The U.S. Bureau of Labor Statistics projects veterinarian employment to grow 19% from 2021 to 2031. This translates to roughly 4,800 new veterinarian job openings each year. It also shows a considerably faster growth rate than the average for all other U.S. occupations.
As a veterinarian yourself (or a soon-to-be one), the above means you have many job opportunities. However, it also implies that now may be a good time to open your veterinary practice.
But why exactly should you build and run a clinic of your own?
Below, we’ve listed the top pros and perks of vet practice ownership, so read on.
Your Practice, Your Decisions
As a veterinary clinic owner, you can create a practice that reflects your values. You also get to decide on your practice’s philosophy, its vision, and how exactly to operate it.
For example, let’s say you believe every pet should have access to affordable animal care. This is especially crucial nowadays because, as of 2022, vet services have increased by 10%. In that case, you can build a clinic that offers low-cost treatment plans.
Veterinary business ownership also allows you to choose your clinic’s operating hours. You can start as early as you want or provide emergency services. You can do all these without depending on another person’s decisions.
On the other hand, if you remain a vet associate, your employer may not always listen to or implement your ideas. Even if you’re in a partnership, you must still wait for your partner’s approval. So long as you don’t have full ownership, you may not be able to build a practice fully aligned with your vision.
Achieve Your Financial Goals Quicker
Creating a haven for animals may be your primary reason for becoming a veterinarian. The second might have been to secure your future with a well-paying career.
Indeed, vets make a lot; the average experienced vet associate earns about $80,000 a year. However, veterinary practice owners make more, approximately $282,000 yearly. That’s a massive difference of over $200,000!
Thus, owning a practice allows you to earn much more money in the long run. Since you’re the owner, you also decide how much to reinvest in your clinic and how much to take home. Your higher earning potential also lets you clear your student debt faster.
Provide Jobs to Other Animal Lovers
Starting a business in the veterinary field means you create jobs for other people. At the very least, you may have to hire a clinic or vet assistant, vet technician, receptionist, and groomer. That’s four positions for animal lovers who also need to work to feed their families.
Once your clinic becomes more established, you can decide if it’s time to offer more jobs. You can determine this by monitoring your veterinary key performance indicators. If they show increased profits, it may be an excellent time to grow your practice further.
Consider Starting Your Veterinary Practice Today
Owning a veterinary practice is your best bet if you want to work in your dream clinic. After all, you own the business, so it’s entirely up to you how you want to run the show. Best of all, it lets you create a place to fully apply your knowledge and skills in providing animal welfare.
All that should be enough to motivate you to build and start your very own veterinary clinic.
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