Once you have made the big decision to establish your own practice, you are in a position to fulfil practicing medicine your way. However, there are different responsibilities and challenges that come with owning and operating your own practice. From getting the initial funding for the fitout and equipment that you will need, to marketing the practice and your offering, keeping records, employing and managing staff, making sure that there is enough income to pay all expenses… and so on.
As you can see, there’s plenty to keep you busy. But don’t worry, we’re here to help and have identified the initial steps you need to take to start your private practice journey.
Every practice is unique and hence the needs for each practitioner will be different.
You may choose to start up a practice with a colleague or several colleagues in order to share the financial burden and bring different skills together to offer a multidisciplinary practice. You will need to set up a structure that is beneficial to the business as well as the individuals involved.
It is advisable that you get expert accounting and taxation advice before you make further decisions with your business plans. The right structure and panel of advisors will set you up for success.
It is always advisable to deal with specialists that know your field of work. They can anticipate the challenges, as well as help you to navigate the pros and cons of what you are looking to achieve.
A business plan is a great way to map out your ideas and vision of how your practice will look and operate. You can find some tips on building your business plan in our blog From dreaming to achieving.
Some of the key elements to include in your business plan are:
The site you have chosen for your practice
The term of lease if you are looking to rent
The cost if you are planning to buy the commercial property
Your expected monthly income
Your practice forecast and how it will mature enough to be able to sustain you and the expenses that are required to run the practice
Your approach to branding and marketing to attract patients.
Financing your Business Vision
As a medical practitioner, you have a plethora of options when it comes to borrowing funds. Choosing a lender that specialises in your industry will however ensure that you structure your loans in a way that suit your practice set up and career trajectory.
Further, specialist lenders are often able to set your loans up quickly, arranging fast approvals and tailoring monthly repayments to suit your cash flow.
Applying for a Loan:
When you are applying for a loan, you will need the usual documentation.
Copy of current ID such as drivers licence, passport, medicare card
Copy of current financials/tax returns
An Asset and Liabilities statement of position
Your business plan
A list of your funding requirements
All of these will help the financier to buy into your vision and assist with the approval of your loan.
Some financiers may require much more information depending on the size of your loan. Again, there is an advantage to working with a specialist lender as they are usually familiar with your career progression and can interpret the future success of your practice. In fact, Credabl’s online application form can take as little as 4 minutes to complete!
The first part of your journey is accomplished when your loan is approved!
As always, if you have absolutely any questions or want help getting started with your Credabl Loan Application, you can live chat with our team on our website or call 1300 27 33 22.
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