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I'd be grateful if any of you were able to share their experience in starting a private practice with a surgery. Its a road I'm considering going down, but obviously I have more questions than answers.
What are the approximate startup costs? Is it worthwhile leasing equipment at the outset?
Questions questions.....
Thanks in advance
Gavw
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Kind regards
Gavin Wylie
Podiatrist (Paediatrics),
Perth Royal Infirmary,
Perth, UK
Hi Gavw
I set up a new practice in Sydney from scratch quite a few years ago, and ended up with myself and 3 full-timers before selling off. My advice is listen to your patients. They will tell you if they think you are any good at your profession and word of mouth brings in at least 30% of your business and yellow pages at least 40%. Also when it comes time to employing new Podiatrists, your reputation relies upon their expertise.... so ensure your staff do provide the kind of service you yourself would expect. Work with them for at least 1 month. Always question your own abilities and self assess. Are you doing what you as a patient would expect? Would you honestly pay for what you just told your patient ??
As to the cost of setting up, I took out a loan. Because the chair, drill, treadmill and tools really don't go out of date. After paying out maybe $30,000 (Aus$) you own the stuff, and not have to pay residuals of 30%. But your best friend will be your accountant, he/ she will tell you how much you should spend and how much you should earn in the first year. Find a good one and you can confidently become a successful business person.
Good Luck with your new venture !! It is worth it.
Private practice in the UK
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