Route map full version updated 151212

Route

2

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 7 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
ha 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 7 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.


BUSINESS PLAN
The BUSINESS PLAN line provides a summary & guide to creating your
business plan.
• What is a business plan?
• Executive summary
• Vision for business
• Sales & Marketing
• Running your business
• Finances
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.


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 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


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:
•
•
•

•

Self confidence and Self determination
Commitment and Perseverance
Initiative and Judgement
Self starter

Discover how these qualities and personal skills can help you
start up in business:
•

Business Gateway: Match your business skills and experience


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:
•

Professional Bodies

•

Private Practitioner Groups (if available)

•

QMU Alumni & Friends

•

QMU Careers (2 year post-grad access)

Business Gateway provide a series of video diaries Start up 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 Ask the Advisor and ask direct questions.


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 ‘Tax, NI & VAT’under the FINANACE line. HMRC provides a
comprehensive guide in ‘Starting a business’.
You must tell HMRC within 3 months of starting otherwise you may face a fine.
(HMRC 2012)

•

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)


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’’
(CIM, 2012)

The goals of marketing are achieved by developing:
•

A marketing strategy –
how to promote the benefit of your services and meet the needs of
your clients

•

A marketing plan how you put your strategy into action
(Business Gateway, 2012)


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
Place
: location where you provide your service
Price
: cost – price - profit
Promotion
: advertising
People : you/employees/clients
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

•

NESTA: Worksheet 4a:Marketing mix


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.
• What area?
this will have an impact on the type of practice
develop

you

• Space?
space costs – what do you really need?
•

Buy or Lease?
what are the financial implications?
(Hill et al 2008)