Starting your own veterinary practice can be a fulfilling and lucrative endeavor. However, there are several things to consider before you begin the process. In this article, we provide some tips for starting a successful veterinary practice.
Determine What You Want to Accomplish
Although it may seem obvious, the first step in starting a successful veterinary practice is determining what you want to accomplish. Therefore, before doing anything else, you should develop a clear vision of what you are seeking to accomplish with your practice. Doing so will help guide your decisions as you navigate the process.
Choose A Market
Next, you should determine what type of practice you want to open. In other words, you should choose a niche. For example, you should decide whether your practice will be a general practice or cater to specific types of animals or medical conditions.
Choose a Location
After determining the type of practice you’d like to open, you should choose a location. One way to decide this is to determine where your target audience lives and where they go to obtain veterinary care. You should also determine how many other veterinary practices are operating in your potential locations.
Create a Business Plan
Every new business needs a business plan. Therefore, the next thing you should do is develop a plan that outlines the details of your practice. Your plan should include financial information, a marketing strategy, and other key details about your practice.
Unless you have a significant amount of cash available, you’ll need to obtain financing to start your new practice. Common financing options include lenders, banks, and investors. The kind of financing you obtain will depend on the size of your practice and the amount of money you require to get up and running.
Hire a Team of Professionals
A successful veterinary practice requires a team of dedicated professionals. Therefore, at a minimum, you should work with an accountant, an insurance agent, and an experienced veterinary attorney as you work to establish your new practice.
Set Your Physical Location
There are several options available when it comes to choosing the actual physical location of your practice. Depending on your financing and needs, you may choose to open a hospital, a clinic, or a mobile clinic. You’ll also need to decide whether you want to rent, buy, or build. In addition, you must ensure that you have all the necessary equipment and obtain all required permits and licenses to operate your practice.
Finally, you must hire and train employees. Depending on the size of your practice, you may want to consider hiring professionals, such as veterinary technicians and assistants. In addition, you’ll need to hire non-medical staff members, such as a front desk manager or receptionist.
Contact Our Experienced Veterinary Lawyers
At Mahan Law, our experienced veterinary lawyer helps veterinary practice owners address the unique challenges of the veterinary industry. Regardless of your needs, we have the knowledge and experience necessary to provide you with excellent legal guidance. Please contact us to schedule a free and confidential initial consultation with a talented veterinary attorney.