Opening your own practice is an exciting opportunity and may be right for you if you're ready to tackle the business aspects, as well as the clinical side, of being a solo practitioner. But it can also be filled with uncertainty and risk. Understanding the pros and cons of being a solo practitioner will help you determine if this is the right path for you. Assess your skills and strengths to help determine your mode of practice.
Posted in Practice Mode & Requirements on Saturday, October 15, 2016
The Benefits of a Solo Practice
If you’re like other individuals who choose to take an entrepreneurial approach to business, you may be venturing down this path because you want the control of owning your own business. It may be more rewarding and more challenging to build a business from the ground up – the way you want to build it.
Much of the payback people get from their entrepreneurial ventures is personal. Your practice will be a direct reflection of you. It provides an opportunity to make a name for yourself, establish yourself as a well-respected professional in the community and enjoy the financial success you’ve worked hard to earn.
There’s also considerable flexibility in being in practice this way. You can set your own hours and adjust those hours as needed. There’s no boss to tell you when to be at work or what to do.
Owning your own business – regardless of what kind of business it is – means you’re taking on roles you may not want. Not only will you be a chiropractor, you’ll also be the person in charge of marketing, paying the bills, balancing the checkbook, securing financing, cleaning the office and possibly answering the phone.
As a start-up business, you may discover that it’s difficult to secure financing. Having a well-thought-out business plan is essential when you visit lenders. But you can’t give up if one lender says “no” – ask questions to find out why you were declined. Persistence may be the best virtue when it comes to financing. Listen to those who say “no” to determine if there are adjustments you should consider in your business plan.
You may also discover that your income fluctuates considerably. If you wait for patients to come knocking on your door, the days may be long. But if you put on your marketing and sales hat and hit the ground running to build your practice, you may see results more quickly. Regardless, you’ll need to be self-sufficient until your practice is more established.
Ultimately, the choice depends on how YOU want to practice. And how much time and effort YOU want to put into YOUR practice.