Starting your own practise or new business
Please watch the overview video below (coming soon)
What are the key financial questions and financial things to consider for an allied health business owner to ensure financial stability and financial success...?
Profit potential
What's the potential profit you could make as a new business owner and is it financially viable for you?
Financial health
What are some example the industry healthy ratios and budget guidelines for an allied health business?
Business expenses
What are the common expenses most allied health businesses have to pay each month year?
Record keeping
What is the best practice ideas for keeping your financial records and documentation and organising your financial data?
Having a Budget
What's a budget guideline for your business that shows a financial guide and path you can follow follow?
Professional support
What does an accountant and a bookkeeper do, and do you need professional support from them?
Start how you want to finish...with a plan, with clear budget guidelines and with a financial map and path that guides you
Starting your own practice as is a common option for many allied health professionals who are newly graduated or transitioning from being an employee or part time contractor to the business world of running your own practise and worksite. Running your own practise requires careful attention to ATO obligations , GST and record keeping requirements and also in being conscious of running your own business and practice in a financially sustainable manner
Step 1. Onboard with a Registered Tax Agent
Your business will need an Accountant/registered tax agent for ongoing support each financial year to:
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do your end of year tax
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advise you with business registrations and higher level advice.
If you don't have an accountant let us know (contact us using the contact form on this website) and we will refer you to an allied health specific accountant asap.
Step 2: Business Feasibility analysis
Should you even be running a business? Assess if its actually financially sustainable and financially feasible for you to start your own business or practise including
a) what potential profit can you make, b) what will your potential sales income and expenses be and c) what are healthy budget guidelines for your expenses? If you aren't sure how to do this, purchase our Business Feasibility report below and we will do that analysis for you.
Step 3: Setup a Bookkeeping system
At the heart of every business and central to its financial success is a financial system (software to record all your business income and expenses, analyse your profit, comply with ATO and GST and record keeping compliance obligations and organise your data in a logical way for your accountant to do your year end business tax return. If you've already done Step 1 and 2 and are going ahead with your business launch, contact us about setting you up on XERO
watch a video overview of the calculator in action
New Business feasibility report
A allied health business feasibility analysis FMap calculator and report with mini training videos for both new and existing Allied health business owners running heir own practise which help calculate and analyse your:
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Your working weeks per year (available billing weeks & leave per year)
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Your potential business income based on your own appt types
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Profit margin potential on your employees, contractors and clinicians
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Your estimated yearly potential business expenses
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Your estimated yearly potential profit before tax and before study debt
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An estimated draft yearly profit and loss for your business based on actual real world example data from other allied health businesses
and generate a summary PDF report for printing and further analysis
$660.00
Price includes:
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Our team producing a comprehensive PDF report on your potential sales, expenses and profit capacity from your new or existing business business
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A custom video analyzing your initial report outcomes and also discussing key financial concepts of being a business in a mini training video
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Phone and email support for adjustments to the first version of the analysis report