Route map full version updated 151212

A Map to Succeed in Small Business / Private Practice Start Up NEXT Route 2 Setup... Click on the above categories to start your journey on this line.The QMU logo will take you back to t

A Map to Succeed in Small Business / Private Practice

Start Up

NEXT

Route 2 Setup

How to use the map

The following map has been designed to lead you through the processes and challenges of starting up your own small business / private practice.

Although not exhaustive, this route map will allow you to guide yourself through the most common challenges of business start up.

The map is easy to navigate The main line - takes you through the eight main stations to starting your own business The lines coming off these main stations give you more specific information about individual topics.

Click on the station, or topic, you wish to find out about Once you have read the information just click on the logo at the bottom of every page and it will return you to the main map.

NEXT BACK

BUSINESS STRUCTURE

MARKETING

PREMISES &

EQUIPMENT

SCOPE OF PROFESSIONAL PRACTICE

FINANCE

BUSINESS PLAN

START UP ROUTE MAP

BACK

MAKING A START DESTINATION FINAL

Legal & Financial

Who Needs to Know?

Learn from Experience

of Others

Entrepreneurship

Pros & Cons

Mentor Networking

Grow your business

Good Luck References &

Acknowledgements

Useful Contacts

Ru nn ing yo

ur

Bu sin

es s

Fin an ce

s

Vis ion

fo

r y ou

r

Bu sin

es s

W ha

t is

a

Bu sin es

s P lan ?

Sa les &

M ark etin

g

Ex ec utiv

e

Su m m ary The 7 Ps of

Marketing

Why you need Marketing What is

Marketing?

W hic h

P

re m is

&

Co ns ide rat ion s

He alt

h & Sa fet y /

CPD

Regulatory &

Professional Bodies

Raising Finance

Managing Finance

Financial Forecasts Insurance

MAKING A START

The Making A Start line identifies elements to consider when you are

thinking of setting up in private practice.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Making A Start station and map.

• Pros & Cons

• Entrepreneurship

• Learn from experiences of others

BUSINESS STRUCTURE

The Business Structure line looks at elements involved in forming and

naming your business.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Business Structure station and map.

• Trading arrangements

• Practice arrangements

• Naming your practice

• Legal & Financial advice

• Who needs to know?

PREMISES & EQUIPMENT

The Premises & Equipment line takes you through the main aspects involved

in choosing work premises and equipment.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Premises & Equipment station and map.

• Buy or lease?

• Which premises?

• Viewing premises

• Working from home

• Planning permission & Building regulations

• Disability access & considerations

• Health & Safety / Environment issues

• Equipment needs

• Practice accreditation

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Scope Of Professional Practice station and map.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Scope Of Professional Practice station and map.

The Finance line provides a summary of financial considerations when

setting up in private practice.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Finance station and map.

• Raising finance

• Managing finance

• Financial forecasts

• Insurance

BUSINESS PLAN

The BUSINESS PLAN line provides a summary & guide to creating your

business plan.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the BUSINESS PLAN station and map.

• What is a business plan?

• Executive summary

• Vision for business

• Sales & Marketing

• Running your business

• Finances

FINAL DESTINATION

The Final Destination line provides some final considerations before you start

your business.

Click on the above categories to start your journey on this line.

The QMU logo will take you back to the Final Destination station and map.

PROS AND CONS

Is private practice right for you?

Elements you may wish to consider

Pros

• Personal challenge & opportunity

• Independence & autonomy

• Flexible working hours & flexible work location

• Direct ‘effort & financial reward’ relationship

Cons

• Business & financial insecurity

• Self finance of pension & work benefits

• On going business administration

• Impact on work/life balance

(Physio123, 2012)

Useful Links:

• Business Gateway: Why work for yourself?

• Physio123: Benefits of private practice

Am I an entrepreneur?

Yes, when you undertake and manage the risk of setting up a

business, you are an entrepreneur

Qualities of an entrepreneur

Most successful entrepreneurs share certain common qualities

which Business Gateway (2012) identifies as:

• Self confidence and Self determination

• Commitment and Perseverance

• Initiative and Judgement

LEARN FROM EXPERIENCE OF

OTHERS

Learn from both the mistakes and the successes

Speaking to those already in private practice, or to someone who has had

experience of setting up a small business, will give you an insight into the realities of starting up a practice.

Suggested sources of local contacts:

Business Gateway provide a series of video diaries in which

others share their experiences of setting up in business

Business Gateway also provide access to a network of experienced business

advisors who you can contact through and ask direct questions

• Professional Bodies

• Private Practitioner Groups (if available)

• QMU Alumni & Friends

• QMU Careers (2 year post-grad access)

Start up diaries

Ask the Advisor

TRADING ARRANGEMENTS

How you will trade - your first important decision

The structure of your business affects the tax you pay It is therefore

extremely important to select the most appropriate legal structure

Structures relevant to private practice

• Sole trader

• Partnership

• Private limited company

(Business Gateway 2012)

To consider these options further:

• Business Gateway: Legal structures: the basics

TRADING ARRANGEMENTS

How you will trade - your first important decision

The structure of your business affects the tax you pay It is therefore

extremely important to select the most appropriate legal structure

Structures relevant to private practice

• Sole trader

• Partnership

• Private limited company

(Business Gateway 2012)

To consider these options further:

• Business Gateway: Legal structures: the basics

PRACTICE ARRANGEMENTS

Other considerations for the structure

of your business

• Start up as a new practice from scratch?

• Buy an existing practice?

• Join an established practice?

• Work full or part time?

(Santander 2012)

These decisions will have a direct impact on your set up

costs & the income you can expect to receive.

For a guide to buying an existing business:

• Business Gateway: Buy an existing business

NAMING YOUR PRACTICE

What’s in a name?

• Naming your practice needs careful consideration

• The name will define your business, so ensure it is relevant to

clients and it conveys the service you wish to provide

• The practice name is significant for future branding &

marketing

(Hill et al 2008)

For guidance on naming your practice:

• Business Gateway: Choose the right name for your business

WHO NEEDS TO KNOW?

When you make the decision to set up in private practice there are certain people and agencies who need to be informed:

• Her Majesties Revenue & Customs (HMRC)

You must register your business with HMRC for business tax This is further

explained in under the FINANACE line HMRC provides a

If you will still be working for someone else when you set up then you may be

legally required to inform your employer – check your contract of employment

LEGAL & FINANCIAL ADVICE

Getting professional advice

Getting the right legal & financial advice is an essential element in

setting up a new business

Advice is required for many aspects of business, including:

• Bookkeeping

• Lease negotiations

• Written agreements

For general advice on what to consider when choosing

financial & legal advisers and links to professional bodies:

• GOV.UK: Set up your business – (see section ‘Working with advisers’)

WHAT IS MARKETING?

Marketing is more than advertising

The Chartered Institute of Marketing define marketing as:

‘’the management process responsible for identifying, anticipating and

satisfying customer requirements profitably’’

WHY YOU NEED MARKETING

Always remember your practice is a business

Marketing will play a key role in the success of your business

Developing a marketing strategy enables you to:

• identify potential clients

• understand & meet client needs

• communicate the benefit of your services

• identify and address business strengths & weaknesses

(Business Gateway 2012)

THE 7Ps OF MARKETING

Successful marketing addresses 7 key points:

• Product : your service

• Process : standards of practice

• Physical : workplace standards Environment

(CIM, 2009)

The following links provide an overview of marketing, how it works and its importance to your business:

• Business Gateway: Marketing

WHICH PREMISES?

This is a key decision and there are many elements to consider

when looking for premises

Choosing the wrong premises can be a costly mistake

VIEWING PREMISES

There are many things to consider when viewing potential premises:

Location:

• are the premises near your client base?

• are the premises near other healthcare providers, eg GP practice,

to help build local business networks / referral networks

Affordability:

• can you afford rent/mortgage, business rates & utilities?

• remember professional fees & insurance

• will there be costs to decorate, maintain & repair premises?

• will there be costs to meet the various regulatory standards?

Amenities & facilities:

• is there space for car parking for your clients?

Branding & future development:

• is there scope for future expansion

• do the premises reflect the image of your business?

(Hill et al 2008)

• is the rent reviewed; is it all inclusive or are there hidden charges?

• how long do you want to commit to the lease?

• can you leave your lease early / can you renew your lease?

Business gateway consider this option further in:

(Business Gateway, 2012)

Ask the professionals:

• Choosing the wrong property can be costly

• Consult property experts: chartered surveyor / solicitor / bank manager

Useful link:

Business Gateway:

Buying business premises

Renting business premises

Choose the right premises for your business

WORKING FROM HOME

If your home could accommodate your business requirements, then

working from home may be an option

Advantages:

• lower costs (no rental fees or commuting costs)

• flexible working hours

Disadvantages:

• difficulty in keeping a good work-life balance

• isolation

(Business Gateway, 2012)

There are many factors to consider when setting up a home based

business The following helpful Business Gateway link takes you through the checks to do before you decide to work from home:

• Starting a business from home

PLANNING PERMISSION & BUILDING

REGULATIONS

Alteration - Renovation - Decoration

If you want to make any changes to the premises, then you must

follow relevant planning rules and building regulations

You may need to apply for planning permission and/or comply with

building regulations if you are considering:

• any building work

• alterations of property

• a change of usage

As rules and regulations vary across regions, contact your Local

Authority for guidance

DISABILITY ACCESS &

CONSIDERATIONS

Are the premises and facilities accessible?

Under the Equality Act (2010), any business that provides a service to the public is legally required to make ‘reasonable adjustments’ to the ‘physical features of your premises to better enable disabled people access to your services’

(Government Equalities Office, 2010)

This can include ‘reasonable adjustments’ to:

• entrances and exits

• parking areas

• toilets

The Government Equalities Office has produced a series of guides, including

a guide for business, to help explain what your new responsibilities are:

Refer to your professional body for additional guidance

Equality Act 2010: What do I need to know?

HEALTH & SAFETY ENVIRONMENT

ISSUES

All businesses are responsible for providing a safe and healthy working environment

To help reduce risk at work there are health and safety laws which protect those

affected by your business’ activities (you, staff, clients, suppliers) Duties include:

• carrying out a risk assessment

• writing your business’ health and safety policy

• first aid and accident guidelines (Hill et al, 2008)

You also have legal responsibility for the environmental impact of your business Your duties of care may include:

• waste management

• storage and use of hazardous substances

• air and noise pollution (Business Gateway, 2012)

Refer to your professional body for specific guidelines

Useful links:

• Health and Safety Executive (HSE):

• NetRegs (organisation in partnership between UK environmental regulators):Health and safety made simple – The basics for your business

Guidance by business sectors

• do I really need this piece of equipment?

• how often will I use it?

• will it improve the level of service I can offer clients and

thereby allow me to increase the level of fees commanded?Once you have decided that the equipment is required, next ask:

• is it more financially beneficial to buy or to lease?

(Hill et al, 2008)

Refer to your Professional Body for guidelines on equipment

requirements

PRACTICE ACCREDITATION

Each profession has a different range of systems, processes and

procedures that allow practitioners to deliver an effective service

These set professional standards and guidelines underpin practice

accreditation schemes which define the standards required for

practice

If applicable, joining such a scheme allows you to:

• demonstrate to clients your practice has achieved the appropriate standards

• demonstrate to authorities that you comply with relevant legislation

• use the guidelines to inform your decision on the suitability

of potential premises

(Hill et al, 2008)

Contact your Professional Body for information on practice

accreditation schemes

PRACTICE ACCREDITATION

Each profession has a different range of systems, processes and

procedures that allow practitioners to deliver an effective service

These set professional standards and guidelines underpin practice

accreditation schemes which define the standards required for

practice

If applicable, joining such a scheme allows you to:

• demonstrate to clients your practice has achieved the appropriate standards

• demonstrate to authorities that you comply with relevant legislation

• use the guidelines to inform your decision on the suitability

of potential premises

(Hill et al, 2008)

Contact your Professional Body for information on practice

accreditation schemes

It is important to familiarise yourself with them as they will influence:

• the type of premises you choose

• the equipment you will need

• the health and safety guidelines you need to follow

• the environmental guidelines you need to follow

For Clinical Standards and Guidelines contact your Professional Body

Continuing Professional Development

‘CPD is the way professionals continue to learn and develop

throughout their careers so they keep their skills and knowledge

up to date and are able to work safely, legally and effectively.’

(HPC, 2012)

CPD is a requirement of all health and social care professionals

It is important that you plan and allocate sufficient time and

money to support this learning within your private practice.

You must keep a CPD portfolio to record all learning

As a private practitioner, CPD that up-dates (not expands) your current skills and professional knowledge is a cost that can be offset against tax

(Hill et al, 2008)

For guides to standards of CPD requirements

contact your Professional and Regulatory Body

REGULATORY & PROFESSIONAL

BODIES

Regulatory Bodies are independent of

professional bodies They act in the

interest of the public and promote

regulation Regulatory bodies keep a

register of health professionals who meet

their standards for training, skills and

behaviour

Professional/Association Bodies are

independent of regulatory bodies They act

in the interest of the profession and support

the practitioner Members are required to

meet its own standards for training, skills

and behaviour

(GRCCT, 2012)

Click on the following professions for

details of their associated regulatory &

Regulatory Body:

Professional Body:

Suggestions of Private Practice Groups / Forums:

• The British Dietetic Association (BDA)

• Freelance Dietitians

• Dietetics.co.uk

• Health and Care Professions Council (HCPC)