I have been hearing a lot of potential nurse practitioner entrepreneurs verbalize a fear that starting a successful practice will be hard because of large corporate ran practice entities competing against you. Let me tell you something right now, DO NOT LET THIS BE A LEGITIMATE FEAR THAT PREVENTS YOU FROM STARTING YOUR OWN PRACTICE!
Fear is the killer of your ambitions. You should not fear these corporate conglomerates. It does not matter if you are starting a telemedicine practice or a stem cell clinic, do not fear the corporate competition. Yes, they will be your competition… But will they prevent you from success? ABSOLUTELY NOT!
You need to be aware that these corporate ran practices lack something very special that you can deliver:
The nurse practitioner or MD that is hired by one of these large corporate ran telemedicine or men’s health practices do not truly care about the patient or the success of that practice, they care about the easy pay check and then they go about their lives when they are done.
Does the nurse practitioner entrepreneur do the same? NO! The nurse practitioner entrepreneur should BLEED with passion for their business and practice. This overflows into every corner of that practice. What does this mean for your patient? It means that they can sense your passion and love of the service being provided, the practice, and most importantly, the patient themselves! The corporate hired provider doesn’t care, they do the bare minimum and go about their day. It is just a part-time job to them.
The nurse practitioner entrepreneur lies awake at night thinking about their practice. They stand in the shower contemplating their next move. They breath, eat, and sleep their practice.
THIS SETS YOU APART FROM ALL YOUR COMPETITION!
If you are truly passionate about what you are doing and can deliver VALUE to your patients lives, then you will succeed. There is nothing to fear.
“Well what about the convenience and cheap prices these corporate outfits deliver?” So what! You can deliver that too WHILE being passionate about your business.
It’s a win win situation at that point! All it takes is to properly market your practice pointing out:
- Convenient care!
- Cheap prices!
- Expert care!
If you do this, you will succeed. You will give these corporate outfits a run for their money.
What advantage does the large corporate practice have over you? MONEY TO MARKET… nothing more.
There are free marketing avenues (blog posts, engaging with your audience over social media, cold calling, etc.), but marketing requires money. The more you spend, the more you will make. This is a business principle and is typically true so long as you provide value to your customers.
So, the large corporate outfit spends a million dollars marketing their hormone replacement clinic. They obtain thousands of patients from this. Good for them!
You? You spend $5,000 marketing your practice, get 20-30 patients, but you provide significant value to their life, and then you begin to get free referral business. What happens next? You get 100 patients and begin making a healthy side income of $10,000 a month. Remember, you do not need 1000s of patients, you only need 100. This is a guiding principle that every nurse practitioner entrepreneur needs to understand. Read that article, it will open your eyes and break you out of your fear.
My friends and colleagues, do not let these large corporate enterprises scare you out of starting your own business. Amazon was created as a small online bookstore. They were competing against multiple large book retailers like Barnes and Noble and Books-A-Million… Look at Amazon now…
If you aspire to create the largest niche practice in the country, then you will need to make this your life and will need to crush the competition. If your aspirations are to create a small niche practice that throws a few extra thousand into your pocket a month though, you have nothing to fear as long as you provide value to your patient’s life. If you do this, keep an eye on what your competition is doing, and have reasonable prices, you will flourish and succeed!