StudentDC Interactive

I talked this morning with a student who is just starting her last year of school.  She is going into her clinical experience, but she is also trying to decide where to practice and whether to open her own business or associate.  After we talked a while she said, “There is not a lot I can do right now, is there?”  Well, yes and no.

Here are some things you can do in your last year while you are waiting anxiously to graduate.

1.  Settle on a location.  Visit towns and cities where you are interested in practicing.  Talk to the doctors in those places, especially the ones who are doing the technique you want to do.  Drive around; walk around; talk to people in the town or city.

2. Search out used equipment to buy. Check on software vendors and get demos.  Check on prices for expenses like rent, utilities, phone.  Go to practice management seminars and decide if you want a practice management company or not.

3.  Look for practices to buy, particularly in areas where you are considering moving.  Talk to the doctor; maybe you can get a externship experience with that doctor and see how the practice works.

4.  Read books, like my Planning for Practice Success, so you know the start-up process.  Start filling in a business plan, with numbers for things you will need to buy for start-up and costs for expenses (like utilities, rent, Yellow Pages).

5.  Prepare for your discussion with a bank.  Get your personal credit in order.  Seek out co-signers.  Learn about banks in your area.  Talk to vendors about leasing equipment.

5.  Finally, be flexible.  Sure, you can work toward a goal, but don’t ignore other possible opportunities that come along.  One might be THE place, THE practice you have been looking for.

I recently received an email from a grad who was concerned about the economic situation and her ability to get a loan.  Here is how I replied:

I have been talking to a lot of new DC’s who are getting loans from banks.  There are certainly still loans available from traditional banks, but, as the SCORE person suggested, they require some collateral/cash on your part, or a co-signer.   Your excellent credit is definitely a plus.

Here are some possibilities:

Leasing.  NCMIC is one place I would suggest trying to get an equipment lease.  They may also have other funds available in addition to the leases.

Non-traditional financing.  I have been writing about other places to get loans that are more “non-traditional.”  Two I have written about are BCS Business Credit and Wirth Business Credit.  I would try Wirth first; I’ll be interested in what they say.  Their interest rates will be higher than a bank, but they may be more willing to talk to you.
SBA Loan Guarantees. The SBA works with intermediaries (non-profit organizations) who will do “micro” loans (up to $35,000) for certain types of businesses.  Women-owned businesses are one of these types, as are veterans businesses.  ACCION USA is one of these organizations.
You might also try your state business development office.  They also help women business owners.

Another possibility is to get a pre-approval by the Small Business Administration.  If they approve you, you can take that to a bank and it might help persuade the bank to give you a loan.  Check with your local SBA office.

The website Business.gov provides a way for you to search for available SBA loans, micro-loans, and state loans and grants.

Oh, yes, and search the Chiropractic Economics website for more!  This is not a complete list, but it will give you a start. I’m not saying it will be easy, but there are still options out there; you just have to be very persistent and keep trying things.  I wish you success!  Please let me know if you are able to find financing for  your startup.