Thinking of setting up a chiropractic clinic?
If you are thinking of setting up a chiropractic clinic from scratch finance 4 chiropractors may be able to help you. Read our information and tips below to find out how.
Setting up a chiropractic practice from scratch can be a fairly daunting experience but finance 4 chiropractors aim to give you the support and guidance you need to ensure that you start your new business with confidence and everything in place, within the correct timeframe.
Some areas we could assist you with are:-
- Setting a realistic timescale
It is important to set a timeframe that you can meet ......and be realistic when doing so! There are lots of things to consider and some tasks may be reliant upon other people, which often leave it a little out of your control. The exact timeframe is specific to each chiropractor but 6 months is usually a "suggested" realistic minimum time required.
TIP - It helps to set the date before doing anything else and look backwards to "now" as to what needs to be done. Visualise the final result; when, where and how....... and then set the steps to make it happen. We can help you to do this based on our previous experience.
- Do your research
When setting up your own chiropractic practice, it is vital to do research into the market in you chosen location. Not only will it make up the basis of your business plan but it will also set you in good stead to know your strengths and weaknesses, your competition and opportunities for niches in the market. This will mean that you can make better decisions for how to operate your business strategically from the start. Some areas to research:
- The Market - what is the population? What is your "target" population....numbers / type? Is your target population familiar with chiropractic? Who is your competition?
- Property - is there available and suitable property for you to trade from? Will you rent or buy a property? How much will it cost for either option?
- Equipment - What equipment will you need? How much will it cost? Where can you source this from? Is it better to lease or buy the equipment?
- The financials - how many patients will you need to see to make enough income to cover your expenses? Is this realistic? How will you ensure this will happen? What marketing can be done to increase patient numbers? What will be the source of funds to cover you for the initial few months before you manage to get returning patients?
During the research process it is worth considering the risk / reward ratio. By this we mean that setting up a large clinic, with property and considerable loans to fund the business is a higher risk than renting a room from a GP in a surgery. You need to ensure that the reward you will receive from the size of your business will match the risk involved.
- Prepare a Business Plan
Once you have done your research it is important to prepare a business plan.
If you require finance for the practice set up, then a business plan will be required in order to obtain this. If you are funding the business start up from your own sources, it is still essential to have a business plan in place to set goals, targets and budgets and have data to track your progress against.
It is also important not to underestimate the amount of time that will be required for "other" work, not chiropractic, as when you start to own and run your own practice there will be a considerably higher need for time to do accounts, marketing, planning, dealing with staff issues and other administration tasks. A business plan should help to consider all of these areas and ensure that there is suitable time allocated for this in your weekly and monthly schedules.
TIP - Remember a business plan should also be geared at your personal goals!
I.e. if you want to retire early, then the business plan should reflect this. It should constantly be reviewed to ensure that your personal and business goals will be met.
See our separate article for more details:
Assistance with writing your business plan
- Obtain finance (if required)
Once your business plan is in place, you are in the position to apply for finance. Initial enquiries can be made prior to this but in most situations, the loan company or bank will require a business plan to process an application.
finance 4 chiropractors offer excellent packages for chiropractic clinic start ups and due to their knowledge of the chiropractic market can ensure a smooth, speedy service.
Finance considered for:-
- Start ups costs
- Property
- Equipment
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For further information, please contact.... |
- Consider the structure of the business
Whether you are starting on your own, with another chiropractor or another business associate it is important to consider the most beneficial structure for the business. It may take the form or a sole trader (self employed) partnership or limited company but the "pros and cons" are different for each individual circumstance and sufficient tax benefits can be gained by making the right decision.
Kelsall Steele's business advisors can provide advice on this.
- Seek Legal assistance (if required)
If starting a partnership or limited company there may be a certain amount of legal work involved regarding setting up contracts, property issues, leasehold agreements.
finance 4 chiropractors commercial lawyer specialises in chiropractic transactions and may be able to assist. For more information, visit his webpage or contact us direct to arrange a telephone call back.
- Employing staff
- Employment contracts (help available from our lawyer)
- Payroll scheme - we can assist with providing advice regarding payroll, setting up a scheme and / or processing the payroll on a periodic basis on your behalf.
For a free quote, please contact us direct.
- Contracts for self employed associates
If you plan to take on an associate chiropractor under a self employed basis, you will need to consider:
- Contracts (we can provide these for you)
- What percentage of rent should I charge?
- The launch / opening day!
Once all the hard work in setting deadlines, researching the market, preparing business plans, obtaining finance, purchasing equipment, legal work, employing staff etc has all been completed and the opening day is finally upon you, you may like to consider how you are going to "launch" your new business. Maybe an opening party or invitation to visit the clinic? Maybe a leaflet drop? Maybe a chiropractic seminar held at the clinic? We can help you decide what would be best for you in your circumstances to let the public know you are there!
In summary......
......Help is available! finance 4 chiropractors have worked with chiropractors for over 15 years and assist over 10% of your profession with a wide variety of services. We aim to offer services to assist you with all your needs and requirements and provide information and contact names and numbers of reliable sources based on our vast combined experience.
We hope the above has provided some initial information into the steps involved with starting up your own chiropractic clinic. We would be delighted to be able to assist you with each of the above so please contact us to discuss your own situation further.
T: 01872 242800
E: support@finance4chiropractors.com