I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
Are you planning your escape from your current job? What’s stopping you from just walking out of your job to start your own practice today? It’s likely to be one of two things: common sense or integrity. Both are precious commodities.
Common sense says you have commitments.
You also have (and will have) obligations and responsibilities that show up monthly, weekly, or even daily. It would not be smart to risk any of those commitments with any brash, cavalier action. It could cost you dearly, both in the immediate future and the long-term.
You will also put yourself and your new practice under immense pressure if you are under the gun right off the starting blocks. It’s significantly better to support your family, bank, and countless other individuals and institutions when you start a new venture. Create an exit plan first.
Integrity takes a long time to earn.
This includes the integrity you have earned at your current place of employment, both with your employers and with your work colleagues. These could well be some valuable and influential contacts a little further down the road. It’s unwise and unhelpful to put your integrity in jeopardy when it’s unnecessary.
So, instead of just pulling the plug, it’s crucial to create an exit plan from your current employment with both common sense and integrity in mind. The central component of your exit plan will be your practice preparation.
Preparing for your practice
It makes good sense to do plenty of research on your new practice and get all your questions answered before making any decisions on anything. Consider these ideas:
1. Get an insider’s opinion.
If you can get an insider’s view of the practice, it will serve you well. Standing on the outside, looking in, is slightly different from being on the inside, looking out. It could save you a lot of time and money.
Find someone who has already walked the path you intend to tread and ask them, “If you were doing this all over again, what would you do differently?” Their answer will probably be the most valuable conversation you could have for your new practice.
2. How will you generate a profit?
It’s important to figure out the easiest and most effective way of generating a profit from your new practice to the best of your ability.
3. How will you scale up?
Determine what you need to have in place to scale it to handle a larger volume of patients. Patients are the key because they are the people who will provide you profits and revenue.
4. How much time do you need to get the practice started?
Determine how much time you have available to get your practice off the ground. Naturally, the more effort and energy you put in, the quicker everything will go. How long will it take for your practice to generate some meaningful profit? Make a reasonable effort based on the information collected.
Once you determine these aspects, it should be possible to calculate, with some reasonable level of certainty, what needs to be done for you to create a timeline for escaping your current employment.
A wise way to start your practice
You can quit your job now, right? Hold on; you’re almost there. Many smart people get their practice into the marketplace by working part-time doing moonlighting or locums, while keeping their regular job intact. Even if it takes nine months or a year, or even a couple of years to get it working efficiently and effectively, it’s got to be worth it, right?
Factor in some wiggle room for the unexpected, downtime, and even holidays. Talk to people who may have already made this kind of transition to get a clear idea of what is reasonable and doable for someone in your situation. Work smarter, not harder. Remember: Your practice should have no requirement for you to work 40, 50, or even 60 hours a week.
You intend to move on up in terms of profit and income potential and move down in terms of time needed to create it. Seriously consider working smarter, not harder. If hard work were any guarantee of success, most people would already be wealthy. It’s not about working hard; your success will come from having a plan, an effective strategy, and the discipline and enthusiasm to follow through on it.
Once you’re confident that you have a profitable practice plan, and you’re working part-time on your practice and showing some profits, that’s the time for you to work out your exit plan. Yes, it all takes patience, but remember all things in their season. Soon, you’ll be looking back at the job you once had and looking forward to the greater profits in your own practice.
Building your practice starting to stress you out? Check out our blog here to find out ways you can stay positive and reduce stress while building your practice.
Attention, Physiatrists! Stop leaving money on the table. Sign up for the free video series: How To Build A Profitable Practice in 90 Days or Less: http://www.sixtytosuccess.com
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Follow me on social media @DrHassanRehab.