How I Lost Almost $300k Opening a Chiropractic Practice!

Yes you heard me, actually it was more like 264k, either way it pains me to talk about it.

Students and new chiropractors need to know! What happened to me, can easily happen to you if you are not prepared.

Have you ever heard the term, time is money?

Say you graduate from college and want to open a Chiropractic office. You soon realize that although you are a board certified Doctor and ready to practice, no one ever showed you how to open a successful practice/business.

So you begin to put it together:

1. Financing (obtaining working capital and start-up)

2. Market (choosing a good market, whatever that means)

3. Location (office space, lease negotiations, build out, equipment, etc.)

4. Pre-opening marketing (what works, what doesn’t???)

5. Office management (hiring staff, paper work, insurance/medicare, billing, etc..)

6. Office procedures (proper consultations, exams, reports, referral tools, etc..)

7. Advertising (what, when, how?)

8. Collections (how, and what to collect.)

Etc…….

I could go on and on, but you get the point. There is a ton to do and know when opening your new practice.

Remember time is money. How long do you think it will take you to figure all that, and more out?

Maybe a better way to ask it is… How long do you think it will take you to figure all that and more out, and know it will work?

Here’s how I lost 264K+, and you could too.

It took my wife and I four months, after graduation, to admit we didn’t have a clue how to get our office open right, and another eight months to get help and finally get our doors open.

If I Calculate the revenue from our first year in practice ($264K) and compare it to the year we didn’t get open ($0.00),  (actually factoring in living expenses and student loan payments for that year, it is a very negative number)…

You can understand why it hurts to talk about.  Students and new doctors typically don’t  realize or acknowledge the time value of money, and that by not knowing or taking action they are losing, big time! Reality is much different, and more costly than you can imagine.

Questions:   1. What can YOU do now that will help you avoid losing out the way I did?

2. Who can help you do it right the first time, saving you both time and $$$$?