When I first entered the medical business, like many, I was tempted by the allure of offering aesthetic services with high-end equipment like the latest lasers and CoolSculpting machines. However, these options come with hefty price tags and high costs of goods sold. My number one piece of advice? Focus on services with low to no cost of goods but high gross margins, which ultimately boost your net income—the amount you actually take home after expenses.

Another crucial lesson I learned is to stop doing your own taxes and bookkeeping. It’s a common pitfall for many medical professionals, including myself initially, to think we can handle the financial intricacies of our businesses. The truth is, without proper training in finance—as is often the case for those of us trained in healthcare—you're likely not doing a great job. Investing in professional bookkeeping and tax services early on isn't as costly as one might think and pays dividends in avoiding costly mistakes.

As your business grows, consider hiring a CFO, even on a part-time basis. There are firms that offer part-time CFO services, providing you with expert insights into your finances without the commitment of a full-time salary. These professionals can pinpoint issues and guide you on how to resolve them, providing an invaluable perspective on your financial health.

Regarding reinvestment, for the first two years, I lived by a stringent rule: reinvest every dollar earned back into the business. I didn't make nearly as much money as I had in my previous job, but I managed because I had saved up enough to sustain myself. I recommend starting small—open your clinic or business part-time and keep your day job if necessary. Scale up your operations gradually by reinvesting profits into marketing, acquiring new services, hiring better staff, and expanding to new locations.

From 2019 to 2023, this approach helped expand from one clinic to nineteen, and now in 2024, we're moving into acquiring B2B entities like pharmacies and bloodwork companies. This strategy of reinvesting profits has transformed our business into a formidable entity in the healthcare industry, proving that prudent financial management and strategic reinvestment lead to substantial growth and success.