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Getting funding that fits your business's needs is vital to starting and running a successful chiropractic practice. But choosing the right one involves more than just finding the best rate and lowest monthly payments.
Check out these five business loans — and one credit card — for chiropractic practices.
A commercial loan is a long-term loan typically used for large purchases and general business funding. This might include buying commercial property, making a major renovation, buying an existing practice or purchasing the equipment you need to start your practice.
By funding large long-term projects, a commercial loan can help you grow and improve your practice.
Advances in technology and normal wear and tear make it necessary to upgrade equipment from time to time. Specialized chiropractic equipment can be expensive, with the latest high-end tables costing more than $16,000.
Equipment loans and leases allow you to get the tools you need to run your practice without paying the entire cost up front. Loans use the equipment as collateral, and you can often borrow up to 100% of the value. Leases often include a buyout option, which means you can keep the equipment after the term ends for an additional cost.
Business lines of credit offer flexibility and often come with lower rates than other types of short-term financing. You get access to funds on demand, which you can draw from when you need up to a specific credit limit over five to 10 years.
You only pay interest on the amount you borrow. And your credit line replenishes as you pay back the funds. Lines of credit can be used for any legitimate business expense, from replacing chairs in the waiting room to giving your treatment rooms a new coat of paint.
Should you run into temporary cashflow issues, a short-term business loan can help you manage the costs of day-to-day operations. It can also help you pay for a sudden opportunity or other immediate need that pops up. These typically come in smaller amounts than commercial loans. And because no collateral is required, interest rates can be on the higher side.
General purpose business loans typically come with fixed terms, high lending limits and fixed monthly repayments. They're ideal for covering a large, one-time purchase, but you can also use them to pay for more than one expense.
These are available through banks, credit unions and online lenders. While banks and credit unions tend to have more competitive rates, they can take longer than going with an online lender.
If used wisely, a business credit card can be helpful for purchasing anything from office supplies to a large one-off expense — like new adjustment tools. But because many credit cards have interest rates upwards of 20%, you'll want to pay off your balance in full by the due date to avoid exorbitant interest costs.
Follow these steps to nail down the best type of loan for your practice:
Besides helping with a major purchase or offsetting cashflow issues when expanding your chiropractic practice, business financing can also cover:
While applications vary by lender and loan type, you typically need to provide the following information when applying for financing:
There were about 50,300 chiropractor jobs in 2018, according to the US Bureau of Labor Statistics. And the agency estimates more on the way. But like all healthcare specialties, it’s not without its challenges, which might include:
Thankfully, there are financing tools to offset many of these obstacles. New equipment can be funded with a term loan or equipment lease. Setting aside funds to market your practice can help you land new patients while keeping your existing client base. And taking advantage of social media sites like LinkedIn and Facebook can help you find new talent to recruit.
Although the path to success depends a great deal on whether you’re just starting out or have been on the scene for years, some tips apply every single day.
It costs money to keep the doors of your chiropractic practice open. Maintaining a steady client base, having adequate cash flow and finding the right financing for your unique needs can all help.
When you’re ready to consider a loan for your chiropractic business, learn more by reading our guide to business loans.
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