Starting your own dental practice can be very demanding and present challenges such as retaining staff, rising accounts receivable, and technological advancements. Our team of accountants at Medvisor have coached many dentists and other oral healthcare professionals through various phases of their business.
Starting a dental practice in Melbourne
Our accountants specialise in assisting dental groups and have mentored many business owners through the start-up phases of their business. If you are looking to start a dental clinic or buy into an existing one, there are many things to consider. You will need to establish a business structure, consider insurance, explore financial options, set up tax and GST, and select an accounting software program.
You can encounter a maze of issues, but as accountants for dentists we can assist you in these areas, as well as providing advice on preparing a business plan, cash flow budget, and marketing plan. Our accountants can help you with human resource matters, superannuation guarantee obligations, and WorkCover.
To help you get your dentist business started, our team of accountants can offer you marketing expertise, technical tax knowledge, and an intimate understanding of the industry. Starting a business requires solid foundations, such as having the right accounting and tax software, a lead generation website, market planning, and appropriate insurance.
The business structure you choose is critical and there are many different options including, partnership, trust, sole trader, and company. When selecting the best structure for your business, we recommend you start with your end goal in mind, as Australian tax laws are complex and changing your business structure can trigger a capital gains tax.
When we provide advice on business structure we take into account:
- The risk profile of your industry
- Maximum asset protection
- Income tax minimisation
- All legal requirements in your industry
- Future entitlement to discount capital gains tax concessions
- Admission of new business partners or investors
Our accountants have found that business structure is compromised based on the relative importance of these issues. You will also need to choose the best accounting software for your business. Poor record keeping is a major cause of business failure, therefore keeping accurate, up-to-date financial records lets you make informed business decisions. At Medvisor we support a range of different software options.
Our start-up expense checklist is broken down into a number of tools that can help you to construct your dental business:
- Professional advice
- Marketing and signage
- Equipment and tools
- Vehicle and trailer costs
- Information technology costs – hardware and software
With our checklist, you can identify any potential establishment costs and these figures will feed through our cash flow budget template, which allow our accountants to produce a projected profit and loss statement for your first year of trading. These reports will also tie into our business plan template, which is designed to help secure you funding from external sources.
We also offer a business start-up checklist for key business registrations you might need such as legal issues, domain name registrations, branding, and insurance options. Through one of our affiliate groups, we can help you find funds to finance business purchase, equipment and where possible, your franchising fee.
Our accountants for dentists can complete some financial modelling and estimate the best and worst profit scenarios for your business based on some ‘what if’ calculations. We can compare your business’s performance against the performance of your competitors using industry benchmarks so you understand what is working in your business and what can be improved.
Dental clinic marketing in Melbourne
Dentists operate in a crowded and competitive industry. We recognise that marketing can be the difference between your business succeeding or failing. Most dentists rely on reputation and referrals to expand their business, and while those components definitely help, focussing your marketing online can be very important. People are increasingly turning to the internet to find local services.
We have worked with a number of clients to help them create quality, low-cost websites that are compatible with phones and tablets. We will help you plan and build your website, optimise it for Google and other search engines, and assist you with content creation. If your website is missing features such as calls to action, landing pages, or lead magnets, we can help you build them and introduce you to re-marketing strategies.
Your brand should appeal to your target audience. We can assist you in developing your business logo, name, slogan, write blogs and newsletters, and use social media to win more referrals. Using all of these marketing techniques can help your business reach its full potential.
At Medvisor, we understand that business owners want more customers, more sales, and more profits so we can give you access to our most successful marketing programs. You will be given access to marketing strategies, templates, checklists, and instruction pages.
We can help you understand the basic ways to grow your business and identify the key profit drivers of your business. You will be talked through a number of strategies to improve and quantify your business’ profit improvement potential. We will make sure you know your numbers and won’t leave out any profit or tax savings.
We are all about fast tracking your business success and our accounting team can offer you a wide range of taxation, business, accounting, and marketing tutoring services including:
- Advice on the purchase or sale of your dental clinic
- Start-up business advice for dentists
- Start-up expense checklist, business plan template, letterhead and business cards, and cash flow budget
- Preparation and analysis of financial statements
- Tax planning strategies
- Tax registration including TFN, GST, ANB, and WorkCover
- Accounting software selection and training
- Bookkeeping and payroll services
- Preparation of business plans, profit projections, and cash-flow budgets
- Recession survival strategies
- Business succession planning
- Preparation of finance applications
- Advice and assistance with establishing your business structure
- Advice and assistance with website development, videos, SEO, blog posts, and content
- Wealth creation strategies
- Financial planning services
- Monitoring and controlling labour and subcontractor costs
- Advice and assistance with pricing your services
- Claiming motor vehicle expenses
- Assistance with marketing
- Vehicle and equipment finance
- Industry benchmarking and key performance indicator management
- Business and risk insurance
- Advice regarding employee relations and workplace laws
If you are looking to start a dental practice or simply wish to get your business’ finances in order, contact Medvisor for accountants for dentists in Melbourne.