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Every Veterinarian Needs A Business
Every Single Veterinarian Needs To Own Their Own Business.
I know that’s a pretty bold statement, and for many it brings up flashes of brick & mortar animal hospitals with lots of staff and complicated business stuff…
That’s not what I’m talking about (though it is a great option for many!).
What I mean is that every veterinarian should establish themselves as a business… even if they work for someone else.
Confused yet? Stay with me… I’ll explain.
That’s not what I’m talking about (though it is a great option for many!).
What I mean is that every veterinarian should establish themselves as a business… even if they work for someone else.
Confused yet? Stay with me… I’ll explain.
- If you are picking up extra shifts at vaccine clinics, HVSN, or anywhere else that pays you as a contractor (not W2 pay with taxes withheld) you are already functioning as your own business.
- If you are vaccinating pets for friends/family outside of your regular job, and accepting money for it (sidebar- you should be paid for this!) then you are already functioning as your own business.
- If you work relief shifts and are paid as a contractor, then you are already functioning as your own business.
In all of these cases, if you’ve not set up any formal structure, then you’re functioning as a Sole Proprietor… which means all the risk (liability) falls on you as an individual. And I’m guessing it also means you haven’t considered things like paying quarterly taxes, insurance, and tracking expenses.
DON’T PANIC!
Establishing yourself as a business is a relatively easy thing to do.
I personally like the ease of an LLC (or PLLC if your state requires professionals to do that instead). LLC stand for Limited Liability Company… and when you set it up and operate correctly within it, you provide a barrier of protection between yourself and your professional activities.
It also provides more formality to fall back on when friends and family request veterinary care… and is the base of the ultimate backup plan (relief work!). There is a lot of comfort in knowing you are already good to go moving forward with providing relief services if you have a sudden change in employment status!
On a Facebook Live Event , I talked about this in more detail. If you missed it, you can check it out HERE.
It also provides more formality to fall back on when friends and family request veterinary care… and is the base of the ultimate backup plan (relief work!). There is a lot of comfort in knowing you are already good to go moving forward with providing relief services if you have a sudden change in employment status!
On a Facebook Live Event , I talked about this in more detail. If you missed it, you can check it out HERE.