Business Basics
Note that this is written for Australia, but applies in principle
in other countries as well. Check with the appropriate organisations in your country.
These business basics are what
you need to think about and put into practice. They include a lot of
references to other resources or the organisations that actually
administer these things. As every practitioner is different, you need
to check your personal circumstances with them.
All these links and resources are provided so you can do things
yourself. If you would like our support, we are more than happy to help
you decide what to do and to implement things.
Business Cards Professionally
printed business cards reflect greatly on your practice. Cards printed
at home are usually taken to be a sign that you are not giving a good
service. Think about ways to make your business cards active by
inviting people to act on them. In the Training you
will learn how to get the best business cards that really attract
clients, everytime. Here is your chance to
receive 100 business cards for free. Click here.
Even if you have cards
already, you might want to try out a new design with this offer. Choose
from many designs, create your cards online and receive them in the
mail. All you pay for is the postage. Website
A website is cheap, flexible and adds credibility to what you
do. It usually includes your own email address (e.g.
yourname@yourwebsite.com.au). Before printing flyers or brochures you
can test their impact on your website, by inviting your past clients to
go to the website.
If you need help, you might try Soothed. Accountant Find a good
accountant. Ask around your friends. It is best to meet with the
accountant when setting up the business to check that your plans suit
your personal circumstances. They also provide help in registering with
all necessary departments. Also plan what the accountant will do and
how you can best provide the input (e.g. the bookkeeping). Your tax
return is usually part of your personal tax return, but includes
additional forms. Business Structure
Most health practitioners would operate as a sole trader, the
simplest form of running a business. A partnership is also common when
two or more practitioners work together, although they could each run
as a sole trader and just share the expenses. A
company or trust structure might be useful when large investments are
involved and risk needs to be managed. Always get advice from a lawyer.
 Online Legal
might help to find the right
lawyer. Business Name If
you are using any name other than your own (even just adding something
to your name), you are required to register a business name with the
Office of Fair Trading.
Check that the name is still
available on www.search.asic.gov.au, select
“Identical Company Names Check”. This search does
not guarantee that the name is free, but gives you a fair idea.
If you want to be completely certain that the name is not taken, you can also
check for registered trade marks on
www.ipaustralia.gov.au. Each state has its own
Office of Fair Trading (for Queensland:
www.fairtrading.qld.gov.au), download the form under
“Forms” and “Business Name”.
You can register your business name for either one or three years.
Currently fees are $113.60 for one year and $218.50 when registering
for three years. Tax File Number
As a sole trader your personal tax file number (TFN) is sufficient.
Other business structures (e.g. a partnership) need to apply for a TFN
through the ATO (see www.ato.gov.au) and select
“For Business” and “Apply for an
ABN” for more details or use the online service
www.abr.gov.au). Australian Business
Number (ABN) Every business needs an ABN. It
needs to be quoted on all tax invoices that you write. You can apply
for an ABN online on www.abr.gov.au.
GST You are most likely not required to
register for GST. Check with your accountant. However, it might be useful to register
for GST anyway if your services fall under a GST-free category (e.g.
Acupuncture, Chiropractic, Dietary, Herbal Medicine (including
traditional Chinese herbal medicine), Naturopathy, Osteopathy,
Psychology, Physiotherapy, Speech Pathology, Speech Therapy.
Check the ATO website ).
It will reduce your business expenses by 10%, because you claim back the GST
that you paid.
To reduce paperwork, yearly BAS reporting might be good,
even though that means you will not receive the money until after the
end of the financial year. Check with your accountant for the best
solution.
You can apply online on www.abr.gov.au.
Registration Board Some practitioners cannot
practice unless they are registered with the appropriate board. Speak
to your training institution whether that applies to you if you are
unsure. Business Premises
Rules vary in every council, so check with your local council whether
your business premises need to be registered.
Vehicle Use If you use your vehicle mainly for
business purposes, you need to change your registration and CTP
insurance. Playing Music
If you play music for your clients, the artists want to get reimbursed.
You are required to get an APRA license for Background music (see
www.apra.com.au) Currently it is $72.20 per year.
Licenses There might be other
licenses that are necessary for you to carry out your business. They
are administered by state government. For Queensland check by filling
out the questionnaire on smartlicence.sd.qld.gov.au. Go to
“Starting A Business” and select “Natural
Therapy” to get details of what else might be necessary.
OH&S All services and products have
mandatory consumer standards that you need to fulfill. Your training
should have prepared you for that. Associations
There is usually an association for all
modalities. Apart from keeping you up to date with what is happening,
they often provide access to good value insurance and have agreements
with health funds (meaning you can register more easily to offer health
rebates). If you do not have a specific association, the
ATMS represents 65% of Australian health practitioners and is open to
most natural health practitioners (www.atms.com.au). You
can find other associations by clicking
here.
Health Funds More and more health funds are
reimbursing for natural health and wellbeing. Check with your
association what you need to do to become a registered provider. It
will add a lot of strength to your marketing when you can offer health
rebates. First Aid Keep
your knowledge up to date with a First Aid Certificate & CPR
Certificate. Check www.ambulance.net.au or
www.redcross.org.au for available courses.
Business Bank Account Useful to speed up your
bookkeeping by separating private and business expenses. Some banks
(e.g.
Bendigo Bank) offer a free debit card that is attached to the
Bank account. It can be used like a credit card, but is deducted off
your account immediately. Insurance
Professional indemnity insurance covers the costs of any
mistakes you make in your professional life. Public
liability covers any accidents of your clients on your premises.
Sometimes this can be covered under your home insurance, but you
usually need to tell the insurance that you are running a business.
There are other insurances that might be useful in your circumstances.
It is best to speak to a professional advisor about that, but make sure
that you check with your Association for best prices. Income
protection insurance might be useful when you are earning a steady
income and have ongoing expenses (e.g. mortgage, rent, children to
feed, etc.) that are essential to be covered.
 Income Insurance Australia
provides free quotes to give
you an idea what the costs are. Life Insurance is useful if
you have a family and a mortgage, so that they can continue their life
even if you do not.
Get a free quote on-line!
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