First decision – buy or start?

Whichever option you decide on, seek professional financial advice about:

• when and how to purchase or start a practice
• finance and taxation issues, including loans, income tax, depreciation, capital gains tax, superannuation
• asset management
• options for expanding, moving, and selling some or all of the practice.

In particular, you will need a good relationship with an accountant and with your practice manager, and your practice manager and accountant will also need to work well together.

Regardless of whether you’re starting a new business or not, you will need to consider:

• How will you finance your business ownership? Do you need to borrow money, or will you be investing your own money, or both?
• What one-off expenses will you incur (eg purchase of premises, purchase of some or all of an existing business, furniture, technology and systems)?
• What ongoing expenses will you incur (eg rent, staff, equipment, consumables, insurance, utilities, training, accounting and other professional fees)?

For further information about financial considerations relating to owning and managing a general practice, see: Your practice’s finances.