After going to school for the time and money it takes to become a veterinarian, most graduates are ready to get to work as soon as graduation is done. Whether you decide to jump straight into business for yourself or do some time in an established veterinarian’s office first, when the time comes to branch out on your own you are going to need a lot of support. From finding loans for a veterinary practice to finding a location, there are going to be challenges. Where should you start?
Develop a Plan…and an Angle
Of course your business plan is where all of your ideas and experience comes together to convince lenders that you will be an successful business owner and borrower as well as a great veterinarian. If there are several vets in the area, you may need to find an angle of sorts that will set you apart from the rest and give you an edge. For instance, does the local area have a veterinary office, hospital, and kennel all in one? Could you add grooming services to your list? A one-stop shop could compete. Equipment is another thing that could set you apart. If you have the means to do an x-ray or perform difficult surgeries and others in the area do not, then you may be ahead of the game. Of course these things require extra funds, so be certain you can handle all that comes with it.
Any medical practice comes with special considerations. Malpractice insurance and licensure are just a few. There will also be special equipment requirements to consider. Business loans for Veterinary practices are similar to others in many ways, but lenders need to know that potential borrowers understand all of the unique aspects of such a business as well.
Where’s the Money?
Veterinary practice financing is available from traditional banks, credit unions and other types of lenders. Which one works best for your specific situation is tricky, but starting research early is a good start. Open a conversation with several lenders before you even write a business plan to find out what is available and what they will need from you. It may be different from lender to lender.
Biz2Credit can help with this process from start to finish. We have a network of over 12100 lenders, many which offer financing tools for veterinary practices. Visit us online today at Biz2Credit.com for more information or to get the process started toward owning your own veterinary practice.