FEATURE PRACTICE BUILDING Flying solo T Give your startup a good head start with these best practices by lloyd manning here comes a time in their career when every employee chiropractor would feel it is time to cut the ties and start his or her own prac-tice. However, starting from the ground up is seldom as simple as renting a vacant space, moving in, hanging out one’s shingle and initially attracting a sufficient number of patients to make it pay. To ensure success in going solo, it must be a well thought-out, well-planned and well-executed undertaking. It’s a business Location and market conditions can dictate the likelihood of success as a solo practitioner. In my many years of running a commercial real estate and business appraisal service I frequently told my staff that it was mandatory they be professionals, but never forget that we are running a business, where making money is a prime objective. I now say the same to you. You can be the nation’s best and most qualified chiropractor, but when you cut all of that away, you realize you are running a business, a service business, one with all of the perks and downsides that are part of the package. There is a fine line between being a professional practitioner and being a business manager. At times, the line becomes blurred. You are not an amicus curiae (a legal term meaning, friend of the court) – for an amicus curiae does not get paid, which is not your intention. with a minimum income. A complete self introspection of why you want to do this is a must and, perhaps, more im-portant. You must be positive about your objectives, the experience and talent you bring to the venture, what you expect and whether this expectation is realistic. Starting a new practice is tough. Taking a crash course in accounting and business management would be beneficial. Stick-to-itiveness is vitally important. The competition is not going to turn over their patients to you voluntarily. What are the numbers? Get organized The starting point for venturing out on your own is an organized assessment of your particular situation, your experience, chiropractic education, specialties if any, and financial situation, including how long you can survive LLOYD MANNING is a semi-retired business appraiser and financial analyst who is now a freelance business article writer. He resides in Lloydminster, Alta. He can be reached at [email protected]. 22 Canadian Chiropractor February 2016 As you will be starting from ground zero, a well thought-out marketing plan that fits in with the neighbourhood where you intend to establish your clinic is essential. Required is an accountant’s approach to calculating probable fixed clinic operating and staff costs, and a predictable estimate of the variable costs as a percentage of gross revenue at varying income levels. Calculate your break-even point at different levels, pessimistic, most probable and optimistic, not over-looking that you need to be paid as you develop your prac-tice. Your level of success and staying ability will largely de-pend on the financial planning that you do at the get-go. www.canadianchiropractor.ca Photo: fotolia
Chiropractic + Naturopathic Doctor February 2016: Page 22
