This section of your business plan defines what the business is, why people will seek out the services and provides a guide to govern the business through the inevitable gray areas where you will have to make decisions.
It is important to clearly answer these questions:
- What will the practice do?
- Whom will it cater to?
- What is the market demand for the proposed services?
- What products and services will be offered?
As part of the practice description, you should also provide an analysis of the business environment on a macro level in terms of the demand for what you (and your competitors) intend to provide. It sets the stage for your reasoning, explaining why there is a demand for the services your practice will provide and whether the market is growing, declining, etc.
Areas you need to address in this section include:
- Size of the market globally and industry trends
- Rivals/competition for the healthcare dollar
- Technology and how it impacts the market
- Growth prospects for the market