Do you have an incredible midwife business idea? Do you want to create a unique home birth practice the world has never seen? Maybe start a birth center franchise in your state? Or create a breast milk donation center? Anything is possible when you are serving women! But the startup process can be pretty overwhelming!
Maybe you have no idea what steps to take to get your great idea going. Or you are confused about the amount of initial start up funds needed, location, mission, overhead costs, marketing options, and more.
There is a reason that 90% of businesses fail within the first five years of starting. It isn’t the business, it is the midwife business plan that determines your long term success. Every midwife business needs to have a written business plan. Whether it’s to provide direction or attract investors, a midwife business plan is vital for the success for your organization. But, how do you write a business plan?
SBA.gov recommends that a business plan include:
- Executive summary — a snapshot of your business
- Company description — describes what you do
- Market analysis – research on your industry, market and competitors
- Organization and management — your business and management structure
- Service or product — the products or services you’re offering
- Marketing and sales — how you’ll market your business and your sales strategy
- Funding request — how much money you’ll need for the next 3 to 5 years
- Financial projections — supply information like balance sheets
- Appendix — an optional section that includes résumés and permits
We suggest meeting with other midwives who own businesses and learning as much as you can from them. Most midwives would be happy to have someone buy them lunch and pick their brains. Some midwives might let you follow them around for a day, or even apprentice the business owner role for a longer period of time. Exposure to the direct line of work you want to create is the best way to see if it is the right fit for you.
Other more experienced midwife business owners might also be willing to share their business plans. Learning what has worked and hasn’t worked from someone who has experience can give you a new perspective.
Planning is the key to ANY midwifery businesses success. We would love to help your business plan personalization with your business consultation services. Give us a call today!