The impact of Covid-19 will be felt for some time to come, so for those starting out in private practice – or needing a review – it will be a tougher environment in these changed times. Ian Tongue prescribes ten financial considerations for success.
At the same time as trying to establish your business, there will be more competition than usual due to established consultants rebuilding their practices.
In no particular order, here are the ‘must haves’ your business needs to succeed:
A key factor for success is engaging the services of a high-quality secretary. Often a consultant will gravitate towards their NHS secretary, but the role is different, as you need someone who can help run the finances by ensuring all work is billed and chased for payment in addition to their secretarial duties.
If that is your NHS secretary, then great. The relationship will already be established and you should be able to hit the ground running.
You will need to decide whether they become an employee of your business or whether they are self-employed for these services. It is common for the secretary to be self-employed, but some prefer the security and lower hassle of being employed.
This is not a choice between status; the agreement between you will determine the secretary’s employment status. It is always a good idea to discuss this with your accountant before committing.
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