Build Your Support Team to Empower Your Micro-Corporation

This post was originally published on Dr. Incorporated on October 21,2022 and has been edited for SimpliMD

For many of you, building a micro-corporation will start as a solo venture because like most doctors, you tend to be self-sufficient. Although micro-corporations are typically single-member entities, this doesn't mean you have to do everything alone. In fact, I recommend not trying to do it yourself. Instead, create a business support team to help you establish and operate your micro-business.

From my experience guiding many doctors through this process, lasting success almost always involves forming a professional team to support your business operations. The truth is, creating a thriving micro-business requires more than clinical expertise; it needs a solid support system. This professional team enables you to maximize your capabilities and focus on what you do best: practicing medicine. As you navigate an increasingly complex healthcare landscape, building the right professional team is a critical step toward independence, efficiency, and success.

In this guide, I'll outline the essential members of your professional team, why each is vital, and how they empower your micro-corporation’s growth. This journey will lead you to a place of empowerment where you can thrive in your career and build lasting wealth and professional satisfaction through your own micro-corporation.

Common Fears and Objections

Many of our members express concerns about the time and expertise required to manage a micro-business. This in turn becomes a barrier that prevents you from even considering the option.

While it's understandable to feel this way, especially without formal business education, it's crucial not to let this mindset hold you back. SimpliMD is designed precisely to dismantle these barriers and boost your small business competence. Equally vital for your success is assembling a support team that shares the same micro-corporation strategy. With SimpliMD, you're not just gaining tools; you're building a foundation for success with expert guidance every step of the way.

SimpliMD offers a compelling solution by bringing together top professionals within our preferred network, serving as your effortless outsourcing "easy button" for setting up and running your micro-corporation. While you focus on generating revenue, let them expertly handle the management of your business’s expenses and taxes. This partnership ensures that you can concentrate on what you do best while they take care of the rest.

Why You Need a Professional Team as a Micro-Corporation Owner

Running a micro-corporation offers you agency in your practice and the freedom to shape your career. However, freedom also means responsibility. Managing finances, understanding legal and tax obligations, and strategizing for business growth are tasks that can drain time and energy if you tackle them alone. The solution? A professional team that shares your vision and equips you with the right tools to succeed.

Building a team might seem daunting, especially if you’ve been accustomed to the structure of traditional employment, where HR, legal, and administrative resources are provided. In a micro-corporation, your team becomes your backbone, helping you operate with efficiency, safety, and confidence.

The Essential Members of Your Micro-Corporation Team

While your team can evolve and adapt, certain roles are crucial for every physician-led micro-business. Let’s take a closer look at these essential team members and how they can support you in building a resilient and profitable micro-corporation.

1. CPA (Certified Public Accountant)

An accountant is more than a “numbers person”; they are your financial advisor, tax strategist, bookkeeper, and compliance manager. A skilled CPA familiar with medical professionals and micro-businesses can help you structure your finances to maximize deductions, optimize income strategies, and manage your taxes. This expertise is critical, especially as your income may vary with different professional revenue streams, such as telehealth consults, locums, or medical directorships.

A strong CPA relationship is a cornerstone of any successful micro-corporation. They bring not only financial insights but peace of mind, helping you avoid costly mistakes and optimize your financial planning year-round.

2. Physician Centric Attorney

Legal matters in healthcare are complex and can have significant financial and reputational impacts if mishandled. Working with a medical practice attorney who specializes in regulatory compliance, contracts, and business formation will protect you and your practice from unforeseen legal challenges.

Your attorney will help you:

• Draft and review contracts with vendors and contracting jobs.

• Understand liability protection specific to healthcare.

• Address compliance issues that can affect your licensing or reputation.

Investing in the right legal counsel is a strategic move that ensures your practice operates in full compliance with state and federal regulations, sparing you from future headaches and costly penalties. Typically, legal support is offered on a project-based fee structure, eliminating the need for a monthly retainer. Moreover, building a relationship with your attorney means you'll receive personalized advice whenever necessary, tailored specifically to your unique needs.

3. Physician Business Coach

A business coach who is a physician can offer invaluable guidance as you navigate the challenges and opportunities of micro-corporation ownership. Unlike other team members, a business coach focuses on your vision, goals, and mindset, ensuring you stay focused and motivated as you build your business. This is especially valuable when it’s an coach who is an experienced physician who has a micro-corporation.

At SimpliMD, I'm thrilled to assist physicians like you in creating micro-corporations that unlock freedom, drive financial growth, and leave a lasting impact on your patients! For just $99, my personalized one time consult offers not only exclusive one-on-one advice but also includes a fantastic one-year membership to SimpliMD—packed with $2,500 worth of business products tailored for your success.

But that's not all! I also offer quarterly and monthly business coaching services specifically for physicians who are functioning as a micro-business. With a dedicated business coach by your side, you'll gain the clarity, confidence, and direction needed to lead your micro-corporation with unstoppable purpose and passion!

4. Wealth Manager

Beyond the realm of mere accounting, a financial planner steps into the role of a visionary architect, crafting long-term strategies tailored to your unique aspirations for retirement, investments, and legacy planning. Imagine having a partner who doesn't just crunch numbers but paints a vibrant picture of your financial future.

For self-employed doctors navigating the complexities of their careers and finances, wealth management can be transformative—a game-changer that illuminates pathways to stability and growth. It empowers you by helping establish tax-advantaged retirement plans that secure your post-career life, devising shrewd investment strategies that maximize returns while minimizing risks, and designing succession plans that ensure the continuity of your micro-corporation.

While Certified Public Accountants (CPAs) are invaluable in providing insights into your current financial standing—ensuring everything is aligned with regulatory requirements—a wealth manager looks beyond today’s horizon to shape what lies ahead. They focus on building bridges to a prosperous future where every decision contributes to lasting security. Whether it involves setting up a solo 401(k), which offers flexibility and control over retirement savings for business owners like you or optimizing an investment portfolio to align with personal goals and risk tolerance, an adept wealth manager transforms hard-earned efforts into enduring wealth and peace of mind for years to come.

Growing Your Micro-Corporation: Learning, Resources, and Practical Tools

Building a professional team is a journey, and it’s just one piece of the puzzle in creating a successful micro-corporation. SimpliMD offers additional resources and tools to help you take your practice to the next level.

Learn to Build Your Micro-Corporation with ‘Creating a Practice Without Walls’

If you’re ready to take control of your practice, I invite you to join my course, Creating a Practice Without Walls. This course empowers you to create a micro-corporation that provides autonomy, financial growth, and a clear place in the marketplace. With step-by-step modules, practical advice, and actionable tools, this course will give you the confidence to launch your own business. Whether you’re new to entrepreneurship or want to refine your business skills, Creating a Practice Without Walls provides everything you need to thrive.

Optimize Your Business Plan with SimpliMD’s Business Plan Bundle

Having a robust business plan is essential for any micro-corporation, and SimpliMD’s Business Plan Bundle makes the process easy. The Suite includes:

• A customizable SimpliMD Business Plan Template designed specifically for self-employed doctors.

• A Micro-Corporation Budget Template that saves hours by simplifying your financial planning.

• A SWOT Analysis Template to help you assess your strengths, weaknesses, opportunities, and threats.

With these resources, you can create a professional, optimized business plan in less time and with greater clarity.

Start Building Your Professional Team Today

Creating a micro-corporation doesn’t have to be overwhelming or lonely. With the right professional team by your side, you’ll feel empowered to reach your fullest potential in both your career and your financial goals. At SimpliMD, we’re committed to helping you build a practice that reflects your values, supports your goals, and improves your well-being.

Ready to take the next step? For only $99, you can schedule a personalized SimpliMD micro-business consult, gain a one-year SimpliMD membership (worth $2,500), and begin building the team that will support your success.