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If you’re considering entering the world of podiatry ownership, one critical decision will be whether to build your practice from the ground up or buy an existing one. In this episode, I talk with Jonathan Small from Health First Foot & Gait Clinic, and he discusses why buying an established podiatry business can be one of the smartest financial moves you can make.
Immediate Cash Flow and Stability
One of the major advantages of purchasing an existing practice is the immediate cash flow it provides. Unlike starting from scratch, where you may have months or even years of slow growth, a pre-existing practice has an established patient base and a steady income. This cash flow can be a game-changer in terms of securing financing, managing operational costs, and providing financial stability as you grow your business.
Systems Are Already in Place
Starting a podiatry business from scratch can be overwhelming, especially when it comes to creating effective systems for operations, marketing, and patient care. When you buy an existing practice, these systems are already in place, saving you time and money. Not only do you inherit a working structure, but you also gain the opportunity to improve and scale these systems to suit your vision.
Access to a Trusted Team and Clientele
A well-established practice often comes with a loyal team and a strong client base. This can drastically reduce the time and effort needed to build trust in the community. If you’re strategic about maintaining the relationships with existing patients and staff, you’ll have a solid foundation from which to expand your business.
Faster Growth and Return on Investment
By acquiring a business that’s already up and running, you can focus on making improvements and scaling rather than spending valuable time establishing the fundamentals. Many podiatrists who buy established practices see quicker returns on their investments, thanks to the pre-existing revenue streams and customer relationships.
Less Risk and More Knowledge
The risk associated with buying a practice is often lower than starting one from scratch. You’re buying into something with a proven track record, not a concept or idea. The lessons and mistakes made by the previous owner can also provide invaluable insights, helping you avoid the common traps that many new business owners fall into.
Ready to Take the Leap?
If you’re considering buying a podiatry practice, make sure to do your due diligence. Evaluate the financial health of the business, assess the condition of its systems, and ensure the practice’s culture aligns with your vision. A purchase like this could change your professional life forever and set you on a path to success.
If you would like to talk to Jonathan Small, you can email him at health1first@aol.com or footmanj@aol.com
If you have any questions about this podcast episode or are looking for a speaker for an upcoming event, please email me at tyson@podiatrylegends.com, and we can discuss the range of topics I cover.
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