Are you about starting a nutrition consulting company? If YES, here is a complete sample nutrition consulting business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a nutrition consulting company. We also took it further by analyzing and drafting a sample nutrition consulting marketing plan template backed up by actionable guerrilla marketing ideas for nutrition consulting companies. So let’s proceed to the business planning section.
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
Why Start a Nutrition Consulting Business?
The fact that people want to live healthy means that they will do whatever it takes to achieve that goal including eating right and that is where a nutrition consultant comes in.
Nutrition consultants are knowledgeable in how food affects the health and well-being of a person. They help guide people not only into better eating habits for optimal health, but also for people to know how their body process the various food that they eat. Please note that you are expected to pass the exams given by the American Academy of Nutrition Consultants before you can become a certified nutritionist.
If you want to partake in this thriving industry, you would need to obtain all the necessary licenses and certifications and then launch your own nutrition consulting firm business. The truth is that the market is still pretty much open for new practitioners to come in. 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 available market in the industry.
So, if you have decided to start a nutrition consulting business in the united states, then you should make sure that you carry out thorough feasibility studies and also market survey. Business plan is yet another very important business document that you should not take for granted when launching your own business.
Below is a sample nutrition consulting business plan template that will help you successfully write yours without much stress;
A Sample Nutrition Consulting Firm Business Plan Template
1. Industry Overview
Nutrition consulting is under the Nutritionists & Dietitians industry and players in this industry also includes health practitioners who have a bachelor’s degree, licensure, certification or registration and primarily advise on matters of diet and nutrition and their effects on health. These practitioners operate private or group practices in their own offices or in the facilities of others, including hospitals or other medical centers.
A close study of the Nutritionists & Dietitians industry shows that the industry is truly thriving in the United States because loads of Americans are facing a critical obesity problem, with skyrocketing levels of diabetes, heart disease and other chronic diseases.
As a result, demand for the Nutritionists and Dietitians industry has increased and is expected to continue to rise significantly. Wellness and disease prevention have become some of the buzzwords circulating among people who are becoming increasingly concerned about what they eat and how it affects their health.
The industry has a positive outlook due to increasing emphasis on disease prevention through improved dietary habits. Growing focus on preventive care services and public interest in nutrition will also underpin demand.
A recent report published by IBISWORLD shows that the four regions that encompass the greatest percentages of health and wellness centers include the Southeast (22.6 percent of establishments), the Mid-Atlantic (18.7 percent), the West (16.2 percent), and the Great Lakes (15.3 percent) regions of the United States.
Together these four regions account for 72.9 percent of total establishments. The report also shows that other regions including the Southwest and Rocky Mountains account for an estimated 9.0 percent and 3.8 percent, respectively.
Geographic analysis by state indicates that wellness centers are primarily located in California (11.0 percent of establishments), New York (7.1 percent), Texas (5.9 percent), and Florida (5.5 percent). However, the Southeast accounts for the largest region due to its high senior population. The distribution and location of establishments is strongly correlated to population spread.
The Nutritionists & Dietitians industry is a thriving sector of the economy of the United States of America and they generate over $10 billion annually from more than 147,506 registered and licensed nutrition consulting firms scattered all around the United States of America.
The industry is responsible for the employment of over 195,499 people. Experts project the industry to grow at a 2.3 percent annual rate within 2012 and 2017. It is important to state that there is no single organization that has a lion share of the available market in the industry.
It can’t be over emphasized that the demand for the services offered by the nutritionists and dietitians grows when public confidence declines and people’s ability to handle the issues on their own wanes. When the housing bubble burst and the US economy fell into a recession, consumer confidence plummeted.
However, as the economy slowly continues to recover and consumer confidence returns, demand for the services of nutritionists and dietitians is expected to grow. Going forward, clients and potential clients alike will likely require less guidance, high-income households will serve as the primary vehicle of growth for the industry.
Lastly, as a nutritionist and dietitian, 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 positivism. You are also expected to be highly proactive and you would need to be good at planning, preparation, and certain other organizational skills.
It is one thing to have a skill and it is another thing to know how to counsel people into eating right and living healthy which is why you must constantly get feedbacks from your clients to be able to measure their progress and your performance.
2. Executive Summary
Sally Anderson® Nutrition Consulting Firm, LLP is a licensed nutrition and dietitian consulting firm that is specialized in helping her clients overcome their eating challenges and achieve their personal health goals. The scope of our business offering covers areas such as nutrition counseling, planning food programs, planning nutrition programs, promoting healthy eating habits, large-scale meal planning and performing nutrition screenings et al. Our business will be located in a populated residential estate in Smethport – Pennsylvania, United States of America.
Sally Anderson® Nutrition Consulting Firm, LLP is a client-focused and result driven nutrition consulting firm that provides broad – based nutrition and diets related services 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 their career and personal goals whenever they hire our services.
At Sally Anderson® Nutrition Consulting Firm, 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 nutritionists and dietitians with various skill sets who are well experienced and passionate in helping our clients achieve their personal goals within record time.
Sally Anderson® Nutrition Consulting Firm, LLP will at all times demonstrate her commitment to sustainability, both individually and as a nutrition consulting firm, 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.
Our overall business goal is to position our nutrition consulting firm to become the leading nutrition consulting brand in the industry in the whole of Smethport – Pennsylvania, United States of America, and also to be amongst the top 10 nutrition consulting firms in the United States of America within the first 5 years of operation.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Smethport is the right place to launch our nutrition consulting business.
Sally Anderson® Nutrition Consulting Firm, LLP is founded by Dr. Sally Anderson and she will run the business with her business partner of many years, Dr. Becky Allison. Dr. Sally Anderson is a certified and renowned nutritionist and Dr. Beck Allison a certified and licensed dietitian. They both have a combined experience of over 20 years working with top government officials, corporate executives, celebrities and sports people both in the United States of America and Canada.
3. Our Products and Services
Sally Anderson® Nutrition Consulting Firm, LLP is going to offer varieties of services within the scope of the industry in the United States of America.
Our intention of starting our nutrition consulting business is to help our clients overcome their eating challenges, achieve their personal health goals, improve their overall wellbeing and productivity and of course to also make profits.
Our service offerings are listed below;
- Nutrition counseling
- Planning food programs
- Planning nutrition programs
- Promoting healthy eating habits
- Large-scale meal planning
- Performing nutrition screenings
- Retailing of nutrition books and materials
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective nutrition consulting business that will become the number one choice for both individuals and corporate organizations in Smethport – Pennsylvania and the whole of the United States of America.
- Our mission is to provide affordable, professional and highly effective nutrition consulting services to a wide range of clients. We want to position Sally Anderson® Nutrition Consulting Firm, LLP to become one of the leading nutrition consulting brands in the industry in the whole of Smethport – Pennsylvania, and also to be amongst the top 10 nutrition consulting firms in the United States of America within the first 5 years of operation.
Our Business Structure
Sally Anderson® Nutrition Consulting Firm, LLP, is a nutrition consulting firm that intends starting small in Smethport – Pennsylvania, but hopes to grow big in order to compete favorably with leading firms in the nutritionists and dietitians industry both in the United States and on a global stage. We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own.
At Sally Anderson® Nutrition Consulting Firm, 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 holder.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff/partners and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company.
In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Principal Partner/Chief Executive Officer
- Nutritionist and Dietitian
- Office Administrator
- 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; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- 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.
- In authority of signing checks and documents on behalf of the company
- Assesses the success of the organization
Nutritionist and Dietitians
- Considers patients’ and clients’ health needs and diet
- Counsel patients on nutrition issues and healthy eating habits
- Develops meal plans, taking both cost and clients’ preferences into account
- Evaluates the effects of meal plans and change the plans as needed
- Promotes better nutrition by speaking to groups about diet, nutrition, and the relationship between good eating habits and preventing or managing specific diseases
- Keeps up with the latest nutritional science research
- Writes reports to document patient progress
- Answerable for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for psychologists, social workers and marriage counselors
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- 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 for the organization
- Identifies, prioritizes, and reaches out to new clients, 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
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents Sally Anderson® Nutrition Consulting Firm, LLP in strategic meetings
- Help to increase sales and growth for the organization
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
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
- Manages administrative duties assigned by the principal partners in an effective and timely manner
- 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 the organization
6. SWOT Analysis
Sally Anderson® Nutrition Consulting Firm, LLP engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured nutrition consulting business that can favorably compete in the highly competitive nutritionists and dietitians industry in the United States.
Part of what the consultant did was to work with the management of our organization in conducting a SWOT analysis for Sally Anderson® Nutrition Consulting Firm, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Sally Anderson® Nutrition Consulting Firm, LLP;
Our core strength lies in our ability to attract local support and frequent referrals, having a high prior success rate and recommendation/accreditation from authoritative sources. So also, we have a team that are considered experts with excellent qualifications and experience in the nutritionists and dietitians industry.
Aside from the synergy that exists in our carefully selected team members and our strong online presence, Sally Anderson® Nutrition Consulting Firm, 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.
As a new nutrition consulting firm in Smethport – Pennsylvania, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the fast – growing nutritionists and dietitians industry; that is perhaps our major weakness.
Growing focus on preventive care services and nutrition will strengthen demand, so also, the fact that patients have been better able to afford doctor visits and an aging population will create opportunities for industry services in institutionalized care settings.
This goes to show that the opportunities in the nutritionists and dietitians industry is massive considering the number of individuals that would want to overcome their eating challenges and achieve their health goals. As a standard nutrition consulting firm, we are ready to take advantage of any opportunity that comes our way.
Every business faces threats or challenges at any part of the life cycle of the business. These threats can be external or internal. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion what effect they might bring to the business.
Some of the threats that we are likely going to face as a nutrition consulting firm operating in the United States of America are unfavorable government policies that might affect businesses such as ours, the arrival of a competitor within our location of operations and global economic downturn which usually affects spending/purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
The trend in the nutritionists and dietitians industry shows that in the last half decade, the industry has grown consistently. With the growing population of obese people in the United State, nutritionist and dietitians services are needed regardless of economic conditions.
Going forward, as people continue to be employed and regain a steady income, private health insurance will become more affordable, prompting consumers to seek nutritionists and dietitians services when needed.
One thing is certain, the trend in the nutritionists and dietitians industry is such that if you want to be ahead of your competitors, you should be able to acquire as much certifications as possible and you should be able to have loads of testimonies from your clients.
The truth is that if your clients experienced huge difference in their eating habits, health and overall well – being as a result of hiring the services of your organization, then they will be compelled to help promote your organization.
Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by nutritionists and dietitians all over the world. With technology, it is now easier for nutritionists and dietitians to work their clients that are thousands of kilometers away from them. Tools like video calling/Skype, YouTube, live chat and Webcast et al are being used by nutritionists to counsel clients in different parts of the world.
8. Our Target Market
The target market for nutrition consulting firms is all encompassing. Sally Anderson® Nutrition Consulting Firm, LLP is a professional and licensed nutrition consulting firm that is specialized in helping her clients overcome eating challenges, achieve their personal goals and improving their overall wellbeing and productivity.
As a standard nutrition consulting firm, Sally Anderson® Nutrition Consulting Firm, 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 a nutrition consulting firm cuts across people of different classes of people. We are coming into the nutritionists and dietitians industry with a business concept and company’s profile that will enable us work with clients from different backgrounds and status.
Below is a list of the clients that we have specifically designed our nutrition consulting services for;
- About to wed couples
- Married couples
- Working class adults/corporate executives
- Sports men and women
- College students
- People undergoing depression
- People with mental challenges
The nutritionists and dietitians industry is indeed a very prolific and highly competitive. Clients will only hire your services if they know that you can successfully help them overcome their challenges, and achieve their personal goals. It is the practice for nutritionists and dietitians 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 this 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.
Sally Anderson® Nutrition Consulting Firm, LLP might be a new nutrition consulting firm in Smethport – Pennsylvania, but the management team and owners of the business are licensed and highly qualified nutritionists and dietitians that can successfully help clients overcome their eating cum food challenges and achieve their personal health goal within a short period of time. These are part of what will count as a competitive advantage for us.
Aside from our robust experience and expertise of our nutritionists, we have a very strong online presence that will enable us work with clients in different parts of the world from our online portals.
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
- Sources of Income
Sally Anderson® Nutrition Consulting Firm, LLP is established with the aim of maximizing profits in the nutrition industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. Sally Anderson® Nutrition Consulting Firm, LLP will generate income by offering the following services;
- Nutrition counseling
- Planning food programs
- Planning nutrition programs
- Promoting healthy eating habits
- Large-scale meal planning
- Performing nutrition screenings
- Retailing of nutrition books and materials
10. Sales Forecast
One thing is certain, there would always be individuals who would need the services of nutritionists and dietitians in other for them to overcome their eating challenges and achieve their personal health goals and also to enable them become peak performer in their careers and family life. This is the major reason why the services of nutrition consulting firms will always be needed.
We are well positioned to take on the available market in Smethport – Pennsylvania and we are quite optimistic that we will meet our set target of generating enough income profits from our first six months of operation and grow our nutrition consulting business and our clientele base.
We have been able to critically examine the market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Smethport – Pennsylvania.
Below are the sales projections for Sally Anderson® Nutrition Consulting Firm, LLP, it is based on the location of our nutrition consulting firm and of course the wide range of services that we will be offering;
- First Fiscal Year: $150,000
- Second Fiscal Year: $350,000
- Third Fiscal Year: $750,000
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.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are stiff competitions amongst nutrition consulting 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 meet their targets and the overall goal of Sally Anderson® Nutrition Consulting Firm, LLP. We will also ensure that our clients overcome their challenges in record time; we want to build a standard and first – class nutrition consulting business that will leverage on word of mouth advertisement from satisfied clients.
Our goal is to grow Sally Anderson® Nutrition Consulting Firm, LLP to become one of the top 10 nutrition consulting firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Smethport – Pennsylvania but also in other cities in the United States of America.
Sally Anderson® Nutrition Consulting Firm, LLP is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our nutrition consulting firm by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in Smethport – Pennsylvania
- 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 nutrition consulting firm
- Post information about our nutrition consulting 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 nutrition consulting firm
- Advertise our nutrition consulting firm in relevant educational magazines, newspapers, TV stations, and radio stations
- Attend relevant educational expos, seminars, and business fairs et al
- Engage in direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
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 both corporate clients and private clients in the whole of Smethport – Pennsylvania 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 Sally Anderson® Nutrition Consulting Firm, LLP;
- Place adverts on both print (community based newspapers and 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 on strategic locations all around Smethport – Pennsylvania
- Engage in roadshows from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- List our nutrition consulting firm in local directories/yellow pages
- Advertise our life nutrition consulting 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 schools’ logo et al.
12. Our Pricing Strategy
Generally counseling and consulting 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, Sally Anderson® Nutrition Consulting Firm, 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 Sally Anderson® Nutrition Consulting Firm, 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 Sally Anderson® Nutrition Consulting Firm, 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 Sally Anderson® Nutrition Consulting Firm, 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
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
In setting up a nutrition consulting business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a higher amount of capital as you would need to ensure that your employees are well taken care of.
The startup capital for a home based nutrition consulting business without any overhead might fall between $2,000 and $5,000, while that of a medium and large scale would definitely be higher.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a standard nutrition consulting firm with a handful of employees; it might differ in other countries due to the value of their money.
However, this is what it would cost us to start our own standard and world class nutrition consulting 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
- Equipping the office (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 needed 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 set up a medium scale but standard nutrition consulting firm in the United States of America.
Generating Startup Capital for Sally Anderson® Nutrition Consulting Firm, LLP
Sally Anderson® Nutrition Consulting Firm, LLP is a partnership business that will be owned by Dr. Sally Anderson and she will run the business with her business partner for many years Dr. Becky Allison. They are the sole 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.
These are the areas we intend generating our start – up capital;
- 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 of 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 Sally Anderson® Nutrition Consulting Firm, 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 services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Sally Anderson® Nutrition Consulting Firm, 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.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: 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: Completed
- Graphic Designs and Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed software apps, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating awareness for the business in Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress