From Vision to Reality: Launching Your Independent Veterinary Practice
Starting an independent veterinary practice is a significant undertaking, often filled with questions of confidence and the complexities of establishing a functional business. From designing and specifying your practice premises to financing and sourcing equipment, navigating this process within a budget can be daunting.
Defining Your Vision
Your vision stems from your “why, how and what”. The “why” defines the core purpose, the “how” defines the aims and values to achieve the purpose and the “what” are the goals. These attributes will aid you in structuring what you do and enable a feedback loop to help you stay on track, as long as you check back in with them over time.
The Importance of Strategic Planning
Many established practices face the costly dilemma of upgrading their imaging equipment—not because it’s worn out, but because it no longer meets their evolving needs. We often see independent veterinary practices replacing or upgrading high-quality imaging equipment after about eight years due to advancements in technology and the desire to stay competitive. While it’s understandable for new practices to shy away from “Ferrari-level” equipment, it’s vital to consider how your practice services and staff skills will progress over time. This raises an important question: Can you afford to buy cheap or risk having to buy twice? Buying imaging equipment from your wholesaler may seem like a simple choice, but do they understand what you need, and are they providing you with the solution that fits your needs, or just providing you with a box that they have and consolidating your spend with them?
Investing Wisely
This is where sound advice becomes invaluable. Futureproofing your business means considering your long-term needs from the outset. Interestingly, the monthly cost of financing premium equipment can be only slightly higher than that of entry-level products, which may need to be replaced within three to four years. Investing wisely from the start can save you both money and hassle in the long run. For example, the cost difference between your desired product and a “make-do” option might only be £20 to £30 a month—an amount that pales in comparison to the revenue generated from a single standard scan or X-ray. There are reputable finance companies specialising in the veterinary sector that can assist in this area.
Common feedback from new startups often highlights that building costs overruns leave little budget for essential equipment. It’s worth asking: Where do your revenues come from? Is it the aesthetics of your practice’s bricks and mortar, or the tools you have to do the job effectively? The answer ties back to your vision and values in running the practice and underscores the true value of what you offer.
Preparing for Growth
In the early days, most functional imaging products can support a first opinion practice. However, as your caseload increases and your aspirations for growth evolve, having the right tools becomes essential. Effective imaging not only helps attract more complex cases but also positions your practice to hire and retain skilled staff. For instance, offering laparoscopic spay procedures when other local practices do not can serve as a unique selling proposition that differentiates your practice in the market.
Bridging Skill Gaps
Recognising your own skill gaps in managing a practice is a strength, not a weakness. Many reputable companies can assist with strategic development and marketing. Collaborating with equipment suppliers who provide continuing professional development (CPD) can ensure your skills align with your business goals at the appropriate time for you, maximizing your potential and ultimately benefiting your patients.
Conclusion
Starting an independent veterinary practice is no small feat, but with the right approach and support from a trusted partner who understands your business, you can build for success that not only meets the demands of your clientele but also aligns with your professional values. By focusing on strategic planning, wise investments, and continuous learning, you can navigate this journey with confidence and clarity.
Related Learning
Meet Craig Hoines …
Here to help new start up practices
I joined IMV in 2007, initially promoting X-ray solutions before expanding my focus to all imaging modalities. My career took another turn when I moved to the farm animal division, where I managed the distribution of the Easi-Scan and Ovi-Scan range. Now, I’ve come full circle, relishing the opportunity to support new practices with the exceptional backing of IMV.