Running a professional firm or healthcare practice can be challenging. Whether you’re starting out or already established, here are five tips for keeping your business on the right track.
Decide on your ideal equity share
How much equity do you want in your business? Perhaps you’re a sole proprietor at heart who wants to guide your business alone. Or maybe you’re more comfortable sharing costs and ideas. Make a list of what you value (for example, autonomy or teamwork) and pursue your ideal equity situation.
Secure working capital
If you’re just starting out, don’t underestimate how much your overhead will be those first few months. Make sure you have a plan in place to cover expenses.
Get a great office
Your client’s experience starts when they walk through the door. Welcome them with a warm space and comfortable furniture. If they’ll be waiting, keep some interesting magazines on hand (Macleans, Time and Wired are good choices.)
Plan for your equipment’s lifespan
No matter how exciting, all new technology has an expiry date. Whether you’re purchasing a computer or other equipment, build a replacement strategy into your business plan.
Have a succession plan
Will one of your children take over the business when you retire? Will you sell your share to a partner? You’ll have less stress in your pre-retirement years if you have a clear succession
plan in place.