Are you considering opening a medical practice in Australia or an allied health business? You’ve come to the right place. With so many moving parts involved, getting to open medical practice or allied health business up and running can seem overwhelming.
In this ultimate guide, we will walk you through important steps on how to start a business in Australia in the healthcare sector, as well as how to finance your venture.
By laying out each step and understanding some of the financial complexities involved when you set up business in Australia, you’ll soon be jotting down ideas for office décor rather than crunching numbers. Ready to get started? Let’s go!
So you have a new business idea in a clinic setting. But you don’t know where to start piecing the puzzle together.
The below are basics you need to cover when you open a business in Australia:
How to start a healthcare sector business in Australia? Here are the steps:
Before making decisions about starting a business in Australia, it is important to ask yourself the following questions:
We also highly suggest you seek the assistance from a finance broker Gold Coast as they can be an essential part of setting up a successful healthcare sector business. They will be able to provide advice on the best way to finance your business and help you secure funds from banks or other lenders.
1. Determine what type of business and legal structure you will use (e.g. sole proprietor, partnership, trust or company)
2. Choose a unique name for your business and register it with the relevant state or territory body.
3. Set up your business accounts and apply for any necessary Australian Business Numbers (ABN),Tax File Numbers (TFN) and/or Goods and Services Tax (GST) registration as required.
4. Assess any licensing or insurance requirements that may apply to your particular type of business.
5. Identify any legal obligations such as health and safety regulations, workers compensation, etc that must be met in order to operate legally in Australia.
6. Register your business name and brand as a trade mark to prevent it from being used by others.
Protecting your business in Australia is an important consideration for business owners. There are several measures that can be taken to ensure the security of your business, such as securing intellectual property rights and establishing contractual agreements with partners.
Additionally, having appropriate insurance policies in place can help protect against potential losses. It may also be beneficial to consult with a legal professional who can provide guidance on any applicable regulations and advise on the best way to protect your business from unauthorised access or misuse of information.
Finally, it is important to take steps to regularly monitor and respond to online threats, such as cyber-attacks and data breaches.
1. Optimise your website for local searches (i.e., SEO or search engine optimisation).
2. Participate in community events and sponsorships.
3. Establish relationships with other healthcare providers as well as businesses in related industries.
4. Take advantage of digital marketing strategies such as social media campaigns, email blasts, and pay-per-click advertisements.
5. Utilise word of mouth through patient testimonials, referrals and reviews.
A. Prepare for tax
B. Get a finance broker on board
Financial brokers are a great resource to help you navigate this process and take charge of your finances. They can advise you on what options are available, including loans, grants, lines of credit and more.
They will also provide valuable insights into the specific needs of the healthcare industry when it comes to financing and budgeting. A finance broker can help ensure that you make smart decisions that best serve your business goals and prevent any financial hurdles down the line. With their guidance and knowledge, you’ll be able to confidently make informed decisions that set your business up for success.
Generally, self-funding involves using personal funds or seeking investments and loans from family and friends. This type of financing is often faster and more flexible than traditional financing sources, but it carries greater risk as there may be limited options for recovering lost investments if the business fails.
Additionally, you should be sure to create clear expectations and agreements with any investors so that everyone is on the same page and understands the potential ramifications.
Financing your healthcare sector business through traditional bank loans is a common option for business owners. These types of loans are usually less risky than self-funding and provide access to larger sums of capital with lower interest rates.
To get approved, you will need to provide lenders with detailed information about your practice, including its financials and operations.You should be prepared to offer collateral as part of the loan agreement to ensure that the investment is protected in the event your practice defaults on payments.
Specialty lenders, also known as “alternative lenders,” provide financing to businesses that may not qualify for traditional bank loans. These lenders specialise in lending to medical practice owners and can provide you with access to capital quickly and easily, with fewer requirements and higher interest rates than traditional lending sources.
However, like any loan agreement, you should do your due diligence when researching these options and be sure to understand the terms of the loan before signing on.
It’s a good idea to shop around for the best deal so that you can find the lender who offers the best terms and conditions for your business.
Financing your healthcare sector business through private investors can be an attractive option for business owners who need access to capital quickly and easily.
Private investors come in many forms, ranging from individual angel investors to venture capital firms. Private investors are typically more flexible than banks, meaning they can provide you with a loan even if you don’t meet the requirements of traditional financing sources.
However, like any loan agreement, it’s important to understand the terms before signing on as these types of investments often require hefty fees and interest rates. Startup businesses may have difficulty finding private investors due to the high risk associated with their ventures.
Q Financial specialises in finance for doctors and non-medical professionals planning on starting a healthcare sector business. We are here to help you every step of the way by demystifying the process of setting up business in Australia and providing tailored solutions for your specific needs.
Contact us today to get started on making your vision a commercial success story.
Anyone can own an allied health business in Australia, from healthcare professionals to individuals with a passion for the industry. To be eligible, you must meet the requirements set out by the relevant regulatory authority for the particular type of business you are looking to establish. For example, some allied health professions may require registration with a professional body, while others may require a certain level of experience or qualifications. Note that allied health business partnerships are regulated by the Partnerships Acts of the relevant States or Territories.
In order to set up a medical practice in Australia, there are several regulatory requirements you must adhere to. First, you need to obtain an approval from the relevant State or Territory health department before trading as a medical practitioner. You will also require an Australian Business Number (ABN), Public Liability Insurance and Workers’ Compensation Insurance policies as well as professional indemnity insurance. Lastly, should you be employing staff, you will also need to register for relevant payroll tax with your state government or territory revenue office.
For Medical Practitioners starting a small business in the healthcare sector, you must be registered with the Australian Health Practitioners Regulation Agency (AHPRA).
Visit the Australian Government Business webpage for more information.
When setting up your medical practice in Australia, it is important to consider the best legal structure for your business. Some of the available options include operating as a sole trader, establishing a proprietary limited company or forming a partnership with other practitioners. It is advisable that you seek advice from an experienced accountant who can help determine which option best suits your individual circumstances and goals for growth.
The amount of capital required when opening your own medical practice (e.g., an Australian doctors clinic or medical centre) largely depends on specific factors such as where you plan to operate, what type of services you offer and how many staff members you employ. Generally speaking however, it is estimated that startup costs for equipping a full-time solo practitioner may range anywhere from tens to hundreds of thousands of dollars depending on geographical location and potential demand for services within the area.
When running any type of healthcare provider business it is important to adopt software systems. These will enable efficient patient management and data storage capabilities across all aspects of operation. They include:
It would be wise research these further before making any decisions on implementation into your business model moving forward.
When launching your own Australian medical centre or healthcare sector business it is essential that you develop an effective marketing strategy. This is so that potential customers within your local area are aware of their available services. This can involve everything from creating engaging social media content through platforms such Facebook and Instagram to producing direct mail flyers distributed throughout nearby neighbourhoods and local communities. You could even arrange joint initiatives with other healthcare providers within the area such as charity events or health screenings, etc.
Great experience with Q Financial. We have re financed several times over the years and these guys are the best. They went above and beyond to make sure that the process was as smooth as possible. Highly recommend them
