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hey guys this is Kyle at projection hub and today we're going to be digging into how to write a business plan for a vet clinic you're going to find this video especially helpful if you're trying to get financing or an SBA loan or something like that for your business and so what I'm going to do today is I'm going to go through the entire structure of an example business plan I'm not gonna I'm gonna write one for you right here in front of you but I'm gonna be using this free template available down in the description of the video below can get it no strings attached and so I'm going to be going through and the main thing I'm going to try to accomplish is I'm going to show you five key points that I think really make the difference on increasing your likelihood of getting approved for financing or for your business plan being effective and so I'm going to go through the whole structure show you an example and then when I come across the areas of those five key points we'll stop we'll talk about a little bit more I'll show you some more demonstrations around that and so who is projection him we've helped more than 50 000 small businesses entrepreneurs startups create Financial projections for their businesses for their loan applications for their fundraising for their business plans really you name it and who am I as I mentioned my name is Kyle and before my time with projection hub I actually was an SBA lender for about seven years and that consisted of reviewing lots of business plans loan applications helping businesses put together their loan application and so a little bit of experience in that Arena when it comes to knowing what your business plan should look like why is the business plan important now this might sound a little cliche or a little bit obvious but the purpose of your business plan is to demonstrate your specific roadmap your plan to success it's the purpose of it is not to educate whoever's reading it on what exactly your business does or what the industry even is now if your industry was like a Brand New Concept no one had ever heard of before then your business plan does need to do some education but for an industry like a vet clinic or an animal hospital it's not so novel that the person reading it isn't going to have any basis for understanding what's going on and so we really want a specific on focus on the specific details of your specific plan of why this is going to be successful and increase the odds of Landing that funding or getting approved for that and as I mentioned we're going to go through the structure of this business plan and then I'll stop at the five key areas and highlight those a little bit more and so you can see here in our breakdown of a table of contents and right off the bat first thing we'll talk about is you'll notice that the business plan isn't super long and most of it's the financial projections a little bit further but that's a common misconception is that your business plan needs to be really long to be good and I actually would argue the opposite is true I think you don't want to hide all of the important details and extra fluff you want to make sure the details that make your business plan shine and that are really going to execute your plan are are obvious and refinable so that your lender doesn't have to skim through 40 50 pages and miss those details and so starting out we're going to have the executive summary I want you to think about the executive summary like a cover letter for a resume this section doesn't need to do a lot of heavy lifting it's just going to give the overview the high points of your business plan some people like to include some Financial highlights whether that's like startup funding or the lender is reviewing this you might put in like right off the bat how much financing you're gonna going to need or you're going to request you don't have to do that but that is something some people do and so this is a lot of just general summary of the business introduction to the business who you are what you do where you're going to do it at the company description is a little bit just like an extension of that so this you can see here it's a little bit more history legal structure if you have a unique selling proposition I wouldn't include a unique selling proposition if it's super generic if you actually do have a unique something that truly sets you apart then highlight that here avoid using something overly generic there okay market analysis now this is going to bring us to key Point number one and that is the market analysis needs to demonstrate that there actually is room in the market for your business and so it's one thing just to say oh yeah this area really could use another vet clinic and it's a totally other thing to actually demonstrate that we think the area can use another Vet Clinic now they're especially if you're a small business and you're doing this on your own and you're trying to operate on a on a tight budget you're not going to pay for a really elaborate Market study or something like that there are plenty of paid options vary of costs we offer market research reports and foot traffic reports I can link those down in the description below but we would never urge someone to do those there are ways to do some basic market research for free and I'll show you how to do some of that and so in this section you want to know every vet clinic that is operating within a 10 mile radius if you're in a more rural area you might want to expand that a little bit because people are probably used to driving further for those types of services but if you're in a little bit more urbanized environment then that Circle can be a little tighter but you want to know all of your really close competitors understand people like them or their reviews good have they been around for a long time just try to understand them you don't have to list them all but you probably should list your one or two primary competitors on here and again the key point is demonstrating some specific examples of local research that there is room for your business it's this sample business plan this template that you can grab for free down in the description include some examples again you could do a survey or something like that just ask people in the area think that you need another Vet Clinic here's like I mentioned you can analyze the other clinics in the area if there's only two other vets and one of them has terrible reviews but people keep using it that's a pretty good indication that there's probably some clients there to be one but something I really like to do here especially for a brick and mortar service based business is to use a free tool called the Google Keyword planning tool now this is again it's free you can create a Google ads account for free you don't have to pay to have an ad to have an account and you can use this Keyword Planner tool and I want to see how often are these search phrases being searched so Animal Hospital near me vet near me right people are Googling that they're putting that into Google Maps to see what the options are and I've set my location to be Indianapolis Indiana that's where this fictitious example is taking place and so I only want to see the results for that area now we can see there's a lot of searches for those Services now it is helpful to see the actual number of searches but what I would argue what's even more important is the trend of those searches so we can see on a lot of these almost all of them this is really profound I think in this specific example is the three month change and the year of year change it's positive growth for pretty much every search phrase for the last year so that is an indication that it's growing the need for vet services is growing in my target market now this isn't the only example of proving that there's room for us and I'll show some more later in the business plan but this is an example of something that demonstrates to your lender you're not just assuming yeah we're going to build it and people will come this is a good tangible example of that so let's hop back over the business plan that's one example of a free thing a simple thing you can do to prove your Market a little bit and there are other ways to do that but for the sake of not making this an incredibly long video we'll stick with that okay moving along to our marketing and sales strategy and this is going to include key Point number two now your marketing and sales strategy should include like a baseline of information and that's the stuff you see here right outlining your products and services your pricing for that what's your sales strategy how are you going to distribute your products or even like your promotions and advertising we're going to have a website we're going to do advertising that kind of stuff is required but that's like the minimum effort what's really going to make your this business plan different is this demonstration of customer acquisition or what people call traction now traction is a common phrase or buzzword people will use in the tech industry or like a SAS company or a software company and really it's demonstrating momentum in that when your business officially launches you're not just going to open up the doors and hope people are standing outside that you are actually getting you're building some history you're building some momentum so that when the business officially launches there is a high likelihood or an expectation that people are going to come in and frequent your business now some examples of these can look like a lot of different things and this is an opportunity to get creative and the best examples of traction are one people who are actually paying for your services before you've officially launch that's the Holy Grail of traction the next best thing would be like a list of interested people in your services so that again you're increasing the likelihood of having customers when you actually launch so here's some examples like organize a Community Pet Health Fair offering free pet checkups so if you're certified or licensed to do that and even if you haven't formally launched your business maybe that's just a free thing that you offer and that's a chance to get the word out about your In-N-Out business cards you can do whatever start forming a presence there in your community collaborate with local pet adoption agencies or shelters again that's another good way and I really like examples three and four here three collect a list of local residents who'd be interested so again that could be friends and family that could be neighbors knocking on doors just start collecting a list of names of people who are saying like yeah we would if you open a vet we would love to come and use your services and it's no contractual agreement they're not paying for anything right then and there but they're at least forming that list and then you can send emails like Hey we're two weeks away from launch blah blah that's a great way to get your lender is going to want to see that you're not just assuming people are going to show up when you open and then I really like number four and that's maybe a prior to opening the brick and mortar large vet clinic and perk building started a house call event or a mobile vet you go to your different customers and you just start building that maybe they're paying for those services and you can stay in your business plan for the last year I've been Moonlighting as a mobile vet clinic and I've helped a hundred different families and they all would love to support the vet clinic whenever it opens that's an example of Attraction this section it's one thing to say we're gonna have a website we're gonna do advertising that's great you should do that you should include that it's a whole nother thing if you can say here's what we've actually already done the customer base set is pretty much lined up and ready for us to go that's going to give your lenders a whole lot of confidence all right moving on operations and management so again this is going to more so outline like the logistics of how you're going to do what you're going to do which again this industry Isn't So novel that you don't need to explain how you're going to provide or perform Animal Care Services but this is your chance to outline the actual structure of the organization how you're going to handle your inventory your supplies that kind of stuff but the most important thing to accomplish in this section is to talk about your relevant industry experience so you want to highlight your what qualifies you to know what you're doing in this industry now is that because you're a vet or you've been a vet or you've just trained to be a vet or have you spent any time in the industry have you ran a business before it doesn't have to be that specific experience if you don't have that specific experience you should probably have someone on your team or a partner who does have that experience so you really want to highlight why it is that you're starting this and what kind of experience you have that's going to make it likely that you're probably going to succeed whether that's you or a key partner or a key employee that you have high confidence in it's not to say you can't start a business that you don't have experience in but it's going to create questions and hurdles from a potential lender they're going to want to know when I was a lender we would often have people who spent their whole career doing one thing like maybe a corporate executive and then they decided they want to open up a donut shop which is fine there's nothing wrong with the donut shop it's just do they understand what they're getting themselves into trading one career path for getting up at 4am to bake Donuts to work what would be kind of a minimum wage job you know they could earn a lot more than that but it's just a lot of times you want to make sure you know they know what they're doing they know what they're getting themselves into and they have you know good expectations and aren't just caught up in the in the excitement of it all so relevant industry experience okay Financial projections this is the big one and not just because we're biased power projection hub and this is a sweet spot but even when I was a lender we would read business plans but we would spend the most time talking about financial projections along with personal financial stuff but that's not a part of your business plan and so you're gonna see here we've got a breakdown of our startup costs how much funding we're going to need our income statement this isn't the income statement this is just Revenue high level Financial numbers you can see some specific stuff that like new patients in here are churn rate some T ratios breakdown of our monthly operating expenses so if this is more overhead recurring expenses your income statement or your profit loss statement here five years of projections a lot of lenders will require three years five years is more conservative cash flow projections balance sheet projections Break Even analysis so this is the kind of part where a lot of business owners like how you start to glaze over real quick plug all these projections all those charts that I showed you were created using this template this is available at the link down below you can go check it out if you wait to the end of the video I'll even give you a promo code to get a discount on it but it's very simple you can see you only edit the blue boxes so you put in the things you need to purchase this I know probably looks overwhelming at first but I assure you it's quite easy to use just focus on the blue boxes that's the only places we're making edits there's a full video guide how to fill this out and we offer customer support to help you along the way so this will actually use that specific assumptions Financial assumptions is what they're called to calculate what your revenue is going to be calculate how many patients are going to have your services how often you're converting on those put in your expenses your salary employees and then it's going to generate automatically all of these projections for you ready to go for a lender so that's a really quick plug on our template you can go ahead and check that out let us know if you have any questions but you will notice actually I should say that having Financial projections is not key Point number four you need it's a minimum again it's a minimum lift minimum bar that you have to have projections key Point number four is having realistic and Industry within industry range projections you want to make sure your that your projections look like something that A lender wouldn't be like whoa that seems like a pretty high number or whatever for your industry so the best way to do that is again let's go back to the projections you'll create your projections and it's as simple as using a tool like Google or if you're comfortable with using like an AI tool like chat GPT just go out there and search for industry averages typical averages for your industry and just start comparing them so I will we'll do that same example here okay so I've got Chachi chat GPT pulled up and I asked what are some you know typical averages and benchmarks so we can see okay gross profit 60 to 70 percent net income 10 to 20 percent custom sold 30 to 40 percent so let's check those out okay so we can see gross profit that said 60 to 70 so we're a little bit on the high end of projected gross profit but not so much that I was the lender looking at this that I would be concerned um I think Revenue growth looks really good we're not assuming we're going to five million dollars in five years in Revenue net income was right in range that said what did I say like maybe 10 to 20 so we're right there we're even probably more conservative right we're gonna go down and dip a little bit those years were probably projecting to onboard some people customers that said small markets might have a couple hundred patients a year Urban environments might have a couple thousand so we're right within range there so that's as simple as that is but I I couldn't tell you how many times we would receive projections that are just the same number every year or they're really shooting for the moon and they don't really have any basis for that and so Financial projections are not key Point number four having realistic and within industry Norm averages is key Point number four so hopping back over to the business plan you will notice that pretty much rounds out the rest of the projections and if you want to attach more things you can but we have one more key point and that's called Skin In the game this is more specific to if you're trying to get a loan for a business and this is just you need to be prepared you don't have to put this in your business plan per se but this is more of a tip to be prepared of just knowing what skin in the game are you prepared to have when your lender asks in your involvement so I guess what is skin in the game and this is basically your demonstration or commitment your willingness to share the risk in the loan so think about it as if like you're getting you're buying a house right so if you're going to buy a 300 000 house your lender is probably going to say how much you're putting down is a down payment well that's five percent or ten percent you're gonna put that portion in and then they're going to have a lien on your home if you default on that loan you're not going to get your deposit back and they're going to keep the house so you know that's part of the agreement that's the risk right the bank is giving you the money to take more risk and you can't get off got free if you weren't able to fill that it's the exact same concept for getting a business loan so typically that looks like assets if the business has any the business is an asset life industry the vet clinic unless you own the building if you own the building right there's your collateral and if you don't have a ton of cloud on the business you need to be prepared to maybe have personal collateral maybe that's the second mortgage on your house Free and Clear Car now you don't have to just come out and offer those things but again this is just a recommendation be prepared to know what you're going to be asked what you're going to contribute to secure that loan you probably have to have a personal guarantee just keep that in mind right when I was a lender oftentimes people would tell me okay I received some advice to keep my business and personal separate I don't want to have personal guaranteed alone that's great advice when it comes to your you know business bank account your bookkeeping but it's unrealistic advice when it comes to getting financing so just putting that tip out there just be prepared for that um and there you have it that's the five key points that's how to write a business plan for a vet clinic grab this template it's free down in the description below do your best to follow those five key points I promise your business plan will be in the best shape it can be when trying to get approved for funding obviously we didn't talk about personal financial stuff that's a big component too but focus on the business portion here and as promised for sticking around I'm gonna give you a promo code if you need a financial projection template you can use ph20bp there's links in this template here we'll get a 20 discount off on the template you'll enjoy it again there is a video guide on how to fill it out linked here in the templates also available on YouTube I'll link it down in the description below so if this video was helpful for you please give us a give us a comment if you need to subscribe to the channel if that would be helpful to you and we'll see you in the next one thanks thank you