Starting your own practice

Starting your own medical, dental or law practice is, in some ways, very similar to starting any kind of business: There’s a lot of work involved, and the reward can be great. Bt this kind of venture has its own risks and benefits. If you been practicing under another professional, then you’ve seen and experienced the ups and downs involved with a working practice, but things often look different from the driver’s seat.

start a medical practice
As with any other company, a business plan is an vital early step to starting your practice. Strong planning will help you with every aspect, including defining and reaching your success goals. There will be ups and downs, but your plan will help you be prepared for both.

Get your name out there. Emphasize your skills and experience and start building a client base. Let the people in your community know that your practice is coming, then keep advertising it once it opens.

This goes hand-in-hand with the next vital point: Carefully choose the location of your practice. Keep competitors in mind, choose a location that is convenient to the community you are serving. Depending on the type of practice you will be starting, consider choosing a location near complementary businesses like pharmacies, the courthouse or medical specialists. 

Customer service is important to all businesses, even those that are service-oriented. If you want your clients to return, be sure to create and maintain excellent customer service policies and practices. Remember, happy clients often refer friends and family.

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Joseph Ferriolo

Director at Wise Business Plans®
Joseph Ferriolo is the Director of Wise Business Plans. He has overseen over 15,000 written business plans during his tenure, raising over $1BN in funding and providing 30K+ consulting hours for startup companies.

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