Starting your own veterinary practice can be extremely rewarding. However, before taking the plunge into practice ownership, you must ensure that you are fully prepared. Without a solid game plan in place, you run the risk of making mistakes that can sink your practice before it gets off the ground. If you’re considering starting your own veterinary practice, the following tips should help ensure that your transition into practice ownership is a success.
Get Comfortable as a Practitioner
Before you open your own veterinary practice, it’s a good idea to first obtain some experience as a veterinarian. By working as a veterinarian in an established practice, you will gain an understanding of the veterinary profession that will serve you well when you open your own practice.
Learn Some Business Basics
As a veterinary practice owner, you must have some basic business skills. After all, a veterinary practice is just that—a business. Without a solid foundation in business, your veterinary practice is bound to run into problems down the road. Luckily, however, if your business skills aren’t quite up to par, you can enlist professionals—such as a veterinary practice attorney—to assist you with the business-related aspects of your practice.
Do Your Research
After gaining some experience as a veterinarian and developing some basic business skills, you must begin conducting research in multiple areas. The first thing you should begin researching is the location of your practice. You also must decide if you want to purchase an existing practice, rent an existing location, or build a new practice from scratch. When making these decisions, you should determine how many other practices are near the locations you’re considering in order to gauge the amount of competition.
Choose the Right Team
Most successful veterinary practice owners work with a solid team of professionals. In addition to your staff, your team may include a veterinary practice attorney, an accountant, an insurance agent, and a veterinary practice business consultant.
Develop Financial and Marketing Plans
As noted above, it’s a good idea to work with an accountant when starting your own veterinary practice. An accountant will ensure that your practice’s finances are in order. In addition, you should work with a professional, such as a veterinary practice attorney, to help you develop a solid marketing plan to attract clients to your business. After all, without clients, you don’t have a business!
Contact Our Experienced Veterinary Attorneys
If you are ready to start your own veterinary practice, you need an experienced and knowledgeable veterinary practice attorney on your team. At Mahan Law, our team of veterinary professionals has a deep understanding of the veterinary business. Founded by veterinary hospital owner Anthony Mahan, Mahan Law is here to help you get your veterinary business off the ground. Please contact us to schedule a free initial consultation.