Create Your Vet Bill Template for Export Easily and Efficiently

Vet bill template for Export

[Music] [Applause] hey this is adam hoeksema from projection hub and in this video i'm going to walk you through our vet clinic financial projection template and ultimately answer the question how much profit can a single veterinary clinic make and so the first thing that i want to mention here is that any anything highlighted in blue any cell highlighted in blue is an assumption that you can change throughout this template and so the first thing we have here is we're assuming for your startup vet clinic that you're going to have to put in some personal investment yourself and so we have a 65 000 personal investment here we say that was invested in month zero meaning kind of the very first month or at the beginning before the clinic has even opened we have the ability to put in accounts receivable terms inventory assumptions jumping into the fixed assets which is really a big chunk of your startup costs we found based on our research that the average startup cost for a vet clinic ranges from 541 thousand to 901 thousand and that is broken down between three primary categories your equipment and furniture which we can enter in here and then whether you're going to you know build a new building buy a building or renovate a building that's going to really change how much your startup costs will be for your for your facility and we have in here 390 000 as a as a starting point and that is assuming that you have a clinic with one veterinarian with two exam rooms at around a thousand square feet each and then about a thousand square feet of waiting area and office space so a total clinic size of three thousand square feet and a renovation cost based on our research of a hundred and thirty dollars per square foot now that can just dramatically change based on where you're located uh in the in the country or in the world and so you really need to um figure out from from an architect near you um what would it cost to you know renovate or do new construction for a 3000 square foot veterinarian clinic in your area and then enter that number in here and once you have that in you'll also probably you maybe will be trying to get a loan to to help fund some of these startup costs and so you have the ability to add a loan in here we have a 475 000 loan entered in here by default now jumping over to our revenue projection so in order to to project revenue uh we took a couple different approaches based on our just google research we found that one vet veterinarian should be able to generate around 550 000 in annual revenue but we didn't want to just assume just off the bat that you're going to be able to do that and so we wanted to build out the assumptions to help you determine how do we actually get to that 550 000 and so we assume here that you'll have some advertising budget here we have two thousand dollars a month and then there'll be a cost to acquire patients you also have um kind of word of mouth patients as well ultimately that will give you your number of regular patients and then here you have the ability to add your different services and we've done did some research based on a survey from live oak bank that provided what are the common services that are provided and what percentage of total revenue each of those services represent so that's how we have this filled out to start with and then this 183 dollars here is the average spent on vet services for cats and dogs in the u.s and so it's it's a little more for dogs a little less for cats but averaged out to be around 183 dollars and so we are able to break down or assume what's the average annual amount spent per animal for these different services based on that live oak bank data and that total annual spend survey so that's how we have this filled out right now you can change any of this even this gray area here you can overwrite this if you wanted to change this you can change your percentages here as well you can change the cost of goods sold amount as well for each service but this where we came up with with this cost of goods sold percentage is again from the live oak bank survey which said average cost of goods sold percentage was 21.4 percent of revenue and so we just took you can see 21.4 up here times the dollar amount in there to come up with your cost of goods sold so all of that is going to help you calculate your projected revenue by service and cost of goods sold we have our other expenses operating expenses here listed and you can add additional expenses here as you consider your specific plan one thing i would point out is that you can either put an expense in as a fixed expense or a percentage of total revenue and so here we have these credit card fees we're assuming that you know some of your patients will pay by some of your customers will pay by credit card but probably not all of them so for example um your credit card company might that might charge three percent but i wouldn't put three percent in there because this is a percentage of total revenue so that's why we have two percent in there assuming that not everyone will pay with credit cards some will pay with cash and so you won't have that expense and then the last thing here is uh your salaries page now we did research and we have comments in here citing those different sources for salaries for these different positions so these are kind of a standard one veterinarian office might have a assistant receptionist and a technician and we have the technician here starting in month 13. so when you start out and you're not at full capacity yet you may not need you know all of these positions and so you can change the start date or start month for any of these positions now the one thing i'll mention here is that we don't have a salary in for for you the owner we also don't didn't put in an owner's draw dollar amount but you'll you'll be able to see you know here on the next page what the projected profits are based on the assumptions that we have in there and ultimately what you'd be able to hopefully take home yourself so to start with um i think you know this is a pretty good baseline because based on our research uh one vet veterinarian might be able to generate should be able to do at least 550 000 in an annual revenue kind of on average and high performing clinics can do can do quite a bit more than that and so based on these five-year projections you know you start out at 300 000 here so you're not at full capacity which would make sense in your startup year but by year two you're getting closer to that capacity and bringing on that additional staffing can help you get up to really a high performing clinic by years four and five is is expectation and you can see the net income uh and and you know ultimately this is what would be available to you as the owner to be able to take home so there's a number of other charts and tables and graphs that you can use here in you know whether you're trying to raise maybe some investment to open your clinic or trying to get a loan some good some good analysis here for you and then there is a an income statement a five-year income statement projection cash flow projection balance sheet and then a five-year but by month income statement cash flow and balance sheet so there you have it the answer i guess for you is based on these projections are assuming that you could generate a net income of 187 000 or a profit of 187 000 by year five in your veterinarian clinic so if you have any questions feel free to leave a comment um in the video below or reach out just directly at support projectionhub.com and we'd be happy to try to help thanks you