Top Ten things I wish I knew as a Chiropractic Student: 1. Where to open a Practice
B.J. Palmer was quoted as saying something like; Drive until you run out of gas, chop down a tree, build yourself a table and you’ll be successful in practice. Unfortunately that concept only works if you run out of gas in a good market and have a truck full of power tools. All too often chiropractic students and doctors starting a new practice use similar demographic research. The results: well put it this way, no other health profession comes close to matching the student loan default rate of chiropractic. Now, don’t be frightened by that statement. I take that back, you should be very alarmed by that. Quite honestly, you’re only going to get one shot at opening a successful chiropractic office, so you better do your home work and get some help. Opening an office and starting a new life tends to be a very emotional decision no matter what the demographics show New energetic doctors think, “I can make it anywhere” and “I’m going where I want to go, no matter if its a good market or not”(that’s what I told myself).
Here are 4 principles when deciding where to open a Chiropractic Office:
1. Do your Homework
This goes way beyond just finding out how many Docs are in town and comparing to how many folks live there, although that’s an important thing to know. I could spend all day talking about this, but I’ve found a great site for demographic research called Locus, its specific for D.C.s and some of your colleges have access already paid for you to use it. Geography is also important to look at. If your practice is on the coast, not many folks are coming off ships to see you; thus your drawing area is cut in half. You really need to get out there and smell these towns to get the feel for them.
2. Take emotion out of the equation
Think of it this way. Let’s say you’re opening a Subway sub shop and you borrowed 150K and invested in the franchise. You then found a location for the store and laid down another 80K for build out, opening marketing and other opening expenses. That’s over 230K invested. Would you go back to your small hometown (emotional), with 3 subways already there (less than optimal demographics), and expect your friends and family to drive in enough business to compete and succeed with an overabundance of well established competitors? Of course not. By the way, who will always be wanting the free food…hum, friends and family. You will have close to those numbers invested in your profession, and you need to treat it that way.
3. Be careful who you listen to.
What I mean by that is there are a lot of struggling doctors in poor markets looking for chiropractic students to come in as associates to help salvage their practices or pawn their problems off to new doctors looking for a shot in practice. My intention is not bash all chiropractors that are looking for associates or a buyout, but there is a percentage of docs looking to take advantage of your inexperience. Like the old saying says, if it seems too good to be true… In those situations take a step back and look closely at the details and the true intentions of the other party.
4. Location, Location, Location.
Isn’t that the mantra of every real estate agent you’ve ever met? Having the proper market and building are absolutely essential to success. What most chiropractic students and new docs don’t realize is that the prime real estate on the main drag next to Wal-mart and Walgreens is not necessary for a chiropractic office. Your rent and property costs are too great, especially when starting up, signage costs are huge in order to compete and stand out with everyone else, and most times it’s a pain to get in and out of the parking lot, which often has limited spots. When your goal is to help as many people as you can, it’s very frustrating to lose patients because it’s inconvenient for them.
Be Blessed
Question: Is where you want to open your chiropractic practice a good or a great market? Are you Sure?









