More than half of DCs own and operate a solo chiropractic practice, according to Chiropractic Economics’ 26th Annual Salary and Expense Survey. Deciding to launch your own is a big deal—one that can keep even the most determined professional up at night.
Being fully prepared for this undertaking helps calm the nerves, and these five questions can help.
1. Why do I want to own a solo chiropractic practice?
The reason this question is important is because small businesses don’t have a high success rate. The Chamber of Commerce reports that 18% fail during their first year of being open, 50% don’t make it past the five-year mark and 65% are closed before they’re able to celebrate their 10th anniversary.
Knowing why owning a solo chiropractic practice is important helps you remember why you’re willing to take a not-easily-traveled path. It’s what keeps you going on your tough days, helping you push through when all you want to do is give up.
What are some of the challenges I might face during the launch?
Challenges that can occur when launching a solo chiropractic practice include:
- Financing that falls through or needing more money than anticipated
- Office design issues and/or permitting delays
- Hiring qualified, reliable staff
- Getting new patients in the door and establishing trust as a new practitioner
Even the best-laid plans often face snags, delays or bumps along the way. Identifying potential issues in advance can keep them from being a surprise while also providing the opportunity to create a plan B to quickly get back on track.
Who’s the local demographic?
Online services have the luxury of going where their customers are to build and grow their business. In-person service providers, such as doctors of chiropractic, are limited to patients within a certain geographical area. This makes it critical that you understand the local demographic when launching a solo chiropractic practice.
If the local community is younger, for instance, they may face different chiropractic challenges than an older demographic. Maybe people in the area also tend to be more sedentary or, alternatively, more active. Knowing the local demographic can help DCs decide which services to offer and also give insight into what types of marketing may be most effective.
Am I in a good position financially to launch a solo chiropractic practice?
Consider your overall financial position and whether there are gaps in monies available versus capital needs.
If you need additional funds to cover the practice’s opening expenses, review all financing options. Talk to lenders in advance to learn what is available. The U.S. Chamber of Commerce also offers a list of grants, loans and programs for small businesses.
Which business-related tasks might I struggle with or be most concerned about doing?
Providing chiropractic services is different from running a business. The former involves working one-on-one with patients to help advance their health. The latter requires budgeting, hiring and managing staff, maintaining office supplies and equipment, developing policies and procedures, marketing and more.
When launching a solo chiropractic practice, you must consider the purely business-related tasks you’re worried most about or might struggle to do. Maybe you excel at budgeting but aren’t sure which marketing approaches work best, or you’re good at overseeing staff but not so good at keeping a stocked supply of office products. Next, find a person or service to handle these items so you don’t have to do them yourself.
Final thoughts
Launching a solo chiropractic practice will be challenging, but answering these five questions first can help you position yourself for the greatest possible success in setting up your new office.
