When to Make the Leap Into Private Practice

Entering private practice is a significant milestone in any doctor’s career. It holds the potential for autonomy, financial reward, and opportunity to shape patient care in line with your own values. But making the leap requires careful timing, strategic planning, and a clear understanding of your goals and vision for the business. So, how do you know when it’s the right time? Below are six indicators that you’re ready to take this important step.

NO. 1: YOU HAVE ENOUGH CLINICAL AND BUSINESS EXPERIENCE

Most eye doctors begin their careers in a private practice, a corporate group practice, or an academic setting. These early years are essential for sharpening clinical skills, understanding how to create efficient workflows, and building strong patient relationships.

By the time you have gained 3 to 5 years of clinical experience, you have likely begun to develop a clear understanding of your ideal practice style. You know whether you thrive in a high-volume, fast-paced setting or prefer a slower, more personalized approach. You may have discovered a passion for refractive care, comprehensive primary eye care, or a more specialized niche. Once you’ve identified the patient demographic you’re most drawn to and built the skills to serve them well, you may be closer than you think to shaping your ideal practice—and ready to consider the path to private practice ownership.

While delivering excellent clinical care is always a top priority, every successful optometry practice owner I’ve spoken with has said the same thing: Being a doctor is the easy part. The real challenge—and opportunity—lies in developing business acumen. Whether through mentorship, formal education, or hands-on experience in operations such as scheduling, billing, and staffing, gaining a solid foundation in business is key to building a thriving, sustainable practice that reflects your values and leaves a lasting legacy. If you want to be a practice owner, it’s important to have a solid foundation of both clinical and business experience. Don’t assume business skills are a piece of cake and something you can just learn on the fly.

NO. 2: YOU’RE SEEKING MORE AUTONOMY

One of the biggest motivators for going solo is the desire for control over your own schedule, staff, equipment, and the patient experience. If you find yourself frequently frustrated by corporate limitations or feel you could deliver better care with more freedom, it may be time to explore ownership.

Opening a private practice allows you to define your niche, decide your own schedule, choose your equipment, develop your own team culture, and set your standards of care without compromise.

NO. 3: YOU’RE PREPARED FROM A FINANCIAL STANDPOINT

Private practice takes a great deal of upfront investment, including space (whether you lease or purchase), equipment, payroll, and marketing. You’ll need solid credit, about 6 to 12 months of financial reserves, and a clear business plan. It’s also important to understand that profitability often takes time. Guidance from a certified public accountant or advisor with medical experience can be invaluable in determining what you need to get ready.

NO. 4: YOU’RE NOT DAUNTED BY THE ADMINISTRATIVE LOAD

Being your own boss means owning it all—that includes human resources, billing, compliance, marketing, etc. Delegating helps, but at the end of the day, the responsibility is yours. If you enjoy—or at least feel you can handle—the problem-solving aspects of business administration, ownership can be deeply rewarding. However, if you prefer focusing on clinical care, a group practice may be your ideal setting. Make sure you give this point adequate thought. Consider talking to a practice owner about the reality of administrative duties if you think you might be on the fence.

For ODs simply seeking a deeper sense of investment and connection as an employed doctor, compensation models based on a percentage of profits can be a great bridge. Not only do they provide a sense of ownership in the well-being of the practice, but they also offer insight into how business decisions directly affect both the practice and your personal income.

NO. 5: YOU HAVE A VISION THAT SETS YOU APART

In today’s competitive landscape, simply being a good doctor isn’t always enough—you need a clear vision that reflects who you are and what sets your practice apart. Carving out a clear niche—whether that’s offering specialty care, luxury eye wear, or a boutique experience—is the key to standing out. Whatever it is, your vision should drive every decision you make, from the services you offer to the culture you build. If you can meet a specific need with purpose and clarity, you’re on the right track.

NO. 6: YOU’VE DONE THE MARKET RESEARCH

Don’t take the leap without looking first. No matter how passionate or prepared you are, if you don’t do your homework (eg, market research into the practice location, surrounding competition, patient demographics, etc), it could make or break your success. Proper market research will help you avoid costly missteps and position your practice to meet legitimate patient needs. If you find demand and room to grow, that’s your green light.

YOU’LL KNOW WHEN IT’S RIGHT

The truth is, there’s no perfect time to start a private practice—only the right time for you. Once you’re clinically confident, financially prepared, and clear in your vision, you’re ready to lead not only as a doctor, but also a business owner. If you find yourself at this place currently, then best of luck to you!