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Financing
It is a rare and fortunate individual who doesn't need to borrow money to start up his or her practice. The vast majority of young professionals can barely purchase a new computer without a loan, let alone start up a practice, purchase the necessary equipment, hire staff, order business supplies or market the business without some form of financial assistance.
There is a certain amount of homework that goes into borrowing money. Here are some of the questions you need to answer before you approach your financial source:
- How much is it going to cost to purchase/lease your premises or join your group?
- How much is it going to cost to purchase/lease any necessary equipment for your practice?
- What are your financial projections for your first year in practice? Second year? Third year?
- How is your financial worth going to be evaluated by your loans officer?
- What sort of marketing plan can you develop to ensure steady practice growth?
- What is the basis of your business plan?
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RBC Royal Bank offers a wide range of competitively priced loan and leasing options for your practice. Flexible terms, conditions and payment schedules let you manage your credit your way. |
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