Are you about starting a speech pathology practice? If YES, here’s a complete sample speech pathology private practice business plan template & feasibility report you can use for FREE to raise money. Okay, so we have considered all the requirements for starting a speech pathology private practice.

We also took it further by analyzing and drafting a sample speech pathology practice marketing plan template backed up by actionable guerrilla marketing ideas for speech pathology practices. So let’s proceed to the business planning section.

Why Start a Speech Pathology Private Practice?

Are you a Speech-Language Pathologist? Do you know that you can make money from a thriving industry by going into private practice? Yes, indeed, the Speech-Language Pathology industry is one large and profitable industry in the united states that is open for aspiring entrepreneurs who are qualified and competent.

Reliable statistics has it that the Speech-Language Pathology industry in the United States generates roughly $4 billion annually. If you are qualified and well positioned, you can get your own fair share of the available 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. 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, then you are sure of getting your own fair share of the available market in the industry.

So, if you have decided to start a speech pathology practice in the United States, then you should make sure that you carry out thorough feasibility studies and 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 speech pathology private practice business plan template that will help you successfully write yours without much stress.

A Sample Speech Pathology Private Practice Business Plan Template

1. Industry Overview

Professionals who are into speech pathology practice are grouped under the Speech-Language Pathologists industry and this industry is made up of health practitioners that primarily evaluate, diagnose and treat speech, language, cognitive-communication and swallowing disorders.

A close study of the industry shows that the industry has experienced steady conditions and stable growth over the past five years to 2017. 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 speech-language pathology 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 Speech-Language Pathologists industry largely follows the dispersion of the US population. Typically, speech-language pathologists locate 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 speech-language pathologists on a per capita basis.

According to data from the American Speech-Language-Hearing Association, the United States had an average 46.6 speech-language pathologists per 100,000 residents in 2014 (latest data available). Some regions, namely the Northeast, have a higher prevalence of speech-language pathologists per capita, with 59.7 per 100,000 residents. The Midwest and South have 48.5 and 45.5 pathologists per capita, respectively.

The Speech-Language Pathologists industry is a thriving sector of the economy of the United States of America and they generate over $4 billion annually from more than 7,029 registered and licensed Speech-Language Pathologists scattered all around the United States of America.

The industry is responsible for the employment of over 33,487 people. Experts project the industry to grow at a 3.8 percent annual rate within 2013 and 2018. It is important to state that there is no single organization that has a lion share of the available market in this industry.

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 speech pathology private practice business is that the business requires low level manpower and the business can easily get support from government at all levels.

As a speech pathology private practitioner, the key attributes needed to make good success from the trade is patience, enthusiasm, passion about the job, and constant positivism. You would need to be good at planning, preparation, and have other organizational skills.

2. Executive Summary

Paulson Parker® Speech Pathology Practitioners, LLP is a licensed Speech Pathologist firm that is specialized in helping her clients overcome their speech related challenges. The scope of our business covers areas such as hearing loss, auditory processing disorder, autism spectrum disorder, pragmatics and social communication language disorders, semantics, morphology and syntax language disorders et al. Our business will be located in a well – populated residential estate in New Orleans.

Paulson Parker® Speech Pathology Practitioners is a client-focused private speech pathologist that provides broad – based speech therapy at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will ensure that we meet and surpass all our clients’ expectations as it relates to their speech and communication goals whenever they hire our services.

Our clients’ overall best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hire professional and certified speech pathologists and related health workers with various skills who are passionate in helping our clients overcome their speech impediments.

Paulson Parker® Speech Pathology Practitioners will at all times demonstrate her commitment to sustainability 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 private speech pathology practice to become the leading practice in the industry, and also to be amongst the top 10 speech pathology private practice business 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.

Paulson Parker® Speech Pathology Practitioners, LLP is founded by Dr. Paulson Parker and he will run the business with his business partner, Dr. Lance Jackson. Dr. Paul Parker is a certified and renowned Speech-Language Pathologist. He has over 20 years’ experience in the industry.

3. Our Products and Services

Paulson Parker® Speech Pathology Practitioners is going to offer varieties of speech-language services within the scope of the industry.

Our intention of starting our business is to help our clients overcome their speech impediments and improve their communication competence, and we will do all that is permitted by the law in the US to achieve our aim and business goal. Our service offerings are listed below;

  • 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 speech and language problems
  • Instruct clients in techniques for more effective communication
  • Handle areas such as hearing loss, auditory processing disorder, autism spectrum disorder, pragmatics and social communication language disorders, Semantics, morphology and syntax language disorders et al.

4. Our Mission and Vision Statement

  • Our vision is to build a highly competitive and effective speech pathology private practice 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 speech pathology services to a wide range of clients. We want to position Paulson Parker® Speech Pathology Practitioners, LLP to become one of the leading brands in the industry in the whole of New Orleans – Louisiana, and also to be amongst the top 10 speech pathology private practice firms in the United States of America within the first 5 years of operation.

Our Business Structure

Paulson Parker® Speech Pathology Practitioners, LLP, is a speech pathology 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 picture of the kind of business we want to own. This is why we are committed to only hire the best hands within our area of operation.

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 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
  • Speech-Language Pathologists
  • 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 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

Speech-Language Pathologists

  • In charge of areas such as hearing loss, auditory processing disorder, autism spectrum disorder, pragmatics and social communication language disorders, Semantics, morphology and syntax language disorders et al
  • Monitors patients’ progress and adjust treatments
  • Develops treatment plans
  • Evaluates hearing or speech and language test results
  • Develops individual or group programs in schools to deal with speech and language problems
  • Handles any other duty as assigned by the Principal Partner

Office Administrator

  • Responsible for overseeing the smooth running of HR and administrative tasks for Paulson Parker® Speech Pathology Practitioners, LLP
  • Designs job descriptions with KPI to drive performance management for Speech-Language Pathologists
  • 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 of Paulson Parker® Speech Pathology Practitioners, LLP.

Marketing Executive

  • Identifies, prioritizes, and reaches out to new students, 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
  • Develops, executes and evaluates new plans for expanding sales
  • Documents all customer contact and information
  • Represents Paulson Parker® Speech Pathology Practitioners, LLP in strategic meetings
  • Helps to increase sales and growth for Paulson Parker® Speech Pathology Practitioners, 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 Paulson Parker® Speech Pathology Practitioners, LLP
  • Serves as internal auditor for Paulson Parker® Speech Pathology Practitioners, 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
  • 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 Paulson Parker® Speech Pathology Practitioners, LLP

6. SWOT Analysis

Paulson Parker® Speech Pathology Practitioners, LLP engaged the services of a business consultant to assist our organization in building a well – structured speech pathology business that can favorably compete in the highly competitive industry in the United States.

Part of what the business consultant did was to work with the management of our organization in conducting a SWOT analysis for Paulson Parker® Speech Pathology Practitioners, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Paulson Parker® Speech Pathology Practitioners, LLP.

  • Strength:

Our core strength lies in the power of our team; our workforce. We have a team with excellent qualification and experience in speech pathology private practice. Aside from the synergy that exists in our carefully selected team members, Paulson Parker® Speech Pathology Practitioners, 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 speech pathology private practice in New Orleans – Louisiana, it might take some time for our organization to break into the market and gain acceptance in the already saturated Speech-Language Pathologists industry; that is perhaps our major weakness.

  • Opportunities:

Opportunities abound in this line of business because of subsidized state and federal healthcare exchanges. Healthcare reforms have also increased the number of Americans who rely on government insurance and also the demand from educational services will increase alongside school enrollment. As a standard speech pathology private practice organization, we are ready to take advantage of any opportunity that comes our way.

  • Threat:

Some of the threats that we are likely going to face as a speech pathology private practice 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 operation 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 industry shows that in the last half a decade, the industry has grown consistently. Speech pathology services are needed regardless of economic conditions, which insulate the industry from economic fluctuations. Going forward, as people continue to gain a steady income, private health insurance will become more affordable, prompting consumers to seek speech pathology 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 Speech-Language industry impacts industry performance.

The trend in the 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 life as a result of hiring your services, 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 in the industry all over the world. With technology, it is now easier for speech language pathologist to work with their clients that are thousands of kilometers away from them. Tools like video calling, YouTube, live chat and Webcast et al are being used by to work with clients in different parts of the world.

8. Our Target Market

Our target market as a speech pathology private practice firm cuts across people of different classes and people from all walks of life. We are coming into the industry with a business concept that will enable us work with the clients from different backgrounds. Below is a list of the clients that we have specifically designed our speech pathology private services for;

  • Schools
  • People with autism
  • Stroke patients
  • Hospitals and other medical clinics
  • Households

Our competitive advantage

The Speech-Language Pathology industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can help them overcome their speech impediments and related challenges. It is the practice for speech – language pathologists 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.

Paulson Parker® Speech Pathology Practitioners might be a new firm, but the owners of the business are considered gurus in the industry. They are licensed and highly qualified speech – language pathologists that can help her clients overcome their challenges and achieve their personal 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 of our Speech-Language Pathologists, we can boast of having a good reputation. We have a very strong online presence that will enable us work with clients in different parts of the world.

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 objectives.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Paulson Parker® Speech Pathology Practitioners, LLP is established with the aim of maximizing profits in the Speech-Language Pathologists 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.

Paulson Parker® Speech Pathology Practitioners, LLP will generate income by offering the following speech pathology private practice services;

  • 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 speech and language problems
  • Instruct clients in techniques for more effective communication
  • Handle areas such as hearing loss, auditory processing disorder, autism spectrum disorder, pragmatics and social communication language disorders, Semantics, morphology and syntax language disorders 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 profits from our first six months of operation and grow the business and our clientele base.

We have been able to examine the speech pathology 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 Paulson Parker® Speech Pathology Practitioners, LLP. It is based on the location of our speech pathology firm and of course the wide range of trainings 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.

  • Marketing Strategy and Sales Strategy

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 Paulson Parker® Speech Pathology Practitioners, LLP. We will also ensure that our clients’ overcome their challenges in record time.

Our goal is to grow Paulson Parker® Speech Pathology Practitioners, LLP to become one of the top 10 speech pathology firms in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in New Orleans – Louisiana but also in other cities in the United States of America.

Paulson Parker® Speech Pathology Practitioners, LLP is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our speech pathology private practice firm by sending introductory letters alongside our brochure to 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 speech pathology private practice firm
  • Post information about our speech pathology private practice 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 firm
  • Advertise our speech pathology 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.

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 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 Paulson Parker® Speech Pathology Practitioners, LLP;

  • Place adverts on both print (community based newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events
  • 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.
  • Engage in roadshows from time to time in targeted neighborhoods
  • Distribute our fliers and handbills in target areas
  • Contact corporate organizations by calling them up and informing them of Paulson Parker® Speech Pathology Practitioners, LLP and the services we offer
  • List our speech pathology private practice firm in local directories / yellow pages
  • Advertise our life speech pathology 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.

12. Our Pricing Strategy

Generally, speech pathology 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, Paulson Parker® Speech Pathology Practitioners, 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 Paulson Parker® Speech Pathology Practitioners, LLP we will keep our fees below the average market rate 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 Paulson Parker® Speech Pathology Practitioners, 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 Paulson Parker® Speech Pathology Practitioners, LLP will make available to her clients;

  • 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 client make payment for speech pathology private practice 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)

This is what it would cost us to start our own standard speech pathology 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.
  • 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 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 set up a medium scale but standard speech pathology private practice firm in the United States of America.

Generating Startup Capital for Paulson Parker® Speech Pathology Practitioners, LLP

Paulson Parker® Speech Pathology Practitioners, LLP is a partnership business that will be owned by Dr. Paulson Parker and he will run the business with his business partner, Dr. Lance Jackson. 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 startup 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.

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 closes shop.

One of our major goals of starting Paulson Parker® Speech Pathology Practitioners, LLP 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 speech pathology 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.

Paulson Parker® Speech Pathology Practitioners, 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.

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: Completed
  • Printing of Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the needed 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