Scratch Start or Existing Veterinary Practice
Here are 10 questions to ask yourself to see if you are a candidate to do a scratch start practice:
- Do the demographics support another veterinarian in the area? (1,500 people per 1 veterinarian)
- Do you have the patience to do a startup? (It may take up to 24 to 36 months to break even.)
- Do you have another income, or 12 months cash reserves, to support yourself while you get your new practice going?
- Are you good at project management – managing contractors, designers, vendors, etc. – to get things going?
- Have you hired staff before?
- Are you good at self-promoting and marketing? You may need to go door-to-door to get recognition and to get patients coming in.
- Have you set up insurances, bank accounts, patient financing, etc., before?
- Do you have good credit and some cash reserves in the bank to obtain a loan?
- Do you have enough experience (minimum of 2 years) to jump in and get things going?
- Do you have the fortitude to succeed? There will be down times when you want to throw in the towel. You need to fight through those down times to achieve success.
I have helped many Veterinary practices get started in their new practices, from finding locations to consulting on the entire set up. Each practice has achieved break-even in less than 18 months. If you are on the fence on whether to do a startup, give me a call and I can help with analyzing your situation.