Module 3 – Reflection

The content covered in module three was very familiar as I have spent a considerable amount of time researching and developing a potential business plan as well as spreadsheets documenting personal finances and potential future income. While the content in the module offered some new information and perspectives on the costs of business, the module impacted me most by solidifying the reality of variability, in all aspects of business. In module one I detailed my plan of purchasing a pre-existing clinic from a retiring doctor, with an ideal six months of turnover/training. Based on my ongoing research, the cost of carrying through this plan range from very plausible to nearly impossible. As such for the start-up assignment in module three I decided to base my costs on establishing a small, one room clinic with a single owner/operator in Winnipeg, MB. The annual fee of $3,200 for MCA membership was surprising, however buying quality used tables and renting a relatively small clinic space is fairly reasonable. As discussed in Topic one, I have no intentions of ever using the shoe box accounting method, that being said I expect to scale my accounting and book keeping costs according to the size of my clinic, ideally employing an external service in conjunction with digital accounting software.

My ability to carry out my plan of purchasing an existing clinic will depend heavily on clinics for sale at the time, location and my ability to access funding to list a few considerations. While my original plan doesn’t have a set cost range it is nice to have an idea of what my costs may be if I to decide to start small and from scratch. On the topic of building a business plan and accessing funding, I have received quite differing opinions, ranging from the idea that a sound business plan (and good credit) is almost all that is necessary to secure funding through a traditional bank, to the idea that a bank will laugh in my face when I ask for a substantial business loan with nearly $200,000 student debt. While it is likely that reality falls somewhere in between, this module, and the aforementioned opinions/anecdotes, have reinforced the idea that while everyone will follow a different path with varying success, success is only possible with extensive planning, in the short and long term, starting now.

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