Need Funding To Open Your Chiropractic Office?

This is probably the number one question in every chiropractic students mind and also in the minds of some seasoned chiropractors who are looking to branch out on their own. What are the options?

In this crazy economic environment it is as if the well has run dry for new small business start up. This is where I take off my chiropractic hat and put all the information I learned from real estate investing to start thinking outside the box.

Obviously as students you usually don’t come out of school with much but a degree and a lot of dreams. So traditionally you would approach Mr. Banker for consideration of a small business loan.

Believe it or not that avenue still exists but you have to come prepared. You need to find the right people to help you put a full proof business plan i.e. bank proforma together and you have to be prepared not to take “no” for an answer.

Also don’t stop after the first “no”, certain banks are in a position to lend for small business and some of them are not. So your job is to find the one that is ripe and ready for small business lending. This may take going to 15 to 20 banks before someone says yes, but remember that “no good effort is ever wasted.”

Don’t forget about SBA, small business association, right now are lending the most to small business. Only, I would make them a last resort because you know how much red tape you have to go through when dealing with government agencies. But hey, if that’s your only option to get you into practice then go for it.

Also keep in mind that if you are a woman or of different ethnicity that works in your favor with SBA because they consider that to be a minority small business and are more likely to loan to you. Another option is family members.

Don’t be afraid to approach people in the family, but most importantly don’t approach them like your begging for money. They should be approached just as you would any banker of whom you have no affiliation with.

You need to come to that family as prepared or even more prepared than you would be if you step into that banker’s office. Remember, you are selling yourself and your ability to operate a profitable chiropractic office.

If you don’t have confidence in yourself to do that than I would highly recommend finding a group that has the tools and ability to give you that confidence, they are out there. There are other options that you can find online through private investors and hard money lenders that are willing to take that risk on you albeit at a much higher price.

Finally, especially for students who are in lower semesters in school. I would highly recommend working part time while in school, living well below your means, taking out your max in Stafford loans and begin putting money aside that you cannot touch for start up capital after you graduate.

Hey folks, this is gut check time. How bad do you want it? If it’s not burning in your system to do this and open your own office, than I highly recommend that you do not. Being a business owner in any profession is not for the faint of heart.

First and foremost love what you do and do what you love. I hope this finds you all well and continue to push forward for what you want out of life. It is better to have tried and failed than to never have tried at all. Keep the faith. Talk to you again soon.

Tags: Chiropractic, Chiropractor, Practice Funding