If you’re looking to start your own veterinary practice, congratulations!

You’ll have a lot to think about and plan. But, there’s nothing like being able to run your practice exactly the way you want to—to make your dream come to life.

This article is the first in a 10-part series discussing the different aspects of practice ownership—everything from location, to staffing, to equipment, to marketing.

This will help you think through some of the key decisions that come with opening a practice of your own.

Veterinary Practice Location

Of course, one of the very first questions you might ask yourself is where your new business should be located.

In some cases—such as if you have a spouse with a long-term local job commitment—you may not be able to relocate.

But, even then, you could look at nearby cities within an hour’s drive (or, however long of a commute you are willing to make).

Whether staying in place or relocating, when looking at your desired location, here are some things to ask yourself…

• What’s my ideal clientele? 

When looking at local socioeconomic factors, does this line up with the level of care and pricing strategy you intend to offer? Also, is your clientele younger and more likely to want things like telehealth and online appointment scheduling?

• What’s my competition? 

Knowing whether your ideal location is already saturated with veterinary hospitals can help determine whether it’s wise to open a new practice there—or, at least help you think of some way to differentiate your practice from the crowd.

• Which logistics do I need to consider? 

For example, what’s the parking situation like? Are you conveniently located near major roads or shopping areas? And, where on the property can dogs go to the bathroom?

Services Offered

Are you a general practitioner? A specialist? 

Knowing EXACTLY what you offer will help determine where you fit within the local community.

For example, a neurologist or ophthalmologist may fit in nicely even if the area is already filled with GPs.

And, if you are a GP, maybe there’s some other way to distinguish your practice and provide something new and unique to the community. For example…

• Emergency hours.

• Urgent care hours.

• Care for exotic pets.

• House calls.

• Hospice care.

• Acupuncture or holistic care.

• Large animal care and farm calls.

Will You Be On Call?

Depending on your state’s practice license requirements, you may need to provide access to 24-hour pet care—whether at your hospital alone or by recommending a local 24-hour facility to your clients.

So, if you don’t intend to be on call for emergencies, research what’s available in your area to fill this need for round the clock emergency services.

To Build or Not To Build?

Do you want to build an entirely new facility, tailored to your specific vision? 

This may be to your benefit, especially if you want to integrate some of the Fear Free standards for lighting, insulation, separate entrances, and more.

On the other hand, you may have found a practice for sale at a location that’s hard to beat, with an established clientele.

While less common, franchising may also be an option.

In any case, you’ll also have to decide whether to buy or lease the property.

The Legal Stuff

If you don’t have the right business permits and licenses, that could result in severe financial or disciplinary penalties.

You’ll need to research what’s required in your area, but examples include…

• Veterinary licenses for yourself and all associates.

• A veterinary practice permit.

• Local business licenses for your city or state.

• Registration for taxes.

• Forming an LLC, corporation, or other legal entity.

• A DEA license for controlled substances.

And in addition to licenses and permits, you’ll also need to plan for…

• A CPA or other professional for bookkeeping, financial planning, and filing your taxes.

• Liability insurance.

• Occupational health and safety requirements (OSHA).

• Hazardous waste and EPA requirements.

• Employment contracts.

• Developing a business plan.

Considerations for Modern Times

Modern times have resulted in the need for changes to the way most veterinarians practice.

At the time of this writing, curbside service is the norm because of the coronavirus pandemic. And, telemedicine is being added to many practices.

Because of the convenience of telemedicine in your clients’ busy schedules, many pet owners may expect this service to continue even after social distancing precautions are lifted.

So, what modern services and conveniences do you think your potential clients will want? How can you stay competitive?

It’s Best to Work With A Consultant

Before you make a big investment, it’s a good idea to work with a consultant—or, more likely, a team of several experts and advisers.

These specialists can walk you through legal, financial, demographic/feasibility information for start-ups, valuation for the sale of established practices, HR management and compliance, real estate, equipment and supplies, and various other aspects of practice ownership.

This will not only save you time but also ensure you’ve considered all angles and have the best chance of finding success as a veterinarian and business owner.

One helpful resource is Vet Partners, where you can search for experts and consultants by location and specialty.

Look for veterinary consultants, and for businesses (such as banks and real estate agents) who are used to working with veterinary practices and understand the nuances of your business.

Also, consider talking to other veterinarians who have been in your shoes and purchased a practice recently, who can share the wisdom of their experience. 

How Will Your Clients Find You?

Once you establish your dream practice, you need to ensure new clients know you exist, and that they want to bring their pets to you.

In this day and age, your online presence (your website and social media) will play a large role in helping new clients find you.

So, in the next article, we’ll have some tips for making sure your online presence truly conveys how great your practice is.

Stay tuned!

Written by: Dr. Tammy Powell, DVM