Starting a medical practice is a costly process. Chances are that you’ll need funding to help you in getting the clinic up and running, especially if you are just starting out. Equipment, facilities, and staff are all fixed expenses. So how do you get that loan that will help make your dream career a reality?
Be sure to consider these four tips:
1. Plan Ahead
Before you start anything, it is important to consider both the short-term and long-term vision of the clinic that you intend to operate. How many patients do you ideally want to take on in the beginning? How will you bring in new patients? Do you want to buy or rent equipment? What city would you like to work out of? These are the types of important questions you need to ask yourself.
2. Pay Attention to Detail
Check and double-check your finances, tax statements, credit history, etc. Any loan officer who assists in getting your small business loan will need these kinds of documents. Double-check everything thoroughly to ensure there are no errors. Typos happen, so check calculations, too.
3. Write a Business Plan
Your business plan is going to be the tell-all pamphlet for your dental clinic plans. Included in the document is your company’s mission statement, short-term and long-term goals, financial information, and a detailed overview of how you will use the money you receive from the loan. Make sure not to leave out any critical information. Don’t leave your loan officer wondering about any key points — it’ll make you look careless or untrustworthy.
4. Consider Plan B
It’s always helpful to have a back-up plan, in case the current plan fails. Merchant cash advances may be good options for entrepreneurs who need a quick influx of cash but have poor credit scores. The downside is that merchant cash advance companies generally charge higher interest rates. Microloans are another option, if you only need a few thousand dollars or so to hold you over to the next fiscal year.
Biz2Credit can help you figure out the best path to take. Visit www.biz2credit.com or call (877) 861-2210 for help.