The Business of Starting a Medical Practice: What You Need to Know
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Quite often when starting any new business you can find so much information online about what things you need to do to start a business but something we noticed that these guides almost always leave out is what order to do these things in. Setting up a medical practice is in many ways just like setting up in any other business and needs to be treated as such. We intend to put that right here, give some advice and now so here is the order we feel that it’s important to set things up in.
Business Plan Including Customer Analysis
This is the first point for any aspiring business owner is to plan things out. This means looking at things theoretically before committing any resources to the business if it’s not going to work out. You should identify where your patients (customers) would come from, how much you would charge and how many patients you’d need to make to end up in profit. Also, check how much competition there is in the area you are intending to trade-in.
So once you know the business you are in and the customers etc, what type of business structure is best for you? A limited liability company is a way you are most protected if things go wrong, it means that if you go out of business owing money then you won’t be personally liable unless you have acted fraudulently. The other option is to simply register as a self-employed individual and pay you are taxed personally, this is less paperwork and smaller setup costs but you are personally liable for all debts accumulated. In the medical profession, you will want as much protection as possible so it is advisable to set up in some form of limited organization.
Before you go any further you will now need a bank account and you should open a dedicated business account. This will allow you to keep track of everything for the company in one place and if you are limited it is a legal requirement to have a business bank account. So you can easily
Website Creation & Promotion
Now you should move on to getting a website and other online presence sorted such as Facebook and Twitter. This is because it can take some time for a web presence to get results and for this, you are best to employ a specialist firm such as Phase 5 Analytics to take care of web promotion and SEO.
So you are almost ready to get going by this point so you need to think about where you are going to run your business from? It may be possible, at first, to work from home, especially if you work remotely online or visit your customers at their own homes. Otherwise, you’ll need dedicated premises and what type will depend on whether you have customers coming to you to buy as in retail or if you need lots of space for stock or machinery, etc, in which case out of town premises may be more suitable.
Staff & Resources
Lastly, you will need to arrange for any staff you need and also office supplies and equipment and anything else needed to trade, including vehicles, equipment, and stock. In the medical profession, you will need to ensure that your staff are not only well trained in customer service but that it is relative to the specific challenges
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