Hey guys and welcome back to the Medical Entrepreneur podcast.
My name is Adam Sewell, and this is where we teach you how to break free from traditional medicine, carve the career of your dreams, and still do what you love.
Starting your own medical practice can seem very overwhelming at first. But in reality, it’s a very straightforward process. You just need to follow 5 easy steps. In this post, I will explain what these 5 steps are.
By following this step-by-step guide, you will not only open your first medical practice in no time, but you will also set it up for success. So, without further ado, let’s get right into it!
1. Choosing the Right Business Type
When starting a medical practice, it is important to look into all the different business types and choose the one that best suits your needs.
Sole Proprietorship
One option you might consider is to become a sole proprietor. This is a simple business structure that is easy to set up and gives you complete control. However, this type of business structure does not provide liability protection. For medical practices, this is not the best choice as many things can go wrong.
Limited Liability Company (LLC)
Another option is a limited liability company (LLC). LLCs, unlike sole proprietorships, provide liability protection, which means that your personal assets are protected in case of any legal problems or debt. As a business structure, an LLC also offers flexibility in terms of management and tax treatment, as they can be run as partnerships or companies.
Professional Limited Liability Company (PLLC)
Another option you will probably come across during research is the professional limited liability company (PLLC). It is similar to an LLC but is specifically designed for professionals such as doctors, lawyers, and architects. PLLCs offer the same liability protection as LLCs, but are regulated by professional licensing boards and have additional requirements for formation and operation.
In general, a conventional LLC is the best choice for a healthcare business because it provides liability protection, flexibility in management and tax treatment, and is not subject to the additional regulatory requirements of a PLLC.
2. Opening a Bank Account and Processing Payments
Opening a dedicated business bank account is an important step in managing the financial aspects of your business.
Factors such as location, fees, online banking options, and account types should be taken into consideration when choosing a bank. Many banks offer specialized business accounts with features such as higher transaction limits, cheque-writing privileges, and the ability to accept credit card payments.
The latter is very important as many of your customers will pay with credit cards. It is also important that you have an online payment system in place.
3. Getting a Space for Your Medical Practice
When it comes to finding a suitable space for your medical practice, consider subleasing from other medical entrepreneurs in your area, rather than jumping into a long-term lease. Many healthcare practitioners don’t keep their offices occupied all day and will be happy to coordinate their schedules with you.
This can be a good option for businesses that are just starting out and need to save on costs, or for businesses that only need a small amount of space on a temporary basis.
4. Digital Marketing
Another thing to consider when opening your own practice is marketing. In particular, digital marketing.
Since the pandemic, our digital footprints have become just as important as our physical ones. That’s why you’ll want to invest your time and resources in digital marketing. Two things that are absolutely necessary are registering your business on Google My Business and creating a website.
Google My Business
Google My Business is the first thing you should do when securing office space for your practice. It’s completely free and allows your potential clients to find you via Google.
Creating a Website
Creating a website is a very simple and easy step you need to take to put yourself on the digital map. Your website doesn’t have to be fancy or anything like that, but it does need to provide your potential customers with information and reasons to choose you among all providers.
If you want to create a website you can sign up at Click Practice. Click Practice was designed by medical entrepreneurs for medical entrepreneurs. All users get a website template that is SEO optimized and easily customizable even without prior experience.
5. Building an Educational System
Once you’ve done all of the above, it is important to build an educational system.
Building an educational system is an important aspect of attracting patients to your medical practice. By offering educational resources, a medical practice can demonstrate its expertise and commitment to the well-being of its patients. This can help build trust and establish the practice as a reliable source of information and care.
I hope this guide will help you with opening your first medical practice. If you think you’re ready to start your own journey as a medical entrepreneur, make sure to follow us on social media and subscribe so you never miss an episode!
Additional resources:
– Join my challenge here!
– Check out my website here!
– Sign up for our Aesthetics training here!
Medical Entrepreneur is a podcast dedicated to those who are trying to escape mainstream medicine and start building the healthcare business of their dreams.
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