Most Vets dream of running their own practice at some point. It is a considerable challenge but comes with equally large rewards. Before you get too far down the path to setting up on your own, here are some things you should consider first.
Do you have the money?
We’ll get the big one out of the way first. Starting up a new Veterinary Practice is not cheap. There are ways to keep costs down, but even still you are looking at a significant chunk of capital even to get things up and running.
As well as the costs to get set up, you are also going to need money to keep your practice afloat while you build it up. If you are setting up an entirely new practice, you will also need a healthy marketing budget to let people you are there.
Is their space for a new Veterinary Practice in your area?
It doesn’t matter how much you might want to set up your own practice, if the market is flooded, you could be wasting your time. Be realistic about the number of pet owners there are in your area compared to the number of existing Vets. The more practices there are fighting over clients, the more unique and compelling your practice will need to be to win those clients over.
Do you have the relevant skills required?
You don’t need to know how to do everything to run your own business. Trying to do everything yourself is a quick path to failure. But while you can hire some skills in, others cannot. An obvious example is being able to manage staff. If you are going to need to build a practice team, even a small one, you will need to be able to manage them effectively.
Would you be able to fire someone?
If your business relies on having staff, at some point, you will need to discipline and possibly even sack someone. These occasions should be rare, but they will happen. It is hard to overstate the damage a poor member of staff can have on an otherwise healthy practice. Knowing you can do what needs to be done when those situations arise is very important.
Will you be able to deal with the stress?
Starting and running your own practice will involve having to work through some very stressful situations. Being able to manage your stress levels well can make the difference between success and failure. It is also worth considering the different sources of stress. You may find you can deal with the stress of one situation but not another.
Is this what you really want?
Being your own boss can be great, but often this means sacrificing areas of your job that you may enjoy. Usually, you can expect to spend far less time with clients and patients, and far more time dealing with things like supplier problems, staffing issues, and taking care of admin.
If you are thinking of starting up your own Veterinary Practice, get in touch. We offer a free initial consultation to all new startups to help them get off to the best start.