In this episode we talk to Dr. Steven Coward ND of Asheville Natural Health and Homeopathy. I met Dr. Coward through a preceptorship I did in the Fall of 2013 and he’s the real deal. He works only four days per week and has a net income of around six figures. In this podcast he tells us how he does it.
Learn more about:
- Bringing in your first patient
- Why it’s important to practice in an area you like
- The essentials of starting a practice
- How much money to budget when starting a practice
- Why a bigger practice isn’t necessarily better
- Keeping overhead low to maximize profit
- Using billboards for name recognition and visibility
- How to make money in your first month of practice
- and much more…
This is one of my favorite shows. Enjoy.
One of the tips that Dr. Coward gives is to have some street visibility, especially when starting out. His first clinic location was right next to the health food store in Asheville. He had a good sign that people were being exposed to, even if it wasn’t conscious. When he would meet people and tell them what he did they would recognize the name and it worked well to increase familiarity with his practice. If you don’t have a clinic location in a very visible place he suggests getting a billboard for the same effect.
Another important thing that Dr. Coward did was keep his overhead extremely low, so that he always made money. What this meant was getting a simple clinic space early on and having some modest savings for his initial supplies. Even now he has a simple clinic setup, but that allows for more money to be put into his pocket and less paid out to the landlord.
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