Opening Your Own Veterinary Practice
As the veterinary industry grows, many professionals see the value in opening a new vet clinic on their own. Taking the leap to open a new veterinary practice takes more than medical skills alone.
Opening My Own Veterinary Practice: Where Do I Start?
Learning how to start a new vet practice starts with defining goals. The best way to identify these is to ask yourself, 'why do I want to open my own vet clinic?' Also, consider whether you want to be an owner or an owner-doctor.
If you want to be a veterinarian-owner, you need to consider where your skills are and where they should be. You should have a firm handle on veterinary medicine before diving into practice ownership.
Learn About Business
Even if you are one of the best veterinarians in your area, you need more than medical knowledge alone to start a new veterinary practice. This is where you should consider whether to take some business classes.
There is a variety of business courses available online to help teach you how to start a new vet practice. If you don't want to take classes, you may want to partner with someone who has some business knowledge.
Creating a Business Plan
Your business classes should teach you how to create a business plan for your new vet clinic. It should detail all of your business goals and your plans for achieving them. This gives you a roadmap for the first 3-5 years.
A well-prepared business plan is essential to the success of small businesses, especially if you need a loan to open a new veterinary practice. It shows investors that you're prepared to run a business and understand the market.
New Veterinary Practice Costs and Financing
To open a new vet clinic, you have to decide whether you want to purchase an existing practice or buy/rent a building and start your own. This decision is heavily dependent on your financial situation.
Starting from scratch gives you the most freedom in designing your new vet practice, but it means you have to invest in equipment upfront. Purchasing an existing clinic means an established clientele, but less control overall.
Location, Location, Location
Choosing the right location is essential to the success of your new vet clinic. It determines your access to clients as well as your proximity to the competition. Start by researching vets in your geographical location.
If you choose an area that's dense in veterinary clinics, you need to find a way to set yourself apart. Identify client needs that aren't getting met and how you can meet that demand when you open a new vet clinic.
Accounting, Permits, and Taxes
To start a new veterinary practice, you have to register your business with the government for small business taxes. You'll need to start by obtaining the credentials listed below.
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Employer Identification Number (EIN)
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Small business license
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Business banking account
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Business credit account
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Business accounting
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Certification from state and local veterinary board
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Occupational Safety and Health Administration requirements
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Certificate of occupancy
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Insurance plan(s)
The details of the above credentials depend on the details of your business. Hiring a financial advisor or an accountant can help navigate these credentials.
Deciding on the Best Veterinary Software and Equipment
A new veterinary practice means new veterinary practice equipment. If you decide to purchase an existing practice, you won't have to buy as much veterinary equipment as you would starting from scratch.
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Practice management software (PMS)
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Computers and other office equipment
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Payment processing equipment
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Controlled drug storage
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Prescription dispensing equipment
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Supplier accounts
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Distributor accounts
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Reference laboratory account
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Phone, electricity, and internet service
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Domain name and website
This veterinary equipment is the bare minimum you need to get started. For some of these items, you can choose between new vs. used equipment, which can save you money.
Veterinary Practice Management Software
Choosing the best veterinary software is one of the most important decisions you can make. This software involves almost every aspect of your new vet clinic.
The best veterinary software organizes appointments, manages client communication, manages medical records, processes payments, and more. You want something easy to learn as you're getting started.
Policies and Pricing
Be specific and competitive with your policies and pricing strategy when you open a new veterinary practice. Don't base your decisions on all veterinary practices, but only those that are most closely related to your practice.
The goal is to help clients see the relationship between cost and value with your clinic. Your pricing policies should be based on more than your operational costs. Factor in the client's perception of value as well.
Hiring the Best Veterinary Employees
The veterinary staff is the heart and soul of a new vet clinic and you need to find the best team to get your business on the right track. Start with upper management so you can delegate the rest of the hiring.
You may also need to stagger hiring since most staff won't need to start until close to opening day. Be sure to allow time for walk-throughs and learning new vet software. This will help your first day go smoothly.
Marketing a New Veterinary Practice
If you're starting a veterinary practice from scratch, marketing has to start early so you have business on your opening day. Start with your social media presence as well as marketing campaigns via flyers and radio ads.
Marketing is also important if you're starting a veterinary practice that's already established. Give clients the chance to get to know your brand with a newsletter or a new referral program to boost their interest.
Now You Know How to Start a New Vet Practice
Starting a veterinary practice requires medical skills, business knowledge, attention to detail, and a lot of work. You also need the best veterinary software and equipment to get off on the right foot.
If you want the best new vet practice software, book a chat with an IDEXX software expert.
