Wondering how to start an urology practice? We take you step-by-step from start to success.
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Best Practices: Business Plans for Urology Practices
In a startup urology 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.
Assess the Competition
Before you open an urology practice in your town, it's essential to see how you will fit in the competitive landscape. Use the link below to find competitors near you. Simply enter your city, state and zip code to get a list of urology practices in your town.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
As part of your due diligence on opening an urology practice, the next step is 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. The last thing they want to do is help you to be a better competitor.
However, an entrepreneur who owns an urology practice in a location that is not competitive to you will be much more likely to talk with you, 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. If you are persistent, you can find a business mentor who is willing to help you out.
How do you find somebody who runs an urology practice outside of your area who is willing to talk?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Urology Practice Acquisitions: Financial Considerations
You've invested a lot of time and effort in planning your startup. But here's something you probably don't know: Startup urology practices consistently fail to achieve the financial performance of acquired urology practices.
Although there are many benefits to buying an existing urology practice, the financial advantages rank near the top of the list. 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 Forget About Franchising As an Option
As an entrepreneur, your chances being a successful business owner zoom upwards if you decide to franchise rather than going it alone.
Before opening an urology practice, you would be wise to check out whether franchising might help you avoid common entrepreneurial mistakes.
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 urology practice, try these useful resources:
If you sell to urology practices, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.