In 2018 alone, nearly 58% of DPC Physicians said debt for their startup in DPC was an average of $92,083.33 per practice. ~DPC Journal, Jan-May 2018 Physician Poll. The Association of American Medical Colleges reports that the average medical school debt balance for graduating physicians in 2015 was $183,000, and is no doubt higher today. Add that burden to their average undergraduate balance of $24,000 and the total average student loan balance for a doctor is $207,000.
By The DPC Journal, Staff Writer
JUNE 27, 2018 – One of the riskiest times for any business especially those in the direct-pay, private medical marketplace is when it first opens. In the first two years, three of every ten start ups go out of business according to the US SBA.
Keep expenses down. Look for every possible way to save. This will allow you to keep going longer, hopefully until revenue starts to cover your practice expenses. Postpone unnecessary purchases, or pick up a broom and clean the office yourself. Do it all yourself, for as long as needed. Polls from our readers at The DPC Journal report that the majority of DPC and private, direct-pay practices employ less than 2 employees per year.
Should you go into business with a best friend? | Clark.com
By Susan Schreter | November 28, 2016 3:19 pm
Are you planning to start a business with a friend or family member? If so, you are in good company. About half of all startups today are organized among friends, family members or spouses. It makes sense too because in today’s highly competitive business climate, startup entrepreneurs want to pursue their most ambitious goals with people they trust. So why is it that the longest, most emotionally wrought letters I get from business owners seem to involve partnership battles with “former” best friends?
Here’s what happened when a bar went completely cashless
By Bob Sullivan | Credit.com | November 1, 2016 9:28 am | Clark.com
When Sam Largent opened his second bar in the Seattle area, he thought he’d take a bold risk: No cash allowed. Well, no physical currency, anyway. All customers must pay with plastic. Debit and credit only; no greenbacks welcome. “I’d seen a few other places do it, so I thought we’d try it,” Largent said. He anticipated complaints, but he got hardly any. Things went so well that the original Flatstick went “cards only” this month.
Is it smart to use retirement accounts to fund a new business?
By Susan Schreter | February 18, 2018 3:00 pm
I love helping entrepreneurs set purposeful goals for their new companies. And because they are often doing things that are new to them, they need encouragement too. This is why I frequently write, “You can do it” at the end of many of my columns. However, there are a few occasions when I emphatically say to business owners, “Don’t do it!” I don’t have many absolutes in business building, but I do consistently discourage entrepreneurs from using precious retirement funds to launch a startup business.