So, you are thinking about opening your own veterinary practice. Nearly all veterinarians in private practice have imagined their ideal clinic at some point in their careers. They daydream about the people they’d hire, the clients they’d bring in and the way their clinic would be set up.
However, if you want to make this dream a reality, you need to own the business so you have complete control.
Just like starting any new business, building a veterinary practice from scratch can feel daunting at first.
Still, there are many advantages to being a practice owner over remaining an associate at an existing clinic. Unsure if this is the career path that’s right for you? Let’s take a look at the top 5 benefits of veterinary practice ownership.
1. From dream to reality
As the practice owner, you are the decision-maker for the business. From mission and values to equipment and hours, you will have the opportunity to shape your business and professional life as you wish.
What is your vision? Do you know what your ideal practice looks like? How will it look different from other clinics in your area? As the owner, all of this is within your reach, but it may begin to feel out of control without a clearly defined set of goals.
Understanding your goals and vision for the practice is the first step toward bringing your dream practice to life.
2. Increased profitability
While money may not have been why you chose veterinary medicine, having a higher income can help you achieve your personal and professional goals.
Owning a practice allows you to earn significantly more money long-term than you would while working as an associate veterinarian.
Most of the time, the owner veterinarian still sees clients and is entitled to the income generated for their work. On top of that, they are entitled to a management fee and any return on investment for the business.
Furthermore, as the owner, you can decide how much profit to reinvest in the business and how much to take home.
Also, practice ownership is an asset investment whose value is likely to increase over time. Much like buying a home, you can build equity in a veterinary clinic, and you have something of value that you can eventually sell should you choose to do so.
3. Create your own team
As a veterinarian, you are knowledgeable about a variety of animal species and their bodily systems. How confident are you in business systems and day-to-day business operations, though?
To be a successful business owner, you must develop a baseline level of knowledge in finance, marketing, human resources, regulatory issues, and more. However, you do not have to navigate them all on your own.
As the owner, you can build your team and enlist the help of professionals you trust.
At a minimum, you will need a receptionist, a technician, an accountant, and an attorney, but consider, as well, recruiting a marketing expert, a business consultant, and a financial planner.
A full-time practice manager will also make your job as the owner is much more manageable. An experienced manager can take any personnel, client, and maintenance issues off your shoulders so that you can focus on more significant business decisions.
4. Find the perfect location
As the owner, you may choose to purchase a practice, rent an existing location, or build a brand-new clinic in an area of your choosing. Keep in mind that finding the right place for your clinic is crucial and can influence your future success.
Some key factors you should consider when making this critical decision include:
- Demographics: What is the community like in the area? Are there enough pet owners, and will they make good potential clients? Consider income levels, area growth, multi-family and single dwellers, etc.
- Competition: Is there room for your practice? Will you be targeting the same clientele? Opening a new clinic in an area with an established vet may be a risky move, but there may be some benefits as well.
- Facility: Will you buy an existing facility or rent a space? Do some research into the benefits of both these options and ensure your choice suits your needs.
5. Purchase the best equipment
Another benefit of building your practice from scratch is that you have control over the equipment used in practice and can purchase anything you may need to serve your clients.
For example, you may choose to invest in high-quality capital equipment from ProNorth Medical. We offer medical-grade furniture and machinery such as dental tables, surgical lighting, saddle stools, and dental tools. All are made to last and used for a minimum of one year or more in the clinic.
As the owner of your practice, you have the ability to invest in the highest quality equipment to give your clients the very best care.
Sure, the beginning phases of starting your own practice from scratch may be daunting and challenging.
It’s likely that you only have a small client base to start and may not turn a profit for several months after opening. However, if you believe in your vision and persevere with the right people and the best tools, your new practice will be successful and profitable with time.
ProNorth Medical is a trusted veterinary surgical equipment supplier in North America. Since 2011, we have been working with veterinarians to ensure that our instruments are safe, reliable, and sterile. Are you interested to know more? Contact us at 844-537-0493 or email us at email@example.com for more information today.