iPrivate practice and income

[Guest guest]

Hello, I am new to the list and I am a current student of TCM. I am interested

in starting a

private practice in chinese medicine, but I am afraid that I can't make a living

at least for

the first few years. I am married with 5 kids and I have to have some income to

provide

for them. I would be interested in hearing about the experiences of others in

starting a

practice and a rough idea of the income I could expect. I would likely start my

practice in

an area with little exposure to TCM. Is this good or bad? Any advice or

sources would

be appreciated(books, websites etc)

Thanks so much,

Steve

[Guest guest]

Steve,

 

Blue Poppy Institute offers a seminar (taught by Honora Lee Wolfe &

Marilyn Allen) titled, " How to Make $100K Per Year Practicing

Acupuncture. " It is definitely possible to earn that and more doing

acupuncture in private practice in the U.S. Unfortunately, I would not

be surprised to learn that the majority of non-Asian acupuncturists

earn less than half that per year.

 

You ask about starting your practice in an area that is currently

devoid of acupuncturists. That is one of the key pieces of advice that

both Honora and Marilyn suggest for being successful doing

acupuncture. One of the most common mistakes is trying to set up a

practice in an area that is already saturated with acupuncturists.

Since far too many recent graduates take this approach, far too many

also fail. In business, it is a well-known axiom that you don't take

" coals to Newcastle. " I personally have met recent graduates who are

earning 100K or more within three years of graduation, mostly by

taking their skills where they are most needed. Clustering in

extremely attractive communities such as Boulder, Santa Fe, Austin,

Santa Cruz, etc. is commonly the kiss of death for financial success.

 

Since you need to get up and running rather quickly with all those

mouths to feed, you might also consider trying to get hired by someone

else, at least for a couple-few years. Going into private practice

means starting and running a small business. That is definitely not

for everyone, which is also why so many acupuncturists seem to fail

economically. David Kailin teaches a course titled, " Making It in the

Mainstream " (available as a Distance Learning program from Blue Poppy

Institute), which discusses how to get yourself into a hospital, group

practice, public or private clinic as an employee with a guaranteed

paycheck.

 

If you do decide that you want to be a small business owner as well as

an acupuncturist, then I strongly advise you to create a business

plan. As Honora and Marilyn teach, decide what you need to earn per

hour to float your family's boat and then work backward from there as

to what you will need to do in order to make that much. A written

business plan is extremely important if you don't want to let your

financial success hinge on luck.

 

A final piece of advice (besides considering taking Honora and

Marilyn's class which is being taught in S.F. on the weekend of Jan.

26-27) is to open your practice in a commercial setting. Do not try to

practice out of your home as a way of cutting costs. If you do, you

will not be able to do all the things which are necessary to really

make a good wage doing this medicine. " t takes money to make

money. " When starting a new business, you may have to take on debt. If

you have a well thought-out business plan and you have done your

marketing research in terms of locating in a good place where

acupuncture is sorely needed, then taking on a certain amount of debt

should be acceptable and will greatly increase your chances of

eventual success.

 

Good luck and sincerest best wishes. You can provide a great living

for your self and family doing acupuncture/Chinese medicine in the

U.S. if you approach the issue wisely.

 

Bob

 

, Stephen Skinner <skinner@g...> wrote:

> Hello, I am new to the list and I am a current student of TCM. I am

interested in starting a

> private practice in chinese medicine, but I am afraid that I can't

make a living at least for

> the first few years. I am married with 5 kids and I have to have

some income to provide

> for them. I would be interested in hearing about the experiences of

others in starting a

> practice and a rough idea of the income I could expect. I would

likely start my practice in

> an area with little exposure to TCM. Is this good or bad? Any

advice or sources would

> be appreciated(books, websites etc)

> Thanks so much,

> Steve