Are you about starting an Ayurveda clinic? If YES, here’s a complete sample Ayurvedic clinic business plan template & feasibility report you can use for FREE to get started.
Okay, so we have considered all the requirements for starting an Ayurvedic clinic. We have analyzed and drafted a sample Ayurvedic clinic marketing plan backed up by actionable guerrilla marketing ideas for Ayurvedic clinics. So let’s proceed to the business planning section.
There are massive business opportunities in the alternative medical practice industry and Ayurveda clinic is one of them. This line of business is thriving in india and in some countries of the world. If you reside in those areas and you are interested in starting a business in the alternative medical practice, then you should consider opening your own Ayurveda clinic.
Good enough, Ayurveda form of treatment has gradually made an entry into the US alternative medicine industry and there is indeed a market for Ayurveda clinics in the united states of America. Below is a sample Ayurveda clinic business plan template that can help you to successfully write your own with little or no hassles.
A Sample Ayurveda Clinic Business Plan Template
1. Industry Overview
Ayurveda clinic business falls under the alternative medical practice industry and the industry has been in existence as far back as modern civilization and it is common to find Ayurveda clinics in the India, Nepal, Sri Lanka and a number of countries in Asia.
Ayurveda is a system of medicine with historical roots in the Indian subcontinent. In countries beyond India, Ayurveda therapies and practices have been integrated in general wellness applications and in some cases in medical use.
Based on the World Health Assembly resolution on traditional medicine as well the 2008 Beijing declaration on traditional medicine, the WHO has established a traditional medicine strategy which involves, among other complementary health systems, Ayurveda.
The Alternative Medicine Industry is a well – established industry in the United States and the industry works hand in hand with other manual – therapy related professions such as chiropractic, massage therapy, osteopathy, and physical therapy et al. Although laboratory experiments suggest it is possible that some substances used in Ayurveda might be developed into effective treatments, there is no scientific evidence that any are effective as currently practiced.
The Alternative Medicine industry is projected to grow slowly due to reservation about the field’s validity. On the other hand, the number of people who are over the age of 50 is rising, supporting alternative medicine industry demand, and healthcare reform is expanding the number of individuals with health insurance policy cover, boosting revenue growth.
In the next few years, sustained public uncertainty of the industry will likely continue to limit industry growth, but on the other hand, alternative medical practitioners are positioning their business to take advantage of newfound consumer interest in complementary and alternative healthcare.
In addition, the reform in the healthcare sector will also continue to positively impact the industry, even though it will likely impact profit margins negatively.
Bardwell Chiropractic Acupuncture Center, North County Integrative Acupuncture Center, Samra Clinic and The Children’s Hospital in Minneapolis are leaders in this industry.
Statistics has it that in the United States of America alone, there are about 68,848 registered and licensed alternative medical clinics (Ayurveda clinics inclusive) responsible for employing about 166,370 and the industry rakes in a whooping sum of $14bn annually. The industry is projected to enjoy 1.3 percent annual growth.
More people are entering into the alternative medicine industry because the entry barriers in this industry are moderate compared to the medical industry. The major obstacle to starting an Ayurveda clinic business is medical licensure.
Over and above, the alternative medicine industry is pretty much open to new entrepreneurs and investors to come in and build a successful business as long as they are qualified to operate in the United States of America or their country of residence.
2. Executive Summary
Raj Sharma® Ayurveda Clinic, LLC is a licensed Ayurveda clinic that will be located in Honolulu – Hawaii. We have been able to secure a standard facility that is located in the heart of town. Aside from the fact that we will start our Ayurveda clinic in Honolulu, we intend to have strong presence in the whole of Hawaii.
Raj Sharma® Ayurveda Clinic will offer core Ayurveda treatments. We are well trained, equipped and positioned to offer Ayurveda treatment to individuals in a caring, and professional environment.
We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in the United States of America. One thing is certain; our clients will definitely get healed from their ailment when they visit of clinics.
Our clinic facility will be opened round the clock to attend to clients and we will also offer home services as requested by our clients. Our work force will be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers (patients). We have put structure in place that will enable us accept insurance payments as well as private – party payments from our clients.
We have a CRM software that will enable us manage a one on one relationship with our customers (patients). Raj Sharma® Ayurveda Clinic, LLC is owned and managed by Dr. Raj Sharma. Dr. Raj Sharma is an India – American Ayurveda practitioner.
He will be bringing in his vast experience and expertise to help the organization grow to become one of the leading Ayurveda clinics in the United States of America.
3. Our Products and Services
Raj Sharma® Ayurveda Clinic is in the alternative medical practice industry with the goal of becoming a leader in the industry. These are the treatments that Raj Sharma® Ayurveda Clinic, LLC will be offering;
- Retailing of Ayurveda and other alternative health products
- Diagnostics services
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to Ayurveda treatments in the whole of Honolulu – Hawaii and also to be amongst the top 10 Ayurveda Clinics in the United States of America.
- Raj Sharma® Ayurveda Clinic is in business is to establish a first class Ayurveda Clinic that will take care of both highly placed and lowly placed clients as long as they can afford our services. We want to become one of the leaders in the industry in the United States of America.
Our Business Structure
Raj Sharma® Ayurveda Clinic will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals to man various job positions in our organization. We are quite aware of the rules and regulations governing the alternative medicine industry which is why we decided to recruit only licensed and qualified employees. We hope to leverage on their expertise to build our business brand to be well accepted in Honolulu – Hawaii.
When hiring we will look out for applicants that are not just qualified and experienced, but honest, 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 management staff and it will be based on their performance for a period of five years or more.
This are the positions that will be available at Raj Sharma® Ayurveda Clinic , LLC;
- Medical Director (Owner)
- Ayurveda Doctor
- Nurses/Nurse Aide
- Marketing Executive
- Cashier (Counter Agent)
- Customer Care Executive
5. Job Roles and Responsibilities
- 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 and developing incentives
- 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
- Responsible for signing checks and documents on behalf of the company
- Refers patients to or consult with other health practitioners
- Responsible for handling general Ayurveda treatment
- Responsible for managing our patients
- Responsible for offering medication management services
- Assists the Ayurveda doctors in treating patients
- Sources for clients for the company
- Responsible for promoting the company’s image
- Responsible for creating marketing and sales strategies, etc.
- Represents the organization in some strategic business meetings
- Handles any other duty as assigned by the management of the clinic
Accountant/Cashier (Counter Agent)
- Receives payments on behalf of the organization
- Issues receipt to customers
- Prepares financial report at the end of every working week
- Handles financial transaction on behalf of the company
- Interfaces with our bankers
- Responsible for payment of tax, levies and utility bills
- Handles any other duty as assigned by the management
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In centre, 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
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
6. SWOT Analysis
- Raj Sharma® Ayurveda Clinic is set to become one of the leading Ayurveda Clinics in the whole of Honolulu – Hawaii which is why we will ensure that we are well trained and equipped to carry out our duties. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.
We made sure that we hired the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the alternative medical practice industry.
This is the summary of the SWOT analysis that was conducted for Raj Sharma® Ayurveda Clinic , LLC;
Our strength lies in the fact that we have a team of qualified, experienced and licensed professionals manning various job positions in our clinic. As a matter of fact, they are some of the best hands in the whole of Honolulu – Hawaii. Our location, the Business model we will be operating on, home services, multiple payment options, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.
Our perceived weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business.
The opportunities that are available to Ayurveda Clinics are unlimited considering the fact that we have a growing population that is switching to alternative medicine in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in Hawaii.
One of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). Other threats that may likely confront us are sustained public uncertainty of the industry and the arrival of a new and bigger Ayurveda Clinic in same location where our outlet is located.
7. MARKET ANALYSIS
- Market Trends
One of the trends that has positioned alternative medical practice to be on the rise is the fact that they are now well – regulated and conventional healthcare providers now find it convenient to refer some of their patients.
If you keep tab with the trend in the alternative medicine industry, you will agree that the industry is indeed growing despite the sustained public uncertainty of the industry which is why Ayurveda Clinic franchises are now selling faster than before. It is now easier to find Ayurveda Clinics in places that ordinarily you would not find one; places such as residential estates, business districts, and farmers’ market and even in shopping malls et al.
More people are entering into the alternative medicine industry because the entry barriers in this industry are moderate compared to the medical industry. The major obstacle to aspiring entrepreneurs who want to start their own Ayurveda Clinic business is that they are expected to obtain medical licensure. This because any practitioner in this industry must be appropriately licensed before they can be allowed to practice.
Alternative or traditional medicine, including Ayurveda, contributes significantly to the health status of many communities, and is increasingly used within certain communities in developed countries. Alternative or traditional medicine has a long history of use in health maintenance and in disease prevention and treatment, particularly for chronic diseases.
Suitable recognition of traditional medicine is an important element of national health policies and has as well important basis for new products with significant export potential. WTO, WIPO and WHO ask for respect for both the economic value and the social and cultural significance of traditional knowledge and supports documentation of traditional medical knowledge.
The WHO paper asks to integrate traditional and complementary medicine services, where appropriate, into healthcare service delivery and self-healthcare and to promote an improved universal health coverage by doing so.
8. Our Target Market
The target market for an Ayurveda Clinic cuts across people of different walks of life. Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.
We will leverage on improving on our services and facility to ensure that we win new clients and retain old clients. Raj Sharma® Ayurveda Clinic will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our Ayurveda Clinic services to;
- All residents in and around the location where our clinic is located.
Our competitive advantage
Before setting up Raj Sharma® Ayurveda Clinic, we are quite aware that the competition in the industry which is why we decided to conduct a thorough market research and feasibility studies so that we will be well trained and equipped to favorably compete in Honolulu – Hawaii.
As a matter of fact, we will offer Ayurveda treatments with uttermost professionalism. We will ensure that every experience our clients get when they visit us are pleasurable. We will also ensure that we only make use of quality supplies (herbs) and create an environment and ambiance that will be relaxing and welcoming.
We are quite aware that to be highly competitive in the alternative medicine industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference cum improvement and you should be able to meet the expectations of the physicians that referred patients to you.
Raj Sharma® Ayurveda Clinic is coming into the market well prepared to favorably compete in the industry. Our facility is well positioned (centrally positioned) and visible, we have enough parking space with good security. Our staff are well groomed in all aspects of Ayurveda treatment and all our employees are trained to provide customized customer service to all our clients.
We are going to be one of the few Ayurveda clinics in the whole of Hawaii that will offer home services and also open for business 24 hours a day and 7 days a week. We have enough trained professionals that are ready to run a shift system.
9. SALES AND MARKETING STRATEGY
- Sources of Income
We will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the services we intend offering in order to generate income for Raj Sharma® Ayurveda Clinic, LLC;
- Retailing of Ayurveda and other alternative health products
- Diagnostics services
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field.
It would be hard to create a sales forecast with a newly opened business – like Ayurveda Clinic. This is because the statistics that will be provided will be on a short – term basis. Experts say that usually a business should be in operation for at least one year before they can generate the statistics that will be needed to help in accurate forecasting.
Below are the sales projections for Raj Sharma® Ayurveda Clinic. It is based on the location of our clinic facility and the services and products that we will be offering to our clients (patients);
- First Fiscal Year: $120,000
- Second Fiscal Year: $270,000
- Third Fiscal Year: $550,000
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 within the period stated above. There also won’t be any major competitor offering same form of treatments as we do within 4.5 miles’ radius from our Ayurveda Clinic facility. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Raj Sharma® Ayurveda Clinic will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer all – round Ayurveda treatment and wellness services at affordable prices compared to what is obtainable in and around Hawaii.
Aside from the strategic location of our business, all our employees will be well trained and equipped to provide excellent and knowledgeable Ayurveda treatments and wellness services at all times. We know that if we are consistent with offering high quality service delivery, we will increase the number of our customers by more than 20 percent for the first year and then more than 30 percent subsequently.
Before choosing a location for our Ayurveda Clinic, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice in Honolulu.
We hired experts who have good understanding of the alternative medicine industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Honolulu – Hawaii.
In summary, Raj Sharma® Ayurveda Clinic, LLC will adopt the following sales and marketing approach to win customers over;
- Introduce our clinic by sending introductory letters to health facilities, residents, business owners and corporate organizations
- Advertise our Ayurveda Clinic on national dailies, local TV and radio stations
- Promote our Ayurveda Clinic online via our official website and all available social media platforms
- Continuously improving the performance of our brands
- Hire the services of experts to make our brand the first choice for people in Honolulu – Hawaii
- Delivering consistent customer experiences to all our members; making our first impression count positively to those who will visit our clinic for the first time
- Make use of attractive hand bills to create awareness and also to give direction to our Ayurveda Clinic
- Adopt direct mailing coupon marketing approach
- Position our signage / flexi banners at strategic places
- Create a loyalty plan that will enable us reward our loyal customers who refer other patients to us
11. Publicity and Advertising Strategy
We are not just in the Ayurveda clinic business to make profits but also to become one of the market leaders hence we are going to explore all available means to promote our business.
Raj Sharma® Ayurveda Clinic has a long term plan of offering Ayurveda treatments not just in our facility but also in various locations all around Hawaii which is why we will deliberately build our brand to be well accepted in Honolulu before venturing out.
Here are the platforms we intend leveraging on to promote and advertise Raj Sharma® Ayurveda Clinic, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community health and fitness 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 Honolulu – Hawaii
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are branded with our company’s logo et al.
12. Our Pricing Strategy
Raj Sharma® Ayurveda Clinic will work towards ensuring that all our treatments cum services are offered at highly competitive prices compared to what is obtainable in the United States of America.
- Payment Options
The payment policy adopted by Raj Sharma® Ayurveda Clinic is all – inclusive because we are 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 Raj Sharma® Ayurveda Clinic will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our client make payment for treatments cum services rendered without any stress on their part.
13. Startup Expenditure (Budget)
Having done our due diligence prior to establishing our Ayurveda clinic, we were able to match figures with the items listed and this is what it would cost us to setup Raj Sharma® Ayurveda Clinic in Honolulu – Hawaii;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $10,000.
- The cost for hiring business consultant – $5,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The cost of accounting software, CRM software and Payroll Software – $3,000
- The cost for leasing a facility – $180,000.
- The cost for facility remodeling – $50,000.
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for start-up inventory – $15,000
- Storage hardware (bins, utensil rack, shelves, glasses et al) – $1,720
- The cost for acquiring medical equipment and supply – $200,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a website – $600
- Miscellaneous – $5,000
We would need an estimate of three hundred and fifty thousand dollars (350,000) to successfully launch a standard Ayurveda Clinic in Honolulu – Hawaii
Generating Startup Capital for Raj Sharma® Ayurveda Clinic, LLC
Raj Sharma® Ayurveda Clinic is a family business that is solely owned and financed by Dr. Raj Sharma. He has decided to restrict the sourcing of the startup capital to 3 major sources. These are the areas Raj Sharma® Ayurveda Clinic intends to generate its startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
It is a known fact that the future of any 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 of these factors are missing from a business (company), then it won’t be too long before the business closes shop.
One of our major goals of starting Raj Sharma® Ayurveda Clinic is to build a business that will survive off its own cash flow without 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 Ayurveda treatment a little bit cheaper than what is obtainable in the industry and we are prepared to survive on lower profit margin for a while before increasing our service charges.
Raj Sharma® Ayurveda Clinic , LLC will make sure that the right foundation, business 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.
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 five years or more. 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.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money 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 of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Ayurveda equipment and gadgets et al: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Compilation of our list of potential clients in and around Honolulu – Hawaii: Completed
- Establishing business relationship with vendors: In Progress