Are you about starting a teeth whitening company? If YES, here is a complete sample teeth whitening business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a teeth whitening company.
We also took it further by analyzing and drafting a sample teeth whitening marketing plan template backed up by actionable guerrilla marketing ideas for teeth whitening companies. So let’s proceed to the business planning section.
Dentists or dental related businesses never go out of trade. If you are interested in starting a business in the healthcare industry, one of the most preferred options – particularly if you are operating on a shoestring budget, is to open a teeth whitening business. With minimal startup capital, you can successfully launch your own teeth whitening clinic.
Before choosing a location for your teeth whitening business, ensure that you carry out thorough market survey and feasibility studies. It will do you good to situate your teeth whitening business in a site where you will attract people that can afford your services. The reality is that this type of business is profitable especially if you choose an ideal location for it.
Please note that a teeth whitening business would require you to first look at the existing laws in the country or the state you reside before starting the business. This is because there is hardly any country that does not pay serious attention on their health sector. The health industry is usually highly regulated so as to guard against the infiltration of quacks.
If you want to start your own teeth whitening business, then you would need to pay a visit to the health and medical regulatory body in your country in order to get all the required information before you can legally start your teeth whitening clinic in your city.
If you are sure this business is what you want to do after you must have conducted your feasibility studies and market research, then the next step to follow is to write a good business plan; a detailed blue print of how you intend raising your seed capital, setting up the business, managing the flow of the business, sorting out tax and marketing your services amongst others.
Below is a sample teeth whitening business plan template that will help you to successfully write yours without much stress.
A Sample Teeth Whitening Business Plan Template
1. Industry Overview
Teeth whitening business falls under cosmetic dentistry and players in this industry comprise of companies that primarily provide elective dental services that improve the appearance of teeth and gums. It includes cosmetic crown and bridgework, veneers, inlays and outlays, direct bonding and whitening procedures, which are not generally covered by insurance, making them highly discretionary.
A recent report published by IBISWorld shows that over the past five years, the Cosmetic Dentists industry exhibited growth, benefiting from more individuals valuing aesthetically pleasing teeth, gums and smiles. The report also stated that as the burgeoning elderly population has had age-related tooth ailments, this trend has stimulated demand for bonding, crowns and veneers.
According to data from the American Association of Oral and Maxillofacial Surgeons (AAOMS), an estimated 69.0 percent of adults aged 35 to 44 have lost at least one permanent tooth, attributable to accidents, gum disease, failed root canals or tooth decay. About 26.0 percent of adults have lost all their permanent teeth by age 74, which bolsters demand in the industry.
The Cosmetic Dentists industry is indeed a very massive industry in the U.S. Recent statistics has it that the Cosmetic Dentists industry in the united states of America is worth over bn, with an estimated growth rate of 1.9 percent between 2012 – 2017.
There are about 5,019 dental clinics that are basically into teeth whitening services in the United States and they are responsible for employing about 27,098 people that comprises of dentist, dental surgeons, nurses and other health and non-health workers. It is important to state that there are no teeth whitening business with a lion share of the available market in the United States.
If you are considering starting your own teeth whitening business in the United States, then you should try and work around the industry barriers. The truth is that the barriers to entry in the Cosmetics Dentist industry are high due to the significant regulatory requirements and experience. For example, medical licensure creates a barrier to entry in the healthcare sector.
As a matter of fact, it is absolutely compulsory for any investor who is looking towards starting a teeth whitening business to meet extensive federal, state and local laws and regulations. These regulations 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.
2. Executive Summary
Don Canavero® Teeth Whitening Clinic, Inc. is a licensed and certified teeth whitening business that will be located in the heart of Long Beach, California – United States of America. We have been able to acquire a standard facility that is suitable for the kind of teeth whitening business we want to operate.
Don Canavero® Teeth Whitening Clinic, Inc. is in the cosmetic dentist industry to provide cosmetic dental care services such as cosmetic crown and bridgework procedures, cosmetic veneer procedures, cosmetic inlay and outlay procedures, cosmetic direct bonding procedures and teeth bleaching and whitening services. We are well trained and equipped to service the market segments that require dental care services.
We are in the teeth whitening business to deliver excellent cosmetic dental care services to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we will comply with the laws and health regulations in California and the United States of America. Our employees are well trained and qualified to handle the wide range of cosmetic dental care services that we will be offering.
Don Canavero® Teeth Whitening Clinic, Inc. will operate 24 hours 7 days a week cosmetic dental service. Our employees are going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers.
Don Canavero® Teeth Whitening Clinic, Inc. will ensure that all our patients are given first class treatment whenever they visit our cosmetic dental clinic. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large our customer base may grow.
Don Canavero® Teeth Whitening Clinic, Inc. is a family business that is owned and managed by Dr. Donatus Canavero and his immediate family members. Dr. Donatus Canavero is a qualified and well – trained Doctor of Dental Surgery (DDS) with over 10 years experience working as a dental surgeon.
3. Our Products and Services
Don Canavero® Teeth Whitening Clinic, Inc. is poised to ensure that our patients are well taken care of and our services will be carried out by highly trained professionals in the cosmetic dentists industry. These are the dental care services that Don Canavero® Teeth Whitening Clinic, Inc. will be offering;
- Crown and bridge procedures
- Direct bonding
- Inlays and onlays
- Bleaching or whitening
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to teeth whitening in the whole of Long Beach, California and also to be amongst the top 10 teeth whitening service providers in the United States of America within the next 10 years.
- Our mission is to establish a first – class cosmetic dental 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 cosmetic dentist industry in California, and in the United States of America.
Our Business Structure
Don Canavero® Teeth Whitening Clinic, Inc. is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals in the cosmetic dentist industry to man various job positions in our organization.
We are aware of the rules and regulations governing the cosmetic dentist industry which is why we decided to recruit only experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our teeth whitening brand to be well accepted in Long Beach California and the whole of the United States.
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 our 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 Don Canavero® Teeth Whitening Clinic, Inc.;
- Chief Medical Director/Chief Executive Officer
- Cosmetic Dentist
- Nurses/Nurse’s Aides
- Admin and Human Resources Manager
- Sales and Marketing Executive
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Medical Director / Chief Executive Officer:
- 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.
- Attends high profile and severe dental surgery cases
- Responsible for fixing prices and signing business deals
- Responsible for recruitment
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the organization
- Evaluates the success of the organization
- Performs cosmetic crown and bridgework procedures
- Performs cosmetic veneer procedures
- Performs cosmetic inlay and outlay procedures
- Performs cosmetic direct bonding procedures
- Provides teeth bleaching and whitening services
- Responsible for managing our patients
- Responsible for offering medication management services
- Assists the dentists and dental surgeon during dental surgery
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer
- 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
- Develop, execute and evaluate new plans for expanding sales
- Create new markets cum businesses for the organization
- Empower and motivates the sales team to meet and surpass agreed targets
- 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
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
Client Service Executive
- Welcomes clients and potential clients 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 chief executive officer 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 inquiries
- Responsible for cleaning the dental clinic facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the dental clinic facility
- Handle any other duty as assigned by the admin and HR manager
6. SWOT Analysis
Don Canavero® Teeth Whitening Clinic, Inc. is set to become one of the leading teeth whitening clinics in Long Beach, California which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’. We want our cosmetic dental clinic to be the number one choice of all residents and corporate organizations in Long Beach – California. 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.
Even though our Chief Medical Director has robust experience in cosmetic dentist industry, we still went ahead to hire the services of business consultants to help our organization conduct a detailed SWOT analysis. This is the summary of the SWOT analysis that was conducted for Don Canavero® Teeth Whitening Clinic, Inc.;
Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our teeth whitening clinic. As a matter of fact, they are some of the best hands in the whole of Long Beach – California. Our location, the Business model we will be operating on, multiple payment options 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 and also the finance needed for the acquiring some of the latest teeth whitening equipment.
The growing elderly population will spur demand, providing a boon to the industry. New technology has lowered the time and labor needed per patient, boosting profit. This goes to show that the opportunities available to teeth whitening service providers are unlimited and we are going to position our clinic to make the best out of the opportunities that will be available to us in Long Beach – California.
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). Another threat that may likely confront us is the arrival of a new and bigger teeth whitening clinic in the same location where our dental clinic is located.
7. MARKET ANALYSIS
- Market Trends
The cosmetic dentist industry has benefited from favorable government policies, favorable demographic trends, technological advances and of course continuous awareness of oral hygiene. Nevertheless, better dental preventive care has slightly suppressed the revenue generated in the industry. So also, limited patient access to teeth whitening due to nearly one-half of states in the United States only covering emergency dental care for Medicaid patients, has caused some dental clinics to lower prices and cut into profitability.
The cosmetic dentists industry has recently begun consolidating due to the pressures of healthcare reforms. The truth is that the demand for teeth whitening services has steadily grown over the last five years, as dental care reforms broadened insurance coverage and the plummeting unemployment rate increased disposable income.
As an investor in the cosmetic dentists industry, in order to maintain an advantaged position in this competitive industry, you should source for the most skilled and specialized cosmetic dental care professionals.
8. Our Target Market
Don Canavero® Teeth Whitening Clinic, Inc. is in business to service a wide range of but corporate and individual customers in Long Beach – California. We will ensure that we target self-pay customers, and those who have health insurance cover.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the cosmetic dentist industry in the United States. Our staff are well – trained to effectively service our customers and give them value for their monies.
Our customers can be categorized into the following;
- The whole residents within the area where our dental clinic is located
- Corporate organizations such as banks, insurance companies, manufacturing companies, oil and gas companies et al
- Health Management Organizations (HMOs)
Our Competitive Advantage
Aside from the competition that exists amongst various teeth whitening clinics, they also compete against other healthcare service providers such as dental clinics, hospitals, health centers, community clinics et al., that provide teeth whitening services.
To be highly competitive in the cosmetic dentist industry means that you should be able to deliver consistent quality teeth whitening services and should be able to meet the expectations of your patients at all times; they should experience improvement in their teeth when they patronize your cosmetic dental clinic.
Don Canavero® Teeth Whitening Clinic, Inc. is coming into the market well prepared to favorably compete in the industry. Our teeth whitening clinic facility is well positioned and visible, we have enough parking space with good security.
Our staff are well groomed in all aspects of teeth whitening and all our employees are trained to provide customized customer service to all our clients (patients). Our services will be carried out by highly trained professionals who know what it takes to give our highly esteemed customers value for their money.
We are going to be one of the few dental clinics in the whole of Long Beach – California that will run a standard cosmetic dental clinic for 24 hours a day and 7 days a week. We have enough trained cosmetic dental health workers that are ready to run a shift system.
Lastly, all 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
Don Canavero® Teeth Whitening Clinic, Inc. 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 sources we intend exploring to generate income for Don Canavero® Teeth Whitening Clinic, Inc.;
- Crown and bridge procedures
- Direct bonding
- Inlays and onlays
- Bleaching or whitening
10. Sales Forecast
Our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.
We have been able to critically examine the teeth whitening 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 Long Beach – California.
- First Fiscal Year: $50,000 (From Self-Pay Clients/Patients): $100,000 (From Health Insurance Companies)
- Second Fiscal Year: $100,000 (From Self-Pay Clients/Patients): $150,000 (From Health Insurance Companies)
- Third Year: $150,000 (From Self-Pay Clients/Patients): $300,000 (From Health Insurance Companies)
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 natural disasters within the period stated above. 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 Don Canavero® Teeth Whitening Clinic, Inc. will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer all – round teeth whitening cum cosmetic dental care services at affordable prices compare to what is obtainable in Long Beach – California.
All our employees will be well trained and equipped to provide excellent cosmetic dental care services and customer service. We know that if we are consistent with offering high quality dental care and excellent customer service, we will increase the number of our customers by more than 25 percent for the first fiscal year and then more than 40 percent subsequently.
Before choosing a location for our teeth whitening clinic, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents of Long Beach – California.
We hired experts who have good understanding of the cosmetic dentist 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 Long Beach – California.
In summary, Don Canavero® Teeth Whitening Clinic, Inc. will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residents and corporate organizations in and around Long Beach – California
- Advertise our teeth whitening cum cosmetic dental clinic in community based newspapers, local TV and local radio stations
- List our teeth whitening cum cosmetic dental clinic on yellow pages ads (local directories)
- Leverage on the internet to promote our cosmetic dental clinic
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with health management organizations, government agencies and health insurance companies
11. Publicity and Advertising Strategy
We are in the cosmetic dentist industry to become one of the market leaders and also to maximize profits hence we are going to explore all available means to promote our teeth whitening clinic. Don Canavero® Teeth Whitening Clinic, Inc. has a long – term plan of opening our clinic in key cities around California which is why we will deliberately build our brand to be well accepted in Long Beach before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Don Canavero® Teeth Whitening Clinic, Inc.;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community health 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 Long Beach – California.
- Engage in roadshows from time to time in target communities
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our logo
12. Our Pricing Strategy
Don Canavero® Teeth Whitening Clinic, Inc. will work towards ensuring that all our teeth whitening cum cosmetic dental care services are offered at highly competitive prices compared to what is obtainable in the United States of America.
On the average, teeth whitening service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for teeth whitening providers to bill their clients based in their discretion.
However, in some cases teeth whitening providers also adopt the hourly billing cum per visit billing method.
- Payment Options
The payment policy adopted by Don Canavero® Teeth Whitening Clinic, Inc. 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 Don Canavero® Teeth Whitening Clinic, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- 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)
If you are looking towards starting a standard teeth whitening clinic, then you should be ready to raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard cosmetic dental clinic, acquire dental equipment and supply, and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.
The items listed below are the basics that we would need when starting our teeth whitening clinic in the United States, although costs might vary slightly;
- The Total Fee for Registering the Business in the United States – $750
- Legal expenses for obtaining licenses and permits – $1,500
- Marketing promotion expenses for the grand opening of Don Canavero® Teeth Whitening Clinic, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580
- Cost for hiring Business Consultant – $2,500
- Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400
- Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600
- Cost for cosmetic dental clinic remodeling (construction of racks and shelves) – $20,000
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500)
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $300,000
- The cost for start-up inventory – $150,000
- The cost of storage hardware – $3,720
- The cost for dental equipment – $100,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al) – $4,000
- The cost of launching a website – $700
- Miscellaneous – $10,000
From our feasibility studies conducted, we came to the conclusion that we would need an estimate of $700,000 to successfully set up our teeth whitening clinic in Long Beach – California.
Generating Startup Capital for Don Canavero® Teeth Whitening Clinic, Inc.
Don Canavero® Teeth Whitening Clinic, Inc. is a private business that is solely owned and financed by Dr. Donatus Canavero and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas Don Canavero® Teeth Whitening Clinic, Inc. intends to generate our 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 $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 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
The survival and profitability of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the 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 Don Canavero® Teeth Whitening Clinic, Inc. 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 teeth whitening 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.
At Don Canavero® Teeth Whitening Clinic, Inc., we 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 organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
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, and 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 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 to suit the design of our cosmetic dental clinic: 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
- Graphic Designs and Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Dental Equipment: 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
- Opening/launching party planning: In Progress