Starting a chiropractic practice can be a daunting and intimidating task, like starting any business. Becoming an entrepreneur is exciting but can lead to disaster if you’re not prepared. We want to make sure you’re ready to start your new practice. Before you make any decision, read about these four factors to consider when starting a chiropractic practice.
What To Practice & Where To Do It
First, what do you want to practice, and where do you want to do it? If you’ve decided what scope of the chiropractic profession you want to practice, do some research on the laws for that scope in the state you want to practice in. Different states have different regulations and requirements for the chiropractic profession, so consider that before you choose where you want your practice located. Conduct some demographic research on the city or town you want to open in. What’s the average income of your expected patients? What care do they have access to? There’s no such thing as too much research!
Start New or Buy an Existing Practice?
What makes more sense for you: starting from scratch or purchasing an existing practice? If you want to begin from the ground up and be involved in every decision of your business, you probably will prefer a brand-new practice. But you could save on start-up costs by purchasing an existing chiropractic practice. If you know the practice is successful, there’s less mystery about if the business can succeed, and you likely have a built-in client base. You can make it uniquely your own through changes, but you can still purchase crucial business momentum and skip the initial steps of starting from nothing.
What Do You Know About Running a Business?
You could be the best chiropractor ever to live, but that’s only part of why your practice will succeed or fail as a business. Do you know how to bill patients properly or how to market yourself and a business? Do you know where to get proper insurance like chiropractic malpractice insurance? Many students start as associates for existing practices to learn the profession and save money before starting their practice. If you’re unfamiliar with the particulars of running a business, perhaps that path would work better for you.
The Initial Financial Burden
As with any business, starting a chiropractic practice demands a sizeable financial commitment. The start-up costs especially are high, so before you begin planning your new practice, make sure you’re aware of the sacrifices you’ll have to make initially. A brand-new practice means a hefty investment up-front. Even if you choose to buy an existing practice, you’ll likely have zero net income for months, if not years. Are you prepared for that financial burden? Be sure you can accurately answer that question before committing to anything.
Starting a chiropractic practice takes a lot of time and involves a certain amount of risk, like starting any new small business. These are just four factors to consider when starting a chiropractic practice, but there are many, many more. Keep reading Baxter & Associates blog for more advice and information about health care, business, and the law.