Article: Open your dream veterinary practice in 5 steps

ArticleJune 14, 2022

Open your dream veterinary practice in 5 steps

Discover the five crucial steps to prepare for practice ownership — plus additional tips for aspiring veterinary practice owners we gathered from Provide’s team of experts.

You’re in an exciting period of your life: opening the veterinary practice of your dreams. It will take some time, but with the right plan and team in place, you’ll be serving your local community before you know it.

To help you get started, we’ve prepared a list of things to consider as you start your journey.

How can I best prepare for opening a veterinary practice, and how long will it take before I can officially open my doors?

The real answer: It takes time. But here’s how you can prepare and make the journey more exciting rather than overwhelming:

Speak with a lender — Before pursuing your dream veterinary hospital or clinic, first you should speak with a lender and get pre-qualified for financing. It’s important to understand what lenders look for in a borrower (like solid credit history and the ability to make on-time payments), their overall lending process, and what your budget looks like prior to kicking things off with your veterinary-specific team.
Consider the location of your practice — Once you’re pre-qualified, we can help introduce you to a veterinary-specific commercial realtor who can assist with locating a space in the area you want to start in. They can even conduct a demographic study to verify that this area is the best location for a veterinary practice — and if not — they’ll be able to give you other areas to consider.
Source equipment — You’ll want to research the kind of equipment you need, see if it’s within your budget, and find a good marketplace with full warranties on your equipment.
Build your dream team — Opening a business can be an incredibly tedious process, and leaning on your appointed office staff to help with your journey is essential to a smooth experience.
Develop a marketing strategy — One that perfectly encompasses your vision will not only keep you more organized but will also help you stay on course with your career goals and motivations. After assembling your dream team, sit down with these experts and create a plan. Set goals, identify the audience you want to speak to, define your practice’s brand and personality, develop a production team, and always ask for feedback as you work your way toward defining who you are in the industry.

How can a team of experts help me throughout the process?

There is so much to do in what seems like a short period of time (and keep in mind that you’ll likely be doing all of this while maintaining your current job). When it comes to veterinary financing, no two projects are the same — whether you dream of starting a new practice, or acquiring or expanding an existing practice. But, with the right team in place (i.e. lender, commercial realtor, attorney, contractor, equipment vendor, etc.), you can overcome any obstacle. You can lean on your team to help you with:

Creating your vision
Securing financing
Defining demographics
Finding the right equipment
Locating your perfect practice

Should I find an existing practice to acquire or start one of my own?

While it’s tempting to start your own practice, it can also be expensive. Financial considerations play a factor in a provider’s decision to go with an existing practice or start their own. With an existing veterinary clinic or hospital, you have the added benefit of building rapport with pet owners within an existing network, as well as less time spent working to get your practice off the ground. If you’re eager to get started, we recommend you start by searching for an existing practice. You’d be surprised to find that the practice of your dreams is closer than you might think.

As you’re preparing to open your veterinary practice, remember that you’ve already conquered the hardest part — becoming a healthcare provider. With each step you take, you’re one step closer to your dreams.

Visit getprovide.com and get pre-qualified to start building your dream practice.

This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by neither Provide, its affiliates, nor Fifth Third Bank, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.