As you near the end of your healthcare training you will face a number of decisions that have the power to shape your career. One of those critical decisions is determining whether you will want to seek employment or set up your own business. If you are considering starting on your own, here are some things you should keep in mind.
1. Your Practice Setting
As you consider striking out on your own after your healthcare training you need to think about what kind of setting you would want to set up your business. Going solo provides you with total freedom to make decisions and develop a strategy for your new practice. However, you will need skills such as bookkeeping and marketing if you are to succeed. Going all in on your own also means that all the burdens of running a business fall on your shoulders. As a startup, you will also have to work extra hours in certain instances.
There are two ways you can start your own private practice:
- Begin a new from scratch
- Buy an existing business and take over its operations
Another way of starting is by joining an already existing business. Typically, this will involve buying a stake in the partnership. Other times you can begin as an employee and become a partner over time. The benefit of choosing this route is that there are already existing clients the firm is serving. You do not struggle to drum new business from zero. The hours you work will also be predictable along with stable income.
You will, however, have limited autonomy to make decisions as you have to consult with your partners and vote. Before you begin the process of becoming a self-employed healthcare entrepreneur identify your priorities to know how you can best practice.
2. Building the Right Team
When running a business you need to understand the value of an excellent team and how it helps increase the odds of success. As someone without much experience, you need to look for mentors. Find experienced hands in the particular segment of healthcare you plan to delve into and learn from them. Many established practitioners do not mind sharing their hard-won wisdom with newbies to help them start better off than they themselves did.
Next, you need to consult some professionals who can help you get started. These include:
- An experienced healthcare attorney
- A financial adviser or a business banker
- A health-care focused real estate broker
No matter how small you think your practice might be it is critical you do not rule out these professionals. Their experience will give you a much better footing to begin from.
3. Form Your Brand
Every business no matter the industry needs to stand out from the rest. Differentiating yourself from those offering similar healthcare services like you will give your firm its footing with clients. If you plan to open a massage parlor, for example, you need to have a reason as to why clients would come to you and not go to the next parlor down the road. Understand the power of a brand in acquiring and retaining clients. People do not fall in love with products or services. They fall in love with brands that resonate with who they are. Draft what you think would be an ideal review from a client on your business. Engage a brand consultant with that review to begin identifying what your unique selling points will be.
Start Building Your Career
Life after healthcare training will require you to make life-altering decisions about your career. Weigh the pros and cons of seeking a job versus starting a healthcare business to know what’s best for you.