The Benefits of Opening a Bioidentical Hormone Practice
Considering opening a bioidentical hormone practice?
This is a huge step and one which you shouldn’t take on lightly, but running your own business can be extremely rewarding.
With the right planning and some great people on your team, it won’t be long before you’re letting the business run itself, while you enjoy the freedom and flexibility of entrepreneurship.
The Global Hormone Replacement Therapy (HRT) Market
The global hormone replacement therapy market is slated to grow by 6% in the next six years or so, according to Fortune Business Insights.
Some reasons behind this include:
- Demand for “anti-aging” products
- A growing population of older adults
- An increase in hormone-related disorders
- Growing demand for alternative treatments
Health practitioners interested in serving the aging population should certainly survey the local population and conduct regional market research to understand exactly what types of services are in demand.
The Benefits of Opening a Bioidentical Hormone Practice
Previous to the fairly recent development of mass healthcare conglomerates, many health practitioners would have practiced in smaller, private settings, offering them more freedom and flexibility to attend to patients.
But today health workers face increasing pressure to meet the demands of the organizations, taking the focus away from the patients.
If your goal is to serve the community, offering them alternative solutions to hormone-related problems, you will certainly be improving their lives.
Giving yourself the opportunity to be an entrepreneur will be an exciting new challenge which, while requiring a certain amount of financial and energetic investment upfront, will pay back in spades, so long as your systems are set up.
You’ll experience the freedom that comes with paying yourself, setting your own hours, and determining your own standards when it comes to patient care.
- How long you spend with each patient
- Hire specific employees
- Lay people off as needed
- Build relationships on your terms
- Control workload
- Control your own income
- Make more money
- Flexible services and schedules
You’ll find joy in helping others again instead of being run down and pushed around in the health care industrial complex.
You’ll be challenged but you will recognize that you are doing what you are meant to be and have the freedom to do it well instead of being constrained.
Planning and Launching Your Practice
If you’ve decided to go ahead with opening a bioidentical hormone practice, the first steps will be to secure financing and write a business plan.
Your business plan will cover every aspect of your business from the ground up, keeping you on track, and offering information to other stakeholders.
It will include details related to:
- A SWOT analysis (strengths, weaknesses, opportunities, threats)
- Market research
- Market activities
- Details about legal and financial planning
- Facility building plan and structure
- Mission & values
- Financial forecasts
The most important thing to outline here is your unique selling prospect (USP): What will make your wellness clinic stand out amongst others servicing the same region?
Don’t be afraid to spend extra time on the business plan, and consult experts like financial managers, business lawyers, and other clinic owners.
Budgeting and Financing Your Practice
Opening a bioidentical hormone practice does not need to be overly complex so long as you are on top of legal and financial details.
Whether your start-up budget is small or large, having a reliable accountant and financial manager on board is essential.
Getting together an overview of true costs to help determine a budget is essential. Be sure to have a solid idea of the following types of costs:
- Fixed operating costs such as utilities and rent
- Software and high-tech equipment
If you have a low budget, consider starting out with a small exam room within an existing practice. With the world moving more online over the past 8 months, you will be able to do a lot of your client work virtually, meaning that your in-person workspace can be greatly reduced with little effect on your ability to practice BHRT.
Regardless of how you execute your start-up, your total will probably be higher than you expect — if this is the case, don’t panic. You should be able to get financing from a variety of sources.
Check your local small business association’s resources for more information on this.
Hire a Team of Experts
Before opening a bioidentical hormone practice, be sure to have the right legal and financial experts on your side. They will help to ensure you are in compliance and can also help you to minimize risk as you move forward with this large investment.
Next, you’ll want to consider who you want on your day-to-day staff. Start looking around for people in your area who are already working in a given specialization.
Source reliable team members like:
- Business attorney
- Administrative staff
- Licensed health care professionals
- Cleaning services
- An IT expert who is proficient in the type of software you choose
- Business coach
Hiring an office manager and assistant — even part-time to start — might help to take the weight off of your shoulders.
Most importantly, make sure all hires fit with your clinic’s brand and mission. Take time to ask brand-specific questions in interviews, and make sure to “read between the lines” of their resumes and LinkedIn profiles.
You should be setting up your clinic with the aim of having it operate without you. Sound systems and competent people are fundamental to this.
Marketing and Launching
This can be the most stressful but also possibly the most fun part of opening a business.
- Consider having a launch party and incentivize people to come
- Use social media like crazy to promote
- Hire a marketing assistant if even on a contract basis to help guide you
- Target to your demographic
- Don’t forget your virtual following
- Cross-promote with complementary health care service providers in the area
- Offer incentives like freebies and giveaways to encourage people to drop by
- Create flyers for local residences
There are plenty of avenues for getting the word out; the trick is to choose the ones which speak most directly to your target demographic.
Get Started With BHRT
If you’re considering opening a bioidentical hormone practice and you’re starting to put the pieces together, congratulations! This is a special opportunity that not everyone has, so give yourself a pat on the back.
Building your own business always comes with its own set of challenges but you’ll probably find that running your own clinic will pay back in spades — and best of all, your patients will feel this too
What are you waiting for? We can help you move forward with your BHRT business. Schedule a free strategy call to get started.
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