PURCHASING AN EXISTING PRACTICE OR ESTABLISHING A NEW PRACTICE

As with any major business purchase, due diligence of what is on offer is required plus a good knowledge of business and management. Good advice is essential. Unless you have previously run a business, it may not be wise to start your own practice immediately after graduating. Experienced practitioners have advised Osteopathy Australia that obtaining some experience in various clinics to increase both your clinical and business knowledge is a great way to learn about which models work and which models do not.

Key considerations

• Location is a critical factor for success with any business. You must also consider personal factors such as where you will be happiest living, your desired lifestyle – rural or urban, how far you are prepared to travel etc. • Check whether there are competing practices in the area and consider how this may impact on demand for a new service.

• Any special permits that may need to be acquired. You will need to check this with the local Municipal/Shire Council, particularly with reference to car parking requirements and zoning. • Accessibility and safety, particularly for disabled or less mobile people. • Proximity to public transport. • Office space and layout and whether it is adequate for functional demands and with enough room for future expansion (i.e. reception and waiting area, size of treatment rooms, toilet facilities, storage etc.). • Leasing business premises. Before signing any business property lease, it is advisable to consult your solicitor and/or property consultant. Make sure you are fully aware of the commitment you are undertaking. • If money is to be borrowed, the lender will need to be satisfied that the loan will be secure. Hence, you will need to show them your business plan, complete with your estimates for start-up costs, projections, personal financial statement, security offered for the loan and information about osteopathy and your practice.