No matter what kind of an entrepreneur you are, taking charge of a business is a big decision.
One of the biggest questions you might be asking yourself is if you should buy an existing business or start your own from scratch.
At Symbiosis, we offer a medical coworking space in Washington DC, which offers you the benefits of purchasing a business without the big start up costs.
But is it best to start your own practice if you have the opportunity to buy an existing one?
Let’s take a look at the pros and cons of buying your own medical practice.
Advantages Of Buying Your Own Medical Practice
There are a lot of advantages to buying your own medical practice instead of starting one up yourself.
Let’s take a look at some of these advantages.
1. You Walk Into An Established, Business
This is one of the biggest advantages of buying a medical practice.
The practice already exists and is already profitable, so you don’t have to worry about the small details – everything is already there for you.
Of course, if the practice is losing money, it might not be the best idea to buy it in the first place.
But you’ll have access to that information when you decide whether or not to buy.
2. You Avoid The Stress Of Building Up Your Practice
When you buy an existing practice, you don’t have to put all your energy into long days getting the small details sorted and making sure you’re bringing in income.
You can just go to work and come home like any normal day, which means you can maintain a work life balance as a healthcare provider that’s, well, healthier.
3. You Get To Start With An Existing Patient Roster
When you buy a medical practice, it comes with all the patients that are already established at that location.
This means that you don’t have to put as much energy into private practice marketing strategies to bring in new patients.
When you buy an existing medical practice, you’ll be making money from your existing patients right away.
Drawbacks To Buying Your Own Medical Practice
While there are a lot of benefits to buying your own medical practice, there are also some drawbacks.
Like with any big decision, it’s important to understand the drawbacks to make an informed decision.
So what are the drawbacks of buying your own medical practice?
Let’s find out.
1. You Have To Practice The Way Your Existing Patients Expect You To
When you buy a medical practice, the patients who are already there expect the practice to operate the way it always has.
This means it’s much harder to implement changes and build a practice according to your preferences.
Of course, you’re welcome to pivot your practice to be more like what you want.
But this may break trust with the established patients of your practice which may cause them to leave.
2. You Might Not Get Along With Existing Staff
When you buy an existing medical practice, it also comes with all its existing staff.
This means that you’re entering an existing work culture, likely with existing expectations and habits that may not be similar to how you want to run your own business.
You’re free to pivot, of course, but again you may end up losing staff if you pivot too far.
3. There May Be Hidden Liabilities You Didn’t Expect
It’s always wise to have a lawyer look over the terms of a purchase before you buy a business.
The practice you buy could have hidden liabilities or other problems that you didn’t know about when you were making the purchase, and those can present some challenges down the road.
4. It Takes A LOT More Startup Capital
Buying your own medical practice means you need a lot of money in the bank.
Not only do you have to buy the business, you also need to make sure you’re able to do any renovations it needs, add equipment if needed, and more.
This can be prohibitive if you want to buy a medical practice but don’t have enough savings.
5. You’re Competing With Other Buyers – With Deep Pockets
Not only do you need enough savings to be able to buy a business, you’re also competing with other buyers who may have much more money than you.
Buying a medical practice can be competitive and challenging, and having your sights set on a certain practice to purchase doesn’t necessarily mean you’ll be the person they sell to.
Why Not Start A Private Practice At Symbiosis’ Medical Coworking Space Instead?
Starting your own private practice at a medical coworking space like Symbiosis is the best of both worlds.
By starting your own practice at a medical coworking space, you avoid the huge upfront costs of buying an existing clinic – that can easily run you up into the seven figure range.
It’s significantly less than starting your own clinic the traditional way as well.
But as part of our practice accelerator program, you’ll also make it to profitability much sooner than opening on your own.
It’s almost as efficient as buying an existing clinic – you’ll make it to profitability much faster, and with full control over what your practice looks like.
Thanks to Symbiosis’ expert private practice digital marketing strategy team, you’ll be able to attract exactly the type of patients you’re most interested in.
Rather than being beholden to the expectations of an existing base of patients, you’ll be able to build your own.
You won’t be saddled with the liabilities of an existing clinic, and you’ll have plenty of opportunities to network with other healthcare providers.
And thanks to Symbiosis’ already existing front of house staff, IT systems, and state of the art clinical facilities, you’ll be able to hit the ground running right away.
Oh, and that big fat sum of money you were thinking of investing in buying an already existing clinic? Hold onto it – other opportunities are in store.
Questions? Ask Symbiosis!
Are you considering the options when it comes to becoming a healthcare entrepreneur?
If so, we can help.
We’re Symbiosis, and we’ve helped many healthcare providers just like you start their own private practices and thrive.
We’ve worked with healthcare providers at all phases of their career.
1331 H St NW Ste 200,
Washington, DC 20005
Our Practice In A Box solutions take all the headaches out of opening and scaling your own private practice. We provide the clinic medical coworking space, operations, management, and more. Do what you do best – practice medicine – and leave the rest to us. From start to finish, we make sure your business is ready and thriving. This is what makes Symbiosis the smarter choice.