Thinking About Opening a Medical Practice? Ask Yourself These 4 Questions
August 6, 2020
There’s nothing quite as rewarding as seeing your own name on the door. It’s a wonderful feeling to see something that you built, succeed. But starting your own medical or dental practice isn’t all glamor. There’s a significant amount of sacrifice involved as well.
Below are four of the questions that you should be prepared to answer as you consider starting your own medical or dental practice. These questions can help you better prepare for a successful startup practice.
Are you able to invest in your business, even when times are tough?
Payroll. Medical equipment. The mortgage. Marketing.
The list goes on from there. Most people are used to seeing a paycheck for their hard work. But when you own the business – when it’s your name on the door – it may also mean long stretches of time without being paid. Your financial obligations are necessary for keeping the doors open. The reality of the situation is that when you own the business, you have to invest significant amounts of money and time in it to see it succeed.
That’s just the reality of owning your own practice. The good news is that when those investments pay off, owning your own practice becomes that much more rewarding. It’s you that owns the medical equipment, makes the payroll, and pays the mortgage, and you can take great pride in that.
Are you ok with life under a microscope?
Many failures in life are still somewhat private. Not everyone needs to know about them.
But that’s different if you own your own business. You’ve staked out your position, and your visibility within your community. We all feel so determined to make our endeavors succeed. But if they don’t – and some don’t – they’re extremely public. (One day you’re open and serving the community, the next day you’re not.)
People are watching, and they have a stake in your success. There’s a certain amount of pressure that comes with that responsibility. The good news here is that when these successes pay off, that’s public too. People can see a crowded parking lot. The community can see a doctor who remains involved with charities, events, and other day-to-day activities around the community. And they can see the demand that you are in when the schedule remains full.
Yes, you went to medical school…but are you also a salesperson?
When you own your own medical or dental practice, you are your own best advocate. Your goal is to attract as many local patients into your practice as possible and recommend treatment. That means that one of your many hats as the owner of your practice is also a salesperson.
This may mean calling people who don’t want to hear from you. It may mean treating patients who are less than understanding and hard to please. It may mean swallowing your pride from time to time.
But the silver lining is that anyone who enjoys sales, and masters the art of selling dentistry will make more money and succeed.
Are you ready to take big chances?
The entrepreneurship adage that it takes money to make money rings true when you’re trying to start your own practice, too. If launching your own practice doesn’t work out, you may be in a tough position for a while. But if you are willing to risk more and it pays off, you could see higher levels of success.
Small medical and dental practices have fewer resources and face more challenges than larger practices. Starting a practice requires a certain level of risk aggression. If you have the temperament, and you are prepared to deal with these challenges, then starting your own practice is the right decision for you!
Apex Design Build has an established reputation as a top-quality healthcare facility design build firm. The Apex Continuum combines focused healthcare expertise with a comprehensive, one stop solution for design, architecture and construction to ultimately provide a best in class experience for every client we partner with. To discover how Apex can take your vision of the perfect healthcare facility and bring it to life, contact our integrated construction team today.