Owning your own practice may have been a dream of yours since medical school or it may be a new dream, fueled by frustrations in your current position. You also may find yourself with a newfound desire to lead. When is the best time to launch out on your own? Here are seven signs that the time may be near.
- You crave autonomy.
Coming out of training, you may have found comfort in working in a practice with more experienced dermatologists on staff. It is helpful to gain a second opinion from peers and to learn from those farther along in their careers. However, if you are feeling constrained – especially with leadership decisions or red tape – it may be time for you to step out on your own. As a practice owner, you’ll make all the decisions, and you can decide the processes and procedures you want in place to guide decision-making.
You also may want to start a practice to create a different culture. As the practice owner and medical director, you’ll set the vision for your practice and have full control over who you hire to implement that vision. You can create your dream work environment by going out on your own.
As a practice owner, you’ll also have autonomy over your schedule. Do you want to have Fridays off? You can make that choice as boss.
- You are looking for a specific type of practice.
The time you’ve spent working in dermatology may have given insight on the type of practice you want to create. Have you developed a passion for treating certain dermatologic conditions or in treating certain areas of the body, such as the nails or hair?
Do you want to reach a different patient population than you are currently serving? Perhaps you want to combine your services with other specialties, such as plastic surgery or allergy. All these scenarios are good reasons to start your own practice.
- You want to grow your income.
A 2018 Medscape survey showed that self-employed dermatologists reported earning 75% more than employed dermatologists. In addition, the business you develop and grow will create equity that you can cash in on in the future. If you feel that others are profiting from your hard work, it may be time to start your own practice.
- You want to choose your location.
An upcoming move also may be reason to start your own practice. If your job search isn’t showing available dermatology positions in your desired location or if you do not like living in your current location then consider creating your own practice where you want to live.
If the location you desire doesn’t have an existing dermatology practice at all, there may be an untapped market for you to grow.
- You want to expand your leadership skills.
Do you wish you had more responsibility at work? Do you read books about business or leadership in your free time? Are you ready for a new challenge? If you find the idea of selecting and growing your staff exciting, you are ready for the challenge of starting your own practice.
- You have mentors who own their own practices.
A practice mentor can provide advice (think: what they would have done differently), and encouragement for the ups and downs along the way. As you will likely be the only dermatologist on staff when your practice opens its doors, it is very helpful to have mentors who own their own practices. Often, dermatologists with these types of mentors already look up to those who have started their own practice and have dreamed of doing the same.
- You’ve managed your money well.
Starting a practice is a financial risk, and you’ll want to wait until you are in good financial shape before taking that risk. Have you paid off as much debt as possible? Do you have a solid personal savings? Do you have good credit if you need a start-up loan?
Remember, it may take years before you break even. Start-up costs should take into account build-out costs, device purchases, and staffing as well as be prepared for unforeseen hiccups and expenses.
If you are someone who has been careful with your finances and are not afraid of a few years of risk then starting a practice is right for you.Do you see any of these signs in your life? Starting a practice is challenging but also extremely rewarding. The group of dermatologist small business owners is a wonderful group to be a part of. If you are dreaming of doing it, you must!
