Starting Your Own Practice

You can find useful resources below as you plan to start your own practice. Please continue to check this page as we add more content you may find helpful.

Market and Competitive Analysis

Market Analysis

Market research is needed whether you know exactly where you are going to open your business or if you are still trying to figure that out. Market analysis helps you determine whether your business idea is viable by looking at indicators such as consumer demand, such as:  

  • Do people want your product? 
  • Are there other businesses that already provide it? 
  • What is the income and employment rate of the area where you want to open your business?  

These types of economic indicators and demographics can be obtained through internet research. Here is a list of sites with statical information. You can also get valuable information by doing the research personally through surveys, questionnaires, interviews, focus groups, etc.  

Competitive Analysis

Market research should be coupled with competitive analysis to determine the level of market saturation. Are there existing businesses that provide the same product or service? Who are they? How many are there? What market share do they currently have? How will that affect your pricing structure? What makes your business different or better? Use the data from market research and competitive analysis to find your competitive advantage. 

Business Plan

A business plan is like a map that shows where you are going and how you will get there. Unlike a map, however, business plans change over time and need to be updated. It is a formal written document that speaks to your vision and values. It describes who you are, what and where your business is, why your business is important, who your customers are, what your financial goals are, how you plan to achieve them, and within what timeframe. This plan can be presented to bankers or potential business partners and can also be helpful to revisit from time to time to make sure your business is on track with your goals. 

Business Plan Resources:  

Below is a one-page template from to help get you thinking about what kind of information you will need to include. Click on the template to download one for yourself. There are many free business plan templates on the internet to choose from.

business plan

Resources For Small Business Development

Sample Clinic Forms