Australians sure love their pets. In fact, the Land Down Under has one of the highest pet ownership rates in the globe with 40% of its 8 million households having dogs and 33% owning cats. There’s an estimated 33 million pets in Australia, and this number has been the norm for years.
This makes veterinary practices lucrative businesses, especially since pet owners spend up to $6 million for their furry friends, with 37% of this allotted for pet health. If you want to ride on the coat-tails of this trend, Vet Practice Magazine points out some important considerations that vets and prospective veterinary clinic owners ought to ponder on. The experts interviewed for the article agree that buying an existing practice may be more practical and manageable than building a vet clinic or hospital from the ground-up.
IF YOU’RE A VET EMPLOYED IN A practice, your aim may be to own your own practice in the next few years.
There are plenty of issues to think about—from planning permits, equipment and access to the less quantifiable aspects like client good will, work-life balance and, the big one, future profits.
Whether you buy an established practice or start one yourself will depend very much on your location. Most veterinary practices in Australia are concentrated in the capital centres, attending to companion animals in the cities and suburbs.
Another thing you have to consider when building your veterinary clinic is insurance, and experienced Sunshine Coast insurance brokers can help protect your business. From deciding on the type of coverage you need through to navigating the application process, you can bet on skilled insurance brokers to provide expert advice for your vet practice.
You would definitely need protection for your property, specialised equipment, and valuable supplies. You may also want to invest in insurance against crimes, accidents, and disasters, including cybercrimes, burglaries, and other kinds of business interruptions. To protect your most important asset–yourself–you also ought to get coverage for customer liabilities, legal defence, etc.
As a start-up or an SME, the affordability of insurance premiums may be your primary concern and deciding factor. Specialist insurance brokers in the Sunshine Coast like John Burkhardt of Insuring theProduct will discuss your options and guide you to the policies that best suit your individual needs and budget.
(Source: The price is right, Vet Practice Magazine, October 14, 2014)