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As a doctor, the ultimate dream is to open your own practice. You can run things exactly to your standards, build up loyal patients, and it can even be very financially lucrative.

However, it’s not as easy as simply setting up shop! Months, if not years, of planning and research are required before you can even think about working for yourself.

Want to learn more? To learn how to start a medical practice, here are five key steps you’ll need to take.

1. Make a Business Plan

Although you’re starting a medical practice to help patients, at the end of the day, it’s still a business! This means you should always create a detailed business and marketing plan before you go any further.

This should outline all of your business goals and the steps you’ll take to achieve them. You’ll use this as a reference point as you open your practice, as it will help you stay focused on your goals.

2. Get Approved for Financing

Becoming a doctor and going through medical school isn’t cheap—but neither is opening a medical practice. If you’re not independently wealthy, you’ll need to obtain financing for your new practice.

You can apply for a business loan to get you started, but be sure not to take out more than you think you’ll earn, so you can afford to pay it back.

3. Select the Right Location

Location is an important factor when opening. If you start a clinic in an inconvenient area that’s hard to access, then you may struggle to get patients, even if you’re an amazing doctor.

Think about your target demographic and pick an office suite that will be easy for them, offering both parking and access by public transportation.

4. Invest in the Right Resources

For your practice to be successful, you need the right resources. You know you’ll need to hire talented, caring staff, but you also need the tools, equipment, and software to make it easier for them to work.

For practices with limited hours, outsourcing to an answering service ensures you never miss a patient’s call—this company is a good option to consider.

5. Start Marketing to Patients

Once you’re getting closer to opening, it’s time to start marketing to attract patients. Healthcare marketing research shows that targeting specific demographics and focusing on building long-term relationships with patients is most effective.

Learn How to Start a Medical Practice With This Guide

It’s not always easy, but running your own practice is rewarding, meaningful, and exciting. Now that you know more about how to start a medical practice, begin by considering what type of practice you’d like to open.

All of your hard work and planning will be worth it on that big day when you can officially open your doors and welcome your first patient!

If you found this article helpful, please read on to find out more.