You’ve completed your business planning and found the perfect site for your new practice. With such a significant investment at hand, you might be wondering how you will afford it and who you can trust to guide you through the purchasing process. At LADoctors Only, we understand the unique challenges medical and dental professionals face when starting a new practice. Our online guide discusses the key components necessary to successfully launch and ensure the longevity of your practice, helping you get started the right way. Keep reading to learn everything you need to know about funding your practice!
Practice Ownership Begins with You
Whether you’re expanding an existing business or embarking on your first venture, funding your practice involves making the best financial decisions possible. So where should you start?
Find a Financial Specialist You Can Trust
- Tailored Advice: Receive personalised guidance to help you reach the financial goals of your new practice.
- Income and Expense Evaluation: Improve your business plan by thoroughly evaluating your income and expenses.
- Credit Score Review: Understand your credit score to allocate the best options for your loan.
- Maximising Borrowing Capability: Enhance your borrowing capacity and extend the value of your loan terms.
At Doctors Only, we have been helping practitioners secure medical practice funding in the healthcare industry for over a decade. We understand the importance of relying on someone who will secure the medical practice loan that’s right for you.
What to Consider When Purchasing a Practice
When purchasing a practice, the value of your loan is only as good as your interest rate. High monthly payments on your loan or business line of credit affect your overall income and determine your practice’s future growth potential.
To fund your practice, work with a lender who takes the time to understand your budget, both for the down payment and for the loan term. With interest rates you can afford, you’ll have the freedom to plan a successful future for your business and overcome any unexpected costs. Other considerations that come with funding your practice may include:
- The Overall Value of Your Practice: Assess the total value to ensure you’re making a sound investment.
- Opportunities for Government Grants: Explore available grants that can provide additional funding support.
- Permits and Zoning Laws: Ensure compliance with all local regulations and requirements.
- Staffing Requirements and Contracts: Plan for your staffing needs and secure necessary contracts.
- Insurance Coverage: Obtain adequate insurance here to protect your practice and mitigate risks.
How Doctors Only Can Help
Navigating the complexities of funding your practice can be daunting, but you don’t have to do it alone. Doctors Only by Lending Association specialises in supporting medical professionals with our lending excellence team. Our comprehensive financial services are designed to meet the unique needs of doctors, dentists, vets, and allied health professionals. Whether you need loans for equipment, practice expansion, commercial property, or even personal home loans, we provide tailored solutions to help you achieve your financial goals.
With our extensive experience and a dedicated team of specialists, Doctors Only offers personalised financial advice and solutions that align with your professional and personal objectives.
By understanding the key components of funding your practice and leveraging expert financial guidance, you can ensure a secure and prosperous start to your new venture. For more information on how Doctors Only can support you with lending excellence, visit our website today.
Make an appointment with our Lending Excellence Team for LA: Doctors Only NOW
Disclaimer: Any information provided herein is of a general nature only. No consideration has been taken into your objectives, needs or financial situation. Before acting on this information you should consider if it is appropriate for your situation.