Whether you’re a doctor or a dentist, you may be thinking about branching out on your own and starting a medical practice. It’s easy to see why you want to do this. Having your own practice means you can run things your own way and there’s a great potential for profits. On the other hand, it can be a tough business to start, so how do you know whether it’s right for you?
Think about the practicalities
Starting a medical practice is different from any other business, as startup costs are usually a lot higher due to needing things like medical equipment. That’s why it’s best to work out the practicalities as soon as possible. Look for premises that’ll be suitable, and if you’re planning on getting specialist equipment delivered, look for firms that specialise in healthcare logistics TecDis, so you know things will arrive safely.
Look at the local market
You should make sure you do research into your local market, including:
- The potential number of patients locally
- Whether locals can afford your service – this is important if you’re offering something cosmetic
- Whether there is enough demand
- What kind of coverage already exists in the area – are there already enough practices locally?
By doing this, you can ensure you aren’t throwing away money building something that ends up being underused.
Finances also need to be considered
While you may have the potential for big profits in the future, it can take a few years to break even. This is why you might want to consider using a medical small business loan to get started, or even to expand a small practice. Business loans shouldn’t be taken out lightly, obviously you need to be careful and ensure you can pay it back, but they can be an excellent way for you to get your business open. Otherwise, think about how you’ll find your practice and when it might be possible to raise the capital.
Understand your responsibilities
Running a practice is a lot different to being a doctor or dentist. You have to deal with staff management, the safeguarding of patients, keeping records, and much more. While the money can be good, the hours can be long, and things can be difficult when you’re starting out. Perhaps the most important thing is to make sure you have a good team that you can delegate to. Most places have a practice manager who takes care of all the day-to-day admin, which means you can focus more on the patient care side of things. But you do need to consider whether this is right for you.
A medical practice is not an easy thing to launch, and you may be wondering whether now is a good time. Starting a practice isn’t for everyone, many professionals prefer to simply do their job and have someone else take care of the business side. But if you’re willing to put in the hours and do the hard work, this may be a great next step for your career.