In this episode of the Profitable Practice Podcast, I discuss how trying to “specialize” or “niche” your practice right out of the gates is the WRONG strategy if you are a new grad wondering what to focus on to grow your practice. I also share what I recommend focussing on instead. 🙂
Specializing or niching yourself in the first 3 years of practice as a new grad is just bad business.
This is the first in a series of podcasts on preparing yourself and your practice to take full advantage of the busy season in our industry. (Yes, the Fall and leading up to Christmas is our primary sales cycle!) When you read/listen to advice from successful clinicians and business owners alike, the first thing they will tell you is how much better their business was since they “niched” it. This may lead a new grad to think “I will have to niche myself and do the same to be successful faster.” and promptly start trying to figure out their ideal patient/specialty.
For a new grad, this strategy is a usually big fat time and money wasting mistake!
If your reaction to the idea of niching is “… but I want to/am trained to help everybody!” you are not alone. As a new grad, I believe this is actually the RIGHT reaction to have.
Don’t get me wrong: discovering your ideal patient niche is a valuable exercise, and I recommend you do it. But there is a right and a wrong way to go about it. Trying to niche yourself too early can be a major distraction in the early years of practice and can actually turn those ideal patients away if not executed properly.
So what IS the only thing a new grad should focus on to grow your practice in years 1-3?
Tune in to find out!
In this episode:
- [2:22] Why niching is the WRONG strategy for growing your practice as a newly graduated practitioner.
- [4:15] What you should be focussed on instead.
- [5:15] The inside scoop on those who support niching your practice – do you really have enough expertise to specialize and niche yourself.
- [6:25] School trains you to be a great practitioner, not a great business owner. You need time to learn this aspect of your career.
- [8:24] What my process of learning the business side of practice has looked like.
- [9:14] There are different ways to find your niche – but they all have one thing in common.
After you’ve listened to the episode, I’d love to hear from you!
What do you think of this strategy? Are you a new grad looking for what to focus on to grow your practice, or have you been in business a while? Have you struggled to niche your practice too early? What happened? Either way, I’d love to read what you have to say on this topic.
The best part of this podcasting thing is getting to discuss the topics with YOU after the show both here and on social media. When I learn something new, I love scrolling and reading all the ideas and questions people share. You never know when a comment you leave online will be the thing that helps another along. So, please leave a comment below and let us all know you’re here and awake.
Thank you so much for listening in to the Profitable Practice Podcast this week. Your commitment to learning and improving your business savvy matters – not just to your bottom line, but to the patients who are just around the corner, waiting for you to show up and help them change their lives… because you can’t help people if you aren’t running your business right.
P.S. This episode is a result of a conversation I had in one of my FREE 30 min practice strategy sessions. If it has inspired you, imagine what we could do together in a session just for you! Let me help you MAXIMize your practice: Sign up here.
Other Episodes you might enjoy:
- Streamline Your Business, Simplify Your Life [PPP #97]
- In-Office or Online Dispensary… You Choose! – Interview with Debra Wolf of FullScript [PPP #102]
- Should You Start Your Business While Being a Student? [PPP #90]
Ready to get your WHOLE PRACTICE humming along on a solid foundation?
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