Opening a practice can signal the start of a satisfying and lucrative career. But first, you need financing to get started.
There are a number of financing options that can be tailored to your needs. Here are a few you may want to consider:
- Term Loans. Term loans are ideal for funding the purchase of long-term assets or equipment necessary to your practice. You can also use them to finance business acquisitions or expansions, or to refinance existing debt. They are available with both fixed and variable interest rates.
- Operating Line of Credit. An operating line of credit gives you easy access to cash for your daily cash-flow needs.
- Business Overdraft Protection. Overdraft protection gives you the peace of mind of knowing that your cheques will be honoured if you’re overdrawn so you don’t have to worry about your day-to-day cash flow.
Start with a Business Plan
Before you approach a bank for financing, you should develop a business plan, a document that provides a financial analysis of your practice and helps the bank evaluate your financial needs.
Get the Practice Start-up Information you Need
For information on finding a practice, hiring staff, and working with professional advisors, check out our starting a practice site.
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