Starting a business seems like an amazing idea, especially an ultrasound-related business where you can make people smile and see their unborn baby. That doesn’t mean you shouldn’t be smart and careful when starting a pregnancy ultrasound/4D ultrasound business, however.
Smart and careful planning, in addition to some risk mitigation, is fundamental to staring a 4D ultrasound facility. Without these things, your new ultrasound business journey will have too much uncertainty and be too exposed to the randomness of the world.
For example, what if you get far less customers than you initially thought was possible? That’ll impact your top line (revenue), and it’ll also impact your bottom line (profit). It’s obvious how not enough customers would be detrimental to your new business. Other things can have large impacts as well. Imagine a situation where the cost of labor or supplies changes drastically, making your initial plans useless. These things may not impact your top line (revenue), but will impact your bottom line (profit) because your cost structure will be different than what you had initially anticipated.
Here are 3 important things you need to do before you start your 4D ultrasound business, to make sure your starting it off on the right track (and in a way that’ll bring your life joy instead of stress):
1. Have a 6-9 month emergency fund before starting your 4D ultrasound business
Business is unpredictable, especially in this new world we’re living in today. The economy is very dynamic, and tastes, desires, and consumer spending changes fast. You can’t assume anything in business, including pregnancy-related businesses like 4D ultrasound centers/studios.
Having some money set aside before staring any new venture is always a good idea. Don’t fall into the 3-6 mo trap — we advocate AT LEAST 6-9 mo of emergency savings (this is pure emergency savings, and doesn’t include the money you’ll use to start your ultrasound studio) before starting your 4D facility because business is too unpredictable. Three month’s of emergency savings is just not enough. Always try to be more cautious and more defensive when starting out a business.
We’ve been around a long time and we’re learned the hard way that being too optimistic or not being cautious enough comes with a cost down the line. Cautious and careful behavior will only set your new 4D ultrasound business on the right foundation, because you’ll have less uncertainty and less anxiety in your life.
Additionally, if you’re considering starting an ultrasound business by using a 4D ultrasound franchise (there are a few around), then you definitely will need an emergency fund and probably more, as most 4D ultrasound franchises have these types of requirements.
2. Read 5 books on business before you start a 4D ultrasound facility
Don’t even think of starting a business until you learn something about business. Real business experience is probably the best type of business education, but the next best thing is studying/learning about business.
Whether you take formal business classes (eg. a Bachelors in business, or an MBA), it’s important to know the basics of modern business. Even a small ultrasound facility doing 4D ultrasounds and gender checks still needs some basic skills in-house, including:
- Basic bookkeeping skills, in order to track income, expenses, calculate profit, etc.
- Basic internet skills, which should be obvious for a modern business
- An understanding of the basics of marketing and advertising, including digital-first marketing
- Some semblance of intuition on general market perspectives
- Some ability to price correctly and appropriately gauge market feedback
- Strong customer service skills because a 4D ultrasound business is a customer-driven and customer-facing business
Some business reading, including reading some of the great business books of the 20th century (and some from the 21st too) will prove very useful to you in your new 4D ultrasound journey in subtle ways. You’ll have a better intuition about things and you’ll be able to navigate the sometimes complex and uncertainty rates of small business a bit better if you make sure to read 5 excellent books on business before opening up your 4D ultrasound facility.
3. Make sure you have at least 2 full years of customer-facing/customer service experience before starting a 4D ultrasound facility
A 4D ultrasound facility is for entertainment purposes only, so people are coming in for fun. Since there’s no medical value at all, it’s not covered by insurance and people pay out-of-pocket 100% of the time. It’s a service business only, and nothing more. So, customer service is paramount! Without great customer service your new service business will not succeed.
Don’t even think of starting a customer-facing entertainment/service business if you have not worked in a customer-facing and customer-oriented role. We’re talking about face-to-face interactions with customers that are directly related to revenue generation. Two years minimum. Don’t fool yourself into thinking you know how to deal with customers well if you don’t have the experience to prove it, because a cautious approach that is not too confident (but is instead focused on improving your customer-facing abilities) is the right approach here