When you’re thinking of starting your own medical practice, it’s going to take a lot more than just your skill and knowledge as a physician. For one thing, just like any other business, it will be necessary to secure funding in order to pay for all the necessary supplies, the venue itself, your employees, and the marketing to get you started. When you’re looking for funding to start up your medical practice, here are some of the best ways to secure capital.
Funding Options for Your Medical Practice
Many doctors seeking to start their own practice will apply for a small business loan to cover their startup costs. If you’re still paying your medical school debts, this can be somewhat difficult, considering that it would oblige you to be paying on two significant loans at the same time. However, it can be done, and the Small Business Administration is an excellent source for any small business which is in startup mode.
Other funding sources might be from family or friends who have a vested interest in your success, and wish to help you get started. There are also alternative lenders who will provide funding, and who will not have the same strict requirements for approval that a bank would. These types of loans will generally carry a higher interest rate than an SBA loan or a bank loan, but the likelihood of approval is far greater.
Still another source of funding for your medical practice startup might be to persuade an angel investor to commit to supporting your medical practice, although, for this type of loan, you’ll have to be very careful about what the investor requires in return for their commitment. At least one of the sources above should be available to you, and in some cases, two or more may even be a viable option. However, you choose to fund your new medical practice, make sure it doesn’t place an undue burden on you for years to come.
Starting Up Your Own Practice?
If so, that means you’ll probably need a source for funding, and we may be able to help you in that regard. Contact us at GP Solutions so we can discuss some options which may be available to you.