54. Starting Your Chiropractic Practice? This is a Must Read
When you are opening your practice, the biggest mistake I see is, without a doubt, overspending on equipment and getting an office larger than you need.
For example, I opened with less than 1,500 sq ft, and all my adjusting tables were used.
Ten years later, we are still in that space with two associates.
Gonstead started in 400 sq ft and then grew to have a hotel that patients would stay in while they were under his care.
Many of these new docs have all their money invested in their equipment and rent and then have little to no money for marketing.
Starting, I would keep your office small 1,500 sq ft or less and keep your equipment costs down.
Start with two tables until you are busy enough to justify the cost. And don’t sign a lease for longer than five years.
People can’t come to your office if they don’t know you exist, so really look at having a substantial marketing budget ($5,000 a month).
Double-Digit New Patients (DDNP) every week is how you grow a practice quickly, and the only way to get that is quality marketing.
You will sleep better when you know your overhead has been covered by the 2nd week of the month.
It is always better to be small and profitable rather than big and stressed out.
-Dr. FJ Schofield