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hey guys what's going on this is Kyle at projection hub and today I'm going to be talking about how to write a business plan for a new non-emergency medical transport business or nnt business now before my time with projection hub I was an SBA loan officer for almost 7 years so in that role that looked like helping you know startups and existing businesses and Acquisitions put together their loan applicationing and then take them through that SBA loan process and so you know reviewing and helping them with their business plans reviewing and helping them with their projections helping them collect their documentation you know guiding them through that process and so just a chance to work with lots of different businesses of all shapes and sizes including a couple of non-medical or medical transport businesses so in today's video I'm going to be showing you a a full fictitious example U business plan that's structured in a away it's a free template you can download it use it you know for your own uh purposes you can follow along this video with it and it's filled with different resources to help you but I'm basically going to go scroll through the whole sorry my dog exits the the picture here and I'm going to go through the whole thing and I'm going to be talking about you know the different sections what I would recommend including in there but the main takeaway for the video is there's going to be five key things five key areas that are basically going to level up the business plan that I think will take it from good to a great business plan and increase in the chances of getting an approval for an SBA loan and along the way I'll talk a little bit about some SBA you know tips and some some resources there that can help you out with the SBA process if you're planning on getting some some financing or some funding for your business plan for your business because that can be a challenging part so if at any point you know you have questions just leave a comment down below of the video we're pretty responsive in answering questions questions down there you can also contact us directly at support projection.com you can talk to me or one of my my teammates directly and yeah just projection hub I should mention we've helped more than 50,000 different small businesses and startups create Financial projections for their business plans or loan applications their pitch decks you name it and so we'll talk a little bit about financial projections today as well so if any point you like the video well I guess like the video and consider subscribing to the channel we release a lot of great content just about starting and running businesses yeah without further Ado let's go ahead and jump in all right so here we've got our free non-emergency transport business plan template as I mentioned there's a link to this down description below you can grab your own copy of this no strings attached and you know obviously you can see this is branded with our stuff but you can change all of that out but you know we've got kind of a full thing in here right so I'm going to to walk through this again make some comments on the structure of the business plan I'm not going to write I'm not going to read the whole thing and I'm certainly not going to write the whole thing in front of you um but I'll make some comments on the structure of the business plan but then mainly as I get through those five key areas that's where I will show some demonstration because I guess what you see in this business plan template it's going to be a general you know like a generic fictional example of a business but everything that's included is kind of going to kind of be like the minimum requirement like you just need to have it in your business plan there's not really a way to shortcut your business plan but those five key areas I think are the opportunity to go above and beyond and kind of really make a difference to to your lender more so than you would in just a normal business plan so that's why I'm going to focus more on those sections but yeah let's let's kind of jump straight into this and the first thing I'll point out is you know in our table of content here this is not a super long business plan now again it's going it's set up in a little bit way to kind of help you as like a a resource right so you know each section says like briefly introduce the business's background and services and it's more of a general little paragraph whereas like in your version like you obviously don't need that sentence in here and you probably will want to write in a little bit more specificity surprised I said that word right the first time I tried it so again this is a fictional example but you're going to probably want more detail and as much detail as you want some of these sections so but one point I'd like to make is your business plan doesn't have to be super long I think a lot of people get really intimidated by a business plan because they think I have no idea how I'm going to write 50 pages about a business idea and one this template should help because it's giving you a starting point it's giving you a structure it's giving you you know you could come in here and you can make your space and you can you can write your own version of that paragraph with as much detail as you can think of so it gives you a guide to kind of Step through that process so I think that that's should help quell that fear a little bit and two really long business plans I would I would say are not that helpful to you right like your business plan like and coming from my experience as a loan officer when someone handed me a 50-page business plan or 100 page business plan there's just no way we were going to read all of that which means a lot of it's going to get skimmed and so the shorter your business plan is now you can make your business plan too short you know five pages way too short less than 10 pages probably too short because you want to make sure you get good details in there but we want to make sure the business plan is jam-packed with good details you know it doesn't need to be a page Turner doesn't need to be like really entertaining or anything like that but you know the longer that business plan gets the more some of those key details can get lost in the mix so don't overwhelm the import details or overshadow the important details with fluff is basically what I'm trying to say but you can see the the general structure we're going to talk about and the next thing I'll mention is that in this example almost half of the business plan is the financial projections you know your business plan is very important as a standalone document but your financial projections are probably the most important section of your business plan I'm not just saying that good projection of I'm saying that as a former SBA loan officer you know we'll read your business plan once or twice but we'll review your projections a lot of times that's what gets C that over and over and over again so just putting that out there okay so first up on this section again once it'll take us a little bit to get to the first key point and then we'll hit them pretty quick first section is going to be the executive summary this is kind of like the cover letter to a resume for a job application right so this is kind of our first impression of you of your business and so you don't have to say everything here we probably want to keep it to be about one page total uh but we to hit some of the the key high points I don't believe in this idea that you need to hide certain things to later in the document so the person gets to that point I think it's better to be forthcoming and share some of the the big things up front because that kind of sets the table for who for the reader if it's a lender it helps set some context it helps them understand how big are we looking here how much is the loan amount going to be you know how experienced is this person so you want to be upfront with some of those things and don't just keep them guessing until they get to the end cuz if they get to the end and then they read a thing that changes their whole perspective then you know it's almost like they should start over again which they're not going to do so a little company overview just about what you're trying to do so let's assume this is going to be a startup what is this you know what is our medy we're starting Med movers here in Indianapolis which is where I where I live and so again non-emergency medical transport talking about what kind of non-medical emergency transport we're going to do um for your objectives uh you my recommendation would be and I like in this example there's some specific numbers in the short term achieve a client base of 200 regular businesses uh client satisfaction rate of 95% within the first year I like that those are measurable that's a really important thing to do and then longterm again increasing Fleet size 50 size 50% annually based on demand introduce two additional Services by fifth year such as M so I like that it's very specific like I would recommend doing that rather than just being like we're going to be the best non emergency medical transport business you should actually say something that is measurable Mission state is mission statement is kind of forgettable I mean it's important but again like your mission statement isn't probably going to be groundbreaking it's not going to change whether someone's going to give you money or not so include one but you know don't feel like you need to spend too much time on it yeah unless you have unless that's coming from a place where you have like a really like raw and specific personal experience relating to this type of Industry then you might include that because that might give the reader some additional you know again context for for your situation keys to success you know again you should include that if they really are keys to success I wouldn't just include things to include things so like things that stick out to you that's like if these go right then we should be really successful then include those things one thing this executive summary is missing that we should have included and that is a financial summary right so you should have a a little introduction to your financi cial section of the business plan so maybe things like total startup costs how much funding you're going to need you know those are probably the two big ones maybe like your estimated revenue for the first year or second year you could include that but definitely startup costs and how much funding you're going to need because if your lenders reading this you want them to know that on the first page they might already know that after from talking to you but it's important to include that in here all right company description kind of an extension of the executive summary but now we can just start to talk a little bit more more in detail about like who the business is again a little bit more story here maybe like the founder story why you're starting this business a little bit more about you as the owner and like your experience and why that's relevant legal structure kind of self-explanatory the unique selling proposition is a big one because this is one where people have a tendency to make it generic right they might say something like we're going to have the best customer you know support for satisfaction best customer experience that's great if that is actually true but if everybody thinks they have the best customer experience then that doesn't really set you apart so is there something that you're actually offering that nobody else is maybe that's a certain specific type of certification or a license maybe that's a a type of license that's hard to get and other people can't get it you know so if you're going to do a unique selling proposition make sure it is something that actually makes your business unique and gives you an advantage over your your competitors target market again probably a little self-explanatory we're going to You'll expand the target market later in your business plan but here's where you're kind of giving insight into especially in this industry the non-emergency medical transport that can be a lot of different types of things you could focus on you know like senior or elder care you could focus on you know you know medical patience for a specific type of practice like there's different things that you could focus on here so I would choose to be F specific rather than just saying like we'll help anyone who needs a medical appointment while that is probably true it's going to be easier to gain support from A lender if you can say you know we really want you know we have an opportunity to build our business based off of giving rides to seniors who need Physical Therapy coming from these specific places like if you could if that's all you need to get your business approved and up and running then I would do that because that feels like likely rather than like we'll help anybody that needs moving again you will do that but the more specific you can be with your your Target and your opportunity the more your lender is going to kind of see the vision and believe that so that's would be my recommendation there okay market analysis and our first key point will be at the end of this one so we want to demonstrate the point of our market analysis is I want you to avoid the like Shark Tank uh mentality if you've seen Shark Tank and the person walks in and they say you know the the organic dog treat business is A3 trillion business and it's going to grow to this big what we want to do in the market analysis is demonstrate in our addressable market so like where we would actually hope to get a customer from we want to try and paint the picture for whoever's reading this we want to lay the land you know really kind of paint the picture for them on like what what does it what does it look like here who are the players involved how competitive is it is it growing you know that that type of thing is what we want to talk about so when we're talking about the industry we're not talking about like the macro industry of non-emergency medical transport as a whole we're talking about it in Indianapolis right like where I hope to get a customer from that's what we're talking about here so industry overview talk about it local industry over that could be do you does your city have an aging population you know whatever you you want you seees the opportunity what whatever inspired you to get into this that's what you want to talk about there your competitor analysis is going to be a big one I would focus more on the direct competitors here because indirect competitors now who your direct competitors are is already out of your control the indirect competitors are are even more so out of your control right so this says like uber and LT like yeah those things are just going to exist but that's probably not the first choice for you know the individuals you could be serving so let's focus on Direct competitors and who are the most similar businesses to what you're hoping to to start so people who are transporting the same type of people in the same location to and from the same types of places you are that's really what you want to focus on here so you should know every single one of those people that exist in whatever radius you hope to serve so if you're in a densely populated area you know that could be 10 15 20 miles if you're in a more spread out or rule area that could be even a bigger spread out area than that but you should know everyone that exists you know do something as simple as go to Google and search for that in your area zoom out a little bit zoom in a little bit so you can kind of see where all those people are located heck even you know grab a screenshot of this put that in your business plan right next to your competitor analysis another thing I would recommend doing in your competitor analysis is let's see here right in this section yes it does say along with their strikes and weaknesses I was going to say you should say what they do well and what they maybe don't do well and that's not to be you know overly critical of them but it's to point out that sorry I'm clicking all over because I don't know where I'm at it's to point out that you you know you want to give credit where credit is Du you want to recognize what people are doing well and why they're in business but you also want to recognize the opportunities of something they may not be doing well and that could be your advantage so something as simple as going through all of the reviews so maybe when you've done this and you I I've identified this person this business and this business are actually my direct competitors and these other ones don't really make as much sense for what I'm doing then I go through all of their reviews I go through their website all of their their socials go through all of that and try to get some takeaways of like wow people people really don't like using this business because they have terrible you know the condition of their vehicles are bad or they run late or you know whatever that thing might be and include that in your business plan so three to five Direct compe editors what they do well what they don't do well and how that correlates to an opportunity for you again elaborate on your target market like we've already talked about and then a market opportunity is if there's anything unique that again is kind of like this emerging opportunity that you could take advantage of so that could be you know sadly like an aging population and maybe there's not a lot of people serving that it could be maybe there's a new like even in Indianapolis not far from me there's a really large new hospital being built and that will probably create some sort of more demand for you know transportation of people wanting to go to that facility so like that could be you know a mark opportunity so you can talk about that here but key Point number one again we'll go through all five of these pretty quickly here after this point so it's one thing to just do what I just showed there and me demonstrating the map and doing that research is kind of part one of this key point but we want if we can provide it's one thing to talk about it but if we can provide specific examples of that local research so it's one thing to say yeah there's there's a there's a demand there's room in the market for us it's another thing of like can I actually show that on paper you know or with data somehow so whatever we can do to demonstrate that just upgrades our business plan so there's some examples here but number three is one of is my favorite probably and that's perform keyword research to observe if there's positive or negative Trends and searches for the service in your area so we want to see our people looking for what we want to provide more or less these days one tool that allows us to do that you can create a free Google ads account and you can come to this Keyword Planner tool and I can put in what I want to see I want to see how often people are searching for these things in Indianapolis in the Indianapolis area and it's going to do some nice things for us one it's going to give us some related keyword ideas just to get an idea of what people are searching for and if we ever wanted to advertise it the competition for the ads is low so that that's what that means but you know it'll show us how often people are searching for that so that's indicating you're at at a minimum new potential customers right like if someone is searching 210 people a month in my target area searching for that those are you wouldn't search for that if you already knew who you wanted to contact right so that's every every month a new potential customer and then the most important thing I think is this year- of aear change so this is our Trend data so I can see you you know year-over year 22% growth in non emergency medical transportation 35 or 325 per growth in medical transport Indianapolis 133% growth and medical transport service so I'm starting to see like yeah this is it is growing right but this is just the demand side an indication that there's a growing need in people searching for the service I want to provide and then the supply side of that equation because you always have demand and Supply or blind demand the supply of that is going to be the competitor research we just talked about so you do that how many people you know who are the players in town are there a lot of players in town is it saturated is it highly competitive if not so maybe it's like okay there's only a couple of really viable Partners invol or players involved in town and then I come over here and I look and say like there's some really positive trending Direction you know volume here some interest here put that in your business plan in that section that's what makes that section kind of come alive and really powerful so grab screenshots this throw that in your business plan okay marketing and sales strategy so you know again sounds probably pretty generic like what are you going to do to Market your business make sure people can find it grow your business what tactics or strategies are you going to employ there we won't talk about this one in great detail because you should just have your own version of whatever is listed here so talk about your products and services how you're going to price your your stuff probably if you're going to have insurance involved you should talk about that here sales strategy or you cold calling or you going to do referr referral partner building like talk about that so this is kind of all minimum requirements you'll say yeah we're going to have a website we're going to be active on socials we're going do advertising should talk about that in here what sets this section apart is just like the last section can we demonstrate how we're actually going to acquire customers so it's one thing to say we're going to do all of these things to try and reach people it's another thing if we can give some sort of what's called traction or is like almost like proof that like when it comes to day one like there's going to be customers and this industry is a little difficult to do that mainly because the best versions of traction of demonstrating traction is if you can do anything before you actually officially launch so you know in other industries that could be like like if you wanted to open a bakery and before you officially opened it maybe you started making things and selling them at farmers markets and whatnot right so you can generate some some customers some history there before you officially launch the business that would be an example of traction non-med non-emergency medical transport is a little more difficult because there's some more red tape involved so you know there's going to be some licensing involved some certifications involved you have to have a vehicle like there's there's going to be some different hurdles so the best advice I usually would give for this type of section is if it's possible for you to start doing it in some official unofficial capacity first like a side gig but that's probably going to be a a little difficult in this industry so the next best thing to pre-launch revenue is going to be like pre-launch names on a list so that could be start contacting who you think your target market is are those going to be referrals from are there's going to be people from physical therapy appointments you know talk figure out who that Target Market is going to be and then start doing the research and getting a list of the places where you would find those customers so if those are going to be referrals from primary care physicians or physical therapists start contacting them like you know we're in the process of getting this business launched is this you know a need that you have would you be interested in forming a partnership if we could provide these services so if you could if you could come to your lender and say we've got seven different practices or clinics interested in partnering with us to have us help transport their patients boom that's great because you're no longer starting at Square One you actually have subraction there right so that's how you level up that section it's one thing to say and you should say we're going to have a website we're going to do all these things it's a huge upgrade if you can say oh plus we've already done all this work and we have this thing lined up which greatly increases our chances of being successful that's music to a lenders here okay moving along operations and management not a lot to say in this section you're going to know this detail best about your business from doing research so here you're just going to talk about like how's the business going to work how are you going to manage the team the the fleet the certifications you need the insurance stuff so that's just going to be the the research you need to do in your specific location about the licensing you need and all of that stuff and then make sure that makes it into your business plan so this section is not how do I say this it's not going to make your business plan but it could certainly break your business plan so your operations and management aren't going to set you apart but if you underdo or under research this section that will really hurt you the one key point that I will make is make sure you highlight relevant industry experience so you as the owner you want to make sure you want to make sure that you demonstrate to your lender again I keep saying demonstrate you need to show them that you know what you're getting yourself into and you know what you're doing and if you personally don't have all of the experience and the skill set to do that supplement that with other people so adding a partner to the business like an owner hiring a key employee a key manager like surrounding yourself with people who fill the gaps that you don't have whether that is skills or experience so I don't say that to be harsh it's just reality right that's a a big red flag for lenders When I Was A lender happened all the time someone would come to us and say Hey I want to open up uh a new sandwich shop but they had been a marketing executive for 10 years and so at first glance it's kind of like why is a a marketing person trying to open up a sandwich shop and that might be a tough connection to make so but that person was in marketing for a long time so it probably means they're really good at selling things they're probably good at you know marketing the sandwich shop so those are strengths and they should talk about that in the business plan but they should also supplement their experience with someone who's managed a a restaurant before managed a store before you know there's tradeoffs to that so that's the main thing is talk about what transferable skills do you have or experience that you have like if you have if you've done this before talk about that in here if you haven't but your partner has done this before talk about in that in the business plan and what skill you bring the table to so you want to make sure your lender when they read this section they have no doubt like oh yeah they definitely know what they're doing like that's what you're trying to take away from that that section all right moving on to the big one here Financial projections so you know here we've got our startup costs outlined the funding we're going to need we've got a little breakdown I know this probably kind of zoomed out let me try to zoom in just a little bit we got a little breakdown of our first five years you know the Topline Financial items here our our Fleet broken down by Revenue by specific categories in the fleet we've got some key ratios we've got some expenses lined out like our overhead expenses and then we've got our you know Prof our five years of our income statement or profit and loss Prof fora so these are all projections cash flow in a balance sheet here we got a break even Point some sales growth so key point for actually I should let me just back up real real quick all full transparency all of that because this is the section of the business plan where people get most overwhelmed we've got a video here of how to complete your projections how to do all of your projections for your non-emergency medical transport business they were used they were made using this projection template it's specific to this industry again I mentioned we've helped more than 50,000 small businesses create their projections we've done that through two ways one we have templates where you can make your own projections which is what I'm showing you here and two you could also hire our team to do your projections for you so this template exists you're only editing these blue Fields here so you're only putting in the things where that it's pre-filled out so you have some helpful starting information I know my face is kind of covering some of it but again we're only editing these blue boxes you'll put in details about you know it's it's very simple information that you'll probably already know about your business we've got our monthly expenses here like our insurance and permits and you know rent or any of that kind of stuff and then if you have any salaried employees like our drivers are in here and then it's going to generate all of these financial statements for us everything that your lender needs automatically generated but having Financial projection is not key Point number four you have to have Financial projections that's a minimum requirement especially if you're a startup business plan you have to have Financial projections for the application process so you you can grab if you wait to the actually I think it's included in here yeah right here there's a link to the template 20% discount on it it's already less than $100 I promise you it's worth the money it comes with free support you know get your projections taken care of or again you can hire our team to do it for you in just a couple of days but you have to have projections and so I would go ahead and grab that but key Point number four let me scroll back down here is that your financial projections need to be realistic so you know you need to do some benchmarking do some research to make sure that your numbers are within industry norms and you know and realistic I already already had said that and so you might be wondering well how do I do that because you're probably already overwhelmed with the idea that you have to make projections how are you supposed to know if they're going to be realistic or not and that's a great question I'm going to show you how to do that so assuming you used a tool like this to to create your projections you've got all these wonderful numbers in here to play with all we're going to do is just we're going to go out and do some Googling that's all it all it takes so things like profit margin we've got all these key performance indicators or kpis that we can Benchmark against so you can go Google it you can use a tool like chat GPT where I just asked it generate a list of typical Financial benchmarks and averages for an nemt business like profit mergin Etc we've got some great things in here right average profit margin 10 to 15% I'm going to go back to my projections and see where do I shake out in that profit margin we're a little high 19 30 3 1% 32% so we can see why that's the case so if we're a little bit high on that then we need to go back through to our numbers and be like okay why why is that seem a little bit high and maybe we come to the conclusion that well that's that's as you know as low as we can really get it like that's what we think is going to happen or like our Revenue number maybe you know they're on the conservative side right so you're just going to do that you're going to look at your projections go out Benchmark it if it seems a little off you come back to the drawing board you tweak some of the numbers like some of the inputs you know maybe your truck's going to cost a little bit more than you thought maybe your your revenue is going to be a little bit lower than you thought and you just balance that back and forth and then you have a set of more realistic projections so that when you hand them over to your lender they're not Shell Shocked by that right so you kind of want to make that first impression good using a tool like that is also really helpful because because you understand where your numbers came from because you built your projections so that's key Point number four that brings us to the end of the business plan and one more key Point Key Point number five this is more of a recommendation or advice and that is demonstrate skin in the game or be prepared to demonstrate skin in the game so now this is not something you probably want to put in your business plan but keep in your back pocket especially if you're seeking an SBA loan there's going to be the conversation of like collateral and and you know some some myths to dispel real quick as an owner of more than 20% of the business you will be required to personally guarantee the loan that means if the business fails to repay the loan that you will be responsible for paying it back personally people will say all the time you know I want the loan in the business's name and not my name personally that's just not an option especially if you're trying to get an SBA loan so just be aware of that they're going to want collateral for the loan the good thing about an nmt business is that presumably you're going to have to buy a vehicle vehicle you know so if you get a $30,000 loan $50,000 loan your collateral will probably be the vehicle that you purchased so that's a good sign for this type of business there is some collateral in the business but yeah just basically being prepared to to demonstrate that you're willing to share in the risk for the business and not just assuming the lender is going to take all of the risk and there's different ways you can do that but I'll leave it at that for now one last thing that I'll point out that you can grab down in the description for free is this SBA loan application check checklist if you do plan to get an SBA loan this has tons of helpful information in it about like what types of SBA Loans exist where to find an SBA lender what's a typical process what documents will you need some expectations setting you know there's lots of good information in here so that's linked down the description of the video as well so you can grab your own copy of that but there you have it that is how to write a free or sorry how to write your non-emergency transport business business plan with some tips and tricks if you have questions leave a comment down below contact us at support projection.com I would love to help you personally whether that's with your business plan or with your projections and yeah we wish you the best of luck getting your business started and I'll see you in the next one [Music] [Applause] thanks e e