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Executive Summary
Elevate Chiropractic and Wellness is a fast-growing chiropractic practice in Denver, Colorado. Our strategic location in Lower Downtown (LoDo) brings in a diverse client base.
Our innovative and varied services have doubled revenue in just two years. The business is currently operating at its capacity of 1000 clients per year. We aim to maintain this and grow incrementally for the next five years. We will then expand our operations and add another chiropractor to the practice.
Renae Singh is the founder, CEO, and sole chiropractor at Elevate Chiropractic. She has 15 years of experience across various musculoskeletal fields and specializes in integrating fascia release with chiropractic care.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $731,840 | $752,460 | $781,230 |
| Gross margin | 72.9% | 72.8% | 73.0% |
| Net profit / (loss) | $59,101 | $60,370 | $67,216 |
Company Overview
Elevate Chiropractic and Wellness is a chiropractic practice based in LoDo in Denver, Colorado. The business is incorporated as a Professional Limited Liability Company for licensed professionals per Colorado law.
Elevate Chiropractic and Wellness is owned by Renae Singh, a chiropractor specializing in Ayurvedic and fascia chiropractic treatment. Renae is the Chief Executive Officer of Elevate Chiropractic and Wellness and is supported by an office team.
We offer traditional chiropractic adjustments, ayurvedic, and fascial chiropractic services. This unique approach to chiropractic services has attracted diverse clients since Elevate Chiropractic and Wellness’s establishment in 2022.
We envision a community where we provide pain relief and a space to embrace holistic body wellness. The body deserves ongoing care, not just attention when something goes wrong. We aim to shift the mindset from medicating to maintenance.
The LoDo (Lower Downtown) location was chosen because of its proximity to locals and tourists. The local crowd frequents the gyms in the area and is invested in their health. We engage tourists with wellness seminars.
Our client base has grown from 500 to 1000 in just two years. This means our revenue has doubled from $356,300 to $712,600. We aim to maintain 1000 clients annually for the next five years when we will consider adding another chiropractor to the clinic to increase the scale of our operations.
Legal structure: Professional LLC (PLLC)
Mission: To deliver exceptional chiropractic care to clients in Denver, Colorado, USA, building long-term relationships through quality, reliability, and deep expertise.
Objectives:
- Year 1: Run the practice at full capacity, reach revenue target of $731,840, and retain its loyal client base
- Year 2: Keep the practice at its 1,000-client capacity, grow revenue to $752,460 through fee reviews, and retain the current team
- Year 3: Reach net profit of $67,216, strengthen market position, and evaluate expansion opportunities
Market & Customer Analysis
The chiropractic market is sizeable and is expected to keep growing over the coming years.
The market has a few driving factors. The human population is experiencing more work-related stress and musculoskeletal disorders, which is driving them to seek chiropractic care.
People are becoming more conscious and accepting of alternative, drug-free pain management. The increasing healthcare costs are also contributing to the abandonment of traditional treatments.
This is a highly competitive market. Practices must work hard to secure loyal clients and appeal to new ones. However, there are regions where very few chiropractors exist. This can be due to a lack of demand or unfavorable environmental conditions. The opportunity should be analyzed to determine if there is a true market gap or a valid reason for the absence of a chiropractic practice.
Corporate chiropractic practices with multiple locations are a major competitor for independent practitioners. People often find a large chiropractic practice based on referrals and never consider another one. Many people are unaware of chiropractic services, limiting the potential customer base.
Chiropractic adjustments are the primary treatment administered at chiropractic practices. Chiropractic adjustments involve manual manipulation of the skeleton to correct misalignments and alleviate the symptoms they cause.
Other treatments include stretching and exercises, muscle taping, and soft tissue treatment.
Customer analysis:
Our services interest a wide range of people. Ayurvedic treatments, fascia treatments, and traditional chiropractic all attract different people. Due to this, our customer analysis spans several segments.
The first major group is health-conscious professionals. This group is aged 25-50. Their professions vary, with entrepreneurs, tech employees, professionals such as doctors and corporate desk jobs being common occurrences.
This group earns between $50,000 and $150,000 per year and has disposable income for non-basic health services such as a chiropractor. They either live in LoDo or work there, placing them in prime proximity to the practice.
The second customer segment is older adults between 50 and 70 years old. This segment leans toward semi-retired and retired individuals. They typically reside in the suburban areas of Denver and are often empty nesters. Their ailments are age-related, such as mobility issues, arthritis, and joint pain.
Active individuals make up the third customer segment. This group includes people with high-activity jobs, athletes, and fitness enthusiasts. They require our services to treat injuries or to recover after physically demanding activity. This group is between 18 and 45 years old.
Children are the fourth customer segment. They use chiropractic services to manage growing pains and diseases such as scoliosis.
Common needs across customer segments include pain relief, holistic wellness, improved mobility, and stress management.
Customers in these segments return for maintenance, ensuring their loyalty benefits a practice.
Competitor analysis:
| Competitor | Strengths | Weaknesses |
|---|---|---|
| ChiroOne Wellness Centers | Established brand, wide reach | Higher price point, less personalised |
| The Joint Chiropractic | Strong marketing, national presence | Generic offering, less specialist focus |
| Airrosti Rehab Centers | Competitive pricing | Standardised, less tailored service |
Elevate Chiropractic and Wellness's competitive edge: Specialist expertise, personalised service, and a clear focus on the underserved segment of the market set us apart from the established players listed above.
SWOT analysis:
| Positive | Negative | |
|---|---|---|
| Internal | Strengths: Specialist expertise; experienced founder; strong client relationships; differentiated positioning | Weaknesses: Limited brand recognition as a new entrant; single location; reliance on founder capacity in early years |
| External | Opportunities: Growing market demand; underserved niche segments; digital marketing reach; referral network growth | Threats: Established competitors with greater resources; economic downturn reducing discretionary spend; regulatory changes |
Sales & Marketing Plan
Elevate Chiropractic and Wellness provides fascia treatments, ayurvedic treatments, and chiropractic adjustments.
Our clients need services for the following:
- pain relief
- holistic wellness
- improved mobility
- and stress management
We prioritize maintenance service as repeat clients are a steady source of income. Other services include wellness workshops covering ayurvedic and fascia treatments. Tourists and locals alike frequent these.
Our client base has doubled since our first year of operation. Our capacity is one thousand clients per year, so we will not focus aggressively on increasing our client base for the next five years. Maintaining this client base will generate about $732,000 per year.
Pricing strategy: Pricing is set to be competitive within the Denver, Colorado, USA market while reflecting the quality and specialist nature of the services delivered. All pricing is reviewed annually against market benchmarks.
Marketing channels:
- Digital presence (website + SEO) — professional website with content marketing to attract organic search traffic from clients searching for chiropractic care in Denver, Colorado, USA
- Social media — active presence on relevant platforms to build brand awareness and engage prospective clients
- Referral programme — incentivised referral programme for existing clients; target 30% of new clients via referral by end of Year 2
- Local networking and partnerships — attendance at industry events and partnerships with complementary businesses in Denver, Colorado, USA
- Google Ads — targeted paid search campaigns for high-intent keywords to fill open appointment slots
Marketing budget Year 1: $77,000 (10.5% of projected revenue)
Additional marketing notes:
Our annual marketing budget is $77,000. We split the funds between a few marketing activities across four marketing categories.
The first marketing category Elevate Chiropractic and Wellness uses is digital marketing. 40% of our marketing budget goes towards digital marketing and is split in the following way:
- Website $3,080 (4%)
- SEO: $4,620 (6%)
- Pay Per Click Advertising: $7,700 (10%)
- Social Media Advertising: $9,240 (12%)
- Email Marketing: $3,080 (4%)
- Content Creation: $3,080 (4%)
20% of our marketing budget goes toward traditional marketing and is allocated as follows:
- Print advertising: $4,620 (6%)
- Business cards and flyers $3,080 (4%)
- Networking events: $7,700 (10%)
10% of our marketing budget goes toward public relations and is allocated as follows:
- Charity and donations: $3,080 (4%)
- Brand partnerships: $4,620 (6%)
Another 5% of the marketing budget is allocated for miscellaneous costs. The remaining 25% goes toward the marketing team’s performance bonus.
Operating Plan
Business development:
- Analyze client acquisition and retention — Renae, weekly
- Develop non-standard service packages — Renae, within 6 months
Marketing:
- Launch a referral incentive system for clients — Selena, February
- Build an online wellness community — Selena, ongoing
Staffing plan:
| Role | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Dr. Renae Singh (Owner / Director) | Full-time | Full-time | Full-time |
| Operations / Senior Staff | Full-time | Full-time | Full-time |
| Support / Junior Staff | Full-time | Full-time | Full-time |
Legal & compliance:
- All required licences and permits for chiropractic practice operations in Denver, Colorado, USA
- Professional liability and general liability insurance
- Data protection compliance in accordance with applicable laws
- Health & safety policies and risk assessments in place and reviewed annually
Management Team
Elevate Chiropractic and Wellness is a small clinic. Our founder and CEO, Renae Singh, is the only technical executive member, but we have management staff who are crucial to our operations.
Dr. Renae Singh — Founder & Chief Executive Officer
As the only chiropractor at Elevate Chiropractic and Wellness, Renae does all patient care. She also manages the business side and is responsible for creating and implementing the business strategy and managing its finances.
Operations Manager Layla Visagie.
Layla manages the practice’s daily administrative tasks, patient interactions, and operations.
Marketing Manager Selena Blackheath.
Selena is responsible for the business’s marketing efforts. She primarily focuses on managing the business’s social media presence, as this is a key source of new clients. She is highly skilled in marketing and has 6 years of experience.
Additions The clinic will add a chiropractor in five years. Renae will then take the position of Clinical Director.
Advisory support: The business will engage an experienced accountant and a business mentor through the local enterprise support network to provide financial oversight and strategic guidance over the next three years.
Financial Plan
Projected Profit or Loss Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Sales | $731,840 | $752,460 | $781,230 |
| Direct Cost of Sales | $36,600 | $37,900 | $39,400 |
| Production Payroll | $162,000 | $166,900 | $171,800 |
| Total Cost of Sales | $198,600 | $204,800 | $211,200 |
| Gross Margin | $533,240 | $547,660 | $570,030 |
| Gross Margin % | 72.9% | 72.8% | 73.0% |
| Operating Expenses | |||
| Sales and Marketing Expenses | |||
| Sales and Marketing Payroll | $64,000 | $66,200 | $68,400 |
| Advertising/Promotion | $73,150 | $74,700 | $76,300 |
| Other Sales and Marketing Expenses | $3,850 | $3,950 | $4,050 |
| Total Sales and Marketing Expenses | $141,000 | $144,850 | $148,750 |
| General and Administrative Expenses | |||
| General and Administrative Payroll | $140,000 | $144,300 | $148,600 |
| Depreciation | $18,971 | $19,857 | $21,200 |
| Dues and Subscriptions | $2,900 | $3,000 | $3,100 |
| Professional Fees | $14,200 | $14,700 | $15,300 |
| Rent | $68,400 | $70,400 | $72,500 |
| Software Purchases | $8,400 | $8,700 | $9,000 |
| Insurance | $9,600 | $9,900 | $10,300 |
| Telephone and Internet Access | $3,100 | $3,200 | $3,300 |
| Utilities | $7,800 | $8,100 | $8,400 |
| Miscellaneous | $6,200 | $6,500 | $6,700 |
| Payroll Taxes | $32,940 | $33,966 | $34,992 |
| Total General and Administrative Expenses | $312,511 | $322,623 | $333,392 |
| Total Operating Expenses | $453,511 | $467,473 | $482,142 |
| Profit Before Interest and Taxes | $79,729 | $80,187 | $87,888 |
| EBITDA | $98,700 | $100,044 | $109,088 |
| Interest Expense | $2,975 | $1,785 | $595 |
| Taxes Incurred | $17,653 | $18,032 | $20,077 |
| Net Profit | $59,101 | $60,370 | $67,216 |
| Net Profit/Sales | 8.1% | 8.0% | 8.6% |
Projected Cash Flow Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Cash Received | |||
| Cash from Operations | |||
| Cash Sales | $453,741 | $466,525 | $484,363 |
| Cash from Receivables | $275,848 | $284,801 | $295,284 |
| Subtotal Cash from Operations | $729,589 | $751,326 | $779,647 |
| Additional Cash Received | |||
| Subtotal Cash Received | $729,589 | $751,326 | $779,647 |
| Expenditures | |||
| Expenditures from Operations | |||
| Cash Spending | $398,940 | $411,366 | $423,792 |
| Bill Payments | $252,918 | $260,525 | $268,656 |
| Subtotal Spent on Operations | $651,858 | $671,891 | $692,448 |
| Additional Cash Spent | |||
| Long-term Liabilities Principal Repayment | $14,000 | $14,000 | $14,000 |
| Purchase Other Current Assets | $400 | $200 | $200 |
| Purchase Long-term Assets | $14,800 | $6,200 | $9,400 |
| Dividends | $45,000 | $50,000 | $55,000 |
| Subtotal Cash Spent | $726,058 | $742,291 | $771,048 |
| Net Cash Flow | $3,531 | $9,035 | $8,599 |
| Cash Balance | $99,531 | $108,566 | $117,165 |
Projected Balance Sheet (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Assets | |||
| Current Assets | |||
| Cash | $99,531 | $108,566 | $117,165 |
| Accounts Receivable | $40,251 | $41,385 | $42,968 |
| Inventory and Other Current Assets | $4,600 | $4,800 | $5,000 |
| Total Current Assets | $144,382 | $154,751 | $165,133 |
| Long-term Assets | |||
| Long-term Assets | $132,800 | $139,000 | $148,400 |
| Accumulated Depreciation | ($64,971) | ($84,828) | ($106,028) |
| Total Long-term Assets | $67,829 | $54,172 | $42,372 |
| Total Assets | $212,211 | $208,923 | $207,505 |
| Liabilities and Capital | |||
| Current Liabilities | |||
| Accounts Payable | $11,710 | $12,052 | $12,418 |
| Subtotal Current Liabilities | $11,710 | $12,052 | $12,418 |
| Long-term Liabilities | $28,000 | $14,000 | $0 |
| Total Liabilities | $39,710 | $26,052 | $12,418 |
| Paid-in Capital | $60,000 | $60,000 | $60,000 |
| Retained Earnings | $53,400 | $62,501 | $67,871 |
| Earnings | $59,101 | $60,370 | $67,216 |
| Total Capital | $172,501 | $182,871 | $195,087 |
| Total Liabilities and Capital | $212,211 | $208,923 | $207,505 |
| Net Worth | $172,501 | $182,871 | $195,087 |
3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $731,840 | $752,460 | $781,230 |
| Clinical supplies and direct labour | $198,600 | $204,800 | $211,200 |
| Gross profit | $533,240 | $547,660 | $570,030 |
| Gross margin | 72.9% | 72.8% | 73.0% |
| Salaries and wages | $204,000 | $210,500 | $217,000 |
| Marketing and advertising | $77,000 | $78,650 | $80,350 |
| Rent and utilities | $76,200 | $78,500 | $80,900 |
| Other operating costs, interest and tax | $96,311 | $99,823 | $103,892 |
| Total operating expenses | $453,511 | $467,473 | $482,142 |
| Interest and income tax | $20,628 | $19,817 | $20,672 |
| Net profit / (loss) | $59,101 | $60,370 | $67,216 |
Break-even analysis:
- Estimated fixed monthly costs: $37,800
- To cover fixed costs, Elevate Chiropractic and Wellness needs to generate approximately $51,900 in monthly revenue
- Projected Year 1 revenue of about $61,000 a month is above this level
Key financial assumptions:
- Revenue growth of 2.8% in Year 2 and 3.8% in Year 3 based on fee reviews at the current capacity of 1,000 clients
- Clinical supplies and direct labour estimated at about 27% of revenue throughout the forecast period, consistent with industry benchmarks
- Staffing costs, including the chiropractor's salary, set at about 50% of revenue, with no new hires in Year 2 and Year 3
- Marketing budget fixed at about 10.5% of revenue; reviewed quarterly and adjusted based on channel performance
- No bad debt assumed; payment terms enforced from day one
That is the example. For your own business, the chiropractic business plan template walks you through each section.