Dr. Gerald DuBrino, MBA, PhD
Achieving a Return On Investment is not happenstance. It is a direct result of utilizing sound business practices. Dr. DuBrino has contributed 4 articles to Advance for Audiologists and Advance for Nurse Practitioners over the past 5 years that have presented the research and day to day experiences of consulting with various audiologists throughout the industry.
Erecting a sign outside the office; and publishing one's name and picture in the newspaper has not guaranteed a successful marketing campaign that resulted in a bottom line that paid the bills and afforded the business owner a good living.
The major obstacle in the hearing industry in assisting individuals to overcome their communication difficulties is to get them to pick up the phone and call for an appointment. Education begins with having an audience that is motivated to seek the information one has to offer. It must also address the concerns people have; and offer a solution in a way that gives them the opportunity to decide how well they need to hear and understand others within an investment that is both comfortable and affordable to their needs.
Therefore, it must be notable, succinct and attractive to the target audience you seek so that they will call your practice.
Signage, brochures, flyers, business cards, direct mail, Newspaper ads, Television commercials, radio spots, all have to have a consistent and encouraging message.
Sound business practices are concomitant with sound professional practices in Audiology and Hearing Instument Sciences. This component of Business Acumen has admittedly been lacking in curriculums within the schools of Audiology. He believes that the information in this book would complete the pattern for success for those professionals who would venture into private practice.
Dr. DuBrino, PhD has had 3 offices in western Virginia.
There is a complete Biographical on the following website
Go to Commonwealthhearing.com
It’s not how much you make.
It’s how much you get to keep.
You’re now a successful Hearing Aid Specialist, or Audiologist. You’ve had your license for a while and think that you might be able to do this business better on your own. The clients like you. You’ve honed your testing, selling and fitting skills; and now you’re ready to try it out on your own.
You have a general idea of the cost of goods and you can see that your salary, commission, and overhead should leave some substantial money in the coffers to spread around.
Reality check!!
At the end of the day, do you walk out the door, drive home, kick up your feet and hang with the TV. Maybe you go out and cruise. Maybe you run the scouting or the little league program; or you go to “Curves” or work out at a fitness center. Do you play ball in a summer league?
What will the real investment be in running your own business?
The financial investment can be calculated with a certain amount of accuracy. Equipment, office space and supplies, electric, telephone, signs, computers, advertising contracts, receptionist, etc.
At this point you will have a dollar amount that you assume will get you up and running.
If you have no testing equipment, or network to purchase used equipment, you are probably looking at about $30,000 in startup money. However, you will also be exposing yourself to lease contracts on office space, electricity, and a minimum of 3 telephone lines in your office. You’ll need a main number, a backup or roll over number and a fax or computer number. These will be business lines and therefore more expensive than residential lines. You may have to put a deposit down and the installation can be as much as $80 per line. Will you want DSL or broadband on a line for your computer?
Are you ready for the onslaught of sales people coming into your office trying to tell you that you absolutely need this and that? Advertising people will spew out their “media-speak” about how you need a significant presence in their yellow pages, newspaper, radio, TV, place mats in the restaurants, or coupon mailers, blah, blah.
Take a step back. Take a deep breath, and consider the time that you will NEED to invest in this business.
SACRIFICE
Sit down and write out an inventory of your daily living activities. Note the time you get up in the morning. Note your normal and customary ablutions before you go out the door.
How long is your ride to the office? When do you see your first client?
How long is your lunch hour?
How many people do you customarily see in a day?
