The Risks You Take When Opening A Business

Not the obvious kind. Not the “what if I don’t get enough patients?” type of risk. I’m talking about the risks that don’t show up in your business plan. The ones that quietly sit in the background until something goes wrong.

Because at some point, something will.

That’s not being negative. That’s just being realistic.

You Are the Business (Whether You Like It or Not)

When you first open your clinic, everything revolves around you. Your skills. Your energy. Your availability, and if you’re not there, the business slows down or stops altogether.

That’s a risky position to be in.

Most podiatrists don’t think about this early on because they’re focused on growth. But the real question you should be asking is:

What happens if I can’t work?

It doesn’t have to be something dramatic. It could be illness, injury, burnout, or even a family situation that pulls you away from the clinic.

If your income depends entirely on you being present, you don’t have a business. You have a job with a lot of overhead.

Financial Protection Isn’t Optional

One of the biggest mistakes I see is podiatrists underestimating the importance of financial protection.

There are three key layers you should be thinking about:

1. Cash Reserves

Every business should have a buffer.

Not just enough to survive a slow month, but enough to handle a significant interruption. Rent, wages, equipment leases, and software subscriptions don’t stop just because you do.

Having money set aside buys you time, and time gives you options.

2. Income Protection Insurance

This isn’t exciting. It’s not something people like spending money on.

But when something goes wrong, it can be the difference between staying afloat and starting again from scratch. Just remember, it doesn’t replace your full income. It just softens the blow.

3. Business Expense Cover

This is often overlooked.

Even if you can’t work, your business still has expenses. Having those covered means you’re not forced into making rushed decisions under pressure.

When I had my first podiatry business on the Gold Coast, I was very fortunate to have income protection and business insurance. It saved my butt.

Later, when I moved to Cairns, I made it a priority to build cash reserves. 

The “Single Point of Failure” Problem

Every business has weak points. The danger lies in relying too heavily on one person, one supplier, or one system.

Think about your own clinic for a moment:

• What happens if your main supplier runs out of stock?
• What if your orthotics lab suddenly closes?
• What if your receptionist, who knows everything, leaves tomorrow?
• What if your key piece of equipment stops working?

If any one of those situations would cause chaos, you’ve got a single point of failure.

The solution isn’t complicated, but it does require foresight:

• Have backup suppliers
• Cross-train your team
• Document your systems
• Maintain equipment properly
• And where possible, have redundancies in place

It’s not about being paranoid. It’s about being prepared.

Planning Isn’t Negative Thinking

Some people avoid this kind of thinking because they believe it’s pessimistic. But it is not.

Planning for worst-case scenarios doesn’t mean you expect them to happen. It means you respect the fact that they might.

There’s a big difference.

The most resilient businesses I’ve seen aren’t the ones that avoid problems. They’re the ones that recover quickly when problems arise. And that only happens when you’ve thought ahead.

Don’t Delay the Important Stuff

Here’s something else I’ve observed over the years. Podiatrists putting off the important things because they’re busy.

Updating systems. Reviewing finances. Sorting out insurance. Even simple things like organising passwords, legal documents, or having clear processes in place.

It all gets pushed to “later”.

But later has a habit of arriving at the worst possible time. The reality is that the things you delay are often the ones that protect you the most.

Build a Business That Supports You

When you strip it all back, your business should make your life better, not more fragile. It should give you flexibility, security, and options. That doesn’t happen by accident.

It happens when you:

• Think beyond just getting more patients
• Put financial safeguards in place
• Remove single points of failure
• And build systems that don’t rely entirely on you

Because the real goal isn’t just to have a successful clinic. It’s to have a clinic that can handle whatever life throws at it.

Every podiatrist takes a risk when they open a business. That’s part of the journey. But smart business owners don’t leave everything to chance. They prepare, they protect, and they build something that lasts.

Your Next Step

If you’re not sure how protected your business really is, or you’ve never taken the time to step back and look at the risks, it might be time to do it now.

Feel free to reach out to me if you have questions, as I have gone through all of the above in my podiatry and business careers. Sometimes a simple conversation is all it takes to spot the gaps and start strengthening what you’ve already built.