You’ve had a passion for oral health for your entire life, went to dental school and have decided to start your own private practice. Congratulations: you’ve just taken your first step into a much larger world where you’re about to provide one of the most important forms of healthcare to people all over your community. Immediately after making that decision, however, you will be faced with an important question: “just how the heck am I supposed to pay for my own practice?” If you’re looking for ways to fund your dental practice, there are a few key things to keep in mind.
The World of Small Business Loans
Unless you happen to be flush with cash (which is unlikely after your first student loan hits your mailbox), you’re going to have to look into small business loans to finance your dental practice dreams. When doing so, it’s important to understand that not all financial services providers are created equally. While any company will promise to give you the money you need, the best way to secure the most favorable terms and conditions is to go through a provider like MedTrust Capital.
Instead of depending on “cookie cutter” or “one size fits all” loans, MedTrust Capital offers financing options designed specifically for what you’re trying to do: set up your very own dental practice. Not only can you customize a loan to fit your needs, but you can get a specific type of loan for the exact function you’re trying to perform. Buying a building for your practice and purchasing a piece of dental equipment are two different things and it wouldn’t make sense for the terms and conditions to be the same for both types of loans.
Working Capital Loans
Working capital loans are a great way to fund your dental practice because the money you receive can go for a huge range of different functions. MedTrust Capital, for example, provides working capital loans to dentists in values of up to $300,000 or more – certainly enough to get your practice off the ground. This money can go to hiring all of the employees that you need to provide the best level of service possible, can be used to purchase all of the medical equipment necessary to provide the level of care that you desire and more.
Working capital loans can also be a great way to invest in a bigger and better marketing campaign, which is one of the most important aspects of starting your dental practice. You need to find a way to perfectly craft your marketing message to both communicate what type of practice you’re running and differentiate yourself from everyone else in the area at the same time.
Many financial services providers also offer startup loans specifically for dental practices to handle the kind of overwhelming costs that you only ever deal with prior to opening your doors for the first time. When you consider the amount of money that goes into picking the perfect location, buying the building in question, ordering all of the furniture to get that look you’re after and more, you’re looking at a huge amount of money spent in a relatively small amount of time. Dental practice startup loans often have terms of 25 to 30 years or more, giving you exactly the cash injection you need to get your business off the ground and the time you need to pay it back on your own terms without stress or hassle.