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MAR.14, 2022

Veterinary Clinic Business Plan Sample

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Veterinary Clinic Business Plan Sample

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    Veterinary clinic business plan for starting your own

    Veterinary clinics exist to serve the medical needs of various animals such as dogs, cats, birds, fish, etc. According to the American Pets association statistics, there are more than 300 million pets in America. These pets at one time or the other require medical services usually provided for them by their owners, who take them to veterinary clinics. If you have medical expertise and are passionate about animals, a business plan for veterinary clinic might be something that interests you.

    If you are unsure about how to open your own veterinary clinic, you can start by drafting a business plan that will give you an insight into the market. Here we have a business plan for Focused Pet Care. It is articulated by best business plan experts, hence can help you get a head start.

    Executive Summary

    2.1 The Business

    Focus Pet Care is a standard veterinary clinic located in New York, USA. We intend to offer standard medical services such as medical examination, diagnosis, treatment, and surgery to pets such as cats, dogs, birds, iguanas, and other such pets and animals. We intend to offer consultancy and advisory services to our clients regarding their pets.

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    2.2 Management of veterinary clinic

    While starting a vet clinic, it is essential to ensure that all aspects of the business are coherent. Hence, you must prepare a unique veterinary business plan.

    A veterinary practice business plan will be somewhat like a business plan for dog kennel. It is essential to have a customized business plan in line with your resources and objectives for your startup.

    2.3 Customers of veterinary clinic

    While deciding your business planning services, you need to analyze your target market. Although Focused Pet Care will offer services to everyone with pets, running a veterinary practice in New York will particularly interest the following customer groups:

    • Households
    • Elderly
    • Young, single adults
    • Cooperate executives

    2.4 Business Target

    Starting a veterinary practice from scratch can be challenging. It requires streamlining of long-term objectives and goals. Our vision is to be recognized for the standard medical practices we offer and be the go-to clinic for all pet owners residing here in the vicinity and around the whole of New York.

    Veterinary Clinic Business Plan - 3 Years Profit Forecast

    Franchise Business Plan
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    Company Summary

    3.1 Company Owner

    Edward Miller is a veterinary doctor who has worked in several veterinary hospitals here in New York and has garnered administrative and practical experiences in surgery, dental care, reproductive issues, and skin disorders amongst animals.

    3.2 Why the veterinary clinic is being started

    Edward Miller noticed an increasing gap between demand and supply of veterinary care in New York City. This wedge results in high prices charged by vets and offering substandard services in return. To provide quality healthcare to animals in the vicinity, Edward decided to open a clinic of his own. Focused Pet Care is his first-ever veterinary practice start up.

    3.3 How the veterinary clinic will be started

    Step1: Planning the Business

    Opening a veterinary practice start up can be a challenging task and requires proper planning that needs to be done ahead of time. A comprehensive business plan can help you analyze different strategies that suit your startup and do a much-needed cost-benefit analysis.

    Step2: Branding

    Note

    The next step is to be recognized by defining your business’s services and values. Having the proper business structure is very important to Focused Pet Care. We are concerned with getting the company started on the appropriate foundation to allow for smooth business operations. For this reason, we sought and hired the best employees who are competent and have the right experience.

    Step3: Find a Physical Space

    Since running a veterinary clinic requires constant supervision and monitoring, Edward decided to have his corporate office in the same building as Focused Pet Care. This helps him visit the clinics in times of emergency.

    Step4: Online Presence

    Living in an age of social media and digitalization, having a web presence is imperative for a company’s success. Having an online website would help the potential customers understand the services offered by Focused Pet Care, and book appointments accordingly.

    Step5: Promote and Market

    When you start working on your vet clinic business plan, you get an idea of how much does it cost to open a vet clinic. The costs are similar to those in horse boarding business plan. To meet these costs and earn a profit, you must employ effective marketing strategies that align with your long-term goals.

    Veterinary Clinic Business Plan - Startup Cost

    Start-up Expenses  
    Legal $145,600
    Consultants $0
    Insurance $26,540
    Rent $36,600
    Research and Development $10,000
    Expensed Equipment $56,400
    Signs $3,400
    TOTAL START-UP EXPENSES $278,540
    Start-up Assets $222,400
    Cash Required $245,600
    Start-up Inventory $39,000
    Other Current Assets $222,000
    Long-term Assets $265,400
    TOTAL ASSETS $994,400
    Total Requirements $1,272,940
    START-UP FUNDING
    Start-up Expenses to Fund $278,540
    Start-up Assets to Fund $994,400
    TOTAL FUNDING REQUIRED $1,272,940
    Assets
    Non-cash Assets from Start-up $1,255,800
    Cash Requirements from Start-up $145,600
    Additional Cash Raised $50,000
    Cash Balance on Starting Date $35,000
    TOTAL ASSETS $1,486,400
    Liabilities and Capital
    Liabilities $16,500
    Current Borrowing $0
    Long-term Liabilities $0
    Accounts Payable (Outstanding Bills) $56,400
    Other Current Liabilities (interest-free) $0
    TOTAL LIABILITIES $72,900
    Capital
    Planned Investment $1,272,940
    Investor 1 $0
    Investor 2 $0
    Other $0
    Additional Investment Requirement $0
    TOTAL PLANNED INVESTMENT $1,272,940
    Loss at Start-up (Start-up Expenses) $140,560
    TOTAL CAPITAL $1,413,500
    TOTAL CAPITAL AND LIABILITIES $1,486,400
    Total Funding $1,272,940

    Any questions? Get in Touch!

    Services of veterinary clinic

    Starting your own veterinary practice can be daunting and confusing. The key behind building the successful veterinary practice is to identify your target market and understand their needs thoroughly. The business plan veterinary clinic for Focused Pet Care highlights the following services:

    • General Examination

    During a routine wellness examination, vets at Focused Pet Care will ask you questions about your pet’s diet, exercise, breathing, behavior, habits, elimination patterns (i.e., bowel movements and urination), lifestyle, and general health. Based on your pet’s history and physical examination, your veterinarian will then make recommendations for specific preventive medicine treatments such as vaccination, parasite control, nutrition, skin and coat care.

    • Surgical Facilities

    Our state-of-the-art surgical suite will offer various surgical procedures such as fracture repair, exploratory procedures, and routine surgeries such as spays and neuters.

    • Internal Medicine

    We will offer complete in-hospital diagnostic procedures, including blood work, endoscopic capabilities, and ultrasound.  Consultation with specialists nationwide can be arranged too if needed.

    • Grooming Kits

    Pet owners who are particular about what shampoos, wipes, and combs to use for their pets are cared for at Focused Pet Care. Our experienced vets offer consultancy services to pet owners and offer them customized grooming kits for their cats and dogs.

    While working on your business plan for a mobile veterinary clinic, you will get an idea of how much does it cost to buy a veterinary practice and hence, can arrange for funding accordingly.

    Marketing Analysis of veterinary clinic

    5.1 Market Trends

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    The veterinary services industry’s life cycle has been described as being in its growth phase. The Industry Value Added (IVA), which is used to indicate industry’s contribution to the economy, has been pegged to grow at 2.9% between 2011 and 2022. The U.S economy, in comparison, is expected to grow at 2.2% in the same period.

    The advent of new technologies has seen many of the professionals in the human healthcare sector migrate to veterinary medicine, as the industry continues to grow due to other factors such as pet ownership, availability of advanced diagnostic and surgical procedures, as well as the increasing awareness of animal health issues. Hence if you have some unique vet clinic ideas, this would be the right time for starting a veterinary business.

    5.2 Marketing Segmentation

    Defining your target market is essential before starting your own veterinary practice. In this sample business plan for veterinary clinic, the following are the customer groups catered by Focused Pet Care:

    Veterinary Clinic Business Plan - Marketing Segmentation

    Business Plan for Investors

    5.2.1 Households

    Households with pets are the recurring customers of Focused Pet Care. Since pets are literally like a family member of a household, they deserve the best possible care, which Focused Pet Care promises to provide.

    5.2.2 Elderly

    This group is pivotal to the success of the clinic. They are the most proactive to the health of their pets and demand a strong relationship with their pet’s veterinarian. In return, they will become loyal customers who will refer both friends and neighbors.

    5.2.3 Young single adults

    This group is primarily reactive to the health of their pets and will usually only visit the clinic for emergencies, reproduction services, and shots. This is still a significant source of customers from the community.

    5.2.4 Working people

    Due to their tiring jobs, working people are heavily dependent on veterinary clinics for all sorts of health-related concerns related to their pets. They might not spend a lot of time with their pets and hence might not notice any changes in their health until it worsens. Cooperate lifestyle is quite mainstream in NYC. Therefore opening a veterinary clinic will be a good business opportunity for Focused Pet Care.

    Market Analysis              
    Potential Customers Growth Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
    Households 34% 42,600 51,120 61,344 73,613 88,335 10.00%
    Elderly 28% 32,600 39,120 46,944 56,333 67,599 10.00%
    Young single adults 26% 21,200 25,440 30,528 36,634 43,960 10.00%
    Working people 12% 26,400 31,680 38,016 45,619 54,743 11.00%
    Total 100% 122,800 147,360 176,832 212,198 254,638 10%

     

    5.3 Business Target

    • Running a veterinary practice with profit margins of 25% after the first year of business
    • Incorporate a dog daycare business plan in the operations of the veterinary clinic to expand the scope of services
    • Capture a market share of 30% in the next three years of operations
    • Have a customer satisfaction score of 98%

    5.4 Product Pricing

    Under this sample veterinary business plan, Focused Pet Care intends to lower its rates in the first 3 – 6 months of business. This will be seen as part of our promotion strategy to increase awareness about our veterinary clinic amongst potential customers.

    Marketing Strategy of the veterinary clinic

    In this veterinary clinic business plan pdf, you will find a veterinary marketing plan used by Focused Pet Care. Marketing for any business is vital as it generates money and ensures that the company gains publicity while making money. To have effective marketing strategies, we intend to conduct a market survey that will help us understand the market we are going into and how best to penetrate this market.

    Provided that this veterinary business plan template is quite detailed, you can refer to the marketing strategies used by Focused Pet Care and see if any of them resonates with your business idea.

    6.1 Competitive Analysis

    • The services at Focused Pet Care would be offered by professional vets who have practice worth 7+ years.
    • Building a veterinary clinic that has state-of-the-art and standardized medical facilities for our various customers
    • On-the-job training will be provided to most of the employees at the clinic to ensure that your pet is in safe hands
    • The introductory prices offered by Focused Pet Care Clinic would be lower than the market rates without compromising on the quality of services

    6.2 Sales Strategy

    • Ensure that Focused Pet Care is enlisted on offline and online directories
    • Leverage on social media platforms such as Facebook and Twitter
    • Engage in direct marketing
    • Use direct word of mouth marketing

    6.3 Sales Monthly

    Veterinary Clinic Business Plan - Sales Monthly

    Any questions? Get in Touch

    6.4 Sales Yearly

    Veterinary Clinic Business Plan - Sales Yearly

    6.5 Sales Forecast

    Veterinary Clinic Business Plan - Unit Sales

    Sales Forecast      
    Unit Sales Year 1 Year 2 Year 3
    General Examination 875 928 983
    Surgical Facilities 345 366 388
    Internal Medicine 450 477 506
    Grooming Kits 525 557 590
    TOTAL UNIT SALES 2,195 2,327 2,466
    Unit Prices Year 1 Year 2 Year 3
    General Examination $350.00 $406.00 $470.96
    Surgical Facilities $1,250.00 $1,450.00 $1,682.00
    Internal Medicine $300.00 $348.00 $403.68
    Grooming Kits $250.00 $290.00 $336.40
    Sales
    General Examination $306,250.00 $376,565.00 $463,024.32
    Surgical Facilities $431,250.00 $530,265.00 $652,013.84
    Internal Medicine $135,000.00 $165,996.00 $204,108.68
    Grooming Kits $131,250.00 $161,385.00 $198,439.00
    TOTAL SALES $1,003,750.00 $1,234,211.00 $1,517,585.85
    Direct Unit Costs Year 1 Year 2 Year 3
    General Examination $90.00 $99.00 $103.95
    Surgical Facilities $300.00 $330.00 $346.50
    Internal Medicine $100.00 $110.00 $115.50
    Grooming Kits $85.00 $93.50 $98.18
    Direct Cost of Sales
    General Examination $78,750.00 $91,822.50 $102,198.44
    Surgical Facilities $103,500.00 $120,681.00 $134,317.95
    Internal Medicine $45,000.00 $52,470.00 $58,399.11
    Grooming Kits $44,625.00 $52,032.75 $57,912.45
    Subtotal Direct Cost of Sales $271,875.00 $317,006.25 $352,827.96

    Personnel plan of veterinary clinic

    The average cost executing veterinary business ideas is like that mentioned in business plan of a dog training. It is important to account for different kinds of costs to forecast financial returns accordingly. These costs include the salaried employees at the pet hotels that are supposed to be discussed in a business plan for veterinary clinic.

    7.1 Company Staff

    This veterinary clinic business plan sample pdf for Little Paws hires for the following positions:

    • 1 Managing Director
    • 2 Veterinary Doctors
    • 4 Veterinary Assistants
    • 1 Accountant
    • 1 Purchasing Manager
    • 1 Driver

    7.2  Average Salary of Employees

     Personnel Plan      
      Year 1 Year 2 Year 3
    Managing Director $40,250 $44,275 $48,703
    Veterinary Doctor $80,000 $88,000 $96,800
    Veterinary Assistants $100,500 $110,550 $121,605
    Accountant $22,500 $24,750 $27,225
    Purchasing Manager $22,500 $24,750 $27,225
    Driver $20,000 $22,000 $24,200
    Total Salaries $285,750 $314,325 $345,758
    Any questions? Get in Touch

    Financial Plan of veterinary clinic

    A sole focus on increasing sales does not ensure that your business has become successful and yields profits. It would help if you did a thorough analysis of the veterinary clinic start up costs and estimated the operations’ capacity for your business accordingly.

    In your financial plan, you must identify when and how to cover your investment amount with the earned profits. Moreover, it would help analyze your yearly expenses to determine the possibilities of reaching an economy of scale. A veterinary clinic business plan consists of an in-depth financial analysis which gives an idea of how much does it cost to start a veterinary clinic and how much do you need to earn to sustain the business.

    While analyzing how much does it cost to open a veterinary clinic, you must familiarize yourself with different business models such as a pet photography business plan. It will help you understand the industry better.

    Here we’re providing a business plan used by Focused Pet Care for you to use as a reference.

    8.1 Important Assumptions

     General Assumptions      
      Year 1 Year 2 Year 3
    Plan Month 1 2 3
    Current Interest Rate 8.12% 8.20% 8.26%
    Long-term Interest Rate 8.40% 8.44% 8.47%
    Tax Rate 24.03% 24.21% 24.60%
    Other 0 0 0

    8.2 Break-even Analysis

    Veterinary Clinic Business Plan - Break-even Analysis

     Break-Even Analysis  
    Monthly Units Break-even 5340
    Monthly Revenue Break-even $132,500
    Assumptions:  
    Average Per-Unit Revenue $231.00
    Average Per-Unit Variable Cost $0.62
    Estimated Monthly Fixed Cost $163,800

    8.3 Projected Profit and Loss

     Pro Forma Profit And Loss    
      Year 1 Year 2 Year 3
    Sales $1,003,750 $1,234,211 $1,517,586
    Direct Cost of Sales $271,875 $317,006 $352,828
    Other $0 $0 $0
    TOTAL COST OF SALES $271,875 $317,006 $352,828
    Gross Margin $731,875 $917,205 $1,164,758
    Gross Margin % 72.91% 74.32% 76.75%
    Expenses      
    Payroll $285,750 $314,325 $345,758
    Sales and Marketing and Other Expenses $145,000 $148,000 $156,000
    Depreciation $2,300 $2,350 $2,500
    Leased Equipment $0 $0 $0
    Utilities $2,900 $3,000 $3,100
    Insurance $2,100 $2,100 $2,100
    Rent $2,900 $3,000 $3,200
    Payroll Taxes $24,000 $25,000 $27,000
    Other $0 $0 $0
    Total Operating Expenses $464,950 $497,775 $539,658
    Profit Before Interest and Taxes $266,925 $419,430 $625,100
    EBITDA $266,925 $419,430 $625,100
    Interest Expense $0 $0 $0
    Taxes Incurred $53,385 $83,886 $125,020
    Net Profit $213,540 $335,544 $500,080
    Net Profit/Sales 21.27% 27.19% 32.95%

    8.3.1 Profit Monthly

    Veterinary Clinic Business Plan - Profit Monthly

    8.3.2 Profit Yearly

    Veterinary Clinic Business Plan - Profit Yearly

    8.3.3 Gross Margin Monthly

    Veterinary Clinic Business Plan - Gross Margin Monthly

    Any questions? Get in Touch

    8.3.4 Gross Margin Yearly

    Veterinary Clinic Business Plan - Gross Margin Yearly

    8.4 Projected Cash Flow

    Veterinary Clinic Business Plan - Project Cash Flow

     Pro Forma Cash Flow      
    Cash Received Year 1 Year 2 Year 3
    Cash from Operations      
    Cash Sales $51,000 $55,080 $59,486
    Cash from Receivables $22,000 $23,760 $25,661
    SUBTOTAL CASH FROM OPERATIONS $73,000 $79,570 $85,936
    Additional Cash Received      
    Sales Tax, VAT, HST/GST Received $0 $0 $0
    New Current Borrowing $0 $0 $0
    New Other Liabilities (interest-free) $0 $0 $0
    New Long-term Liabilities $0 $0 $0
    Sales of Other Current Assets $0 $0 $0
    Sales of Long-term Assets $0 $0 $0
    New Investment Received $0 $0 $0
    SUBTOTAL CASH RECEIVED $74,000 $79,000 $85,000
    Expenditures Year 1 Year 2 Year 3
    Expenditures from Operations    
    Cash Spending $42,000 $42,000 $45,000
    Bill Payments $27,000 $28,000 $31,000
    SUBTOTAL SPENT ON OPERATIONS $69,000 $70,000 $76,000
    Additional Cash Spent      
    Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
    Principal Repayment of Current Borrowing $0 $0 $0
    Other Liabilities Principal Repayment $0 $0 $0
    Long-term Liabilities Principal Repayment $0 $0 $0
    Purchase Other Current Assets $0 $0 $0
    Purchase Long-term Assets $0 $0 $0
    Dividends $0 $0 $0
    SUBTOTAL CASH SPENT $69,000 $74,520 $80,482
    Net Cash Flow $21,000 $23,000 $25,000
    Cash Balance $27,000 $30,000 $33,000

     

    8.5            Projected Balance Sheet

     Pro Forma Balance Sheet    
    Assets Year 1 Year 2 Year 3
    Current Assets      
    Cash $275,000 $308,000 $338,800
    Accounts Receivable $24,000 $26,880 $30,213
    Inventory $4,300 $4,816 $4,900
    Other Current Assets $1,000 $1,000 $1,000
    TOTAL CURRENT ASSETS $282,000 $315,840 $355,004
    Long-term Assets      
    Long-term Assets $10,000 $10,000 $10,000
    Accumulated Depreciation $19,400 $21,728 $24,444
    TOTAL LONG-TERM ASSETS $24,400 $27,328 $30,744
    TOTAL ASSETS $294,000 $329,280 $370,440
    Liabilities and Capital Year 4 Year 5 Year 6
    Current Liabilities      
    Accounts Payable $18,700 $20,944 $23,541
    Current Borrowing $0 $0 $0
    Other Current Liabilities $0 $0 $0
    SUBTOTAL CURRENT LIABILITIES $19,000 $21,280 $23,919
    Long-term Liabilities $0 $0 $0
    TOTAL LIABILITIES $15,000 $16,800 $18,883
    Paid-in Capital $30,000 $30,000 $31,000
    Retained Earnings $53,000 $57,770 $63,547
    Earnings $193,400 $210,806 $231,887
    TOTAL CAPITAL $285,000 $310,650 $341,715
    TOTAL LIABILITIES AND CAPITAL $300,000 $329,280 $370,440
    Net Worth $293,400 $319,806 $351,787

     

    8.6            Business Ratios

     Ratio Analysis        
      Year 1 Year 2 Year 3 INDUSTRY PROFILE
    Sales Growth 7.25% 8.03% 8.90% 3.00%
    Percent of Total Assets        
    Accounts Receivable 9.21% 10.20% 11.31% 9.80%
    Inventory 5.39% 5.97% 6.62% 9.90%
    Other Current Assets 2.11% 2.34% 2.59% 2.40%
    Total Current Assets 149.80% 151.00% 152.00% 158.00%
    Long-term Assets 11.55% 11.60% 11.64% 12.00%
    TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
    Current Liabilities 4.90% 4.94% 4.98% 4.34%
    Long-term Liabilities 0.00% 0.00% 0.00% 0.00%
    Total Liabilities 7.59% 7.65% 7.72% 7.38%
    NET WORTH 100.45% 101.25% 102.19% 110.00%
    Percent of Sales        
    Sales 100.00% 100.00% 100.00% 100.00%
    Gross Margin 94.60% 97.15% 99.87% 99.00%
    Selling, General & Administrative Expenses 93.56% 96.09% 98.78% 97.80%
    Advertising Expenses 1.52% 1.56% 1.60% 1.40%
    Profit Before Interest and Taxes 41.50% 42.62% 43.81% 33.90%
    Main Ratios        
    Current 34 35 36 32
    Quick 33 33.8 34.645 33
    Total Debt to Total Assets 0.18% 0.18% 0.17% 0.40%
    Pre-tax Return on Net Worth 74.08% 74.89% 75.00% 75.00%
    Pre-tax Return on Assets 96.30% 101.12% 106.17% 111.30%
    Additional Ratios Year 1 Year 2 Year 3  
    Net Profit Margin 33.56% 34.60% 35.67% N.A.
    Return on Equity 55.80% 57.53% 59.31% N.A.
    Activity Ratios        
    Accounts Receivable Turnover 7.7 7.8 7.8 N.A.
    Collection Days 100 100 100 N.A.
    Inventory Turnover 32.4 34.02 35 N.A.
    Accounts Payable Turnover 15.6 16 16.3 N.A.
    Payment Days 27 27 27 N.A.
    Total Asset Turnover 2.5 2.5 2.6 N.A.
    Debt Ratios        
    Debt to Net Worth -0.04 -0.03 -0.04 N.A.
    Current Liab. to Liab. 1 1 1 N.A.
    Liquidity Ratios        
    Net Working Capital $244,000 $257,664 $272,093 N.A.
    Interest Coverage 0 0 0 N.A.
    Additional Ratios        
    Assets to Sales 0.85 0.87 0.89 N.A.
    Current Debt/Total Assets 1% 0% 0% N.A.
    Acid Test 29 29.12 29.16 N.A.
    Sales/Net Worth 2.1 2.2 2.2 N.A.
    Dividend Payout 0 0 0 N.A.

    FAQ

    1. Are veterinary clinics profitable?

    Open vet clinics typically generate a profit of 10% to 15%, while specialty and emergency practices often earn 15% to 25%. The higher the profit, the more valuable the practice will be at selling time.

    2.How do I set up a vet business plan?

    a) To have a veterinarian business plan of your own, you need to:

    b) Plan your Veterinary Practice

    c) Form your Veterinary Practice into a Legal Entity

    d) Register your Veterinary Practice for Taxes

    e) Open a Business Bank Account & Credit Card

    f) Set up Accounting for your Veterinary Practice

    g) Get the Necessary Permits & Licenses for your Veterinary Practice

    h) Get Veterinary Practice Insurance

    i) Define your Veterinary Practice Brand

    j) Create your Veterinary Practice Website

    k) Set up your Business Phone System

    3. How much money do you need to start a veterinary clinic?

    For an average price of $1,000,000, you’ll be able to open a small animal clinic from the ground up. At $250,000, the cost of starting a mobile veterinary practice is much more affordable. It depends on what business plan veterinary clinic you follow.

    4. Is a vet clinic a good investment?

    To make an investment profitable, you need to have a strong veterinary clinic marketing plan. The investment required to set up a clinic is similar to that mentioned in a business plan for a dog walking. A vet clinic is certainly a great investment as it has high returns. The average full-time equivalent (FTE) veterinarian produces roughly $550,000 to $600,000 a year

    Download Veterinary Clinic Business Plan Sample in pdf

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