Tag Archives: mistakes

Pitfalls to Avoid When Starting Your Practice

Have you been dreaming about starting your own practice in your field or specialty of medicine? There are some important decisions to make and pitfalls to avoid when deciding to start your new practice. Read more about all of the different mistakes that other physicians have made when beginning their businesses and learn how to avoid these mistakes for yourself with this informative article from Boulevard Medical Properties. See all your options for incredible medical suites for lease when you call the experts at Boulevard Medical Properties today!

Location is Key

If you are just starting out as an independent physician with your own new medical practice, you may be able to take some patients from your old job, but a lot of your clients may not choose to follow you. There are not a lot of ways to avoid losing some patients when you choose to start working for yourself, but a good way to be proactive about client retention is to choose a location that benefits your practice. For example, if you choose to specialize in pediatrics, you’ll want to begin your own practice in a town that is family friendly, and in an office building that isn’t anywhere near your previous job. Even if your previous place of employment did not specialize in the same specific medical field as you, they will still be competing for patients in the same demographic as your new business. Avoiding any major competition is an important factor to keep in mind when attempting to plan a successful new practice! Get expert advice on the best new medical suites for lease when you call the Boulevard Medical Properties team today!

Spending Too Much Money Too Quickly

As with any new business venture, a medical practice will have major financial needs in order to officially get up and running. Even the process of submitting your business as an official entity costs money, not to mention the supplies you’ll need to outfit your facility. While you should be efficient in purchasing any medical equipment and adding on any members of staff that are vital to your daily work, it’s important to remember that spending too much money on supplies and employees could very quickly become a financial problem. If you are not great at bookkeeping, or if you find it overwhelming and time consuming to do on your own, try to hire an accountant to help you through the beginning of your purchase history. Having someone constantly paying attention to the money you’re spending can be a huge help down the line when you are trying to cut back on spending and make a profit.

Buying a Building Instead of Leasing

If you are an established physician who is looking to start a new practice with a staff that you already know and a patient roster that you will be transitioning over, buying a medical office building instead of leasing may be an option for you. However, beginning physicians and even established doctors should consider the more affordable and intelligent option which is browsing all available medical suites for lease. This option could be the better choice especially for less established doctors because it provides the physicians with the flexibility to choose from better amenities at a cheaper cost, and it affords them the option to move office buildings in case of an expansion! If you choose to purchase a full medical office building, you could be strapped with extra fees like heating and air, trash removal, water costs and you would also be in charge of fully furnishing the building’s interior and maintaining its upkeep. Find out more about how to find the best medical suites for lease when you receive expert help from Boulevard Medical Properties.

Let Boulevard Medical Properties find your next incredible office building today!

Mistakes to Avoid When Establishing Your Practice

Starting your very own medical practice can be as intimidating as it is exciting. Knowing where to begin is often a mystery that eludes even the most well-prepared professionals. Before diving straight into your practice, take a step back to establish yourself. Knowing what not to do is just as important as knowing what to do, and that’s what our Boulevard Medical Properties professionals want you to know.

It’s unfortunate to see the same mistakes being made over and over again. We don’t want you to fail in this exciting time, where it’s most crucial for you to start off on the right foot. Take a close look at these common mistakes to avoid when leasing a medical office space in Los Angeles, and you’ll be on your way to establishing a successful medical practice on your own.

1. You Don’t Get the Right Loans

Starting any kind of business or venture requires loans. No matter how much you have in your own pocket to invest right off the bat, you’re going to need some reliable financial assistance.

However, that doesn’t mean you should go with the very first loan or banker that comes your way. It’s essential to shop around and find the right loan that works for you. Starting with the SBA is a good place to start, although you need to put a lot of time and work into finding the right person for the job. Make sure the terms are transparent and completely workable for your specific needs.

2. You Don’t Have the Right Location

Just like in real estate, having the right location can be the difference between heavy traffic and no traffic at all. You want to make sure you establish yourself in an area that is relatively well known, where you know a lot of people could benefit from having a medical practice right there on the block.

Boulevard Medical Properties is highly experienced in helping you as a medical professional find the right medical office space in Los Angeles. Please give us a call if you haven’t yet found the perfect place for your practice to call home. Don’t settle for something super cheap because it’s far away. Get your eyes on a good location and start bidding for it.

3. You Don’t Plan Early On

It’s never too early to start planning. It’s understandable how eager you are to get started, but that doesn’t mean that you should jump right in without having all the necessary details planned out first.

And your planning should go far beyond the brainstorming phase. You need to be sure that you have all elements of your medical practice ready, including:

  • Getting the right lenders
  • Establishing your location and working with a real estate agent
  • Conducting business with all third-parties who are involved in your practice
  • Getting insurance policies down
  • Hiring all needed staff members
  • Getting contractors to help you with your construction or remodeling needs

It’s advisable to allow yourself at least 6 months to start planning for your practice. But just know that you should give yourself all the time you need to get things in order.

Take Your Medical Practice to the Next Level with Professional Property Services

At Boulevard Medical Properties, we want to ensure that your practice is starting off the right way. From the pre-planning phase to the first day you open, we can provide vital tools and resources needed to set you up for success. If you have additional questions about renting the right medical office space in Los Angeles, or you want to inquire about loan and banking options, please contact us right away. You can reach out to us online or give us a call at (818) 882-5700.

Common Mistakes to Avoid When Starting Your Medical Practice

If you’re ready to begin your own medical practice, there are a myriad of decisions to make and obstacles to avoid. Starting a business is always risky, but the benefits of owning your own practice are expansive and rewarding. Being a successful business owner is easy when you know what common mistakes to avoid, so let our experts at Boulevard Medical Properties help you start on the right foot.

No Clear Business Plan

In the medical world, practices are often defined by the kind of care offered and the type of insurances accepted. This is an important decision to make as a business owner and if you don’t have a clear direction for your practice, it may be a rough start.

Before you begin hiring employees or researching medical office space for lease, decide what your practice will specialize in and what types of insurance will be accepted. When you have a clear plan and you can confidently outline your future goals, your current situation becomes that much easier to plan.

Once your model is firmly established, you need to begin a layout for the future as well. Establishing a long-term business plan will benefit your practice for years to come as opposed to a strategy composed of smaller goals that you will accomplish in a handful of years. Continued growth is the key to maintaining a great and successful practice.

Lack of Sufficient Capital

Starting a new business is a difficult pursuit and along the way, there may be extra fees or higher prices that are not anticipated in your business model and revenue plan. It’s important to have the right amount of capital for the practice you are attempting to get off the ground and it is always a good idea to over budget and take your location into consideration. For example, minimum wage differs from state to state and even between cities. This discrepancy can affect the salaries for all your employees, as even salaried workers will expect a different yearly amount based on how high the minimum wage is.

Another example comes from leasing or purchasing of an office building for your practice. In some states you may need a significantly smaller amount of money to purchase a building or secure a lease, but if you are in a more urban area of a larger city, the rent and down payment on purchases will increase dramatically. If you’re looking for the perfect medical office space for lease, contact our team at Boulevard Medical Properties today to start your search. Leasing medical offices instead of buying full buildings is an effective way to cut down on your costs and give your growing business the flexibility it needs.

Making Large Purchases Immediately

Once your business has a building, employees, and a strategic long-term plan, it can be tempting to begin buying every new piece of equipment that is available. This is a common mistake made by new medical professionals who want to bring cutting-edge technology to their practice to increase the number of new patients. This is almost always a costly move, however, as the newest technology may have nothing to do with your specialty or it may be an expensive item that is not utilized in your everyday appointments.

The best way to make sure you’re only buying integral medical supplies is to start with the technology and equipment you use on a daily basis. If your specialty requires an expensive piece to perform standard appointments, do your research to make sure you are getting the best equipment at a good price.

If you’re searching for the perfect medical office space for lease, call our team at Boulevard Medical Properties. Find a great new office at an affordable price today!