We live in interesting times! I actually have also put it as nothing is the way it was. Reality of life is that the times when graduating from medical school and opening a business where synonymous with success are gone. In today’s day and age you need to do quite more to reach that pinnacle. Interesting fact is that many healthcare professionals I speak to believe that the day of the Private Practice is going the way of the dinosaur based on healthcare reform and the changes we are experiencing. I completely disagree with that as I am a strong believer that change is opportunity.
So whether you are already in Practice or thinking about starting a business I recommend you consider the following simple rules:
- Where are your customers? Do not sell hamburgers if all they want to eat is Pizza. You may have the greatest idea but if your customers don’t understand it or know about it you are not going anywhere.
- Money talks. Starting a new enterprise requires money. Normally I recommend a minimum of six months operational expenses before making it a go. If by the end of six months you are not at least breaking even re-think your situation.
- Perception is more important than reality. Make sure you have a good marketing plan and do not underestimate social networking. I could write a couple of books about social networking alone; yet few healthcare professionals and organizations know how to use it properly.
- Have an exit strategy. Never start anything unless you know how you are going to get away from it. Some people consider this strategy negative; I call it “retirement and growth”.
In short my simple rules describe the basics of a good business plan. The more you plan ahead and the more realistic you are the better the chances of success.