StudentDC Interactive

I’m on my soapbox here, so feel free to disagree.  I see a lot of grads coming out of school with high expectations and even higher  startup costs, because of the technique they have chosen.  These techniques require you to spend tons of money on x-ray and other specialized equipment and tables.  And startup is the time when you need to keep your expenses low.

Now, I’m fully in favor of using the latest technological stuff, and I agree that using evidence from x-rays helps the profession and brings an additional element to your practice. But… you’re paying a premium for this stuff. 

What if you could start out with $50,000, including used equipment and furniture and something left over for working capital, rather than $150,000?  Starting smaller would

• Give you a better chance of getting a loan, even if you don’t have a lot of collateral, and
• Would relieve you of a high monthly overhead.

Think of it this way:  Wouldn’t you rather have a practice with $4,000 a month overhead than $9,000 a month overhead?  (By ‘overhead’ I mean all the money you must pay for fixed expenses, like rent and your payments on loans and on financing for equipment.)  This lower overhead requirement would mean you would be able to pay your bills with fewer patients each month.  You could save the difference and put it towards that fancy new equipment you want.  AND you would be able to sleep at night, your marriage and family would still be there. 

Do you REALLY need all that fancy equipment and x-ray?  I thought chiropractors worked with their hands.  Just a thought….

“With the economic situation right now, is this a bad time to start or buy a chiropractic practice?” If you are graduating from chiropractic school right now, you’re probably wondering if you are graduating at the wrong time. Sure, gas prices are high and going higher, and people in some areas of the country are having trouble paying for their homes. But health care is a pretty “recession-proof” business. People will always need health care, and if people understand the value of chiropractic care, they will keep coming back. Sure, you may lose a few people who have to drive a long distance to get to your office, but you may pick up others who don’t.

This might be a good time to consider buying an existing practice rather than starting a new practice. Why? You will have a built-in patient base and employees who know how to run the practice. You may also have an easier time getting a loan for an existing practice, since it has a track record that a bank can rely on.

Building relationships with patients is a key to a great patient base.  Read this Lifehack article on building relationships , which contains the 11 rules for self-promotion. 

It is a great time to be a chiropractor!  Not only are you in the position to lead patients to better health, but you can make a profit doing so.
Forbes Magazine has named chiropractors and other “alternative” health care providers as one of the 10 most profitable types of business.  Chiropractic (and the other related professions) came in as #5 with a 17.5 percent average pretax margin. 

Here is the article:  The Most Profitable Businesses to Start

It is not surprising to me that chiropractors are listed as more profitable than dentists.  As you look at the top businesses on the list, you’ll notice that most are professional firms (accountants and lawyers top the list) and many are in the health care field (doctor’s offices, dentists, medical services).  Having the professional background and business expertise to run a successful chiropractice practice is a path to success.