For professionals such as dentists, lawyers and chiropractors, having a practice of their own can represent the ultimate reward.

They can finally set their own hours and make all the decisions without having to ask senior partners for permission.

But after spending many years learning their profession, it can also suddenly bring a whole new set of small-business issues including bookkeeping, marketing and human resources.

"A lot of my clients have studied a long time to be the best in their field," says Calgary business coach Laurie Watson, owner of Venture Coaching. "They have a sense of conflict with trying to run the best possible practice and cope with the business side.

Laurie Watson

"On top of that, they also want a personal life. It can be overwhelming to many of them."

Watson says as a coach she helps clients create a balance with all of their different roles. "I get these professionals to set goals and a schedule with how much time they want to spend in their business and on their business."

For example, she explains dentists working "in" their business will focus directly on seeing patients and fixing their teeth. Working "on" the business could include going over financial statements with the bookkeeper and deciding on direct-mail marketing campaigns.

Maya Pande remembers when she first started looking for office space to open her chiropractic clinic about four years ago.

After spending several years in school learning subjects including anatomy and physiology, nothing prepared her for what was about to come next.

"The business side of operating a practice is definitely tough. My business is successful right now, but there were some hard times when I first started on my own," says the owner of Pande Family Chiropractic, on a busy street in Toronto's upscale Leaside neighbourhood.

"I got to make all the decisions, but with that came a lot of responsibility for everything, too. There's a lot to manage. It took a good year or so before I started making money. There were a few days at first when I had one patient at 11 a.m. and no one else until 6 at night."

One idea she suggests for sole practitioners is to make a habit of saving part of your business income for unplanned emergencies, even if it's just a little at a time.

Pande says one of the secrets she learned is to network constantly with others in order to bring in a regular stream of clients. Once a week, she gets up before dawn to have breakfast with a group of business people who exchange referrals of potential clients.

She says another source of referrals is her fellow chiropractors. About four or five of them are on the same street as her office.

"I specialize in more gentle chiropractic care, especially with pregnant moms and infants," Pande says. "But if someone wants a firmer treatment approach, I'm more than happy to refer them to one of my colleagues.

"We refer patients to each other all the time. I don't see other chiropractors as my competition at all."

Alastair Nicoll, meanwhile, is the only dentist for miles around his rural community of Elkford, B.C.

"We have a truly contemporary practice in a unique location. I wouldn't trade it for anything," he says.

"I can finish my day right at 5 (p.m.) and be out fishing almost immediately. We also have some of the best skiing in North America close by. What more could you ask for?" In addition to his busy practice, Nicoll also travels throughout the province speaking to other dentists as president of the B.C. Dental Association.

Many of his members are doing well with watching expenses and managing their practices. But there are lots of others he talks to who are having challenges.

"What worries me is someone who is struggling financially and not handling the stress," he explains.

Nicoll says Statistics Canada figures show that most dentists have incomes ranging from $100,000 to $120,000.

Equipping a brand-new office, however, can cost anywhere from $300,000 for a "bare-bones operation" to a million dollars and more.

Studying dentistry at the University of British Columbia costs about $45,000 per year, or $180,000 for the full academic program, he adds.

One of the biggest challenges of being an independent practitioner in a rural area is attracting qualified staff.

After spending three months recently without a dental hygienist, Nicoll had to advertise in Ontario for a replacement. He finally found a qualified candidate in the U.S., near the Montana border.

Another issue for the sole practitioner is succession planning, says Nicoll. "When they want to retire, there is no one else to take over. It's a problem for rural areas in particular."

So should dental students receive more training in the business of running their practice?

"That's a criticism that has been levelled at dental schools practically forever," Nicoll says. He met late last month with Charles Shuler, incoming dean at the UBC dental school, to discuss the issue.

In an e-mail to Business Edge, Shuler said he told Nicoll there was already some business training in the curriculum. It would be practically impossible to teach every single variable that students might encounter when they eventually open their own practice, he explained.

Shuler added that most dental students spend several years after graduation working for an established practice before starting on their own.

Bob McCulloch understands what it's like to operate as a sole practitioner in a smaller community.

The chair of the Canadian Bar Association's general practice, solo and small firm committee (known as a conference) spent several years working for a mid-sized firm in Winnipeg before setting up his own practice in Trehorne, Man. (population 660).

Despite being in such an intimate rural location, McCulloch says he still had to advertise and join the local Kinsmen Club to become known in the community. His wife had to learn quickly how to run the office as his legal assistant.

"The administration is definitely the hardest with your own practice, especially when it comes to setting up trust accounts for clients," he says.

The Canadian Bar Association has several online courses for members who want small-business training.

The business law boot camp had 155 registrants this past March and another 316 people who registered last month, according to CBA spokeswoman Hannah Bernstein. She added the organization has about 38,000 members across the country.

An estimated one in two lawyers operating as sole practitioners can be found in Ontario, according to Canadian Bar Association statistics.

The province has 2,067 sole practitioners, compared to 4,259 across Canada. Alberta has 411 lawyers operating one-person firms and British Columbia has 751. Manitoba, meanwhile, has 77.

(David Hatton can be reached at hatton@businessedge.ca)