Issue link: http://cp.revolio.com/i/142672
Institutes of Health. That's 750,000 overweight people. 3. f those, 25 percent are actively O doing something about their weight, according to a study done by Weight Watchers, which gives us 375,000 people actively on a weight-loss journey. 4. f those, 30 percent are open to O alternative medicine, according to another study, which gives us a target market of 112,500. 5. feel I can market to five I thousand of those people through my writing, speaking, and networking in the upcoming year. 6. f the people who hear my O message and who are in my 112,500 target market, I estimate 20 percent will be ready for what I have to offer and will book an appointment. That will give me one thousand appointments this year at $80 per appointment, for a total of $80,000. This sort of reasoned market analysis can give you and your partners, investors, and bankers a good feeling that there are enough customers out there who will use your services. Base as many of your assumptions on existing studies as possible, and be conservative in all your estimates. If you have not picked a clear target audience through your mission and vision statements, you can see how hard this market analysis would be. You would have to base everything on the number of people who are aware of and wanting to try your particular modality (e.g., neuromuscular massage, reiki, etc.), which will be a much smaller number (0.5 percent of the population?) than the number of people with a specific problem (overweight, fibromyalgic, worry too much, etc.). Marketing Plan Once you have shown there is a market for your services, you need a good plan to reach it. This is your marketing plan. Your marketing plan should have two sections— brainstorming and a schedule. In the brainstorming section, include ideas of how you can reach your target audience. Some of the best ideas for bodyworkers to reach prospective customers and create trust are speaking, publishing, and networking. Speaking in front of a collected group of fibromyalgia sufferers is a great way to get new clients. Secondary marketing techniques might include advertising and public relations. While these are good ideas too, they do not create the trust in your prospective clients the way speaking and networking do. Finally, create a schedule. For each month of the upcoming year, decide how much time you can spend doing marketing and what you will do in that time. Also, decide how much money you can spend and how you will spend it. (Make sure to put those marketing expenses back into your cash flow forecast and income statement in the Financial Projections section.) You're Done The process of creating a business plan can take weeks or months. Usually, your other commitments and the need to research are what will slow you down. Seeking out a business planning class at your local college or finding examples of business plans on the Internet are additional ways to approach this important task. Find someone who has started several businesses themselves (holistic or not) and ask if they can help you formulate your thoughts in the form of a business plan. It's important to update and/ or review your business plan at least every six months, if not more often. It will help you stay on track and remain focused. Nothing is more valuable to helping a business succeed. SPH Daryl Kulak is a businessperson and computer consultant. He is the author of Health Insurance Off the Grid.