Everybody loves the idea of being an entrepreneur
After all, what’s not to like about being your own boss in a field in which you are passionate?
With that said, too many entrepreneurs become locked in on their winning idea and jump in head first without a firm understanding of the diverse concerns that running a successful business requires.
This is especially relevant in client-facing start-ups, such as mobile IV therapy. A strong desire to use their professional expertise to help people improve their quality of life has caused too many aspiring mobile IV therapists to open up shop without a proper framework in place for sustainable success. According to Vanessa Cabrera, Founder of Phoenix Mobile IV Therapy:
“Success in mobile IV therapy isn’t just about skills—it’s about smart planning, strong client relationships, and adapting to the unexpected.”
With this expert insight in mind, keep reading as we explore some common mistakes new entrepreneurs make, along with some practical tips on how to avoid them
Underestimating Startup Costs
“It takes money to make money.”
Yeah, that old chestnut.
However, despite this saying being firmly embedded in the cultural lexicon, many entrepreneurs think they can just start printing money out of thin air.
Before they know it, the cost of keeping the lights on in the building can be more than their nascent revenues are able to cover.
Advice: Have a minimum of 6 months of operating expenses in the bank as cash reserves to cover overhead and unexpected costs until revenues mature. While overhead costs may be lower for a mobile IV business, remember that the costs of medical supplies and licensing will be higher than in other industries, so adjust your estimates accordingly, always erring on the conservative side.
Failure to Establish Clear Business Processes
It is easy to run a business when your client list is small.
You can write appointments on a sticky note, make personalized follow-up calls, and balance the books with the calculator on your smartphone.
With such lackadaisical business processes in place, a major uptick in clients could very well signal the death knell of your enterprise. Before you know it, you will face a mass exodus of clients as you drown in your sea of disorganization.
Advice: Automate and delegate as much as possible in the early going. As your business grows, clients will be thankful that software and trained staff handles the day-to-day tasks and allows you to focus on what you do best–deliver top-notch IV treatment.
Neglecting Marketing and Client Acquisition
“If only they would give me a chance…”
Every aspiring service provider has had this thought.
Unfortunately, far too few make the investment in getting their name out there.
Although numbers vary between industries, it is estimated that acquiring a new client costs between 5 and 25 times as much as retaining an existing one. In a relationship-based industry like mobile IV therapy, expect the figure to be at the higher end of this range, as it can be difficult to coax clients away from their existing provider.
Advice: Budget increased marketing expenses as part of your startup costs, having necessary funds in cash reserves to cover the deficit of less profitable clients in the early going. Have robust social media platforms to leverage low-cost marketing. Appear as an expert guest on podcasts, blogs, and other industry publications. Learn how to value a marketing agency and invest in a partnership.
Inadequate Risk Analysis
“If it can go wrong, it will go wrong…”
It seems like there are a lot of cliches that pertain to entrepreneurship.
However, failure to prepare for the worst has grounded too many small businesses before they can ever fully take flight. While mega-corporations can pay out seven-figure settlements without batting an eyebrow, the same cannot be said for new enterprises that have yet to achieve ongoing profitability.
Advice: Take out first-quality liability insurance policies. Stay up-to-date on all licenses. Source only hospital-grade IV supplies. Invest in any additional training and certifications that will improve your professional competence and enhance client trust.
Not Building Strong Client Relationships
While IV therapy is what you do, people are the business.
It’s the relationships that you form that will ultimately determine whether a patient is a lifelong client or a stranger passing in the night.
An inability to appreciate each client as a whole person is a surefire way to add your name to the list of failed small business owners.
Advice: Don’t let the bottom line become the bottom line too early in the process. Don’t get stuck in your ways. Openly solicit client feedback, and let them know their voice matters. Make an effort to be the best part of a client’s day.
Preempt Any Setbacks with Meticulous Planning and Watch Your Mobile IV Business Thrive
Mobile IV therapy is an emerging field for entrepreneurs in the medical field. By considering any of the common entrepreneurial mistakes listed above and the common-sense steps for avoiding them, you can give your IV business the best chance for sustainable long-term success. For more of the latest trends in the world of business and entrepreneurship, explore the resources at Home Business Magazine for the leading insights in the industry
