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It's an ambitious process, deciding to open your own practice. There's lots of planning and preparation that goes into making it a safe space for people to seek healing and improvement.

To ensure the success of your business, you need a thorough plan, and a concise schedule to make sure the process runs smoothly.

It's a challenging and oftentimes difficult project. The task can feel overwhelming, but there are a few steps you can take to make the journey a bit easier.

Step One: Choose Your Practice

There are five different medical practices that you can choose from. Consider them all, and select that one that fits your mission and lifestyle.

Solo practices give you the most control over the operations of your business. You retain all of the responsibility, which includes the costs of opening the practice. You'll need funding for medical equipment, networking, and staff if you choose to hire a team. Being a one-person show is a great idea if you can handle it, but it's good to be aware of the accountability you'll incur if you decide to take the reins on the project.

If you're interested in group ownership, you could consider an academic health center. These types of facilities focus on education and research as well as servicing the community. The funding these practices receive allows for unlimited access to resources. Academic health centers have the opportunity to take an individualized approach to the care and rehabilitation of their patients.

Another form of shared ownership is opening a group practice. This is a good way to apportion responsibility to multiple proprietors. Each owner is accountable for a percentage of the startup costs. Group Practices afford you the opportunity to work lesser hours.

Federally-qualified health centers and hospital-owned practices are quite similar. They're headed by boards and different bureaus of corporate organizations. If you decide to open a facility like this, you'll relinquish most of your control, but you'll have the opportunity to work with a community of people. This will ease the burden of start-up costs and you'll have access to the corporation's resources.

Each option is viable, and there's plenty of room for growth and success. It's all about choosing what works best for you.

Step Two: Choose Your Location

This is a more crucial decision than people realize. There are several factors that contribute to the location you choose for your medical practice. Picking the right spot will ensure long-term success.

Consider the demographic you want to serve; their income level, age range, and employers in the area. You'll most likely live near your practice, so choose a spot you'll be happy in. A place where you can find and build community.

Make sure your practice is located in a community large enough for a steady rotation of regular patients. You can do research on rural areas as well. There may be an underserved community that could be a potential fit.

All business comes with competition. If there are too many practices within the same vicinity, you may have a hard time building a loyal patient base. Competing with established practices is difficult when you're just starting out. You most likely won't have the marketing budget you need.

Visibility and aesthetics are important as well. Your practice should be attractive, inviting. Patients should feel comfortable and safe when entering your business. First impressions are lasting impressions.

Step Three: Choose Your Team

It's not just about what your patients see, but who they see. Selecting the perfect people to join your team will ensure the longevity of your business.

Practice Match can help you find employees that are the perfect fit for your practice. You can post your open positions and vet potential candidates to find the right team members.

Your team should be familiar with the area and community they're working in. It's important to run background checks on your interviewees, and collect references from previous employers.

Skillset isn't the only thing that matters when choosing your team, you need people that are teachable, adaptable, and kind. Personality is key. Loyalty is built on trust.

You want a team that creates a positive atmosphere; people that make coming into work every day an enjoyable experience. You've gone through enough stress with starting your own business; you don't need the additional burden of managing difficult staff. Select people that will work well together.

You're the bold type. Someone audacious enough to take the leap and open their own medical practice. It's a tall mountain to climb, but you have the tools to do it. All it takes is a bit of courage and perseverance.