Start A Solo Practice Business - Business Ideas

Start A Solo Practice Business - Business Ideas
Start A Solo Practice Business

Starting a solo practice business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell solo practice, or selling solo practice online, you can use this page as a guide for everything you'll need to know.

Key Stats

starting costs
$11.7K
gross margin
90%
time to build
210 days

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $0 $7,000
Employee & Freelancer Expenses $150 $250
Website Costs $223 $7,015
Business Formation Fees $600 $4,700
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $1,400
Total Startup Costs $1,135 $23,259

Successful Businesses

Business URL Rank
SoloLearn sololearn.com #7,833
PracticePanther practicepanther.com #81,184
Zola Suite zolasuite.com #655,516
Tidewater Physicians Multispecialty Group mytpmg.com #655,940
Cooperative of American Physicians, Inc. capphysicians.com #824,481
RingRx ringrx.com #909,812
My Shingle myshingle.com #1,041,517
SoLoMo Technology solomotechnology.com #1,224,865
Solo Practice University® solopracticeuniversity.com #1,378,051
Light Wave Dental Management lightwavedental.com #1,507,793
Texas Bar Practice texasbarpractice.com #2,253,290

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a solo practice business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.
Rewarding work Starting a solo practice business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your solo practice business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your solo practice business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process A solo practice business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Work can be inconsistent As a solo practice business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
Lack of benefits With a solo practice business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation Often times, as a solo practice business, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a solo practice business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Pat Walls,  Founder of Starter Story
Want to find more ideas that make money?

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