Wondering how to start a family practice physician referral business? We take you step-by-step from start to success.
(article continues below)
Successful Business Plans for Family Practice Physician Referral Businesses
You've heard that a quality business plan is the first step toward a successful family practice physician referral business.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Furthermore, a good business plan will help you avoid key startup mistakes. If your business plan includes accurate industry metrics and conservative forecasts, your business will be less vulnerable to market fluctuations and catastrophic surprises.
Take a Look at Competitors
Before you open a family practice physician referral business within your community, it's a good idea to determine how many competitors you have. Use the link below to generate a list of competitors nearby. Just enter your city, state and zip code to get a list of family practice physician referral businesses in your community.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
If you are seriously contemplating launching a family practice physician referral business, be sure to learn as much as you can from somebody who is already in the business. It's very unlikely that the local competition will talk to you. Why would they want to educate a future competitor?
Fortunately, somebody who runs a family practice physician referral business in a location that is not competitive to you will be much more likely to talk with you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How do you locate a family practice physician referral business entrepreneur on the other side of the country to talk to?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Acquisitions vs. Startups
Unfortunately, many inexperienced family practice physician referral business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Unless you have compelling reasons to launch a new business, buying an existing family practice physician referral business may be the better choice.
An acquired family practice physician referral business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. The key is to locate a business-for-sale that closely matches your ownership philosophy and professional objectives.
If you don't have much business experience, you ought to check into the pros and cons of franchising.
Prior to starting a family practice physician referral business, it's worthwhile to investigate whether franchise opportunities in your space might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a family practice physician referral business, these resources will come in handy:
If you sell to family practice physician referral businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.