Practice Set-up Tips
Medfin has been focusing exclusively on the finance needs of healthcare practitioners in Australia for more than 16 years. We have developed the following tips to help first time practice owners plan for business success.
The demographics of the locality you are assessing for your practice will affect your potential for business growth. Have you considered the type of patients you would like to attract – families, workers or retirees? Thinking about the needs of your target market, will the best location for your practice be close to other healthcare providers, as part of a specialised medical centre, in a major shopping centre or in a local shopping strip?
During the early stages of a new practice, cash flow can be tight. What funds can you access during the initial phase of your practice? How much of your personal savings can you afford to contribute to your practice set-up and everyday expenses? Keep in mind, some finance solutions are more tax effective than others.
Location, finance, growth potential – there are many factors to consider when opening a practice. Answering the following questions will help you on your way.