Tips for buying your first practice

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tips for buying your first practice

This article is sponsored content brought to you by Credabl.

As a qualified vet, you’ve probably thought about opening up your own practice at least once. If you are considering making the transition, as a first step, understanding all the responsibilities and challenges that come with owning and operating your own practice is crucial.

Getting the initial funding for the practice plus fitout and equipment that you’ll need, marketing your offering, keeping records, employing and managing staff, and making sure there’s enough income to pay all expenses… the list goes on!

The Credabl team is here to help. We have identified key considerations to start you on your practice ownership journey.

Getting started

Since every practice is unique, the needs for each practitioner will be different.

You may choose to start up a practice with a colleague or several colleagues in order to share the financial burden and bring different skills together to offer a multidisciplinary practice. You’ll need to set up a structure that is beneficial to the business, as well as the individuals involved.

It’s advisable that you get expert accounting and taxation advice before you make further decisions with your business plans. The right structure and panel of advisors will set you up for success.

Dealing with specialists that know your field of work also means they can anticipate most challenges, as well as help you to navigate the pros and cons of what you want to achieve.

Business plan

A business plan is essential for mapping out your ideas and vision for how your practice will look and operate. Some of the key elements to include are:

  • The site you have chosen for your practice 
  • The terms of lease if you are renting 
  • The cost if you are planning to buy the commercial property 
  • Your expected monthly income 
  • Your practice forecast and how it will mature enough to be able to sustain you and the expenses that are required to run the practice 
  • Your approach to branding and marketing to attract patients.

Financing your business vision

As a vet, choosing a lender that specialises in your industry will ensure that you structure your loans in a way that best suits your practice set up and career trajectory.

At Credabl, most of our team have been in the industry for over 15 years and have a deep understanding of the profession. We’re also often able to set up your loans quickly, arrange fast approvals and tailor monthly repayments to suit your cash flow.

Applying for a loan

When you are applying for a loan, you will need the usual documentation to assist with getting approval:

  • Copy of current ID such as drivers’ licence, passport, medicare card 
  • Copy of current financials/tax returns 
  • Asset and Liabilities Statement of position 
  • Business plan
  • A list of your funding requirements

Depending on the size of your loan, some financiers may require more information. Again, there is an advantage to working with a specialist lender, as they are usually familiar with your career progression and can interpret the future success of your practice. 

The first part of your journey is accomplished when your loan is approved!

Credabl has outlined in detail what’s required to set up shop on your own and how you can get a head start on your journey. To download the full Private Practice Checklist, visit www.credabl.com.au/article/private-practice-checklist.

If you have any questions or want help getting started with your loan application, you can live chat with our team online at www.credabl.com.au or call 1300 27 33 22.

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