If you’re passionate about natural medicine, you may have considered starting a natural medicine business. However, the thought of starting a natural medicine business can be daunting – you’re unsure of all the legal and administrative matters you need to attend to! Here, we’ve broken it down to make it simpler for you. If you follow these five steps and you’ll be well on your way.
1. Basics of setting up a business
First, you need to decide what business structure your business will have. For example, if you’ve wanted to have a small business all run and managed by yourself, being a sole-trader might be the answer. If you want a larger business on the other hand, you can consider creating a partnership or a company.
Next, you need to register an Australian Business Number (ABN) and a trademark for your business. Additionally, you will need to have essential legal documents, such as a company constitution and employment agreements drawn up.
2. What natural medicine products and services will you provide, and how?
‘Natural medicine’ covers a wide range of products and services which are based on traditional knowledge and natural remedies. This includes anything from herbs and minerals to massages and acupuncture treatments. Make sure you think carefully about what products and services you want to provide. This will impact the brand and operating costs of your business.
Moreover, think about how you will provide your products and services to your customers. Nowadays, many businesses operate just online, which saves leasing and operating costs. However, opening up a clinic will be more appropriate if you want to provide massage or acupuncture treatments. Accordingly, you will need to study where natural medicines are in demand and find a suitable location to lease. Once you have found a place to lease, make sure you read the terms and conditions of the commercial lease carefully before you sign it, so that you understand any limits on running your business.
3. Familiarise yourself with regulations and qualifications
It’s important for you to familiarise yourself and comply with the regulations and qualifications required under Australian law to run a natural medicine business. You don’t want to run into trouble with the authorities later on.
The Therapeutic Goods Act 1989 (Cth) (the Act) and the Therapeutic Goods Regulations 1990 (Cth) (the Regulation) regulates a large range of herbs, vitamins, minerals and homeopathy and aromatherapy preparations. These are called “complementary medicine” in the Regulation. Make sure you know what products are regulated and how. For example, the quality, dosage, storage and advertising of some natural medicines can all be regulated. For more information, visit the Therapeutic Goods Administration website.
Importantly, you should also ensure that any practitioners of natural medicine you hire are qualified, competent and adhere to industry standards. The Australian Health Practitioner Regulation Agency (AHPRA) regulates practitioners of traditional Chinese medicine and acupuncture. To be registered with AHPRA, practitioners will need a Bachelor Degree from a program accredited by the Chinese Medicine Accreditation Committee .
Furthermore, an independent regulatory body called the Australian Register of Naturopaths and Herbalists (ARONAH) regulates practitioners of naturopathy and Western herbal medicines. To be registered with ARONAH, practitioners need a Bachelor Degree from accredited institutions.
4. Insurance
Insurance is necessary for all businesses, particularly when your business involves treatment of patients. This is because if anything goes wrong, you will need to protect your business from legal action, such as personal injury claims. Insurance policies that you could get include Professional Indemnity, Public Liability and Workers Compensation.
5. Market your natural medicine business
Having a strong online presence, attracting good reviews and building referrals are powerful tools for marketing in this day and age. One effective strategy is to create a website for your natural medicine business. Websites are the face of a business nowadays. A web page that looks professional, has good reviews and testimonials and all the appropriate information can be highly effective in attracting customers. Another good marketing strategy is creating social media accounts for your business, such as a Facebook page or a Youtube channel. This can be useful in drawing in and interacting with customers. Also, making pamphlets, brochures and business cards to give to your customers can all help to increase referrals.
Conclusion
The thought of starting a Natural Medicine business can be scary, but with these steps, you will be well on your way. Above all, you should fully adhere to the regulations and standards relating to your natural medicine business, so that you can provide quality service to your customers and minimise legal risks.
