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Good Luck
Learn from Experience
of Others
Legal & Financial
Advice
Mentor
Entrepreneurship
Who Needs to
Know?
Grow your
business
References &
Acknowledgements
Useful
Contacts
Networking
Naming your
Practice
MAKING A
START
Practice
Arrangements
BUSINESS
PLAN
BUSINESS
STRUCTURE
Trading
Arrangements
What is
Marketing?
FINAL
DESTINATION
Why you
need
Marketing
The 7 Ps of
Marketing
MARKETING
PREMISES &
EQUIPMENT
Raising
Finance
SCOPE OF
PROFESSIONAL
PRACTICE
FINANCE
Managing
Finance
Practice Accreditation
Clinical
Standards
Financial
Forecasts
Insurance
CPD
BACK
START UP
ROUTE MAP
Regulatory &
Professional
Bodies
MAKING A START
The Making A Start line identifies elements to consider when you are
thinking of setting up in private practice.
Pros & Cons
Entrepreneurship
Learn from experiences of others
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.
BUSINESS STRUCTURE
The Business Structure line looks at elements involved in forming and
naming your business.
Trading arrangements
Practice arrangements
Naming your practice
Who needs to know?
MARKETING
The Marketing line introduces you to marketing and its importance to
business.
What is marketing?
Why you need marketing
The 7 Ps of marketing
Practice accreditation
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.
SCOPE OF PROFESSIONAL
PRACTICE
The Scope Of Professional Practice line summarises professional points to
consider within private practice & provides links to various professional
organisations.
Practice accreditation
Clinical standards
CPD
Regulatory & Professional bodies
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.
SCOPE OF PROFESSIONAL
PRACTICE
The Scope Of Professional Practice line summarises professional points to
consider within private practice & provides links to various professional
organisations.
Practice accreditation
Clinical standards
CPD
Regulatory & Professional bodies
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.
FINANCE
The Finance line provides a summary of financial considerations when
setting up in private practice.
Raising finance
Managing finance
Financial forecasts
Insurance
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.
BUSINESS PLAN
The BUSINESS PLAN line provides a summary & guide to creating your
business plan.
What is a business plan?
Executive summary
FINAL DESTINATION
The Final Destination line provides some final considerations before you start
your business.
Mentor
Networking
Grow your business
Useful contacts
References & Acknowledgements
Good luck
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.
Useful Links:
Business Gateway: Why work for yourself?
ENTREPRENEURSHIP
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:
Discover how these qualities and personal skills can help you
start up in business:
Professional Bodies
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.
Sole trader
Partnership
Private limited company
(Business Gateway 2012)
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.
Sole trader
Partnership
Private limited company
(Business Gateway 2012)
PRACTICE ARRANGEMENTS
Other considerations for the structure
of your business
Companies House
You must inform Companies House if you have decided to set up a company.
Professional Body
Your professional body may require this information to update your registration.
Employer
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.
(Hill et al 2008)
Bookkeeping
Lease negotiations
Written agreements
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
(CIM, 2012)
A marketing strategy
how to promote the benefit of your services and meet the needs of
your clients
Product
Place
Price
Promotion
People
Process
Physical
Environment
: your service
: location where you provide your service
: cost price - profit
: advertising
: you/employees/clients
: standards of practice
: workplace standards
(CIM, 2009)
WHICH PREMISES?
This is a key decision and there are many elements to consider
when looking for premises.
What area?
this will have an impact on the type of practice
you develop
Space?
space costs what do you really need?
Buy or Lease?
what are the financial implications?
(Hill et al 2008)
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)
BUY OR LEASE?
Buy
This option allows you more control over the use and development of the
premises however it requires available capital.
Business Gateway look at the advantage & disadvantages of this choice in:
Buying business premises.
Lease
The majority of small businesses will choose to rent their premises as it is
often the most financially viable option. Main considerations:
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: Renting business premises.
(Business Gateway, 2012)
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):
Health and safety made simple The basics for your business
NetRegs (organisation in partnership between UK environmental regulators):
Guidance by business sectors
EQUIPMENT NEEDS
Equipment needs vary depending on your profession and scope of
practice.
Although purchasing the full range of equipment is tempting, it is also
very expensive. It is therefore important to ask yourself:
Once you have decided that the equipment is required, next ask:
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:
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:
CLINICAL STANDARDS
Each profession has their own set of clinical standards and guidelines.
They are set out by each Professional/Association Body.
CPD
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)
Dietetics
Nutrition
Occupational Therapy
Podiatry
Physiotherapy
Nursing
Audiology
Radiography
Art Psychotherapy
Music Therapy
Dance Movement
Psychotherapy
DIETETICS
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
The British Dietetic Association (BDA)
NUTRITION
Regulatory Body:
Nutritionists are not regulated by a governing body in the UK
Professional Body:
Association for Nutrition (AfN)
OCCUPATIONAL THERAPY
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
British Association of Occupational Therapists (BAOT)
PODIATRY
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
The Society of Chiropodists & Podiatrists (SCP)
PHYSIOTHERAPY
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
Chartered Society of Physiotherapy (CSP)
NURSING
Regulatory Body:
The Nursing and Midwifery Council (NMC)
Professional Body:
Royal College of Nursing (RCN)
Professional Body:
Royal College of Speech & Language Therapists (RCSLT)
AUDIOLOGY
Regulatory Body:
The Registration Council for Clinical Physiologists (RCCP)
Professional Body:
British Academy of Audiology (BAA)
Professional Body:
British Society of Hearing Aid Audiologists (BSHAA)
RADIOGRAPHY
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
Society of Radiographers (SOR)
ART PSYCHOTHERAPY
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
British Association of Art Therapists (BAAT)
MUSIC THERAPY
Regulatory Body:
Health and Care Professions Council (HCPC)
Professional Body:
British Association for Music Therapy (BAMT)
DANCE MOVEMENT
PSYCHOTHERAPY
Regulatory Body:
DMP is not a regulated profession. However application has
been made to the Health and Care Professions Council
(HCPC) for registration (click here to see application)
Standards of Proficiency refer to HCPC standards for
Art Therapists (click here to see document)
Professional Body:
Association for Dance Movement Psychotherapy UK
MANAGING FINANCE
It is essential for any business to carefully manage their financial
performance.
The following list provides a linked overview of the elements involved:
Business banking
Bookkeeping
Tax, National Insurance & VAT
Consider your fees
Business budgeting
Should I use an accountant?
BUSINESS BANKING
The right bank and the right bank account will help in the success of
your business
Each business has its own needs, so it is important to take the time to research
which bank will best meet your business needs. Business Gateway (2012) advise
to carefully compare the different services and costs offered, including:
If you set up as a sole trader it may be possible to use your own personal bank
account. If your bank allows this then it important to keep separate and detailed
records of both personal and business transactions.
(Hill et al, 2008)
finance.scotland.gov.uk provide further information:
BOOKKEEPING
Record the movement of your money
You will need this information to help you complete your tax return correctly.
Records must generally be kept for at least 6 years. HM Revenue & Customs
(HMRC) may check to make sure you're paying the right tax at the right time
and they can look at any record of the last 5 years.
(HMRC, 2012)
Income Tax*
a tax on taxable income
Corporation Tax
a tax on taxable income of companies & organisations
National Insurance* contributions which directly affect your entitlement to
certain state benefits (including State Pension).
Payable with income tax under Self Assessment.
Value Added Tax
payable if your turnover is more than the VAT threshold.
*If you have employees you will need to arrange their tax & NI contributions .
(HMRC, 2012)
HMRC provide invaluable information on what you will need to consider when
starting a business in: Starting a business
Business Gateway also provides guides on Tax returns &
Tax rates and allowances
Market influences can also determine your fees (eg what other practices charge
and what patients are willing to pay).
(Hill et al, 2008)
Your professional body may also be able to advise on current fee scales.
In addition to setting fees, consider what forms of payment you will accept and
discuss the options with your bank.
BUSINESS BUDGETING
Control your cash-flow
A business budget allows you to carefully control and manage your finances.
It is a plan of the financial outcomes you want your business to achieve.
Business Gateway advise to keep your business budget simple and focus on
two questions:
what are you expecting to earn?
Income
what are you expecting to spend? Expenditure
Your expenditure will include costs such as rent, equipment, professional fees,
wages, tax, advertising, website management etc.
When you have your budget you can use it to inform business decisions (such
as reducing costs) and compare future incomes to budgeted incomes and
identifying areas that require attention.
(Business Gateway, 2012)
SHOULD I USE AN
ACCOUNTANT?
To decide if you need to engage an accountant you should ask yourself:
Would my business benefit from professional support?
Accountants complete your end of year accounts and can provide professional
advice on how to best manage your business finances.
Small companies with a low turnover are not required to have their accounts
prepared by an accountant, so you can choose to complete them yourself.
(Hill et al, 2008)
Useful links:
finance.scotland.gov.uk provide further advice in:
Choose and work with an accountant
For advice on completing your own tax return: HMRC
RAISING FINANCE
How will you fund the early stages of your business?
Every new business needs money to cover the initial start up costs and fund the early
stages of running the business. You will need to:
identify your start up costs what are they? how much? how will you fund them?
create a Personal Financial Forecast expected costs to cover living expenses
create a Business Financial Forecast expected income/expenditure & cash-flow
Once you know how much you need, your options for raising funding are:
use your own money
borrow from a bank
non-bank borrowing (eg friends and family, outside investor)
(Business Gateway, 2012)
FINANCIAL FORECASTS
When you plan your business, creating a financial forecast helps you to:
sales how many clients you expect to see and at what charges
profit and loss expected income and expenditure
cashflow the pattern of income and spending and your ability to pay bills
When you start up a business it is your responsibility to understand and have full control
of the money coming in and out of your business. Well managed finances will allow you
to make effective decisions and keep your business successful.
(Business Gateway, 2012)
INSURANCE
Protect you.
Protect your business.
Insurance cover protects you and your business. Not only is it highly recommended:
in certain circumstances, it is a legal requirement.
Examples of compulsory insurance:
employers liability
medical malpractice
public liability
motor insurance
Examples of recommended insurance:
buildings and contents
tax investigation insurance
(Hill et al, 2008)
Useful information:
Business Gateway provide a guide to developing a business plan in
Prepare a business plan which also includes a business plan template to download
EXECUTIVE SUMMARY
The executive summary is an overview of your business.
It should provide the key aspects of your business plan and present them in a
clear and concise manner.
The statement should summarise:
who you are, yours skills and experience
the business you want to start
what services your business will provide
how you will deliver these services
who your clients will be
why clients will value your services
how you will make a profit
(Business Gateway, 2012)
Useful link:
Business Gateway provide a guide, links & videos to explain the elements of
developing a business plan in: Prepare a business plan
Useful link:
Business Gateway provide a guide, links & videos to explain the elements of
developing a business plan in: Prepare a business plan
Useful link:
Business Gateway provide a guide, links & videos to explain the elements of
developing a business plan in: Prepare a business plan
Useful link:
Business Gateway provide a guide, links & videos to explain the elements of
developing a business plan in: Prepare a business plan
FINANCES
Setting up and running a business costs money
A full understanding of your business finances is essential. Creating a detailed
breakdown provides key information for lenders or investors and enables you to
monitor the on-going performance of your business.
MENTOR
What is a mentor?
Starting up in private practice can be a daunting task and it is good to have
someone experienced to help guide you. A person who is willing to take on
this role is called a business mentor and they can have a positive impact
on both you and your business.
A mentor can be as involved as you both want them to be and, alongside other
professional advisors, can be instrumental in the success of your business.
(Business Gateway, 2012)
NETWORKING
Contacts and Support
Networking can help you to:
Useful Links:
QMU: Alumni & Friends
USEFUL CONTACTS
The following pages provide a link to some of the agencies,
organisations and helpful bodies recommended within this
guide:
Business
Regulatory / Helpful Bodies
USEFUL CONTACTS
Business:
GOV.UK - England
Comprehensive advice, help and support for new & growing businesses in England.
business.wales.gov.uk - Wales
Comprehensive advice, help and support for new & growing businesses in Wales.
USEFUL CONTACTS
Regulatory / Helpful Bodies:
UK Environment Agencies
Regulatory agencies which help businesses understand their environmental responsibilities:
GOOD LUCK
Planning - Enthusiasm - Determination
Good Luck
REFERENCES and
ACKNOWLEDGEMENTS
The following pages provide a list of the references that credit
all sources of information used in this work and the relevant
acknowledgments to those who helped produce and create
this resource material:
References
Acknowledgements
REFERENCES
CIM. 2009. Marketing and the 7 Ps - A brief summary of marketing and how it works. Available at:
http://www.cim.co.uk/resources/understandingmarket/definitionmkting.aspx
CIM. 2012. Definition of Marketing. Available at: http://www.cim.co.uk/resources/understandingmarket/definitionmkting.aspx
Business Gateway. 2012. Available at: http://www.bgateway.com
General Regulatory Council for Complimentary Therapies (GRCCT). 2012. Regulator or Association: What is the difference.
Available at: http://www.grcct.org/difference.htm
Government Equalities Office. 2010. Equality act 2010: What do I need to know? Quick start guide for businesses who sell goods
and services. Available at: http://www.homeoffice.gov.uk/publications/equalities/equality-act-publications/equality-actguidance/business-quickstart?view=Binary
Hills, K., Swaffin-Smith, C., Thomas, A. 2008. Private Practice Handbook. London: The Society of Chiropodists and Podiatrists.
HMRC. 2012. Record keeping (self employed). Available at: http://www.hmrc.gov.uk/sa/rec-keep-self-emp.htm
HMRC. 2012. Starting a business. Available at: http://www.hmrc.gov.uk/startingup/index.htm
HPC. 2012. Continuing Professional Development. Available at: http://www.hpc-uk.org/registrants/cpd/
Physio123. 2012. Benefits of private practice. Available at: http://www.physio123.co.uk/private-practice-resources/benefits-ofprivate-practice.html
Santander. 2012. Santander business guides, Industry Sector: Chiropodists. Available at: https://www.allianceleicestercommercialbank.co.uk/bizguides/full/chiropodist/index.asp
[All online sources accessed 18 May 2012]
ACKNOWLEDGEMENTS
Thank you to all who contributed to this
resource, especially:
Di McMillan (Project Officer)
Working Group: Roni Bamber (Chair), Judith
Lane, Jo Rowley, Lande Wolsey