Do you want to start an audiology business and need to write a plan? If YES, here is a sample private audiology practice business plan template & FREE feasibility report. Reliable statistics has it that the Audiologists industry in the United States of America generates roughly $2.4 billion annually. If you are qualified and well positioned, you can get your own share of the market in the industry and smile to the bank on a regular basis.
If you want to partake in this thriving industry, you would need to obtain all the necessary licenses and certifications. Although there are competitions at various levels in the industry, but if you are able to come up with a good business strategy, you are sure of getting your own fair share of the market.
Below is a sample audiology private practice business plan template that will help you write yours without much stress.
A Sample Audiology Private Practice Business Plan Template
1. Industry Overview
The Audiologists industry is made up of certified, licensed professionals who have obtained a Master’s Degree or Doctoral Degree in the field of audiology (AuD or PhD). They are specially trained to diagnose and treat disorders of hearing and balance, which includes diagnosing the type and degree of hearing loss. Audiologists can also prescribe and fit hearing aids and assistive listening devices.
A close study of the Audiologists industry shows that the industry has experienced steady conditions and stable growth over the last five years. In recent years, rising student enrollment rates have stimulated demand for the industry’s services. Most importantly, increased access to health insurance has better enabled individuals to afford industry services, as many audiology services are covered by health insurance.
As a result, more individuals have obtained private health insurance coverage, better enabling them to access industry services. Moreover, the PPACA has increased the number of individuals with government health insurance by expanding access to Medicaid. These trends are expected to continue over the next five years to 2022.
A recent report published by IBISWORLD shows that the Audiologists industry largely follows the dispersion of the US population. Typically, audiologist locate their office near hospitals, schools and healthcare facilities. The report further states that the industry’s personnel-to-population ratio varies considerably, with some areas having more audiologist on a per capita basis.
The Audiologists industry is a thriving sector of the economy of the united states of America and they generate over billion annually from more than 4,582 registered and licensed Audiologists private practice firms scattered all around the United States of America.
The industry is responsible for the employment of over 11,765 people. Experts project the industry to grow at a 3.3 percent annual rate within 2014 and 2019. It is important to state that Hearing Clinic, Cleveland Clinic’s Head & Neck Institute Section of Audiology, Hearing Care Associates and Metro Hearing and Balance are the organizations that have the lion share of the available market in the industry.
Please note that it is absolutely compulsory for any investor who is looking towards starting any health related business in the United States of America 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.
Some of the factors that encourage entrepreneurs to start their own audiology private practice business could be that the business requires low level manpower, the business can easily get support from the government at all level and the business is indeed a profitable venture despite the legislature governing the industry.
Lastly, as an audiology private practitioner, aside from your professional qualifications, the key attributes needed to be able to make good success from the trade is patience, enthusiasm, passion about the specific area to be handled, and constant positivity. You are also expected to be highly proactive; you would need to be good at planning, preparation, and have certain other organizational skills.
2. Executive Summary
Richard George® Audiology Private Practice, LLP is a professional and licensed Audiologist (private practice) firm that is specialized in helping her clients overcome their hearing related impediments. The scope of our business offerings covers areas like hearing loss, auditory processing disorder, diagnose and treat disorders of hearing and balance, prescribe and fit hearing aids and assistive listening devices et al.
Our business will be located in – between a well-populated residential estate and a business district in in New Orleans – Louisiana, United States of America.
Richard George® Audiology Private Practice, LLP is a client-focused and result driven private audiology practitioner organization that provides broad – based speech therapy approaches and experience at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will ensure that we work hard to meet and surpass all our clients’ expectations as it relates to helping them overcome hearing impediments whenever they hire our services.
At Richard George® Audiology Private Practice, LLP, our clients’ overall best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professional and certified audiologists and related health workers with various skill sets who are experienced and passionate in helping our clients.
Richard George® Audiology Private Practice, LLP will at all times demonstrate her commitment to sustainability, both individually and as a audiology private practice organization, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely.
Richard George® Audiology Private Practice, LLP is founded by Dr. Richard George and he will run the business with his business partner Dr. Excel Larry. Dr. George is a certified and renowned Audiologists. He has over 20 years’ experience working with a wide range of people both in the United States of America and Canada.
3. Our Products and Services
Richard George® Audiology Private Practice, LLP is going to offer varieties of audiology services within the scope of the Audiologists industry in the United States of America. Our intention of starting our audiology private practice is to help our clients overcome their hearing impediments. Our service offerings are listed below;
- Diagnose hearing or balance problems (Providing audiology examinations)
- Prescribe and fit hearing aids
- Design hearing safety programs
- Monitor patients’ progress and adjust treatments
- Develop treatment plans for problems such as hearing loss and auditory processing disorder
- Evaluate hearing or speech and language test results
- Develop individual or group programs in schools to deal with hearing problems
- Handle areas such as hearing loss, and auditory processing disorder et al
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective audiology business that will become the number one choice in New Orleans – Louisiana and the whole of the United States of America.
- Our mission is to provide affordable, professional and highly effective audiology services to a wide range of clients.
- We want to position Richard George® Audiology Private Practice, LLP to become one of the leading audiology private practice brands in the industry in the whole of New Orleans – Louisiana, and also to be amongst the top 10 audiology firms in the United States of America within the first 5 years of operation.
Our Business Structure
Richard George® Audiology Private Practice, LLP, is an audiology firm that intends starting small in New Orleans – Louisiana, but hopes to grow big in order to compete favorably with leading firms in the industry. We are aware of the importance of building a solid business structure that can support the kind of world class business we want to own.
At Richard George® Audiology Private Practice, LLP, we will ensure that we hire people that are qualified, hardworking, creative, passionate, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Principal Partner/Chief Executive Officer
- Audiologists
- Office Administrator
- Accountant
- Marketing Executives
- Client Service Executive
5. Job Roles and Responsibilities
Principal Partner/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
- 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
Audiologists
- Responsible for diagnosing hearing or balance problems
- Prescribe and fit hearing aids
- Design hearing safety programs
- Monitor patients’ progress and adjust treatments
- Develop treatment plans for problems such as hearing loss and auditory processing disorder
- Evaluate hearing or speech and language test results
- Develop individual or group programs in schools to deal with hearing problems
- Handle areas such as hearing loss, and auditory processing disorder et al
Office Administrator
- Regularly holds meetings with key stakeholders to review the effectiveness of the organizations’ Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily activities of Richard George® Audiology Private Practice, LLP.
Marketing Executive
- Identifies, prioritizes, and reaches out to new patients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Documents all customer contact and information
- Represents Richard George® Audiology Private Practice, LLP in strategic meetings
- Helps to increase sales and growth for Richard George® Audiology Private Practice, LLP
Accountant
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Richard George® Audiology Private Practice, LLP
- Serves as internal auditor for Richard George® Audiology Private Practice, LLP.
Client Service Executive
- Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, 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
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels/documents for Richard George® Audiology Private Practice, LLP
6. SWOT Analysis
Richard George® Audiology Private Practice, LLP engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well-structured audiology business that can favorably compete in the highly competitive industry in the United States.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Richard George® Audiology Private Practice, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Richard George® Audiology Private Practice, LLP;
- Strength:
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in audiology private practice.
Aside from the synergy that exists in our carefully selected team members and our strong online presence, Richard George® Audiology Private Practice, LLP is well positioned in a community with the right demography and we know we will attract loads of clients from the first day we open our doors for business.
- Weakness:
As a new audiology private practice in New Orleans – Louisiana, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the competitive Audiologists industry; that is perhaps our major weakness.
- Opportunities:
The number of adults aged 65 and older represents the largest market for hearing aid clinic operators. As people age, they are more likely to experience hearing loss. With the US population aging, this market segment is likely to grow in importance. The number of people aged 65 and older is expected to rise in the coming year, representing a potential opportunity for the industry.
- Threat:
Some private health insurance plans will either help pay for, or fully cover, the cost of hearing examinations and hearing aids if the device is required. Plans are either purchased by consumers or provided by employers. The number of people with private health insurance is expected to increase slowly going forward, posing a potential threat to the industry.
7. MARKET ANALYSIS
- Market Trends
The trend in the Audiologists industry shows that in the last half decade, the industry has grown consistently. Audiology private practice services are needed regardless of economic conditions, which insulate the industry from economic fluctuations.
Going forward, as people continue to be employed and regain a steady income, private health insurance will become more affordable, prompting consumers to seek audiology private practice services when needed. Rising student enrollment rates will boost demand for industry services. So also, external factors such as Number of K-12 students and Number of adults aged 65 and older in the Audiologists industry impact industry performance.
Increasingly, large hearing aid manufacturers have purchased hearing aid clinic chains and individual operators, enabling them to sell their products directly to consumers. Consolidation of hearing aid manufacturers has enabled a few major companies to exercise more control over distribution by bringing various brands under the same parent company.
Although rising prices have made it difficult for some consumers to afford hearing aids, a factor that hampered demand during the recession, the industry has benefited from the recovery in disposable income over the past five years.
Medicare, the government-funded health insurance program that provides coverage for adults over the age of 65, does not cover hearing aids. Consequently, out-of-pocket payments, derived from disposable income, for industry products have remained important over the past five years.
Lastly, hearing loss has become increasingly common for several reasons. The aging US population has expanded the need for hearing aid devices, as individuals aged 65 and older are the single-largest market for industry services. The increasing prevalence of diabetes is attributed to rising levels of hearing loss.
For example, the rate of hearing loss is 30.0 percent higher for diabetics than those with normal blood sugar levels. Additionally, the rising use of portable music and headphones has resulted in increasing levels of hearing loss.
8. Our Target Market
The target market for audiology private practice firms is all encompassing. Richard George® Audiology Private Practice, LLP is a professional and licensed audiology firm that is specialized in helping her clients overcome hearing impediments and other related challenges.
As a standard audiology private practice organization, Richard George® Audiology Private Practice, LLP offers a wide range of services hence we are well trained and equipped to service a wide range of clients. Our target market as an audiology firm cuts across people from all walks of life.
We are coming into the Audiologists industry with a business concept that will enable us work with clients from different backgrounds. Below is a list of the clients that we have specifically design our audiology private practice for;
- Deaf people
- Schools for the deaf
- Aging people with hearing deficiencies
- Hospitals and other medical clinics for referrals
Our Competitive Advantage
The Audiologists industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them overcome their hearing impediments and related challenges. It is the practice for audiologists to acquire as much certifications as it relates to their area of specialization; it is part of what will make them stay competitive in the industry
We are quite aware that to be highly competitive in the industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Richard George® Audiology Private Practice, LLP might be a new audiology private practice firm in New Orleans – Louisiana, but the owners of the business are considered gurus in the industry. They are licensed and highly qualified audiologists that can successfully help clients overcome their challenges. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiff competitions amongst audiology private practice firms in the United States of America; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of Richard George® Audiology Private Practice, LLP.
We want to build a standard audiology business that will leverage on word of mouth advertisement from satisfied clients. Richard George® Audiology Private Practice, LLP is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our audiology private practice firm by sending introductory letters alongside our brochure to corporate organizations, schools, hospitals, households and key stake holders in New Orleans – Louisiana.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our audiology firm
- Post information about our audiology firm on bulletin boards in places like schools, libraries, and local coffee shops.
- Place a small or classified advertisement in the newspaper, or local publication about our audiology private practice firm
- Advertise our audiology private practice firm in relevant educational magazines, newspapers, TV and radio stations.
- Attend relevant educational expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients.
Sources of Income
Richard George® Audiology Private Practice, LLP is established with the aim of maximizing profits in the Audiologists industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Richard George® Audiology Private Practice, LLP will generate income by offering the following audiology private practice services;
- Diagnose hearing or balance problems (Providing audiology examinations)
- Prescribe and fit hearing aids
- Design hearing safety programs
- Monitor patients’ progress and adjust treatments
- Develop treatment plans for hearing loss and auditory processing disorder
- Evaluate hearing or speech and language test results
- Develop individual or group programs in schools to deal with hearing problems
- Handle areas such as hearing loss, and auditory processing disorder et al
10. Sales Forecast
We are well positioned to take on the available market in New Orleans – Louisiana and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our business and our clientele base.
We have been able to examine the audiology private practice market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Richard George® Audiology Private Practice, LLP, it is based on the location of our audiology private practice firm and of course the wide range of audiology related services that we will be offering;
- First Fiscal Year (FY1): $295,000
- Second Fiscal Year (FY2): $450,000
- Third Fiscal Year (FY3): $700,000
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 there won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for clients in the whole of New Orleans – Louisiana which is why we have made provisions for effective publicity and advertisement of our business.
Below are the platforms we intend to leverage on to promote and advertise Richard George® Audiology Private Practice, LLP;
- Place adverts on both print (community based newspapers and health related magazines) and electronic media platforms
- Sponsor relevant community based events / 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 New Orleans – Louisiana.
- Distribute our fliers and handbills in target areas
- List our audiology private practice firm in local directories / yellow pages
- Advertise our life audiology private practice firm in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our logo et al.
12. Our Pricing Strategy
Generally, audiology private practice services are billed on per hour billing rate and flat fees on a weekly or monthly basis as it applies. As a result of this, Richard George® Audiology Private Practice, LLP will charge our clients flat fees except for few occasions where there will be need for us to charge special clients on hourly basis.
At Richard George® Audiology Private Practice, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our clients at regular intervals.
- Payment Options
The payment policy adopted by Richard George® Audiology Private Practice, LLP is all inclusive because we are quite 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 Richard George® Audiology Private Practice, LLP will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
In view of the above, we have chosen banking platforms that will enable our clients make payment for audiology private practice services without any stress on their part.
13. Startup Expenditure (Budget)
This is what it would cost us to start our own standard and world class audiology private practice firm in the United States of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- Purchasing the needed office equipping and treatment kits (audiology equipment, hearing aids, medications, computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- The cost for accounting software, CRM software and Payroll Software – $3,000
- Other start-up expenses including stationery – $1000
- Phone and Utilities (gas, sewer, water and electric) deposits – ($3,500).
- Launching an official website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about one hundred and fifty thousand (150,000) U.S. dollars to successfully setup a medium scale but standard audiology private practice firm in the United States of America.
Generating Funds/Startup Capital for Richard George® Audiology Private Practice, LLP
Richard George® Audiology Private Practice, LLP is a partnership business that will be owned by Dr. Richard George and he will run the business with his business partner, Dr. Lance Jackson. They are the only financiers of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $50,000 (Personal savings $35,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Richard George® Audiology Private Practice, LLP is to build a business that will survive off its own cash flow without the need for 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 audiology private practice services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Richard George® Audiology Private Practice, LLP will make sure that the right foundation, 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 of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. 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 Incorporation: Completed
- Opening of Corporate Bank 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 a standard office facility in a good location plus reconstruction: In progress
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed audiology equipment, hearing aids, medications, office furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating awareness for the business in New Orleans – Louisiana: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress