4 Important Steps to Starting a Medical Practice
As a healthcare professional, you’ve made it your life’s work to help other people. This, of course, is highly noble and inspiring. However, you might find that working for hospitals and other clinics isn’t what you thought it would be.
Maybe there are too many politics in commercial healthcare. Or maybe you just want the freedom to do things your way.
No matter what turns you off to commercial healthcare, the solution is simple. Have you considered starting a medical practice of your own?
We’re here to help you get off on the right foot. Keep reading for four important steps on how to start a medical practice.
1. Conduct Market Research and Find Your Niche
Before starting a medical practice, it’s important to learn more about the industry you’re jumping into. For example, based on the type of practice you want to run, will you have a lot of competition in the area? Who are your biggest competitors?
These aren’t the only questions you need to answer. You should also learn more about:
- Your target market
- How much you can charge for your services
- The costs of operating a private practice
- Marketing strategies
- And more
Based on what you find out during your market research, you can refine your niche. What angle can you take to ensure your practice is successful? What can you do to make your clinic the best medical practice in town?
2. Write a Business Plan
Using the information you gathered during your market analysis, formulate a professional business plan. This is an incredibly important step in starting a medical practice and shouldn’t be rushed. The effort you put into writing your business plan will reflect on you as a business owner.
Banks, investors, and other lenders will only have your business plan to gauge the potential of your new practice. If you’ve done your homework and created an outstanding plan, you’re more likely to get the funding you need.
3. Get Funded
Now, let’s talk about your startup funding options. Unless you’re independently wealthy, acquiring startup funds is an important step in starting a medical practice.
We recommend applying for an SBA loan. These business loans, while harder to get approved for, are government-backed. They also have lower interest rates and better terms (generally speaking).
However, if you can’t get an SBA loan, you have other options. These include:
- Private investors
- Crowdfunding organizations
- Angel investors
You can also start a private campaign to get “love money” donated by friends, family members, and other supporters. Alternatively, consider taking on a business partner. They might have deep pockets or have enough credit to help you get an SBA loan.
4. Set Up Your New Practice
Finally, when starting a medical practice, you need to think about the logistics of running a clinic. After you get the funding you need, start looking into commercial locations to set up your new practice.
You also need to start thinking about hiring staff, buying medical practice supplies and equipment, and outfitting your practice with office supplies. For example, click here to find chart divider tabs.
Are You Thinking About Starting a Medical Practice?
Starting a medical practice is a fantastic career move for all types of doctors and healthcare specialists. Start your own clinic so you can do things your way without all the inter-office politics. Follow our guide to get started on the right path.
And if you’re looking for more career advice or startup tips, you’re in the right place. Check out some of our other articles before you go to find the information you need to succeed in life.