In today’s competitive market place, starting a new medical practice requires great commitment.
New start practices require meticulous planning and Vector has over 40 years of experience and guidance in this regard. Helping customers to start their own business is the most rewarding aspect of financial services.

The two main factors in setting up a new practice are the cost of the investment and the strength of the applicants. For larger value projects, such as practice purchases, it is a great advantage if the borrowers can make their own financial contribution towards the investment – perhaps by means of savings. Freehold premises or rental tenancies with at least 10 year terms remaining will help the whole process. New applications involving more than one borrower will also be more favourably viewed and this is because the risk is shared. All this provides more comfort to lenders and offers a faster route to getting deals approved. Partners with specialist skills or applicants who may bring goodwill with them will also fare better at the application stage.

A robust marketing strategy together with a sound knowledge of the geographical area is a vital part of any new application. This will help to provide a sound platform for future growth and is especially important when starting a fully private practice. Finding the right location and the right premises is another key factor.

New start practices must be clear about their business brand, the marketing strategy, getting the right staff and, most important of all, the long term clinical services to be offered. Proof of an NHS dental contract will help gain an approval of finance. Practices that offer both private and NHS treatment must think carefully about how these services are marketed and delivered.