Becoming Self-Employed in the Health Care Industry

So you want to start your own business? It's a tempting idea - creating your own hours, choosing your clients, hiring your own staff, getting your own office, etc. You might even be able to make more money working for yourself. Being self-employed can be a career choice which offers you more flexibility and authority in your job.

Many health care professionals are able to become self-employed, whether they are starting their own practice or becoming an independent contractor. However, it's not easy to start your own business. There are dozens of factors to consider, including everything from the money it will take to get started to how it will affect your personal life outside of work. Listed here are some of the top priorities you need to explore if you are considering self-employment in the health care industry. Be sure to carefully examine each of these areas before making any important decisions, like quitting your job, for example. You may also want to seek the advice of professionals regarding marketing, law and taxes as well before making the move to self-employment.

1. Types of Self-Employment
First thing's first - you need to decide what type of self-employment will work for you. For health care professionals looking to open up their own business, you may want to consider starting a private practice. This can be a personal venture or you can team up with other professionals. Most private practices have their own office with working business hours, as well as one or more support staff to help with scheduling and other office needs. This is a good option for health care practitioners who need a defined space for all their equipment and health care services. For example, a physical therapist may need to have their own space for rehabilitation equipment and other devices used during therapy. The other option with self-employment is becoming an independent contractor. This is great for health care workers like massage therapists, who may have an easier time going out to visit clients one-on-one and provide services on a contract basis.

2. Money
If you want to buy or lease a space where you can offer your health care services, you'll need some start-up money. This can require taking out large loans, so if you have trouble with debt or credit history it could be quite a challenge. Beyond that, you'll also need to purchase office equipment, supplies and furnishings for your space. Don't forget that you'll also be responsible for paying your own taxes, and independent contractors may also have to pay a separate self-employment tax. These are all things which need to be thoroughly investigated, especially because bad financial decisions can make or break your business.

3. Legal
Do not forget about the legal aspect of providing health care services. You'll need to be covered by professional liability insurance, as will your employees. You should also consult a lawyer about creating a document for clients to sign which explains any risks or considerations associated with your health care services. These are tricky areas which are worth the time and money to investigate, especially since your primary concern is the safety of your clients.