I work with a lot of entrepreneurial doctors and often see quite a few mistakes they tend to make when it comes to business. Here are the top 4 and what you can do about them. Don’t forget the liabilities of your business. Check for insurance savings. Don’t buy the toys!!!! Don’t forget to pay yourself first. Follow these four tips and you may see greater success on your balance sheet. Make it a great day!
One niche of small businesses that I often advise is an “entrepreneurial doctor”. Those are the doctors that work outside of a hospital and aren’t W2 employees. They own their practice and can be dentists, veterinarians, optometrist, etc. Before coming to us there are a variety of business mistakes doctors often make when it comes to the business side of their vocation. These guys are brilliant doctors with varying designations, however, most don’t earn MBA’s on top of that. Business is often not an easy model for these educated folks to understand. In my consulting with them I have seen many, but here are the top nine business mistakes doctors make in their business models.
If you’re a physician, then you attended one of the best medical schools in the world. Why? Because you live in the U.S. However, you may be struggling to make reach your financial goals, despite a hefty salary. Physicians are some of the most specific investors out there. Not only do physicians have a higher student debt, they also have higher liability risks, an above-average income… a complex situation to start with. Here are the top financial mistakes self-employed doctors make and what you can do to change your future. What’s So Different for Physicians? First off, physicians go through years school, meaning they finally begin their career around 27. However, with a residency, it could even be as late as 30 before they potentially start. A much later start could hinder investment options early on leading to some poor decisions. Next, roughly more 60% of all physicians owe more than $150,000 by […]