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.
If you are starting a practice for the first time, you may forget to include all of the little supply needs in your start-up budget. You will want to look at the things that you will need for a project, or just overall. You will find that there are tons of reasons for you to want to consider the little things. Not having a clock in the waiting room, for instance, could mean all the difference when trying to rent out an office).
You will want to make sure that you are prepared for even the smallest details. What’s the use of having a beautiful office space if you don’t have paper clips or a pen to write an appointment or notes? The small things count. Office supplies are a need for any practice. Whether you spend lots of time in the office or not, you need stamps, paper, writing utensils, paper clips, tape, envelopes, and sticky notes.
If you wish to run a successful practice, you have to learn to budget for even the small items.
Suppose you use lots of a particular item–pens, for example, maybe most beneficial to buy them in bulk. Also, take advantage of catalogs that offer discount rates for an order over a certain amount to be prepared for future use and to save a lot of money with the discount. You will need some office supplies, and you will want to make sure that you don’t overlook anything. So, take a detailed inventory. For example, will you have employees? If so, will they be required to wear uniforms? You will most likely want to provide these uniforms to ensure that everyone dresses the same. But this means you must be prepared for future employees of many shapes and sizes.
Remind yourself, too, about the sanitary supplies.
Gloves, face masks, head coverings, and other needed equipment are essential, as we see the many changes necessary during the pandemic. Also, don’t forget those supplies that you need to keep your practice and the building functional. Your bathroom must be stocked with toilet paper, for example–even if the only ones who use it are your employees. Keep your employees happy. Don’t forget the cleaning supplies to clean and stay clean and think about trash cans for every room.
Set aside money to get those miscellaneous items that you’ll need.
Do this before you give your practice plan a thoughtful budget. Also, think about all those little things that you will forget. Ensure that you’ll have plenty of money available for you to purchase all of the things you might have missed on the second day. You will also want to think about setting more money aside to have some profit at the end of your first month if you don’t end up spending all of the capital. It would be best if you also thought about purchasing some items a little bit at a time so that you can help get your practice up and running and differ initial upfront costs.
Need help preparing your practice start-up funding? Check out our blog here!
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.