Wondering how to start an occupational and industrial medicine practice? We take you step-by-step from start to success.
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Best Practices: Business Plans for Occupational & Industrial Medicine Practices
In a startup occupational and industrial medicine practice, there is no substitute for a high quality business plan. The effort you invest in the creation of your plan now will pay off later in lender responsiveness, investor attention and strategic confidence.
Business plans address a wide range of issues, including startup financials. The financial chapter of your business plan is one of the first places investors and lenders look, so it needs to contain forecasts and budgets that are rooted in business realities rather than your personal best case scenario.
As a result, we strongly recommend educating yourself in business plan financial basics before finalizing your business plan's financial chapter.
Check Out the Competition
Well in advance of opening an occupational and industrial medicine practice in your area, it's essential to see how you will fit in the competitive landscape. Try our link below to find competitors nearby. After following the link, enter your city, state and zip code to get a list of occupational and industrial medicine practices in your area.
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
If you want to open an occupational and industrial medicine practice it's essential that you 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. The last thing they want to do is help you to be a better competitor.
However, an entrepreneur who owns an occupational and industrial medicine practice in a location that is not competitive to you will be much more likely to talk with you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
How do you go about finding an occupational and industrial medicine practice manager in another city who you can speak with?
Here's one way to do it. Just use our link below, find somebody and call them.
Occupational & Industrial Medicine Practice Acquisitions: Financial Considerations
Startup occupational and industrial medicine practices carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. 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
If you are launching your first business venture, it's smart to think through becoming a franchisee.
Prior to making the decision to open an occupational and industrial medicine practice, you would be wise to investigate whether buying a franchise could make sense 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 currently own an occupational and industrial medicine practice, these resources will come in handy:
If you sell to occupational and industrial medicine practices, 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.