections:
Include a profit and loss sheet, a cash flow and gross margin analysis and a break-even analysis. Explain when you expect to turn a profit.
Tip: Conduct online research to grow your nutritional business. Here are some interesting links:
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