3 Tips to Starting Out in Practice

There is much to learn and do when setting up in business, but here are my top three tips for starting out on the right foot.

1. Choose a profitable business model

Here are a few ways of working as a practitioner. Which is the best model for you? The one that you feel comfortable with and, builds your business.

• Working for someone else – in their clinic, consulting their clients. Payment for your work may be commission based by you to them, or by them to you. Usually you sell items from their dispensary and may (or may not) get a percentage for your sales. The benefits here are that you can build confidence and become a stepping stone to moving out on your own. The disadvantage is that it doesn’t grow your patient base or bring about greater profit for you. This model can often cost more in outgoings than it brings in. Do your  homework if you are thinking about this.

• Home based practice – Setting up a dedicated area of your home to see clients and perhaps start a small dispensary has the advantage of  lower overheads. The convenience of not having to travel means greater flexibility with time. Remember it is beneficial to be in one place for a few years as you get established. Moving around makes it harder for your client base to follow you. This model can work well if you have put down roots in your local community. The downside is that you are working in isolation away from other praccies. The answer to that is to connect with other therapists in your local area and get together regularly to “talk business’. These practitioners may become a referral network for you.

• Renting a room in a clinic or wellness centre – On a casual or permanent basis, even for just one day per week can be an economical starting point. It can put your business in a professional setting while getting established. The downside is that it isn’t always possible to find space for your own dispensary that is locked away when you are not there. A small lockable cupboard in your room could be a cheap solution for a small dispensary.  As it can take awhile to build profitability, have enough money for about 1 years rent to give yourself plenty of ‘breathing space’ to grow.

2. Get Your Departments in Order

No matter how small a business is, it needs to have systems in place to operate effectively. Sorting that out from day 1 means less chance of getting overwhelmed later.

• Products and Service– What services are you offering? (consultation, iridology, massage, VLA,  etc) Have you costed them? What products are you selling and where are you sourcing them? How quickly will your patients/clients have access to them?  If you are unsure on how to bundle services or cost consultations, research what others in your area are charging to give you a starting point.

• Finance & Client Records– These are you most valuable business asset. It is important to record this information in an organised way. There are many online packages that can handle receipting and manage your income and expenses and patient details. You don’t have to pay a lot either. I use Quickbooks online at $15  per month and email the receipt to the client after a consultation. Remember to set up all your provider numbers in the template so your patients can claim. Using HICAPS (if your modality allows it) is a great way to get access accepting credit card transactions. There are many ways that you can receive income… cash, card, direct credit transfer and cheque. I accept them all making payment as easy as possible for the client. Whatever you decide make sure it is easy for you too.

• Marketing and Promotions– Business card and a brochure are a good start. I also recommend setting up a website even if it is just one page showing your details. The sooner you get your domain name up, the higher it goes in google ranking and the easier you are to find. Join a networking group to get you name and business out there and to start building alliances with other businesses. Speaking to local community groups on health topics always converts some of the audience to clients. A business facebook page is a great way to keep in touch with new clients. You can even use an online list builder (like MailChimp) to send regular newsy info to your client base.

• Technology– Your business records (case notes, financial transactions, client details) are your most valuable business asset. These need to be stored securely whether in a filing cabinet, on a computer, your iphone, or in the Cloud. Have all this worked out before you start to save time and worry later. Are you set up with a computer or laptop? Do you need access to Wifi? You can get mobile broadband that goes anywhere you do should you need it. If you store business data on a computer be sure you have regular backup scheduled and know how to recover if there’s a crash. What technology do you need to accept payments? You can use a HICAPS terminal for cards, or get a merchant facility from your bank, either with terminal or internet payment ability.

 3. You can start out slowly

It’s ok to start out slowly until you get on your feet. You are not only gaining confidence as a practitioner, you are learning to be an entrepreneur. That means, marketing your business, building your networks, growing a following and generally defining yourself as a practitioner and a business. This doesn’t happen overnight, so slowly and gradually works best.

You won’t have enough business to justify full time work, so don’t make that sort of commitment. Practice a day or so a week to start, and get a part time job in retail or admin to “straddle” your work until business builds. This will keep you afloat financially while investing in your new business.

It is great to work in an environment that complements your business. You continue to learn about business and you may even get some referrals for your own business. For example a health food store, pharmacy assistant, reception work for a chiropractor, osteopath or other allied health centre.

You may have other amazing skills that you can put to good use to make a bit of money as a stepping stone.

Don’t invest too much in dispensary stock at first. You can set up patient order systems or use online dispensaries such as this one. I believe your products will become your greatest source of income through repeat orders so be sure you find a way to make a small profit from your sales.

We suggest you price your liquids about 5-10% higher than our costs here so you earn each time you order. Don’t forget that our price includes free postage Australia wide to make it easier for you to prescribe efficaciously to your patients.

Starting out slowly helps you “find your feet” and set your clear intentions. Write your goals and intentions down and watch as, over time, and all in good time, they become realised.  😀