Top Ten things I wish I knew as a Chiropractic Student: 4. How to finance my practice.
There it is, the burning question that most chiropractic students and doctors wanting to open a practice are asking themselves. The answer my friend may surprise most of you.
In this economic climate, it is impossible to secure financing for your new practice.
That is completely true, if you choose to believe it.
One thing to keep in mind in a time of “recession” is that the money is never lost, it’s just redistributed. That is an absolute fact. If you do some investigation you’ll find that economies tend to surge following down turns, recessions, slowdowns or whatever you’d like to call them. Did the government all of a sudden print more $$$$? Well, looking at the value of the dollar today, maybe some… But the truth is, the wealth is still around, just not where you’d expect.
In fact over the past year, I’ve seen more chiropractors reach higher levels of practice than ever before. How can that be you ask? Again, the dollars haven’t gone anywhere; they’re just in others pockets.
What does this all have to do with financing a new chiropractic practice?
It has everything to do with financing your practice. The capital you need to get underway is just sitting there waiting for you to find it. No longer (at least when I’m writing this) does a credit score = a loan. Without collateral, large conventional lenders aren’t interested on lending to start-ups, let alone a chiropractic start-up. The key to unlocking the funds you need is summed up in two words from the late great, and might I add the wealthiest chiropractor that has ever lived, Bill Harris.
DETERMINED PERSISTENCE!
That’s it. I could sit here and give you a hundred different angles to use to creatively find funding, but the truth of the matter is, you need know why you want to practice chiropractic. If your WHY is big enough, you’ll find the HOW and nothing will stop you.
Question: Are you willing to pay the price for success?
Good stuff Dr Brubaker. I look forward to more words of encouragement.
I had two docs tell me they got their funding this week!
Dr. Besso, that’s exactly what students coming out of school need to hear. With the correct guidance and “Determined Persistence” there is funding for their dreams!
That is exactly what us students need to be hearing. You see so many people graduate without “determined persistence” and watch them struggle or fail. Its awesome that you have this blog where we can learn all these things and get a little bit ahead of the game before graduation.
Appreciate you joining the conversation. It’s always easier to accomplish your goals when you know what the obstacles are and what it takes to overcoming them. The hard part for students is not knowing what it takes to reach their dreams and failing simply due to lack of knowledge. Always love hearing from students and helping the future of our profession.