New beginnings

Published: 2011-07-19 07:38:04
Author: Deborah S. Sweeney | ChiroEco | July 2011

 As a new chiropractor, accompanying your nearly eight years of education are all the loans that come with them.

You can finally make money, rather than have it sucked out of your wallet at every turn. But your school is not going to give you a set of office keys to go with that diploma.

While opening a small business is never easy, there are some common steps you can follow — and pitfalls to watch out for — when making your transition from student to chiropractor.

1. Meet with professionals. Despite the cost, consulting with people who know how to set up your business will save you from a headache down the road.

You may have taken a business class or two in school, but actually running a business can be more complicated than those lectures led you to believe.

An accountant will help you get on the right foot financially, and advise you on what you need to monitor. Proper bookkeeping means that come tax time, there is that much less to worry about when you’re trying to get everything in order.

An attorney will help you determine what you want your company’s structure to be, depending on what your personal needs are. You can also contact an outside party that may offer a cheaper option to hiring a lawyer to help start your business.

2. Research everything. You probably got your fill of research as a student, but you need to be willing to go the extra mile while following the steps to building your business.

Ask yourself where you are going to set up your office. Is the market completely saturated with chiropractors? Or are you the only one for miles?

Consumers will tend to gravitate toward established practices rather than newer ones, so make sure other offices don’t surround you. When you have a good idea for a building or office space, drive to it. Was it easy to find? You want potential customers to be able to find you.

3. Establish a good business plan. This goes hand in hand with doing your research. Most graduates will probably leave with a mock business plan from a business course they took in school. Don’t rely on that.

Getting a loan is harder than ever, so a quick outline of what you want to do and the approach you’re going to take will likely not wow potential loan providers.

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