Starting a medical clinic in Australia is a big decision. There are several reasons why you may wish to branch out and build a practice, one of which is the undeniable freedom of being your own boss.
However, it’s critical that you take the time to consider all of the financial factors of constructing your dream fit-out. We’ve pieced together a list of the most important financial details that you will need to take into account before embarking on the journey of opening an Australian medical clinic.
Where will your practice be situated?
Residential conversion or shopping centre space?
What type of space are you looking for? There are pros and cons for each of these options. Either way, it’s essential that you go over every nook and cranny of a lease proposal with a solicitor or experienced legal expert, before signing anything. Always make sure any residential property can legally be converted into a commercial medical practice before you start making plans, and how much building approval may cost if you wish to do this. If you would prefer to set up your clinic in a shopping centre, be aware of centre management’s rules and restrictions concerning shopfronts, parking, patient access and subdividing the space. It’s also wise to scout out the local area and consider the availability of public transport and the key patient demographic before making any commitments to a particular location. All of these factors can not only affect how many additional features you need to include in your fit-out, but also your long-term profit.
Size: are you planning on expanding?
How large does your clinic need to be? Is it just you, or are you looking to hire a team of other medical professionals? Do you have plans to expand in the future? Thinking about the physical size of your practice can be tricky. You may want to leave enough room for expansion, but don’t want to be paying for dead space when your other start-up costs are high. This is where project staging can be useful. There’s no harm in planning for the future when constructing your fit-out! Be sure to consider how your fit-out can be designed in a way that makes future expansion simple. You may think about investing in a space with an adjoining tenancy that could be taken over a few years down the track if the business is doing well.
Will you be purchasing new medical equipment or hiring?
Medical equipment can be an expensive investment but doesn’t have to cost you an arm and a leg up-front. Consider hiring equipment to start with to keep costs down. There are many advantages to renting over buying, including ongoing maintenance support, the ability to swap a leased piece of equipment for a newer model once it becomes available, and the opportunity to try before you buy.
Can hiring a team of fit-out specialists reduce expenses?
For most medical professionals, this will be the first time they have undergone a medical practice fit-out. And maybe even the first time they’ve been a part of a large-scale design and construction process. So little may be known about building codes, essential design considerations and detailed lease agreements. For this reason, having a team of experts experienced in medical clinic fit-outs at your disposal is invaluable. They will be able to help you estimate your budget more accurately, assist you to keep costs down by sharing insider advice and bring your vision to life. Your clinic’s success is riding on not only your abilities as a doctor but also the efficiency of your workspace setup and the look and feel of your practice.
Furthermore, a team of fit-out specialists can reduce your stress levels and produce a highly inviting and functional medical practice within a given time-frame. No unforeseen delays, budget blowouts or personal breakdowns! Just a supportive team who will make your dream a reality.