If you are a chiropractor that is looking to start your own chiropractic practice, you know that launching any business requires many hours of hard, yet rewarding work. While you can look to what other chiropractors in your local market have done to build their own success, the journey is unique to each individual.
However, that does not mean that there are no universal tips that you can utilize when starting your practice. Today, we are going to offer some of our best tips for starting a new practice to help you prepare to open a successful business sooner while avoiding many common pitfalls that many early-stage entrepreneurs encounter.
Before we get started, it’s important to have the right mindset when embarking on this journey. Running your own business will require immense dedication, passion, and resilience. You will face many challenges along the way but if you believe in what you are doing and remain focused on your goals, you will be able to build your practice into something you can proudly put your name on.
Start By Creating a Detailed Business Plan
Launching a business without having a plan is one of the quickest ways to fail. You need to know what your goals are, how you are going to achieve them, and what you need to do on a day-to-day basis to make your vision come to life. Putting these thoughts down on paper will help bring clarity and structure to your ideas.
As you begin to draft your business plan, here are some key points that you should cover:
- Company overview: Write a summary of what your company does and what services you offer.
- Market analysis: Research your local market and identify any potential competitors. What is the demand for chiropractic services in your area?
- Target market: Who is your target market? How will you reach them?
- Sales and marketing strategy: What sales and marketing strategies will you use to attract new patients/customers?
- Financial projections: Estimate how much money you will need to get started and to keep the business running for the first few months/years.
- Company structure: Are you going to be a sole proprietor or will you have partners?
- Operating plan: What are your day-to-day operations going to look like? What hours will you be open? How many staff members will you need?
Drafting a comprehensive and thorough business plan is an essential first step in starting your own chiropractic practice. By taking the time to do your research and plan for success, you will be putting yourself in a better position to achieve your desired goals.
Build a Strong Team From the Ground Up
One of the most important aspects of any successful business is the team that is built to support it. As the old adage states, “there is no ‘I’ in team,” and this could not be more true than when launching your own practice. You will need to wear many hats in the early stages but as you start to grow, it will be important to delegate tasks and build a strong team to support your operations.
When hiring for your practice, look for individuals that share your vision and values. They should be passionate about what they do and be able to work well with others. It is also important to find people that complement your skillset.
For example, if you are not strong in sales or marketing, look for someone that has experience in those areas. Start by hiring people that can fill essential roles that you struggle with or may not have as much time to dedicate when you are not with patients.
Building a great team is an ongoing process but it is important to start with the right foundation. By hiring individuals that share your vision and complement your skillset, you will be putting yourself in a much better position to succeed.
You may also decide to outsource some of your operations to keep costs scalable and work with the peace of mind that they are being handled by professional service providers. For example, you could pay a CPA to manage your accounting and bookkeeping needs, an HR service to manage your payroll and benefits, and an attorney to provide legal guidance and representation without having to hire any of these roles full-time.
Develop a Strategic Marketing Plan
Attracting new patients is one of the most important aspects of running a successful practice. If you don’t have a steady stream of new patients, your business will not be able to sustain itself.
That’s why it’s so important to develop a strategic marketing plan that covers all of the bases. You need to identify your target market and figure out the best way to reach them. What marketing channels are they using? How can you reach them where they are already spending their time?
You also need to create a strong message that resonates with your target market. What are their pain points? Why should they choose your practice over the competition? By answering these questions, you will be able to develop a marketing plan that is much more likely to be successful.
Finally, you need to keep track of your results and adjust your marketing strategy as needed. There is no single universal approach to marketing, however there are proven processes and principles to follow to maximize your effectiveness and limit experimentation while discovering what works best for your practice. The only way to do this is to track your results and make informed changes as needed.
Let AMC Help You Launch the Practice of Your Dreams
At Aligned Mentoring for Chiropractors, we equip chiropractors with tailored strategies specifically designed to help them grow their unique practices into the ones they have always dreamed of operating. If you are looking to start a new practice and build toward your entrepreneurial vision, contact us today to see how we can assist you.