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The paper outlines the plan pertaining to a new traditional Chinese medicine (TCM) clinic to be located in Koreatown, Los Angeles. The paper provides a brief overview of traditional Chinese medicine, a PEST analysis and a review of the financials of this business. Finally, the paper discusses the marketing strategy to be used. This paper contains tables.
From the Paper:The financing of the venture will come from Mr. Ahn, who has $200,000 in personal savings. The initial startup costs are estimated to be around $10,000 but could range upwards of $15,000. There will be no need for bank financing given the cost structure and estimated time to breakeven for this venture.
Marketing operations will consist mainly of word-of-mouth and ads in the areas two Korean newspapers. This is expected to run about $500 per month. If the marketing is effective, we will be able to grow the clinic at a rate of 10% per month until it reaches capacity halfway through the second year.
The daily operation of the clinic will be the purview of Mr. Ahn. Thus, the business will be set up as a sole proprietorship. All aspects of the company will be conducted by Mr. Ahn, until business is sufficiently strong that a part-time receptionist/administrator is required.
Our estimates show that the business will be profitable by the end of the first year, and will continue to generate strong profits for Mr. Ahn through the second year of growth and the maturity phase.
Sample of Sources Used:
- No author (2007). Traditional Chinese Medicine. Alternative Medicine Foundation. Retrieved December 18, 2008 from http://www.amfoundation.org/tcm.htm
- No author (2005). Regulation of TCM in the United States. Medscape Today. Retrieved December 18, 2008 from http://www.medscape.com/viewarticle/511877_7
- No author (2008). HIV/AIDS, the US-China Partnership for Public Health at Work, and Traditional Chinese Medicine in the US Fact Sheet. US Department of Health and Human Services. Retrieved December 18, 2008 from http://www.hhs.gov/news/facts/chinahiv.html
- Census information from US Census Bureau. Retrieved December 18, 2008 from http://factfinder.census.gov/home/saff/main.html?_lang=en
- No author. (2003). Population Change by Race and Ethnicity, 1990-2000, USA, California, Los Angeles County, Orange County, Koreatown. California State University, Los Angeles & Korean-American Coalition-Census Information Center. Retrieved December 18, 2008 from http://www.calstatela.edu/centers/ckaks/census/7203_tables.pdf
Cite this Business Plan:
Traditional Chinese Medicine Business Plan (2010, November 05) Retrieved April 21, 2021, from https://www.academon.com/business-plan/traditional-chinese-medicine-business-plan-145363/
"Traditional Chinese Medicine Business Plan" 05 November 2010. Web. 21 April. 2021. <https://www.academon.com/business-plan/traditional-chinese-medicine-business-plan-145363/>