If setting up your own clinic is your dream as a doctor, you have landed on the right page! While it is easier said than done, with a step-by-step guide to starting a clinic business in India, you can navigate through this journey without any hassle. This blog is a complete guide to starting a clinic business. Read on to get all the details!
7 Steps to Set Up a Clinic in India
1. Curate Business Plan
Every business endeavour is to create a detailed, comprehensive business plan while allowing for flexibility and agility to adapt the plan in response to various outcomes, situations, and challenges. It would be ideal if you had an estimated budget for all your expenses- right from buying clinic supplies to paying rent for the space you use.
You must develop a complete plan to accomplish these two crucial goals, as well as a target for the revenue and disposable income you intend to generate. Additionally, you should be prepared to manage the clinic and pay for daily expenses in the event of unforeseen circumstances. A solid strategy will help you communicate your ideas to the lenders, who will carefully review your proposal before agreeing to provide a Professional Loan for doctors.
2. Find a Location
The location of the clinic should be decided according to the
characteristics of your target clientele. For instance, if you are a
paediatrician, it would be wise to open a clinic in a neighbourhood
that is predominantly with large families. Such a facility should also
have enough parking and accommodations for people with disabilities.
Additionally, you need to consider the office's design and
atmosphere. You should be able to create an atmosphere of comfort and
warmth, as this will enhance the likelihood of recurring visits.
3. Obtain Financing
After setting up the necessary foundation, you present the concept or plan to the lenders and convince them of the viability of your business and your creditworthiness as a borrower. It will be quite useful to obtain financing because many lenders have loan products specifically designed for doctors and other medical professionals.
At Poonawalla, Fincorp, for instance, provides unsecured Professional Loans for doctors up to Rs. 50 Lakh. Specialised Professional Loans at favourable rates of interest with flexible repayment terms of up to 36 months and borrower-friendly repayment options for doctors who run their own practice and intend to grow their business. You can use the online Professional Loan EMI Calculator to estimate your monthly repayments and plan your EMIs.
Also Read: 6 Step Financial Checklist for Doctors before They Apply for Loans
4. Acquire Robust Equipment
One of the most important steps after securing the funding and choosing a place for the clinic is buying appropriate and accurate equipment free of any flaws. All tools and technologies must be top-grade. Buy computers and communications equipment for both your clinic's administrative needs and your practice.
5. Recruit Staff
Recruit licensed nurses and medical professionals to assist you. Additionally, you may require staff to manage payments and extensive documentation. Having a team to handle the taxes and accounts would be beneficial. Employing individuals who share your ideas and ideals is key. To establish a win-win situation where you, the staff, and the patient are all satisfied, it is crucial that your goals and objectives line up with theirs. This will ensure that the patient receives outstanding care and service.
6. Determine Your Billing Process
One of the most important factors while setting up a clinic is determining the billing process. You can determine your billing process in two ways. First, have your own billing process or second, get it outsourced. To get the billing outsourced, you must check the different types of software available in the market which align with your clinic’s requirements.
7. Marketing
Gaining visibility and brand recognition requires marketing. Without a solid marketing strategy, it's simple to get lost in the competition. Nowadays, having an online presence is essential for business success. Therefore, you may invest in a robust website that gives users an overview of your clinic and the services it provides. You can explain how your clinic's services can help the potential client achieve the best medical services or find relief from their difficulties with the help of your clinic.
Also Read: Boost Your Medical Practice with A Doctor Loan
How to Apply for a Professional Loan Online for a Clinic?
If you are planning to set up a clinic with the help of a Professional Loan from Poonawalla Fincorp, you can apply easily with just 3 easy steps:
- Step 1: Visit the official website and click on the ‘Apply Now’ button.
- Step 2: Fill in the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan amount will be transferred to your bank account.
To Conclude
Building your own practice from scratch is challenging. But it has the potential to be a very rewarding one. The above-mentioned steps to set up a clinic, starting from curating a business plan to marketing, all need to be considered carefully. While planning and strategizing are important, getting the funds to set up your clinic is vital to the success of your business. With a Professional Loan for Doctors from Poonawalla Fincorp, you can get a loan of up to ?50 Lakh at an attractive interest rate and flexible repayment tenure. What are you waiting for? Apply now!
