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.
As a physiatrist, it’s never too late to start your own independent practice. Entrepreneurs aren’t limited by age, and you can create a successful practice at any stage of your life. However, becoming an entrepreneur later in life has its own unique challenges. Consider these six steps for starting a practice later in life:
Avoid allowing others to limit your goals.
As you get older and mature, you may have more people in your life who try to persuade you away from your entrepreneurial lifestyle. Your family and friends may have good intentions, but they can also limit your dreams. They may remind you that it’s more challenging to start a new practice as you get older and mature because you have other responsibilities. Children, aging parents, and others can take up a lot of your time and present challenges when starting a new practice. However, knowing that these challenges exist can also help you make contingency plans when time is tight.
Ignore your age.
“According to studies out of Duke University, the Kauffman Foundation, the Founder Institute, and Northwestern, the average entrepreneur is 40 years old when launching his or her first startup–and the average age of leaders of high-growth startups is 45 years old.”
Dreams don’t have expiration dates, and entrepreneurs don’t have age limits. As they say, “You’re only as old as you feel.” So, if you feel like taking on the rigors of starting a new practice, let your age be the last thing on your mind as you move forward with your practice plans.
Be open to learning from others.
The most successful entrepreneurs are open to learning new ideas. Stay up to date on recent advances in your field, either by keeping in the loop yourself or hiring employees or contractors that incorporate this into their tasks. Finding a mentor with successful practice experience in your field will help your new practice see profits quickly and plan for successful growth.
Get your family involved.
Successful entrepreneurs often have their family members involved in their practice. Do your children want to help you build a practice? Does your spouse have interesting ideas and want to collaborate with you? Your family can help you make your dream come true, which is a distinct advantage of starting later in life.
Consider the impact of the practice on your personal life.
How will the practice affect your family and your ability to continue working your regular job? A new practice venture may be exciting, but it has consequences. It’s essential to consider the full impact of the new practice on your personal life. Will you be able to spend time with your children and spouse as you launch the practice? Your personal finances are another area that can be deeply affected by a new practice. How do you plan to pay for the practice? If your plan involves draining your personal finances or getting new loans, then this can affect your entire family. It’s important to discuss the changes with them before you take action.
Consider the impact of your parents on the practice.
As your parent’s age, they may become dependent on you. Can you handle the complexities of being an entrepreneur and caring for your parents? Younger entrepreneurs may have decades before they have to worry about caring for their aging parents. However, as an older, more mature entrepreneur, you might not have this luxury. You may have to handle multiple roles at the same time. How will you balance your lifestyle and finances to manage everything? Can you afford to start a new practice if your parents need your help? Your parents can have a serious accident or health issue that makes you responsible for taking care of them. The expense of this situation can be detrimental to your efforts with your new practice.
You can most definitely become a successful entrepreneur and build a strong practice later in life. However, it’s important to stay aware of the challenges that come with being an entrepreneur and make plans that will help you overcome these challenges.
Are you struggling with building your practice? Check out these 4 steps for effectively building your practice.
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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.