| Now is the time to actually write out some of your goals. Be positive and use the present tense. Start with simple goals. “Develop a successful practice serving the needs of elderly patients.”
Use the SMART method
- Specific - Your goal should have sufficient detail. Don’t plan on seeing “more” patients. Plan on seeing 20 patients per week after the first six months of operation.
- Measurable – Goals should be measurable. “I will make one public speech every month.”
- Action oriented – Goals should be about change. “The practice will have a new website designed and up by the end of next month.”
- Realistic – Goals should be doable or you will end up frustrated and the goal will become a distraction.
- Time-sensitive – Write goals in the present tense and make sure there is a timeline attached. Revise goals as necessary.
Now refine your goals using the SMART plan and this short quiz on practice management (Microsoft Excel file).
Start early
Thinking early about your business plan will help to focus your thoughts about the type of practice you intend to embark on. For example, you may come out of college with too much debt to even consider borrowing more to outfit a new practice. In this case working for an established clinic might end up being your only option, and reduce your own stress over the first few years.
Use the Internet
There are many great sites with free materials to help you develop a business plan. Two excellent resources are:
At this stage start with a rough plan, but it will guide you when you visit other practices and ask for information. You will probably need help with the financial projections, but don’t worry too much at this stage. Just get started with five or six sections in a binder that you can add to as you go along.
5 months to Opening
Complete business plan
There are many resources for writing a good business plan. Business plans are not just a tool used to secure financing. They are a tool used to document the future goals and objectives of your business and how you will get there. After you have spent so much time and energy writing your plan, don’t just put it on a shelf, refer to it and compare your actuals with your projections.
See these websites for guidance on how to write a business plan and for business plan templates for step by step guidelines on how to write your plan:
And many more! Do your own Google search, and you may even find a template more specific to your particular type of practice. The CAND  have a nice template on their member site, and Dr. Eli Camp generously provided this excellent sample business plan  to help you get started. Just be sure to make the business plan yours. You should be able to instantly explain any statement or number in your plan.
If you are a female entrepreneur, there are many organizations that are there to support you. Do a Google search for such organizations in your area.
Register your business with provincial/state
You will need to register your business with the Canada Revenue Agency. As a naturopathic doctor, you will register your business as a sole proprietorship.
Register your business with the Canada Revenue Agency . You can do this online and it is free. This website will provide you with the information that you will need to register your business. If you are opening your own clinic, you may decide to incorporate the clinic or register the clinic name separately. This may be done as a sole proprietorship or as a partnership. |
