While the excitement of setting up your practice can drive many people to want everything up and running from day one, it might not be the most effective approach. Consider whether certain equipment or practice room setups can be delayed without compromising your initial operations. Taking a phased approach to fit-out allows you to prioritise essential elements, easing the initial financial pressure and allowing you to keep your costs lower until your practice is established.

Beyond physical assets, the intangibles and “back office” capabilities significantly contribute to the effectiveness of your practice. Elements like layout design, software and cloud storage systems may not be factored into traditional financing options. Consider the broader aspects of your practice and then look to assess your finance needs. A well-designed layout and streamlined backend processes can enhance patient experiences and the overall efficiency of your practice.

It’s important to assess the lifespan of equipment you’re purchasing, while staying on top of industry trends when looking at your practice fit-out. Understanding the income-producing potential of each asset and conducting cash flow projections over their lifespan ensures that they add to your business. This forward-thinking approach helps in managing cash flow, making informed decisions about necessary investments, and ensuring that each asset pays for itself.

You can optimise your spending by making good financial decisions before you begin. Start by working with a finance broker and compare your options based on your requirements. There are many different ways to finance the different types of equipment you will need, so your first move should be to talk to a professional about your individual circumstances.