Starting your own business can be tricky without the right help. That goes double when you also have the consider the complexities of a medical startup. However, Australians have never been known to back down from a challenge, and you may find that the current conditions are just right for your new practice or pharmacy.
Is the time right to start your medical business?Why should I start my own business?
No business can succeed without the right environment. The wrong economic conditions can nip an enterprise in the bud. However, as the mining boom begins to fade, Australia and its government are beginning to realise that its priorities need to lie elsewhere: particularly in the realm of innovation.
The Standing Committee on Education and Employment has started an inquiry into the “capacity to promote and meet the workforce demands of innovative and creative industries”, specifically mentioning medical research and biotechnology. This inquiry aims to investigate the “necessary culture, capital, talent and skills” required to see Australia improve in these areas on a worldwide scale.
There’s also the obvious financial benefits. ME reports that small-business owners saw the largest increase in financial comfort of their cohort, increasing by 18 per cent in the six months leading up to the end of 2015. This included their ability to deal with financial emergencies, their savings, investments, and so on – obviously business owners in smaller firms aren’t feeling as much strain as others.
Where do I begin?
You need to consult a financial professional that has experience.
So you’re convinced and it’s time to take the plunge. What sort of considerations do you need before starting your own medical startup?
Before anything else, you need to consult a financial professional that has experience in not only small business, but specifically small medical business. You can’t just open a pharmacy and hope for the best – failing to plan is planning for failure. Here are just some of the things you will need to consider and strategise for:
- Premises. Where are you going to open your pharmacy or doctor’s office? Where is the right place and business strategy for your enterprise?
- Financing. You’ve got to spend money to make money, where are you going to get that first initial start up fund?
- Business support. A study from CCH has shown that 70 per cent of SMEs listen to their “gut instinct” instead of their financial professional. Don’t make the same mistake – get the right support for your medical business.
These are just some of the initial considerations. To get started, contact the medical enterprise accounting experts at DBS Accounting to find out how we can help you get started on your journey into business.