Chiropractic practices have been around since the days of ancient Greece. From the beginning, we’ve been manipulating our spines and extending our extremities to relieve back pain. Though as ancient and historical as those methods are, the business aspect of being a chiropractor has changed a little bit over the years.
With today’s Small Business Industry post, we’ll take a closer look at what’s happening with the chiropractic industry right now.
Where do you start?
So you know you want to be a chiropractor and you want to open up your own practice, now what? With all the schooling it took to get here, you want to take the correct steps to ensure you’re starting off on the right foot. The first thing you should do is hire on some help. Not necessarily with employees right away, but getting an accountant to advise you would be a good place to start. An attorney is another valuable asset that will help you determine the structure of your company.
After you get the help you need to guide you in the right direction, it’s time to research what type of equipment you’re going to purchase. Though it can be tough to afford the best and newest equipment as a new chiropractor, what’s important is picking the correct equipment for you. Your equipment is going to dictate what sort of practice you run so you want to choose wisely and really look into all of your options before you make any moves.
Which entity is best for you?
Though you have the choice of filing as whichever entity fulfills your personal needs, lots of chiropractors file their practices as an LLC. This is largely due to the pass-through taxation factor of an LLC that many business owners find attractive. LLCs are also pretty easy to set up and simple to maintain. A busy chiropractor may like the ease that goes along with an LLC.
How healthy is the industry?
Simply looking at how long chiropractic practices have been around, you can see that the industry carries with it a sense of longevity. Additionally, according to Healthcare Worker Salary, the average salary of a chiropractor is about $132,000, with the lowest 10 percentile at $94,500, and the highest 10 percentile at $228,000.
Interested in becoming a part of the chiropractic industry? Give us a call at 1-877-692-6772!