Starting

Hire a lawyer
This is one expense you can’t afford not to incur. And do it BEFORE you sign the lease, not after!

Square feet
Most commercial leases are quoted per square foot of space per year, rather than an overall amount per month. Bring you own measuring tape, and don’t pay for space like common hallways that you cannot use.

Commercial leases are different from residential leases

Now is the time to actually write out some of your goals. Be positive and use the present tense. Start with simple goals. “Develop a successful practice serving the needs of elderly patients.” Use the SMART method Specific - Your goal should have sufficient detail. Don’t plan on seeing “more” patients. Plan on seeing 20 patients per week after the first six months of operation.

The distinction between an employee and an independent contractor is especially relevant when source deductions are concerned. As noted earlier, an employer must make certain deductions and remittances from the salaries and wages of its employees for amounts owing for employment insurance (El), the Canada Pension Plan (CPP), and income tax. In addition, the employer must also make employment insurance and Canada Pension Plan payments on behalf of all employees.

As noted earlier, an employee is someone who works for you under a contract of service. An independent contractor, on the other hand, works for you under a contract for services. The distinction is a subtle but nonetheless important one.

Decide on type of practice – alone/with partner(s)/with chiro/with MD

Arrange renovations

• Order office furniture
• Record personal items transferred to business. The tax laws basically say that “any reasonable expense incurred to earn income” can be deducted for tax purposes. Keep track of your expenditures, and save your receipts.
• Obtain virtual phone
• Design and print Patient Intake forms

Clinic renovations under way
Remember, changes will add to your cost. Be gentle with your contractors!

Clinic renovations

This brings us to the most important financial statement that we can keep in the business, the Cash Budget. You will be pleased to hear that this is also one of the most simple statements to prepare, but unlike the income statement and balance sheet which are historical statements, the Cash Budget is a forecasted statement usually prepared monthly for the upcoming month, 6 months or year.

The two basic financial statements in a business are the Balance Sheet and the Income Statement.

The Balance Sheet shows the assets of the company on the left (what the company has, or debits.) It is then balanced on the right, by the other side of the story (where the company got the money, or credits.)

Learn the lingo.
Like medicine, business has its own language and it helps to speak it a little. There are lots of basic accounting books, such as Accounting for Dummies. The following is a brief introduction to accounting you might find useful.

Money In and Money Out