Introduction
If you're considering starting your own podiatry practice, the first thing to do is to research what it takes to set up a business. This can be overwhelming as there are many different aspects of setting up a new business that you will need to consider before taking the plunge. However, by following this simple guide, we'll show you how easy it can be to create your own podiatry practice and get started on building a new career in healthcare.
Choosing a business structure
There are many different types of business structures and it's important to choose the right one for your needs. The most common types are sole proprietorship, partnership and limited company (LTD).
Sole Proprietorship
A sole proprietorship is owned by one individual who is responsible for all aspects of running the business. This is the simplest form of organisation and gives you full control over your finances.
Partnerships
Partnerships are owned by multiple partners who share responsibility for running the company but do not have any personal liability for its debts or lawsuits. Partnerships can be difficult to manage if there are differences in opinion among owners, since there's no formal governance structure in place like there would be other types of businesses. However, partnerships may also provide greater flexibility when it comes time to hiring new employees or making major decisions about expanding or downsizing operations.
Limited Company
A limited company is where a company has a legal identity of its own seperate from its shareholders and its directors.
Employing your first staff
Hiring your first staff members is an important step in building your practice. You want to hire people who share the same values as you are are able to mesh well with the other team members. The right staff can help ensure that everything runs smoothly, while the wrong ones may hinder growth and cause drama.
To find good employees, you need to consider two main factors: personality and skillset. When it comes to personality traits, look for someone who has a strong work ethic and enjoys helping others. When it comes to skillset, focus on finding someone who has experience doing what they will be doing in their job at your clinic.
Choosing the best location for your practice
Choosing your business's location is one of the most important decisions you will make. While it may seem obvious, choosing the right location for a podiatry practice can make or break your success.
In order to be close to your clients, its important that you choose an area with high foot traffic. Think about what types of people would need services like yours. If there aren't many businesses near yours offering similar services then it could mean low competition which could lead to higher profits for you as well as making it easier for potential customers find exactly what they're looking for when researching online.
Negotiate a lease
Once you've found a location, the next step is to negotiate a lease. Before you begin negotiations, consider what your landlord is looking for. Do they want a lease with different options, such as monthly payments or one-time payment upfront?
Make sure to know what your market value is - this is crucial in determining how much you should offer for rent and other expenses. If you don't know what others are paying in rent at similar locations and within your area, get some quotes from other local healthcare professionals who are also leasing their space.
Also take into account any other costs that may come up during negotiations: utilities, maintenance fees, parking etc.
Choose the best equipment for your business
Equipment is essential to the success of any podiatry practice. This includes diagnostic and treatment equipment, which must be able to deliver high-quality care for patients. It's important to choose the right types of podiatry equipment for your business, as well as purchasing or leasing it from an established provider that offers reasonable pricing on all products.
There are many different types of podiatry equipment today. Of course, there are also more specific tools such as shockwave, laser and ultrasonic to name a few.
Protect your intellectual property
The first step of protecting your intellectual property is to know what types of protection are available. In the UK, there are three basic types of protection: copyrights, trademarks and patents.
A copyright protects original works such as books and music; a trademark protects brand names and logos (like Nike's famous swoosh); a patent protects inventions that have not been previously patented by another party.
While there may be other ways to protect your ideas or creations, these three cover the basics. You can obtain all three through the Gov.UK portal.
Conclusion
In a nutshell, setting up a podiatry practice involves creating a business structure, employing your first staff, choosing the best location for your practice, negotiating a lease and protecting your intellectual property.