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Creating a Business Plan for Your Health and Wellness Business

2.0 Contact Hours
Target Audience: Nurses, healthcare professionals, and interested individuals
Purpose/Goal: The outcome of this course is for the learner to describe the purpose of a business plan and the elements and functions of each aspect of that plan. Possible business exit strategies will also be reviewed.
$19.96
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Just like a builder needs a blueprint to ensure a house will be structurally sound and resemble the vision laid out on the blueprint, a successful healthcare entrepreneur needs to create a business plan for his or her vision. Creating a business plan provides a blueprint for your business and is the first important step in achieving your entrepreneurial goals. Your business plan will provide you with a description of your business, help you understand start-up and ongoing costs, persuade others to invest in what you are creating, help you successfully compete in your target market, and support you as you assess the opportunities and challenges you may face with your new enterprise. By creating a business plan and doing your homework, you hold yourself accountable to goals and objectives and greatly improve your chance of success.

Upon completion of the course, you will be able to do the following:

  • Describe the role of a business plan in the success of a business.
  • List the elements of a business plan.
  • Explain the characteristics and functions of the elements of a business plan.
  • Identify exit strategies available to businesses.

Why do you need a business plan?

A business plan is an entrepreneur’s most crucial business document. Without a convincing, well-written business plan, no one will seriously consider your business idea. In addition, no one would build a house without blueprints, so why would anyone build a business without a “business blueprint?” However, while a house blueprint is often static, a business plan is an evolving document that changes over time (Ward, 2016).

The economy has undergone substantial changes in the past few years, investors are much more cautious and realistic about their investments, and the demands on entrepreneurs are higher than ever before. None of this should deter you from creating or expanding your business. It is still a great time to start or grow a business. Changing economic times create many openings for new companies in old markets as well as opportunities for established companies to fulfill new, more cost-effective niches for their customers. In addition, new technologies have opened up many possibilities and reduced costs in old industries, making the world your global marketplace (Adams, 2002; Ward, 2016). However, these changes and opportunities also require forethought and planning to help ensure the business you have decided to create or expand has the best chance to succeed. Your business plan will help you accomplish this.

A business plan is a written statement that describes and analyzes your business, providing clear strategies and projections about its future (McKeever, 2012). A business plan is an essential document for any successful business. Events that usually prompt the need to create a business plan include the following (Shelton, 2014):

  • Testing the feasibility of your business idea.
  • Starting a new business (the most common reason)
  • Funding a new (or growing) business or attracting investors
  • Growing an existing business through new products, new channels of distribution, and/or new markets
  • Acquiring a business or franchising your existing business
  • Exiting from a business, thus needing to provide potential buyers with information about the company

While ideas are great, they don’t really matter if there is no plan to put the ideas into place. Execution of ideas does matter! Approximately 70% of new businesses survive at least 2 years, but that number drops to 50% by the 5-year mark, with just 25% lasting 15 years or more. Business failures are caused by a combination of operating and financial factors (Hirsh, 2017). For example, approximately 35% to 40% of people currently in business do not know how their money flows through their business (McKeever, 2012). Many of these factors could be proactively eliminated if the business owners developed an effective business plan.

It is often difficult to attract people to a new product or service, and just because you have a great product or service doesn’t mean people will switch their buying habits and buy/use your product or service. To get them to do business with you, you have to do more than attract customers to your business. You often have to get them to leave their current provider (Adams, 2002). How can you accomplish this? By creating a business plan that examines the current market and lays out strategies to compete in that market.

Complete the course post exam (CE Test) with a score of 80% or greater. Complete all fields of the course evaluation form. Certificate of Completion is provided once the course post exam is passed per criteria above.

  • American Board of Managed Care Nursing
  • ANCC - American Nurses Credentialing Center
  • AOTA - American Occupational Therapy Association
  • ASWB - Association of Social Work Boards
  • California Board of Behavioral Sciences
  • California Board of Registered Nursing
  • California Department of Health, Aid, and Technician Certification Section
  • District of Columbia Board of Nursing
  • Florida Board of Nursing
  • Florida Board of Nursing - Certified Nursing Assistants
  • Florida Board of Respiratory Care
  • Florida Council of Dietetics and Nutrition
  • Florida Council of Licensed Midwifery
  • NAADAC - The National Association of Alcohol and Drug Abuse Counselors
  • NCBTMB -National Certification Board for Therapeutic Massage & Bodywork
  • Florida Board of Massage Therapists
AOTA CEUs:

0.2

Practice Level:

Beginner/Introductory

Content Focus:

Professional Issues

Course Expires:

June 08, 2020

Instructor(s):
  • Cyndie Koopsen, RN, BSN, MBA, HNB-BC, RN-BC, HWNC-BC
  • Caroline Young, MPH
Jurisdictional Requirements:

Continuing education (CE) licensing requirements vary by jurisdiction, are not well defined, and may change. These CE requirements may vary in terms of the number of hours required to the types of courses that must be taken. ALLEGRA Learning Solutions, LLC recommends you contact your licensing board or accrediting organization for the latest continuing education requirements of your state or territory. Compliance with CE requirements is the responsibility of the individual health care provider. Health care providers must understand the CE requirements in their jurisdictions, and be sure they are up-to-date on any rule changes that affect their license. For further information, please see our Accreditation Information.

Accommodations for Disabilities:

Every effort will be made to accommodate your special needs. To request accommodations, please contact us.

Conflicts of Interest and Relevant Financial Relationships:

The authors/planning committee members have no conflicts of interests or relevant financial relationships to declare relevant to this activity.

Commercial Support:

No commercial support has been received for this activity.

Non-endorsement of products:

Accreditation refers to recognition of continuing nursing education only and does not imply ALLEGRA Learning Solutions, LLC approval or endorsement of any commercial product.

Off-label Use of Products:

None of the authors intend to discuss off-label uses of drugs, mechanical devices, biologics, or diagnostics not approved by the FDA for use in the United States.

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