Practice Building

Tips for starting out after graduation, building a private practice and executing your business plan

Business Planning
Feed Your Inner Entrepreneur
Get the inspiration you need to develop the plans to execute your great ideas with 10 TED Talks for Entrepreneurs. Listen Now

Finding Your Passion And Making It Work For Your Practice Written by Joanne Wu, ND

Writing a Business Plan Road Map

How to Write a Business Plan

Writing the Executive Summary of your Business Plan
The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to grab a potential investor’s interest.

Writing a Business Plan: SBA guide on how to write a business plan.

Competitive Analysis: SBA guide on competitive analysis

Starting Out
How to Earn $80K in Your First Year of Practice - from Practitioner's Journey

Planning How to Launch a Practice

Taking Advantage of What Experts Can Offer

Office Space & Equipment: The Right Stuff

Operations: Everything in Its Place

Staffing: Bring ’Em On

Starting Out: Wet Behind the Ears

Managing Your Student Loan Payments with Income-based Repayment
Are your student loan payments relatively high compared to your income? The income-based repayment (IBR) program enables eligible federal student loan customers experiencing financial difficulty to cap their monthly bill at 15% of their discretionary income.

SCORE
Counselors to America's Small Business is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

Funding and Finance
Year-end Financial and Legal Planning Issues for Physicians
At the end of every year, there may be a recurring pattern and rush to implement or complete certain types of legal and financial planning by doctors, often during the very last weeks of the year. This is not only stressful for both the physician and his advisors, but also often leads to mistakes due to the “rush” nature of the transactions or to doctors being misled into bad plans that promoters are counting on you wanting “now,” often at the cost of due diligence and the involvement of your other advisors.

Beyond Pie Charts: Three Vital Year-End Financial Planning Questions for Doctors
The complexity of the current business environment and economy can easily feel overwhelming to many medical professionals. It is important to remember that asset protection and wealth preservation planning for doctors is not just about litigation and must include a holistic balance of legal, financial, tax, and insurance planning.

Understanding the Basics
Have you thought about how you are going to fund your business? When considering financing options, it’s a good idea to have an understanding of your financing needs as well as the types of options that are available to help you start and sustain your business. SBA will help you assess the costs associated with start up and growth, the pros and cons of using your business versus your personal finances, the types of financing that exist, and the factors that banks evaluate when reviewing loan applications.

Breakeven Analysis
Find out when you can expect a profit.

Finding  Money for Your Practice

Finance: Mastering the Numbers Game

How To Finance Start Ups: Resources from the SBA on how to finance a start-up business.

Growth and Maintenance
Ten Practice Commandments 1. Thou Shalt Not Manage Other People’s Money - Your clients decide what they can afford. If they can’t afford your treatment plan, then there may be other options, but stop deciding on their behalf what’s affordable...Read More

How to Increase the 3 Types of Referrals: Patient, Professional and Network
James Maskell of NDNR writes that "without a doubt, referrals are the quickest and most effective way to grow your practice." He examines the two traditional referral types: patient and professional. Maskell then moves on to explore a third type - the network referral. Read more

Innovative Ways to Build Your Practice: The Social Coupon

Building and Maintaining a Practice

Dr. Michael Cronin's Ten Tips For Growing and Maintaining A Successful Practice

Building a Thriving Naturopathic Practice - An Interview with Dr. Heidi Robel, ND

Taking Your Practice to the Next Level