Are you about starting a naturopathy clinic? If YES, here is a complete sample naturopathy clinic business plan template & feasibility report you can use for FREE.
When it comes to starting a naturopathy clinic, you are required to first look at the existing laws in the country or the State you reside in because there is hardly any country that does not pay serious attention on their health sector. The health industry or alternative medical practice industry is usually highly regulated so as to guard against the infiltration of quacks.
A Sample Naturopathy Clinic Business Plan Template
1. Industry Overview
The alternative medicine industry has been in existence as far back as modern civilization and it is common to find naturopathy clinics in the india, China, Japan and most countries in Asia. Naturopathy is a complimentary medical practice that uses natural remedies to help the body heal itself. It embraces many therapies including herbs, massage, acupuncture, exercise, and nutritional counseling.
It also includes therapies from the sciences of clinical nutrition, botanical medicines, homeopathy, physical medicine, exercise therapy, lifestyle counseling, and hydrotherapy, which is the use of water to treat a disorder or disease.
Please note that licensed and registered Naturopathic Doctors must fulfill state-mandated continuing education requirements annually and have a specific scope of practice as defined by their state’s law.
The Alternative Medicine Industry is a well – established industry in the united states, Canada, and Australia; the industry works hand in hand with other manual therapy related professions such as naturopathy, chiropractic, massage therapy, osteopathy, and physical therapy et al. Most of the people who seek the services of naturopathy care do so for any kind of ailment.
The Alternative Medicine industry is projected to grow slowly due to reservation about the field’s validity. On the other hand, the number of people who are over the age of 50 is rising, supporting alternative medicine industry demand, and healthcare reform is expanding the number of individuals with health insurance policy cover, boosting revenue growth.
In the next few years, sustained public uncertainty of the industry will likely continue to limit the industry growth, but on the other hand, naturopaths are positioning their business to take advantage of newfound consumer interest in complementary and alternative healthcare.
In addition, the reform in the healthcare sector will also continue to positively impact the industry, even though it will likely impact profit margins negatively. The Alternative Medicine industry that naturopathy clinic is a part of is indeed a very large industry and pretty much active in all the parts of the world.
Statistics has it that in the United States of America alone, there are about 232,562 registered and licensed alternative medical clinics responsible for employing about 292,324 and the industry rakes in a whooping sum of $18bn annually. The industry is projected to enjoy 4.4 percent annual growth 2013 to 2018.
More people are entering into the alternative medicine industry because the entry barriers in this industry are moderate compared to the medical industry.
The major obstacle to aspiring entrepreneurs who want to start their own naturopathy clinic business is that they are expected to obtain medical licensure. This so because any practitioner in this industry must be appropriately licensed before they can be allowed to practice.
In order to earn a naturopathy license, aspiring entrepreneurs must prove that they have received adequate education and that they uphold basic ethical standards. Just like any other regulatory entry barrier, licensure has the effect of controlling supply in the industry and generating security for incumbent practitioners.
As a matter of fact, it is absolutely compulsory for any investor who is looking towards starting a naturopathy clinic to meet extensive federal, state and local laws and regulations. These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures.
Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with building codes and environmental protection laws. These regulations make it difficult and costly for aspiring entrepreneurs to enter the industry.
If you are considering starting your own naturopathy clinic in the United States, then you should try and work around the industry barriers.
2. Executive Summary
Green Life® Naturopathy Clinic, Inc. is a registered and licensed naturopathy clinic that will be located in Corpus Christi – Texas. We have been able to secure a standard facility that is located in the heart of town. Aside from the fact that we will start our naturopathy clinic in Corpus Christi, we intend to have strong presence in the whole of Texas.
Green Life® Naturopathy Clinic, Inc. is in business to offer core natural treatments and many therapies, including herbs, massage, acupuncture, exercise, and nutritional counseling et al. We are well trained, equipped and positioned to offer naturopathy therapies and treatment in a systematic way to individuals, families or communities in a caring, and professional environment.
We are in the alternative medicine industry to deliver excellent naturopathy treatments to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in The United States of America.
Our clinic facility will be open round the clock to attend to clients and we will also offer home services as requested by our clients. Our work force will be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers (patients). We have put structures in place that will enable us accept insurance payments as well as private – party payments from our clients.
Green Life® Naturopathy Clinic, Inc. will ensure that all our clients are given first class treatment whenever they visit our clinic. We have a CRM software that will enable us manage a one on one relationship with our patients no matter how large they grow to.
Green Life® Naturopathy Clinic, Inc. is a family business that is owned and managed by Dr. Clement Winston – Stone and his immediate family members. Dr. Clement Winston – Stone is a licensed Naturopath and Acupuncturists Therapist (AANP – American Association of Naturopathic Physicians and American Naturopathic Medical Certification Board (ANMCB)) with robust experience and education in the alternative medicine industry.
He will be bringing in his vast experience and expertise to help the organization grow to become one of the leading naturopathy clinics in the United States of America.
3. Our Products and Services
Green Life® Naturopathy Clinic, Inc. is in the alternative medical practice industry with the goal of becoming a leader in the industry. We will work hard to help people who don’t feel comfortable with western medicine and would rather opt for nature cure for their aliments.
We area also in the industry to make profits and we are going to do all that is permitted by the laws in the United States of America to achieve our business aims and objectives. These are the naturopathic treatment that Green Life® Naturopathy Clinic, Inc. will be offering;
- Naturopathy – cancer treatment
- Naturopathy – infertility treatment
- Naturopathy – fibromyalgia treatment
- Naturopathy – asthma treatment
- Naturopathy – diabetes treatment
- Retailing of naturopathy and other alternative health products
- Diagnostics services
4. Our Mission and Vision Statement
- Green Life® Naturopathy Clinic, Inc. is established with the single vision of providing timely and effective natural treatment for all sickness.
- Our mission as a naturopathy clinic operating in the United States of America is to become the go to clinic when it comes to natural treatment of all ailments.
- We want to be in the fore – front when it comes to promoting natural treatment as a safe form of treatment.
Our Business Structure
Green Life® Naturopathy Clinic, Inc. will be built on a solid foundation and we have decided to recruit only qualified professionals to man various job positions in our organization. We are quite aware of the rules and regulations governing the alternative medicine industry which is why we decided to recruit only experienced, licensed and qualified employees.
We hope to leverage on their expertise to build our business. These are the positions that will be available at Green Life® Naturopathy Clinic, Inc.;
- Chief Executive Officer (Owner)
- Chief Naturopath
- Nurse
- Marketing Executive
- Cashier (Counter Agent)
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Executive Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Signing checks and documents on behalf of the company
Chief Naturopath
- Responsible for handling naturopathic – cancer treatment
- Responsible for handling naturopathic – infertility treatment
- Responsible for handling naturopathic – fibromyalgia treatment
- Accountable for handling naturopathic – asthma treatment
- Responsible for handling naturopathic – diabetes treatment
- Diagnose and treat patients
- Provides natural, drugless, nonsurgical health treatments
- Refers patients to or consult with other health practitioners
- Handles general naturopathic treatment
Nurses/Nurse’s Aides
- Responsible for managing our patients
- Handle personal injury case management
- Offer medication management services
- Assist the naturopath in treating patients
Marketing Executive
- Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information as it relates to those who need our services
- Sources for clients for the clinic
- Responsible for promoting the clinics’s image
- Responsible for creating marketing and sales strategies, etc.
- Represents the organization in some strategic business meetings
- Handles any other duty as assigned by the Chief Executive Officer
Accountant/Cashier (Counter Agent):
- Receives payments on behalf of the organization
- Issues receipt to customers
- Prepare financial report at the end of every working week
- Handles financial transaction on behalf of the company
- Interfaces with our bankers
- Responsible for payment of tax, levies and utility bills
- Handles any other duty as assigned by the Chief Executive Officer
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives clients on behalf of the organization
- Receives documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distribute mails in the organization
6. SWOT Analysis
Green Life® Naturopathy Clinic, Inc. do not intend to launch out with trial and error hence the need to conduct a proper SWOT analysis. We know that if we get it right from the onset, we would have succeeded in creating the foundation that will help us build a standard naturopathy clinic that will favorably compete with leading naturopathy clinics and alternative medicine facilities in the United States of America.
We engaged the services of professionals in the area of business consulting and structuring to assist our organization in building a structured naturopathy clinic that can favorably compete in the highly competitive alternative medicine industry in the United States.
Part of what the business consultant did was to work with the management of our organization in conducting a SWOT analysis for Green Life® Naturopathy Clinic, Inc. This is the summary of the SWOT analysis that was conducted for Green Life® Naturopathy Clinic, Inc.;
- Strength:
Our strength lies in the fact that we have a team of qualified, experienced and licensed professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of Corpus Christi – Texas.
Our location, the Business model we will be operating, opening 24 hours daily and 7 days in a week, home services, multiple payment options, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.
- Weakness:
The major weakness that we will be confronted with is the fact that we might find it difficult to import some herbs that are necessary for the treatment of some ailments into the United States because we may not have the capacity to import in large quantities especially as a startup.
- Opportunities:
The opportunities that are available to naturopathy clinics are unlimited considering the fact that we have a growing population that are opting for natural treatment in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in Texas.
- Threat:
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). Other threats that may likely confront us are sustained public uncertainty of the industry and the arrival of a bigger naturopathy clinic in same location where our outlet is located.
7. MARKET ANALYSIS
- Market Trends
One of the trends that has positioned alternative medical practice to be on the rise is the fact that they are now properly regulated and conventional healthcare providers now find it convenient to advice their patients to opt for natural treatment.
If you keep tab with the trend in the alternative medicine industry, you will agree that the industry is indeed growing despite sustained public uncertainty of the industry which is why naturopathy clinic franchises are now selling faster than before. It is now easier to find naturopathy clinics in places that ordinarily you would not find one; places such as residential estates, business districts, and farmers’ market and even in shopping malls et al.
More people are entering into the alternative medicine industry because the entry barriers are moderate compared to the medical industry. The major obstacle to owning a naturopathy clinic business is that you are expected to obtain medical licensure. This so because any practitioner in this industry must be appropriately licensed before they can be allowed to practice.
In order to earn a naturopathic license, aspiring entrepreneurs must prove that they have received adequate education and that they uphold basic ethical standards. Just like any other regulatory entry barrier, licensure has the effect of controlling supply in the industry and generating security for incumbent practitioners.
In addition, the existence of established practices in the proposed area of practice can affect the viability of opening a new practice in that area. In contrast to the licensing requirements, the costs of establishment are not significant.
Please note that Naturopathic Doctors are required to graduate from accredited four-year residential naturopathic medical programs and pass an extensive postdoctoral board examination (NPLEX) in order to receive a license or registration. For information about the Naturopathic Physicians Licensing Examination Board (NPLEX) and the North American Board of Naturopathic Examiners (NABNE), please visit the nearest Education Board in your city.
8. Our Target Market
The target market for naturopathy clinics cuts across people of different walks of life. The fact that people who prefer natural treatments would do anything and pay any amount within their possession to get well makes marketing the business easy.
Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.
We will leverage on improving on our services and facility to ensure that we win new clients and retain old clients. These are the category of people that we intend marketing our naturopathy clinic services to;
- Cancer patients
- Diabetes patients
- Those with infertility problems
- Those who require fibromyalgia treatment
- Asthmatic patients
- Injured Sports Men and Women
- The aged who might suffer from severe joint pains, and every other age category that falls under the conditions listed here.
Our Competitive Advantage
Before setting up Green Life® Naturopathy Clinic, Inc., we are quite aware that the competition in the industry is on the increase which is why we decided to conduct a thorough market research and feasibility studies so that we can compete in Corpus Christi – Texas.
As a matter of fact, we will offer our naturopathic treatment with uttermost professionalism. We will ensure that every experience our clients get when they visit us are pleasurable and will make them come back again. We will also ensure that we only make use of quality supplies (herbs and organic foods) and create an environment that will be relaxing and welcoming.
Our facility is well positioned (centrally positioned) and visible, we have enough parking space with good security. Our staff are well groomed in all aspect of naturopathic treatment delivery and all our employees are trained to provide customized customer service. Our services will be carried out by highly trained professional and licensed naturopaths and nurses who know what it takes to give our highly esteemed customers value for their money.
We are going to be one of the few naturopathic clinic and alternative medicine treatment providers in the whole of Corpus Christi – Texas that will offer home services and also open for business 24 hours a day and 7 days a week. We have enough trained naturopaths and other healthcare professionals that are ready to run a shift system.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Green Life® Naturopathy Clinic, Inc. will do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the services we intend offering in order to generate income for Green Life® Naturopathy Clinic, Inc.;
- Naturopathy – cancer treatment
- Naturopathy – infertility treatment
- Naturopathy – fibromyalgia treatment
- Naturopathy – asthma treatment
- Naturopathy – diabetes treatment
- Retailing of naturopathy and other alternative health products
- Diagnostics services
10. Sales Forecast
It would be hard to create a sales forecast with a newly opened business because the statistics that will be provided will be on a short – term basis. Experts say that usually a business should be in operation for at least one year before they can generate the statistics that will be needed to help in accurate forecasting; statistics should be at least one-year-old in order to show the trends and pattern in consumer spending.
Below are the sales projection for Green Life® Naturopathy Clinic, Inc., it is based on the location of our clinic facility and the services and products that we will be offering to our clients (patients);
- First Year: $120,000 (From Self – Pay Clients): $250,000 (From Health Insurance Companies)
- Second Year: $270,000 (From Self – Pay Clients): $500,000 (From Health Insurance Companies)
- Third Year: $550,000 (From Self – Pay Clients): $1,500,000 (From Health Insurance Companies)
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above; and there won’t be any major competitor offering same naturopathic treatment as we do within 4.5 miles’ radius from our naturopathic clinic facility. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Green Life® Naturopathy Clinic, Inc. will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top notch naturopathic treatments at affordable prices.
Aside from the strategic location of our business, all our employees will be trained and equipped to provide excellent naturopathic treatment at all times. We know that if we are consistent with offering high quality service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.
Before choosing a location for our naturopathy clinic, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents of Corpus Christi and other cities in Texas where our services will be available.
We hired experts who have good understanding of the alternative medicine industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Corpus Christi – Texas.
In summary, Green Life® Naturopathy Clinic, Inc. will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to health facilities and residents etc.
- Advertise our naturopathic clinic on national dailies, local TV stations and local radio station
- Promote our naturopathic clinic online via our official website and all available social media platforms
- Hire the services of experts to make our brands the first choice for people
- Delivering consistent customer experiences to all our members; making our first impression count positively to those who will use our services for the first time
- Make use of attractive hand bills to create awareness and also to give direction to our naturopathic clinic
- Adopt direct mailing coupon marketing approach
- Position our signage / flexi banners at strategic places
- Create a loyalty plan that will enable us reward our loyal customers who refer other patients to us
- Engage on roadshows from time to time within our neighborhood to create awareness for our naturopathic clinic.
11. Publicity and Advertising Strategy
Green Life® Naturopathy Clinic, Inc. has a long term plan of offering naturopathic treatment not just in our facility but also in various locations around Texas which is why we will deliberately build our brand to be well accepted in Corpus Christi – Texas before venturing out.
Here are the platforms we intend leveraging on to promote and advertise Green Life® Naturopathy Clinic, Inc.;
- Place adverts on both print (community based newspapers and health magazines) and electronic media platforms
- Sponsor relevant community health and fitness programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Corpus Christi – Texas
- Engage in roadshow from time to time in targeted communities
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are branded with our company’s logo et al.
12. Our Pricing Strategy
Green Life® Naturopathy Clinic, Inc. will work towards ensuring that all our services are offered at highly competitive prices compared to what is obtainable in the United States of America.
On the average, alternative medical providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for players in the industry to bill their clients based in their discretions.
- Payment Options
The payment policy adopted by Green Life® Naturopathy Clinic, Inc. is all – inclusive because we are aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Green Life® Naturopathy Clinic, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our client make payment for services rendered without any stress on their part.
13. Startup Expenditure (Budget)
When it comes to setting up a naturopathic clinic, the materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a naturopathic clinic; it might differ in other countries due to inflation and unstable economy.
However, this is what it would cost us to setup Green Life® Naturopathy Clinic, Inc. in Corpus Christi – Texas;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $10,000.
- The cost for hiring business consultant – $5,000.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The cost of accounting software, CRM software and Payroll Software – $3,000
- The cost for leasing facility for the naturopathic clinic – $180,000.
- The cost for facility remodeling – $50,000.
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for start-up inventory – $15,000
- Storage hardware (bins, utensil rack, shelves, glasses et al) – $1,720
- The cost for acquiring naturopathic treatment equipment and supply – $200,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a website – $600
- Miscellaneous – $5,000
We would need an estimate of three hundred and fifty thousand dollars (350,000) to successfully launch a standard and well – equipped naturopathy clinic in Corpus Christi – Texas.
Generating Startup Capital for Green Life® Naturopathy Clinic, Inc.
Green Life® Naturopathy Clinic, Inc. is a family business that is solely owned and financed by Dr. Clement Winston – Stone and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas Green Life® Naturopathy Clinic, Inc. intends to generate its startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
It is a known fact that the future of any business lies in the number of loyal customers they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Green Life® Naturopathy Clinic, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our naturopathic treatment cum natural therapy services a little bit cheaper than what is obtainable in the industry and we are prepared to survive on lower profit margin for a while before increasing our service charges.
Green Life® Naturopathy Clinic, Inc. will make sure that the right foundation, business structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the clinic facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of naturopathic treatment equipment and gadgets et al: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Compilation of our list of potential clients in and around Corpus Christi – Texas: Completed
- Establishing business relationship with vendors: In Progress