Route map full version updated 151212

Route Setup A Map to Succeed in Small Business / Private Practice Start Up NEXT 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 BACK NEXT Good Luck Legal & Financial Advice Mentor Entrepreneurship Naming your Practice MAKING A START Practice Arrangements BUSINESS STRUCTURE Trading Arrangements What is Marketing? Why you need Marketing BUSINESS PLAN The Ps of Marketing MARKETING ich ? Wh ises em Pr me Ho ? m se fro ea r L i ng ng wi s Vie mise Pre yo Bu rk Wo & ion s s s n i io erm ulat P g ing Re nn ing a l P uild B y/ fet ues a S Iss h & ent t l a He ironm v En BACK FINAL DESTINATION Useful Contacts es nc na Fi & g s le tin Sa ke ar e M iv ut ary ec m Ex um on S si ur Vi yo ess r fo sin Bu ? a s an t i Pl s W nes si Bu Networking Pros & Cons Who Needs to Know? Grow your business ur yo s g in es nn sin Ru Bu Learn from Experience of Others References & Acknowledgements Raising Finance SCOPE OF PROFESSIONAL PRACTICE PREMISES & EQUIPMENT FINANCE Managing Finance Practice Accreditation s& es s c Ac on ity erati l i ab id Dis ons C m uip Eq ee tN n e Clinical Standards Financial Forecasts Insurance ds CPD 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? • Legal & Financial advice 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 MARKETING The Marketing line introduces you to marketing and its importance to business • What is marketing? • Why you need marketing • The Ps of marketing Click on the above categories to start your journey on this line The QMU logo will take you back to the Marketing station and map PREMISES & EQUIPMENT The Premises & Equipment line takes you through the main aspects involved in choosing work premises and equipment • Which premises? • Viewing premises • Buy or lease? • 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 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 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 VISION FOR YOUR BUSINESS The vision you have for your business explains more about your business and how you believe it will develop Within this section: • sum up your business idea • explain how and when you are going to start the business • explain your services and benefits to clients • explain why clients will choose you and why your service is different • provide business aims and show what you want to achieve - where you want to be in year? - where you want to be in 3-5 years? - create aims that are measurable to allow later comparison • explain how you will meet any legal and insurance requirements (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 SALES & MARKETING Being a good clinician or professional is not enough for a successful private practice – you must also develop a fundamental understanding of how to market and sell your services to help you find and keep your clients The elements of marketing are summarised in the Marketing line and links are provided for further information Within your business plan, the sales & marketing information required includes: • a summary of your market research • profile of your potential clients • profile of your competitors • market risks • pricing • promotion & advertising (eg website) (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 RUNNING YOUR BUSINESS Running a business is hard work If you are a sole trader, then many of the everyday activities required to keep the business going will fall to you In addition to your clinical skills, you should demonstrate any managerial and financial skills, or who you will be outsourcing to for assistance When completing this section of your business plan include: • your role (skills and experience – clinical/financial/managerial) • outsourced roles (eg bookkeeping) • premises (cost of rental or purchase) • suppliers (main suppliers and credit terms) • equipment (cost and how it will be funded) • managing operational risks (possible problems and solutions) (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 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 The elements required to effectively manage your money are summarised in the Finance line and links are provided for further information For the finance section of your business plan detail the following: • start up costs • personal financial forecast • profit and loss forecasts • sourcing finance • cash-flow forecasts • managing financial risks Useful link: • Business Gateway provide a guide, links & videos to explain the elements of developing a business plan in: Prepare a business plan 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 • Who can be a mentor? A mentor can be someone you know within your profession who has already established a private practice It could also be friends or family members who have small business experience • How and when you meet your mentor? Meetings can be done face to face, by phone or online They can be formal or informal and arranged to suit both parties 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) For further information: • Business Gateway provide a summary of the potential role a business mentor could play in the set up of your business in: Business mentoring NETWORKING Contacts and Support Networking can help you to: • Build your business When you start your private practice you should aim to create a network of professional contacts who have the potential to provide you with referrals These contacts could include the local GP practice; physiotherapists and others within your profession who practice locally • Provide a network of support Working as a sole practitioner can be isolating, so it is important to create a network of support Make contact with others in private practice (there may be a local private practice group within your profession or local branches of your professional body) Keep in touch with fellow graduates – they may be in a similar situation Business support can also be provided by local business networks (Hill et al, 2008) Useful Links: • QMU: Alumni & Friends GROW YOUR BUSINESS Should you expand? Once your practice is established you may want to consider growing your business It must be done at the right time for you, and based on the strengths of your business Possible options for future growth include: • employing staff • engaging a self-employed associate • expanding your premises or purchasing new premises • selling part of the goodwill If you regularly monitor your business performance, you will recognise the point when expansion may be a consideration For further information: • Business Gateway provide information and guidance on assessing when to take your business forward in: Growing a business 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: • Business Gateway – Scotland (Lowlands) Comprehensive advice, help and support for new & growing businesses in Scotland • Highlands and Islands Enterprise Information – Scotland (Highlands) Scottish Government’s economic and community development agency for north & west of Scotland • GOV.UK - England Comprehensive advice, help and support for new & growing businesses in England • nibusinessinfo.co.uk – Northern Ireland Comprehensive advice, help and support for new & growing businesses in Northern Ireland •   Invest NI – Northern Ireland Provides strong government support for business • business.wales.gov.uk - Wales Comprehensive advice, help and support for new & growing businesses in Wales • Federation of Small Businesses The Federation of Small Businesses is a membership organisation that provides legal protection and business benefits • The Princes Trust – Scotland (Explore Enterprise Programme) Supports unemployed young people aged 16-25 in exploring the idea of becoming self  employed • The   Princes Trust – England/Wales/Ireland (The Enterprise Programme) Supports unemployed young people aged 18-30 in exploring the idea of becoming self-employed USEFUL CONTACTS Regulatory / Helpful Bodies: UK Environment Agencies Regulatory agencies which help businesses understand their environmental responsibilities: • • • Scottish Environmental Protection Agency (SEPA) - Scotland Environment Agency – England & Wales Northern Ireland Environment Agency (NIEA) – Northern Ireland Health and Safety Executive (HSE) Enforcing authority responsible for inspection & enforcement of Health & Safety regulation • • • • Health and Safety Executive - HSE HSE – Working with Scotland HSE – Working with Wales   Health and Safety Executive for Northern Ireland – (HSENI) The HM Revenues & Customs (HMRC) Government agency responsible for collecting tax – provides a wide range of help and support for those starting and running a new business •   HMRC – ‘Starting a business’   GOOD LUCK Planning - Enthusiasm - Determination Setting up in private practice and beginning your own business can be an exciting and fulfilling journey There are many factors to consider and hopefully this Route Map will have highlighted some of the main elements required when you start up in business If you decide to that setting up in business is right for you – plan well and approach this process with enthusiasm and 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 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 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-act-guidance/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-of-private-practice.html Santander 2012 Santander business guides, Industry Sector: Chiropodists Available at: https://www.alliance-leicestercommercialbank.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 [...]... BUSINESS PLAN station and map 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 PROS AND CONS Is private... 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:... (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: • • • do I really need this piece of equipment? how often will I use it? will it improve the level