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Financial Considerations
Money is perhaps the number one consideration after your why that will ensure your DPC success. Prior to giving notice and quitting your present job, you must have a very strong grasp of your personal and professional financial situation.Â
There are innumerable tools to help with financial planning, and a brief online search will open a world of financial self-help for you to explore.
At the least, you should consider addressing the following:
- Figure out your home budget. Or -- taking a step back -- look back at several months’ worth of spending and income. Where is your money going?
- Get your debt under control. Refinance, consolidate, and pay off credit cards.
- Come up with a plan to stop adding to your debt.
- Think about what financial resources you have: a benefactor? Access to free office space? A DPC doctor near you looking to partner? A spouse who has a stable income?
- Sell what you don’t need: switch neighborhoods, change schools, sell a car. What can you change to have more money available to you?
- Make it rain while you can: there are a lot of jobs in medicine that are temporary and pay well. These jobs might be a tool to help you create a more secure financial foundation. Review this Member Only article for more about Moonlighting and Side Hustles options.
The general saying for new small businesses is to plan for minimal to no profit for at least three years. This has not necessarily been the case for DPC startups, but in terms of managing money, if you chose to leave an employed position with a secure income and open your own practice, you need to plan for a dramatically different financial future. Stop spending; start saving now!
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Financial Considerations
Money is perhaps the number one consideration after your why that will ensure your DPC success. Prior to giving notice and quitting your present job, you must have a very strong grasp of your personal and professional financial situation.Â
There are innumerable tools to help with financial planning, and a brief online search will open a world of financial self-help for you to explore.
At the least, you should consider addressing the following:
- Figure out your home budget. Or -- taking a step back -- look back at several months’ worth of spending and income. Where is your money going?
- Get your debt under control. Refinance, consolidate, and pay off credit cards.
- Come up with a plan to stop adding to your debt.
- Think about what financial resources you have: a benefactor? Access to free office space? A DPC doctor near you looking to partner? A spouse who has a stable income?
- Sell what you don’t need: switch neighborhoods, change schools, sell a car. What can you change to have more money available to you?
- Make it rain while you can: there are a lot of jobs in medicine that are temporary and pay well. These jobs might be a tool to help you create a more secure financial foundation. Review this Member Only article for more about Moonlighting and Side Hustles options.
The general saying for new small businesses is to plan for minimal to no profit for at least three years. This has not necessarily been the case for DPC startups, but in terms of managing money, if you chose to leave an employed position with a secure income and open your own practice, you need to plan for a dramatically different financial future. Stop spending; start saving now!