When is the right time to set up your own private medical practice?
Many trained doctors and dentists dream of having their own medical practice one day. For many, it’s a dream that started in medical school and continued post-graduation, even for years while they worked within their chosen industry. What stopped them from pursuing their dream is the thought that it was never the right time. In this article, we outline 3 key considerations that you need to answer the question “when is the right time to set up my own private medical practice?”
When is the right time? 3 key things to consider:
1. Am I in the right mindset?
Many doctors or dentists don’t ever take the leap because they think that while they have the medical skills, they don’t have the business skills needed to grow and run a successful practice. This fixed mindset, thinking that they don’t have what it takes and they don’t know where to start, can become very self-limiting.
If you foster a growth mindset, thinking “I don’t have what it takes right now but I can learn what I need to with a lot of time and effort,” then setting up your own private medical practice becomes a lot more manageable; you’ll start to think about what you need to work on or who you can employ as a team of advisors. When you have the right mindset, success is already in view, you’re just outlining the steps to get there.
2. Do I have enough funds?
Obviously, a big reason for not setting up a private medical practice for many is funds. Worrying about how much it will cost, whether or not it will be profitable, the financial risk, and having enough funds to cover your personal living costs until the practice becomes profitable, are all justified concerns. The difference between success and failure though is just going through the numbers.
To decide whether it is the right time for you to set up your own private medical practice, do the research and create a business plan. Putting this plan together will involve some difficult decisions, a lot of market research, and financial planning, but at the end of it, you will know if it is the right time for you (or what you have to do to make it the right time).
3. Is there even such a thing?
Does the ‘right time’ even exist? If you really think about it, there is never a ‘right’ time to do anything. Starting is always the most difficult step and fear stops many of us from doing so.
So if there is never a right time, when should you start setting up your own private medical practice? If you have the funds, you’ve drawn up a solid business plan, and you have the right mindset and people to support you, then any time is the ‘right’ time.
Ever heard of the phrase ‘better late than never?’ That sums up what we mean. If you’re not ready to set up your medical practice now, then implement the necessary steps that you will take to get ready. The only wrong time to set up your own practice is never.
Need help with starting your own practice? We can help with your business planning, including creating a cash flow and profit strategy to ensure that whatever decision you make is a success. Just contact me via mitchell@affluenceca.com.au and I’d be keen to help.
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