When you began your chiropractic career, you probably never imagined that you would rationalize owning a business. The fact is that chiropractic is not only a science of healing but it is also business ownership. Chances are that even if you have been in the business for just a few short years, you have seen the good, the bad, and the indifferent.

In 2009, there were 27.5 million businesses in the U.S., according to the Small Business Administration’s Office of Advocacy. The latest available census data shows that there were 6 million firms with employees in 2007, and 21.4 million without employees in 2008. Of these, there are approximately 60,000 practicing chiropractors in the U.S. and according to the Bureau of Labor and Statistics, 44 percent operate their own business.

Unfortunately, while some of these businesses will do well, others will struggle daily. Some will wrestle with finances, others with patient volume, and still others with direction.

The reasons why some businesses do well and others are mediocre include:

Passion: Some individuals get into business for the wrong reason and their avocation becomes their occupation.

People: Business is about working in concert with the right people and having a good base of patients. When the culture is poor and customer service is lacking, business falters.

Planning: This is the key to good business, and the facts speak for themselves.

You will probably agree that passion, pride, and intellect are essential for operating a practice; but when profits erode, practicing becomes more painful than treating difficult patients. When you are serious about your practice, creating a business plan is a critical step that must be undertaken. Business planning will help you plan the pathway to success, eliminate hurdles, and lessen labor.

Why you need a business plan

A business plan is a document that details some of the major characteristics of your practice including — but not limited to — its personnel, patients, managers, and products so that the practice can focus on its present and its future. The reason for sitting down to plan, write, and implement a business plan is to create legitimacy. This illustrates professionalism to your alliances, possible investors, leasing companies, mortgage companies, suppliers, and vendors.

Additionally, when you design a business plan, you are aiding the mission and vision of your practice, laying the groundwork for future plans. Business planning helps clarify the thoughts in your mind and those in the minds of others.

Getting started

Now that you know why you need a plan, it is time to develop one. A business plan is something akin to interpreting your dream of the perfect practice. You understand the numerous pieces, so you can articulate their meaning.

Remember that plans do not have to be long, drawn out descriptions. They can be short, as long as you describe the setup, goals, and ultimate conclusion of your business. Longer plans are usually necessary when you need extensive financing or are looking to form a partnership. In that case the more content the better.

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