Thinking about opening a psychiatric practice? We tell you what you need to know to get started.
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Best Practices: Business Plans for Psychiatric Practices
Struggling to get the attention of lenders and investors? Maybe it's because you're lacking a high quality business plan.
Business plans address a wide range of issues, including startup financials. Since investors and lenders rely heavily on your business plan's financial forecasts, fudged numbers and vague forecasting are a sure way to sabotage your funding efforts.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for psychiatric practices.
Investigate the Competition
Prior to launching a psychiatric practice within your community, it's essential to find out how many competitors you have. Use the link below to find competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of psychiatric practices near you.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
If you want to open a psychiatric practice it's essential that you talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. It'd be crazy for them to teach you the business.
However, an entrepreneur who owns a psychiatric practice outside of your community can be a great learning resource for you, given that you don't compete with them in their area. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. 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.
So, what can you do to find a psychiatric practice entrepreneur in a different locale who can assist you?
It's easy. Here's a link you can use to find a mentor outside of your area.
Psychiatric Practice Acquisitions: Financial Considerations
Worried about the financial aspects of starting a psychiatric practice? Most startup psychiatric practice owners are.
One of the ways to mitigate the financial risk of a startup is to modify your approach to tap into the financial benefits of buying an existing psychiatric practice. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Don't Rule Out Franchising
Many entrepreneurs recognize that there are many benefits that come from buying a franchise.
Before you consider starting a psychiatric practice, you may want to determine whether buying a franchise could be the right move for you.
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 already are in business and came here to learn about growing an existing psychiatric practice, try these useful resources:
If you sell to psychiatric practices, this isn't the right place for you. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.