Practical Steps to setting up a Cosmetic Medicine Business
Consentz continues its series of articles on building a cosmetic medicine business with practical advice on setting up a cosmetic business.
Setting up a legal entity is the first step in building your business.
Incorporation is the process by which a new or existing business registers as a limited company. A company is a legal entity with a separate identity from those who own or run it. The vast majority of companies are limited liability companies where the liability of the members is limited by shares or by guarantee. This protects you as an individual, and separates your personal and business affairs.
We certainly recommend seeking professional advice from a solicitor or accountant before deciding whether an incorporated company is the best way for you to run your business.
The quickest and easiest way to register your company in the UK is with Companies House and HMRC via their website. You can find plenty of advice and further guidance here.
Once set up, putting policies and procedures in place to establish how you run your business is the next step.
Treatment guidelines are a crucial part of every medical aesthetic practice and must be in place before utilizing aesthetic medical injectables. We recommend contacting the CQC for guidance, as well as associations such as Save Face who have frameworks in place for new clinics to follow. If you’ve recently had some training your educational establishment will also be able to assist.
With good policies and practices in place – along with detailed records you can greatly reduce the chances of any malpractice claims against you. However, there is always a chance that they will occur (even through no fault of your own). These can become expensive, stressful and drawn out affairs that can have a very negative impact on your life. Having the right insurance in place to protect you financially is a must. There are plenty of insurance companies out there to offer policies that cater to your exact circumstances.
The prospect of managing your company accounts can seem daunting. Consentz invoicing was designed with accountancy in mind and can manage both quotations and prepayments. We do recommend however you hire an accountant to manage your monthly & end of year paperwork, as they will also be able to offer up to date advice on your taxes and how to handle VAT. The sooner you establish this relationship the better!