This topic has been on my mind for quite some time. Based on my own experiences and insights from my peers I do feel the need to share with others, if you are looking to start up your own business or practice what are the common concerns and mistakes most chiropractors make. These are the five major mistakes most new start up chiropractic offices make.
#1 Location, location, location. Location is the most important thing to set up your own practice.
Nope! It is important but it is NOT the most important thing.
How to find a location suits for you. First of all I want to share where I am coming from on this topic. I have been practicing in Singapore for last 5 years, I was a junior associate in one of the biggest chiropractic groups in South East Asia, totally hated the experience (that is another story to tell) but I did learn a lot from this unpleasant experience that location DOES NOT MATTER as long as you have a parking lot and it is close to some sort of landmark. As long as the location is easy access. There is no point to rent some downtown fancy ground floor shop unless you have one million dollars as initial capital.
My advice to you:
Find a location that you can practice in legally which means in United States you may need to deal with zoning and usage of the unit. In Singapore, you will need to be cleared with URA (Urban Redevelopment Authority) which means URA must approve the activity of the unit you are renting. If you are not sure, ask the real estate agent to find out for you.
Tip #1
Older building may be more suitable than a newer building
Why is that? Newer development usually costs you more rent and come along with more restrictions which means more headaches. If lets say for instance, you want to install a new light bulb, you may need get approval from management which will cost you money and time. An older building can be less restrictive with their requirements. Newer building management may also have certain additional paperwork to fill out or have other requirements that must be fulfilled. However, that being said, an older building is not without its faults. Because it has been established for quite some time, certain fixtures may break down more easily (i.e. elevators, light fixtures). Also, the building may not have accessibility like a newer one (i.e. handicap ramp).
Ultimately, it boils down to practicability. You’re going to have different challenges with each unit. But, when you’re on budget and you are looking at overall expenses, you have to weigh in which will give the best “bang for your buck”. A newer building will most likely not have fixtures that break down but a higher rent. An older building may have lower rent but may need more repair. So, you will need to delve deep into each scenario to see which is the better outcome.
My advice:
Don’t be blinded with fancy building or sale’s pitch from your real estate agent. Be practical and think in the long term.
To be continued….
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