Michael Milnes is a physical therapist who lives and works in Rochester, MN. He opened his own home-based practice 18 years ago. Although the practice has now grown to two separate offices with a handful of employees, Michael Milnes still remembers the days when it was starting out. Although it is a lot of work and stress in the beginning, he knew it would be worth it so he could provide his patients with the best care possible.
There are many things that need to be considered before deciding to opening a private practice. Deciding whether the business will be a sole ownership or a partnership is one of the first big decisions that need to be made. There are pros and cons to both.
Adding a partner to the business can often fill in the missing pieces and help make the business more stable, especially in the critical first months and years. Partners can often bring experience, more clients, seed money and new ideas to the table. Having someone to share the risk is also a plus so it isn’t all on one person’s shoulders.
Having a partner will mean less freedom to make decisions and possible slow down progress and changes that one person wants to make. Going solo will allow for total freedom to mold the practice. It also means not having to split profits with anyone. But, with a greater possible reward comes a greater risk, with all the financial and administrative burden being on one person instead of two.
Michael Milnes decided to start a solo physical therapy practice and has been very successful since.