Gain Business Experience as an Audiology Student
I'm sure we can all agree that audiology students are graduating woefully unprepared for the world of business and private practice. Many audiology educational programs are run by audiologists working in academia or large hospital settings, so business planning, marketing and finance are rarely included in the curriculum.
ADA Student Business Plan Competition
One of the best ways to gain business experience as a student is to participate in the Academy of Doctors of Audiology (ADA) business plan competition. During this competition, you develop a mock business plan, and a panel of judges will provide critiques and advice throughout the process. If you are selected as a finalist, you present your plan at the ADA annual conference, where the panel of judges will ask further questions. The most valuable part, in my experience, was standing next to your business plan poster in the conference hall. During this time audiologists, the judges, and business consultants (anyone attending the conference) could come up and discuss one-on-one with you about your plan, the realities of starting a business and where your plan could improve. This is not only a great networking opportunity, but during this time, experienced professionals will give you advice on how to secure funding, what to expect in your first year of business, and the steps they took to get their business plan in motion.
Take extra business classes
Look up your local small business administration or small business advisory council. Often they will provide free resources, online courses, and in-person events. Search for business related podcasts, books and YouTube channels. They don't need to be about audiology specifically to be valuable to your business. Networking, marketing, and leadership skills are universal and can work within an audiology clinic just as any other business.
Attend conferences and workshops
Many of the audiology professional organizations host an annual conference, and often include one or two sessions related to business. Often at these conferences, there are business consulting companies present in the showroom, who are available to consult or answer questions. For students, many of the manufacturers host "camps" or conferences specific to students. These can be valuable to teach about programming and repairing devices, but they often will also teach about sales techniques and key performance indicators. The two most valuable conferences for business information that I attended as a student (a number of years ago now), were the Audigy Summit and the Starkey Entrepreneurial Program.
Do at least one private practice placement
Many audiology students are interested in working within a hospital or pediatric setting after graduation. So they may shy away from a clinical placement in private practice, for fear of being too "salesy". However, even when working within non-sales settings, it pays to have good business acumen and sales experience. If you ever plan to move up in your position, manage employees, or run a department, business skills are valuable. This is why I would encourage all students to have experience with at least one private practice placement. Look for a placement that will provide experience with tracking key performance indicators, scripting, sales, marketing, and more skills that you may not have learned during your other clinical rotations.
Ask lots of questions
Believe it or not, many audiologists are happy to connect with you and give you advice, for free! While consulting companies are extremely valuable for existing practices, if you are a student or just starting out, don't be afraid to reach out to business leaders that you admire and ask questions. Consider joining audiology or private practice Facebook communities that fit your niche and interests. These can be a great resource to ask questions or network with like-minded professionals.
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