If you are a new optometrist in your field, you might be wondering what your first job should look like. You might be interested in starting your own optometry practice, or you might be interested in buying an optometry practice. If you decide to start your own practice, you will need to build it from the ground up. If you decide to buy an optometry practice, you might need to spend more money, but you will already have an established building, staff, and patient load with which to work. Ultimately, this is a personal decision, but it is critical to take a look at some of the pros and cons. What are some of the most important factors you should consider? If you would like help during this process, it’s always a good idea to look for help from optometric consultants such as Akrinos.
First of all, congratulations on taking the next step toward optometric practice ownership. Whether you decide to buy an optometry practice, or you choose the optometry startup route, it is important to do your due diligence. In this article, we will go over everything you need to know so stay tuned. As always, don't hesitate to reach out.
First, you might be interested in buying an existing optometry practice. Maybe you are thinking about taking out a loan to purchase a practice in the local area. Or, you might be interested in taking over for an eye doctor who is retiring soon.
There are several significant advantages of buying an existing optometry practice. They include:
Clearly, there are a lot of benefits that come with purchasing an existing practice. Because many of these important details are already in place, you don't have to spend as much time on the minutia of building a practice. On the other hand, there are several significant drawbacks you need to consider as well.
A few of the drawbacks of purchasing your own practice include:
It is also important to consider the drawbacks of building a practice. Even though it might be the right move in certain situations, you need to weigh the benefits and drawbacks carefully before you decide if it is the right move.
If you want total and complete freedom to design your own optometry practice, then you might be thinking about opening one for yourself. A lot of challenges come with starting an optometry practice, as you will need to put on the hat of an entrepreneur. You need to think about every aspect of your optometry practice, how you will generate revenue, and how you will provide your patients with the quality care that they deserve. You will have a tremendous amount of freedom and autonomy, but you need to weigh the benefits and drawbacks of this option carefully before you decide if it is right for you.
You will enjoy many significant advantages if you decide to open your own optometry practice. A few of the biggest benefits to keep in mind include:
Ultimately, starting your own optometry practice means that it is yours. You get to choose the staff, you get to choose the marketing plan, and you get to choose the equipment that goes in your practice. You also get to choose who you want as your patients.
On the other hand, some drawbacks come with starting a new practice. Some of the obstacles you will need to overcome include:
Starting a new practice can be exciting, but there are a lot of challenges to overcome. You may want to learn more about the process by looking at some of the lessons from Akrinos.
Regardless of your path, it is important to make sure you put yourself in the best position possible to succeed. Some people might be interested in buying an existing practice, while other people might be interested in starting their own. At Dental & Medical Counsel, we provide access to an optometry lawyer who can work with you during the process and ensure that all factors have been carefully considered. An optometry attorney can take a look at your situation, review your options, and make sure you do not overlook anything important. If you would like to learn more about how we can help you, contact us today to speak to a member of our team.
At Dental & Medical Counsel, PC, we understand optometrists have trouble navigating the legal process. We believe every optometrist deserves the best advice and service so doctors can do what they do best, treat their patients. We make optometrists' lives easier by providing expert guidance, so they can focus on their personal and professional aspirations.
About Ali Oromchian, Esq.
In addition to practicing law for almost 20 years, Ali is also a renowned speaker, throughout North America, on topics such as practice transitions, employment law, negotiation strategies, estate planning, and more! Ali has helped hundreds of optometrists realize their professional goals and looks forward to aiding you in navigating the legal landscape.
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