One way to stay ahead in today’s competitive practice environment is to find a niche in the marketplace and make it your own.

A niche practice can be based on a particular treatment you offer that is not generally available elsewhere, or it can be based on a condition you treat exclusively or for which you have developed a special treatment protocol.

Choose a niche specialty that you will enjoy and be passionate about, because you are going to be doing it day in and day out.

The niche has to have a potential to be profitable. This is one area doctors often overlook, believing that if they do a good job and have enough patients the profit will automatically be there.

For example: Consider the case of a DC who wanted to treat diabetes with an alternative medicine protocol he developed but he didn’t calculate what he could conceivably charge for a visit. Other than office visits, how would he generate income?

Of course there are profit centers in the treatment of diabetes — supplements, wound care, and durable medical equipment (DME) to name a few — but these should be identified and calculations done before going ahead with the plan.

Your specialty has to fit into the patient demographic in your area.

For example:  You may have a dream of opening a med spa and doing anti- aging medicine. You will not be able to do this successfully if your potential patient base is made up of mostly blue collar workers and people who rely on Medicaid. They simply wouldn’t be able to afford your services.

Some doctors create and run multiple niche practices within their practice.

For example: A chiropractor who does regular chiropractic and musculoskeletal medicine, and in addition does alternative medicine with IV vitamins and other non- traditional techniques. This doctor might also have a cosmetic laser practice and a weight control program.

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