The entrepreneurial physician's challenge: do clients desire Make or Buy?

We've been in a so-called Information Age where knowledge is king, and teaching is very profitable to sell. However trend-watchers are forecasting the rise in "Do it for them" services (here is an example) given that one of our resources in shortest supply (other than gas!) is Time. Do-It-Yourself is proving costly with its learning curves and typical early-user errors.

Think frozen organic baby food delivered to your door, professional organizers, or personal shopper services.

How can you take advantage of this emerging trend as you explore ideas for a new business?

• What problems are your clients or patients struggling with that, instead of merely handing out advice, you could actively SOLVE for them?
• What solution can you offer that has generic step-by-step how-to components (in a book or e-course or audio/video program), that you can then supplement with individual customization?
  An example might be a weight loss program with generic information about getting started with an exercise routine plus illustrated information about portion control and label-reading, supplemented with weekly one-on-one phone or in-person consultations tailored to the individual needs. Not exactly doing it for them (I wish you could work off my extra 5 lbs!) - but as close as it gets!

Many of my entrepreneur coaching clients in start-up mode need to attack a list of various chores to get their new businesses or practices off the ground. For example, they might need to:

• have a business logo design created
• select options for a business identity kit (business card, letter head, envelopes, logo, banner etc)
• design a website and create the content for it
• form a legal entity
• set up an office
• hire personnel
• select their telecommunications and technology resources
• open a new banking account

This is all time-consuming stuff -- right?

So if I was paying attention to the trend, my business, which is geared to support early-stage physician entrepreneurs, might offer a bundled "start-up package" including:

• pre-screened graphic design services that would provide you with 3 or 4 design options for logos and websites based on your responses to a questionnaire, and all you'd have to do is choose.
• carefully selected web masters who would build you a 7- or 9-page website based on your initial input, and tweak it based on your feedback
• affordable copy writers who would write the content for your website and marketing promotional materials
• access to a Virtual Assistant to do all the leg-work to help you form your business entity, open our bank account, or get your office, technology and telecomm needs addressed
• access to a small selection of attorneys or CPAs who can advise you and then actually complete for you the legal entity that best meets your tax and legal needs
• all the coaching necessary to come up with a viable business model, business plan and marketing plan and to figure out the implementation plan in the stages that best worked for you

In case you are wondering, I am working on this new "do-it-for-you" package approach for my time-pressed entrepreneurial physicians, in partnership with an esteemed colleague who has many years of highly successful entrepreneurship and business coaching under his belt. Stay tuned for future updates!

By the way, if you know of anyone who can figure out my next phone upgrade - smart phone or Blackberry? which smart phone or Blackberry? buy now or wait until newer models come out? is 3G necessary? which plan? how to hook it up with my email, contacts and calendar? how to best use it? etc. - I need this done for me. Can you see why I'm tired of trying to figure it all out?! :-)

Comments

[Ben Utley, CFP]

Great post Pippa. I just revised my website and can easily recommend Erin Ferree of Elf Design (www.elf-design.com) for logo and web design, plus Sid Smith of Business Wordsmiths (www.businesswordsmiths.com) for content. They're both easy to work with, reasonably priced, and they deliver on time.

[Philippa Kennealy]

Thanks for the great referrals Ben. And very nice look to your website - user-friendly and persuasive!