Starting a new business can be overwhelming. You will be required to comply with legal policies and regulations whilst maintaining all the financial and administrative requirements of a business. This article breaks down the necessary steps required to start your very own Occupational Therapy (OT) business.Â
Table of Contents
1. Breakdown of the Basics
First you will need to decide on a business structure. You should consider which structure will work best for your business. Will your practice focus on children or adults? Secondly, you should determine the location of your OT business. You should consider if you will buy or rent an area and how this will affect your expenses in the short and long run. Maybe you will even consider running your business from home, however your privacy may be an issue you should consider. When choosing a location you should also consider your customers and their ability to attend your location.
Next, you will need to register for an Australian Business Number (ABN). Registering an ABN is a simple process. Finally, you need to decide on a name. Once you decide on your name, you should check the availability of the business name you have chosen. If the name is available, you can then register your business name as a trademark to ensure that you have the exclusive rights to your business name throughout Australia.
2. Qualifications
It is highly advisable that you have some qualification in occupational therapy to run an OT business. This will help you understand the requirements and responsibilities needed to run your business. It will also give you the competitive edge as you will have a greater understanding of occupational therapy. Along with a qualification, you and your employees will be required to have a criminal check, up to date first aid certificate and be registered with the Australian Health Practitioner Regulation Agency. Additionally, if you are working with children, a valid working with children’s check is required.
3. Insurance
Insurance is a necessary part of every business. It is required to protect your business against any accidents including personal injury and any legal action such as property damage. It is suggested that your OT business acquire the following insurances: Public liability, Workers compensation and Professional indemnity.
4. Hiring Employees
To run your business efficiently and meet the national requirements you will want to consider hiring qualified staff. You should consider how many employees you are looking to hire and what their working hours will be. Will they be full time, part time or casual workers? You will then need the appropriate employment agreements drawn up and signed.
5. Market Your Business
Now you need to start gaining customers. The use of a strategic marketing plan will allow you to gain insight into your target market. It will also help you understand what is the most effective advertising method to reach your target market. Some marketing methods you may choose to use include starting a social media page or putting an advertisement in your local newspaper. Another simple and effective approach of reaching new customers is through word of mouth.
To summarise, starting an occupational therapy business is an exciting yet challenging experience. This article has outlined the essentials needed for your business. If you are looking for further assistance with any aspect of your business, contact a business lawyer today.
