Thinking about opening a radiology practice? We tell you what you need to know to get started.
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Writing Tips for a Radiology Practice Business Plan
Your new radiology practice needs a business plan. But if you've never drafted a business plan before, the process can be intimidating.
But here's the good news: With a few tips, any entrepreneur can create a successful plan for their business. In its simplest form, a business plan is a document that describes your company's goals and your strategy for achieving them.
Although there are many uses for a business plan, it's most important function is to guide your decision making and strategic planning.
Before you begin, we recommend reviewing a few sample business plans.
Don't Ignore the Competition
Well in advance of opening a radiology practice in your town, it's worthwhile to see how many competitors you have. We've provided the link below to help you find competitors nearby. Simply enter your city, state and zip code to get a list of radiology practices in your town.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
After you've evaluated your local competitors, 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?
However, an entrepreneur who owns a radiology practice in a location that is not competitive to you can be a great learning resource for you, after they realize you reside far away from them and won't be stealing their local customers. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
Where does one find a radiology practice entrepreneur that lives outside of your area?
Easy. Find them using our link below and start calling until you are successful.
How to Buy a Radiology Practice
So you're seriously considering buying a radiology practice rather than starting one from scratch. Smart move. Yet the process of buying a radiology practice introduces a new set of challenges.
As you would expect, there are a number of steps in buying a business. A business broker is the gateway to the buying process.
A good business broker serves a number of useful purposes. From locating available companies to helping seal the deal, your broker will have the experience and skills to help you successfully navigate the purchase process.
Your chances of achieving the entrepreneurial goal of growing your business increase when you franchise rather than going it alone.
Prior to making the decision to open a radiology practice, you may want to determine whether there are good franchise opportunities available that 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 already are in business and came here to learn about growing an existing radiology practice, these resources will come in handy:
If you came here to learn about selling to radiology practices, we've got better information for you elsewhere on our site. 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.