Welcome to the Planning for Practice Success Newsletter

Practice Startup Success

Information Advice Encouragement

October 22, 2007                                                                                         ISSN 1934-3248

 Success is simple.  Do what’s right, the right way, at the right time.  Anon

In this issue:

UPDATE on EINs and LLCs.  Last week I said I had found out that you need a separate EIN for yourself as a sole proprietor before you could get an EIN for your single-member LLC (with employees).  A grad said she called the IRS directly and that the person on the line said she didn’t need the additional EIN.  Confused?  So am I.  My recommendation is that you CALL the IRS to get your EIN for your LLC.  That way, you’re getting the information directly from them.  I’ll let you know if I get further information.

A source for equipment, courtesy of a recent grad:  “I'm getting my equipment from Hessco out of Wisconsin. You might want to pass on to others that they have a great selection of used/reconditioned tables and modality equipment with excellent prices and service.  I am outfitting my office for about 1/3 of new prices.”   http://hessco.com

Your best investment.  By far, your best investment is in YOU.  Your chiropractic education is an investment in you.  No one can ever take that from you.  With it, and your license, you can make a living for yourself.  Here’s a good blog that discusses this topic in more depth:  http://www.lifehack.org/articles/lifehack/the-only-sure-fire-investment.html It also emphasizes the concept that you must brand yourself in order to stand out.  So, what’s your brand?  What makes you unique and special? 

Growing Up:  What’s the next step after startup?   From Entrepreneur Magazine – October 2007 “Grow Up”

If you want your practice to grow after startup: 

1. Ask for help – get an advisory board.  Include local people and experts in areas where you’re weak (legal and accounting), as well as chiropractors.  Then follow their advice.
2. Focus – too many opportunities –some may not be profitable – stick with what you know and make that grow.  When you start your practice, you’re hungry and want to try everything.  But you may not be able to do it all, and you may be taking yourself away from most profitable portion of your business (remember the 80/20 principle). Read more about this in my Professional Practice Success blog:  www.professionalpracticesuccess.com
3. Formalize – your employee manual or operations manual should not be just in your head.  Write it down.  To help you write your manual, buy “The Practice Manual,” available on my website:  http://dcpracticesuccess.com/p4ps_orderpage.html
4. Hire.  Everyone in business needs great employees.  They can help you organize your business and they can keep you “in the black” by making sure you get paid.  A great employee provides excellent customer service to keep patients coming back, and he or she can help you spread the word about your practice. 
5. Delegate.  After you hire that great employee, give him or her something significant to do that fits with the skills this person presents.  Then back off and let them do it.  If you hire someone to do billing and collections, monitor for a short time to make sure the person really knows what she’s doing, then ask for a monthly report and sit back and relax.  Looking over someone’s shoulder shows a lack of trust, which most people resent.

6. Fund.  You don’t need funds only during startup.  When you decide to expand, or to offer new products and services, you will need money.  Getting additional funds may not be as easy as you think; be sure to pay on your loans each month and show that you’re a responsible financial citizen.   Consider what you can sacrifice to come up with part of the funding. 

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 Ask Dr. Jean Murray a question (email jean@dcpracticesuccess.com )
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