What Does It Take to Succeed as an Entrepreneur?
Practice Management
Written by Tom Owen III   
Wednesday, 29 August 2012 23:40 Read : 908 times

M
aking the decision to open your own chiropractic practice can be both exciting and terrifying. First of all, congratulations on your decision to branch out from the comfort zone you have enjoyed while working for someone else's practice. Taking a leap into the unknown by becoming your own boss is risky, but that risk is an essential ingredient in your success as an entrepreneur. 
 
success9As chiropractors, we are more inclined towards the technical aspects of both our work and lives. Having a love for the technicalities of your work is great! This knowledge, as well as your passion for chiropractic philosophy, is what got you through chiropractic school in the first place. To succeed in running your own practice, however, you will need to harness your inner business person – and business involves both risk-taking and creativity.
 
If you haven't picked up a copy of Michael Gerber's book, The E-Myth, I would highly recommend that you do so. Here, Gerber teaches his readers to not fall victim to a common entrepreneurship myth (or, "E-Myth"). This myth tells us that if we know how to handle the technical side of our business, we have an understanding of the entire business. 
 
A chiropractic business is more than just the technical aspect of service. While it is true that the business would not exist without the service, we have to understand how to manage a business and maintain a customer base in order to succeed. In addition to handling the patients and problems that arise in the moment, we must look ahead and plan for the future.
 
Success tip #1: Know what you need
 
Your particular skill set is what makes your practice possible, but do you have what it takes to turn your skills into a successful business? You may find it necessary to hire help for administrative duties, reception, and billing. The key here is to keep any overhead expense at a minimum. Try to hire employees who are capable of handling multiple tasks, or find software programs that can reduce and simplify administrative or billing work.
 
Success tip #2: Manage your staff
 
Until now, you have only worn one hat – as the chiropractor. When operating your own practice, however, you must also put on the "boss" hat. Though your staff may be trained in skills beyond your particular areas of expertise, it is important that you hire knowledgeable, experienced employees with whom you can work closely and trust. Ask questions and be involved with the business side of your business. It is imperative for the success of your entrepreneurship that you have a solid grasp on what is going on with your accounting books, appointments, etc. at all times. You must also work closely with your staff to ensure good morale and customer service practices. Your administrative staff will likely be the first staff members that your clients will encounter, and first impressions are everything.
 
Success tip #3: Market yourself
 
In order to succeed, you must make yourself known! Develop a mission statement that clearly conveys to your potential clients what it is that you can do for them. Reach out to the public through social media (Facebook, Twitter), radio advertisements, mailers... even go door to door. It's important that you get creative when trying to establish a solid client base. Host an open house, develop special promotions – whatever it takes to get people walking in through your doors.

Success tip #4: Maintain your clients

Never become comfortable with the status quo.

 
Once the people are making appointments, the ball is in your court. This is your time to shine with your technical expertise and ability to help others. Make customer service a priority in order to retain your clients. Again, it is key here that your entire staff is on board with keeping clients happy. From answering phones to answering questions, you and your employees should all represent your practice with eloquence, authority, and knowledge. You will find that the majority of your new business will come from reviews and referrals, so it is essential to your entrepreneurship that you maintain 100% customer satisfaction.
 
Success tip #5: Educate and expand
 
Besides recommending you to other prospective clients, happy patients can aid in the growth of your entrepreneurship in other ways. Though you may be taking care of one problem for a client, they may not realize how many other ways you can improve their health and quality of life. It is your job to educate your patrons on the various services and educational products that you can offer to them. This is a mutually beneficial tool that will both increase your revenue and your customer satisfaction.
 
Remember that of utmost importance in your journey into chiropractic entrepreneurship is your constant passion for your work and your business. Never become comfortable with the status-quo.To keep your practice vibrant and successful, you must always work to improve and grow your business.
Tom Owen III -

Tom Owen III, President of Affordable Managing Consulting, lectures extensively from coast-to-coast to thousands of chiropractors and students annually. He is the author of Chiropractic from a Business Man’s Perspective, and has spent the last 25 years in the day-to-day trenches of the chiropractic profession. He lives by his quote that “In the end, all that is left are the lives we’ve touched and to what extent they were changed.”

Read More >>


More articles by this author

Five Ways to Market Your Chiropractic PracticeFive Ways to Market Your Chiropractic Practice
Are you looking for new ways to market your chiropractic business? Have you tried traditional methods but have not seen...
Five Ways to Manage Clinics that Have Several EmployeesFive Ways to Manage Clinics that Have Several Employees
It is important to be proactive rather than reactive when addressing potential problems within your practice that occur when more...
How to Develop an Entrepreneurial MindsetHow to Develop an Entrepreneurial Mindset
When you first envisioned yourself as a chiropractor, you were probably focused on the opportunity to help people who were...
Small Business Strategy: 4 Vital Tips for SuccessSmall Business Strategy: 4 Vital Tips for Success
Much hard work goes into beginning a new business, and we all know that blood, sweat, and tears are the...
Why Self-Development is Crucial  for the Entrepreneurial ChiropractorWhy Self-Development is Crucial for the Entrepreneurial Chiropractor
Chiropractors are often considered to be true entrepreneurs. This is because they often graduate from their educational program and immediately...
How to Raise Your Practice ExpectationsHow to Raise Your Practice Expectations
Surprisingly, many chiropractors do not know that the success or failure of their practice first starts in the mind. Even...
Why Chiropractors Need a Coach to SucceedWhy Chiropractors Need a Coach to Succeed
Although chiropractors are generally hardworking, dedicated professionals who strive to correct subluxations in order to benefit the overall well-being of...
How to Control Your Appointment BookHow to Control Your Appointment Book
One subject that tends to get overlooked when it comes to the overall management of a chiropractic practice is simple...
 
User Rating: / 0
PoorBest 
 
TAC Cover
TCA Cover
BL Cover

Click on image above
to view the
Digital Edition


Advertisement

Advertisement

requestmagazinebutton

 

TAC Publications

The American Chiropractor Magazine: Digital Issues | Past Issues | Buyer's Guide

 

More Information

TAC Editorial: About | Circulation | Contact

Sales: Advertising | Subscriptions | Media Kit