Establishing a Business

Before investing your time or money into a new business venture, conduct market research and analyze your competition. Consider conducting a feasibility study.

When researching your market, consider these resources:

• The Bureau of Labor Statistics reports data on the growth of the audiology and speech-language pathology

• Check ASHA’s member counts to find out how many certified audiologists or SLPs work in your state.
• Use ASHA’s Community Directory and ASHA ProFind to connect with other members in your local area.

• Explore ASHA’s Survey Reports for information on demographics, earnings and benefits, and more.

Vision Statement and Mission Statement

Upon completing the feasibility and market analysis, you can shape your vision and mission for the business. You don’t need a vision statement and mission statement on day one when you’re still exploring ideas — but you also shouldn’t wait until you’re operational.

Develop your statements after your initial concept is clear (e.g., specify what kind of practice you will be, who you’ll serve, and what your niche is), but before you write your full business plan or start branding, marketing, or hiring.

Need some assistance and tips? See these resources:

• Writing your vision statement.
• Writing your mission statement.

Need some examples? See ASHA’s vision and mission statements.

Additional Considerations

• Check the demand in your community (e.g., schools, hospitals, private settings). What services or products do these settings routinely need? Identify the gaps in services or product availability.
• Identify and explore the payers (private insurance, Medicare/Medicaid, etc.) in your specific community.

A well-structured business plan guides your decisions, helps secure financing, and shows partners or lenders how your practice will succeed.

Additional Considerations

• Define your scope of services (screening, evaluation, treatment, training, consultation, etc.).
• If you’re offering a product, consider its efficacy and value—and appropriateness—for your clients.
• List all permits, licenses, and insurance that you’ll need.

• Use ASHA’s State and Territory Information page to explore your state licensure board or regulatory agency requirements for practice.
• Learn more about the Audiology and Speech-Language Pathology Interstate Compact (ASLP-IC) if you’d like to practice in multiple states.
• Use ASHA’s State-by-State resource to track legislation and regulations.

• Outline how you’ll manage

• billing and reimbursement (for services) and
• invoicing (for products).

Selecting a physical (or virtual) location is one of your most important business decisions. This includes considering whether you’ll provide teletherapy. Regardless of whether you’ll work from a physical location or you’ll provide telepractice, you need to have a plan for the space you’ll be using to do business.

Additional Considerations

• Consider how you’ll address Americans With Disabilities Act (ADA) compliance and how you’ll ensure accessibility for clients and employees with mobility challenges. See the ADA National Network for more information.
• Plan appropriate physical space requirements for therapy rooms, waiting areas, and accessible bathrooms.
• Think about your practice’s proximity to referral sources—such as pediatric medical practices or schools.
• If you plan to offer telepractice services, see ASHA’s Telepractice Portal for more information and key issues.

The business structure that you select will impact liability insurance, taxes, and daily operations.

Private practitioners and many entrepreneurs generally agree: It’s important to work with an accountant and an attorney to develop your business.

An accountant can

• advise you on the type of practice that will best meet your tax needs,
• set up a system for managing billing and accounts receivable, and
• advise you about paying withholding taxes.

An attorney specializing in business or contract law can also assist you by

• helping you set up your practice from a legal standpoint and
• reviewing—or helping you develop—a standard contract or a template that you can then adapt to different situations.

To locate qualified professionals, ask businesspeople you know for a personal recommendation. Join local community service groups (Rotary Club, Kiwanis, etc.) or the Chamber of Commerce to network with businesspeople. Invite a local attorney to speak at a professional meeting. You can also contact your state’s chapter of the American Bar Association and the American Institute of Certified Public Accountants for referrals.

Additional Considerations

• Some states require certain business structures for health care practices.
• Professional liability insurance protection (and general liability protection for brick-and-mortar spaces) is especially important when working with clients/patients or selling certain products.

Every new business requires a plan for how to fund operations and cover expenses until revenue grows.

These resources and templates can help you create a financial plan for your business:

• Calculate Your Startup Costs (Small Business Administration)
• Establish Business Credit (Small Business Administration)
• Fund Your Business (Small Business Administration)
• Financial Projections Templates (SCORE: The Startup Roadmap)

Make sure that you include costs associated with all of the following items:

• materials and machines (e.g., office equipment)
• test and treatment materials
• office space rental and utilities
• practice management software and billing systems
• insurance credentialing and reimbursement delays
• shipping
• production
• cloud storage as it relates to physical or digital products

Once you’re ready to open your business, start getting the word out about your services and products. Take advantage of the many ways to advertise your business in your community.

When developing your marketing strategy, consider these tips:

• Highlight your state licensure and/or your ASHA certification to build trust.
• Identify your market (e.g., doctor offices, schools, day programs, parent groups, adult daycare centers, assisted living facilities).
• Choose your advertising avenues (e.g., webpage, email, social media, events, physical signage).
• Monitor effectiveness regularly—and adjust as necessary.

Additional Resources

• Tips To Elevate Your Private Practice Marketing (ASHA)

• Marketing and Promoting Audiology Professional Services (ASHA)
• Marketing and Sales (Small Business Administration)
• Marketing Resources (SCORE: The Startup Roadmap)

You don’t have to do this alone. Many organizations provide free or low-cost resources, mentoring, and templates:

• Use SCORE to find a mentor who can help you grow your small business.
• Register for free or low-cost courses on a variety of topics for entrepreneurs.
• Find local assistance using the Small Business Administration’s website—it offers free courses that teach you how to grow your business.
• Contact your state speech-language-hearing association and/or audiology organization—take advantage of opportunities for mentoring and collaborating to develop your practice through attending the state association’s convention, reading its newsletter, or joining its networking groups.
• Network with other ASHA members in the online ASHA Community, an active online peer-to-peer forum. Here are some examples:
• Audiology and SLP Business Network
• SLP Private Practice
• Consider finding and joining an entrepreneurial community like 1 Million Cups.
• Tap into additional resources from your city or local Chamber of Commerce.
• ASHA’s Frequently Asked Questions About Business Practices page includes additional information to help you get started with your business.

Questions? Contact the ASHA National Office.