Enterprising Doctors Workshop – Part 2 How to Start a Business

Sara Sabin Posted by Sara Sabin on March 24, 2016

ENTERPRISING DOCTORS WORKSHOP – PART 2 HOW TO START A BUSINESS

THE ELEVATOR PITCH BY DOCTIFY

We were lucky enough to have Oliver Thomas and Suman Saha join us from the very successful Doctify to talk our delegates through the elevator pitch.

This is following their successful pitch at Pitch@Palace where 50 companies were selected to pitch to industry leaders. 15 of these companies were selected to go to St James’s Palace and Doctify was one of three winners!

THEIR NUMBER ONE TIP?

Don’t stop talking about your idea, talk to EVERYONE about it and get their feedback! Don’t be afraid of people copying your idea, because you can provide the best solution to that market problem!

TIPS ON HOW TO SELL YOUR PITCH

  • Think of a pitch like going on a first date – present your best face, make them remember you and always leave them wanting more.
  • Keep it short – 60 seconds max.
  • Make your pitch story based and emotional – if you can strike a chord with people, then this is what they’ll remember, not a bunch of numbers.
  • Think about who your audience is and adapt accordingly.
  • Rehearse.
  • Get their attention in the first 10 seconds
  • Your pitch should answer the question “What problem are you solving?” Pick out the most important points to answer this question.
  • Call to action – don’t leave it wishy-washy, book an appointment.
  • Know your market and your client.

WORKING IN PRIVATE PRACTICE

We welcomed Dr Lawrence Gerlis from samedaydoctor to talk about his experiences of private practice.

I think this can be summarised easily by listing the advantages and disadvantages:

ADVANTAGES

  • You can investigate, admit and follow up without the same constraints you may be subject to in the NHS.
  • You often have challenging and interesting patients.
  • NHS GP work can become monotonous.
  • Increased job satisfaction

DISADVANTAGES

  • Risk of isolation.
  • Financial insecurity – with the NHS, you have a guaranteed income and pension.
  • Long and unsocial hours – he is always “on call” and switched on. He must be constantly checking emails even at weekends and on holiday.
  • CQC Appraisals and lots of paperwork
  • Challenges of running a business – accounting, tax, NI etc

Are you prepared to make the sacrifices necessary to run your own business?

OPERATIONAL ISSUES RUNNING A BUSINESS

Charlie Easmon, founder of Your Excellent Health Service, gave his top tips on how to run your business.

  • Manage money and manage cashflow!
  • Accept failure as part of business growth, think of it rather as a learning opportunity.

He introduced Sam Walton’s acronym POCKETS.

P – Price: differentiate your product, don’t discount.

O – Operations: determine what needs to be done and then “ready, shoot, aim”

C – Culture: instil a can do culture with a strong sense of urgency and get ris of under-performing employees within 12 months.

K – Key Item Promotion: determin and uniformly communicate.

E – Expenses: control costs.

T – Talent: Recruit and hire both experienced people and people with a lot of potential.

S – Service: Never take your customer for granted and always offer to fix mistakes for no cost.

OTHER KEY LESSONS

  • Rate of growth should not be too fast or too slow.
  • The Runway – always have more cash than you think you will need (and seek out money early whilst you have a good credit rating!).
  • Compartmentalise – don’t take your concerns into other aspects of your life.

Stay tuned for Part 3 of How to Start your Own Business.

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