Your love of animals might be what led you to study veterinary medicine and become a licensed veterinarian. But once it comes time to open your veterinary practice, you may realize you need some business advice and tips.
Veterinary practices are on the rise. The Bureau of Labor Statistic reports that employment of veterinarians is expected to increase 17% between 2020 and 2030. This is faster than average for other occupations.
This means that you will likely face higher competition as a veterinarian in the coming years. Veterinarians with necessary business knowledge and skills will be in a better position to fulfill the needs of their patients and run a successful business.
Here are some tips to get you started.
Obtain some business training
Remember that you are a business owner in addition to being a veterinarian. This means you technically have two jobs.
If you have little to no business background, consider taking some small business courses or training. Even an online introductory business course helps.
Get your financial plan together, whether you are starting your own practice or purchasing another. Recognize that starting your own will be more expensive since you do not have an already-existing client base.
It is best to work with an accountant to develop a financial projection, especially if you are just starting out. You may need to take out a small business loan to start a practice and a financial plan is typically necessary for loan approval.
Create a vision of your business
Have answers to questions such as what your idea of quality care for pets looks like, your ideal office culture and the best ways you can serve your clients and your pets.
When you build your veterinary team, share this vision with them and make it a key part of training. Your training program should be complete and thorough.
Clients sometimes interact more with staff members than the veterinarian. The impression staff members can mean the difference between a returning or lost client. Proper training increases the chance of retaining clients.
Attention to detail matters
Part of training should involve creating systems and routines. Clients and their pets who come to a veterinary practice are often emotional or stressed.
Additionally, clients often do not base their impressions of your practice on the quality of care provided to their pets because they lack the required medical knowledge. Instead, organization, efficiency, cleanliness and friendliness are what they base their opinions on.
Having good systems and routines helps you deliver efficient and predictable services. This often translates to repeat clients who appreciate knowing what to expect from a well-run practice.
Perform regular reviews
Once your business is off the ground, you may realize how demanding it is to be a business owner. Your time and attention will soon be focused on many daily tasks and challenges.
Take time to regularly reflect and remember your vision. Review your business operations to determine how they align with your vision. Identify areas for improvement and areas for growth. Modify anything is not working.
Implementing these strategies increases the chance of a thriving veterinary practice.