Thinking about opening an oncology practice? We tell you what you need to know to get started.
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Characteristics of a Good Oncology Practice Business Plan
Every business plan is unique. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – Your description of your oncology practice's reason for existing.
- Goals & Objectives – A list of mile markers on your oncology practice's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Don't Ignore Competitors
Well in advance of opening an oncology practice in your area, it's a good idea to find out what the competition looks like. Use the link below to find competitors in your area. After following the link, enter your city, state and zip code to get a list of oncology practices in your area.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
Once you've finished assessing the competion, be sure to have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
But, a person who owns an oncology practice outside of your community may be more than happy to give you a few tips, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
Where does one find an owner of an oncology practice in another community?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Top Three Reasons to Buy an Established Oncology Practice
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing oncology practice than it is to start one from scratch.
Although buyers should always perform thorough due diligence, there at least three reasons you should consider an oncology practice purchase as your entryway to business ownership.
- Initial Revenue. If you're careful in your research, the oncology practice you buy will have a track record of profitability – a big plus since it may take months or even years for a startup to turn a profit.
- Operational Efficiency. When you're shopping for an oncology practice, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Explore Franchising Options
Your chances of achieving the entrepreneurial goal of achieving your top business goals are higher when you opt to franchise in lieu of doing everything yourself.
As part of your process in starting an oncology practice, it's worthwhile to investigate whether franchising might make it easy to get started.
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 oncology practice, these resources will come in handy:
If you sell to oncology practices, this isn't the right place for you. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.