You already have a business. Right? Your practice. But many physicians are also entrepreneurs that enjoy other business pursuits outside of medicine. However, starting a business isn’t always easy. It involves extensive planning, staffing, marketing and money. Setting off on the right foot is imperative to your success. Here are four things to consider before you launch.
- Listen To The Market: Focus groups are still in and by talking to your potential customers you can learn a lot about their needs. Often what they need, is what you can provide.
- Over 90% of small business failures (and medical practices) are due to inadequate cash flow. Don’t use all of your funding on items that are not immediately necessary. Keep your costs low, productivity high and spend wisely.
- The people you hire for your small business start-up might not necessarily be the same people you would hire for your practice. Keep current trends and personalities in mind and hire the best, and most appropriate, workers you can afford.
- Since the 1970s small businesses account for 66% of all jobs in the USA. Reinvesting back into your small business is imperative to its growth. Put earnings back into the business as you can so that you can maximize growth and fund opportunities as they arise.