Dr. Jeremy Brubaker

I talk with chiropractic students and doctors from all over the country looking to open their offices. Without fail there are always a couple of questions they always asked about how to get their financing:

• What kind of business plan do I need?
• Where do I find financing?

Now, two or three years ago the economic climate was significantly different than today.  So, my recommendations on this subject have evolved and changed accordingly.

What kind of business plan do I need?

It’s simple, a great one. In years past, a good credit score and a logical plan was enough.  Today traditional lenders have changed the rules.  No longer does a good credit score account for much, even a better than average score doesn’t pull the weight it use to.  As a rule, chiropractic students coming out of school are over leveraged and undercapitalized which makes it challenging to get any kind traditional financing.  In order to have a shot with a lender today, you must take your business plan very seriously.  It’s going to take more than the mock one you put together in your stellar business class in Chiropractic College.  One surprising source for small businesses is actually the SBA, there are templates and some great information there for you.  Your business plan must be professional and presented that way, or lenders stop listening very quickly.

Where do I find financing?

The true answer is anywhere you can!  If you picked up the tone from the last question, it’s very difficult to secure traditional financing for a small business start up, let alone a chiropractic practice.  Now is the time to start thinking of other sources for your startup capital.  As students it means minimizing expense increasing savings, part time jobs, conserving those student loans, family contacts, building equity in homes, etc.  If you put together a proper business plan it then becomes much easier to go to non-traditional lenders.  With a thorough plan,  asking friends or family for financing becomes much easier.  Believe it or not, there is still plenty of dollars out there to get your chiropractic office open, it just takes more effort , determination and a don’t quit attitude.

Recently I heard the story of the publishing of Chicken Soup for the Soul.  Jack Canfield went to 35 or so publishers, who said no, but it only took one to say yes, and you know the rest of the story.

Don’t Ever Quit!

Question:  Are you a currently working on your plan to finance your dream?

“If you do what you ought to do when you ought to do it, there will come a time when you can do what you want to do when you want to do it” – Zig Ziggler

Making your way through Chiropractic College, the furthest any of us typically see ahead of us is tomorrow. Our thoughts are constantly, what do I need to study, which tests are coming up and how am I going to stay awake during microbiology. Although there are always a few exceptions, most early quarter/tri chiropractic students are all thinking the same type things. I’m ashamed to say, I too was busy memorizing and regurgitating facts and physiological functions and not asking the right questions. During college there will always be guest speakers coming on campus, preaching this and selling that. There’s one or two that years later I still remember. Dr. Guy Riekeman, now the president of Life was talking about knowing what you know, knowing what you don’t know, and not even knowing that you don’t know. Love or hate Dr. Riekeman, the man makes you think and ask questions. Therein lies one of the greatest pieces of advice I was given as a chiropractic students…Ask questions.

Don’t act like you know it all when you don’t!

My favorite book often speaks about the power of humility and the knowledge that follows. That’s a tough sell for educated and motivated new Doctors. Not even knowing that you don’t know is what us as students should be most ashamed of. It’s typically not until after graduation and staring student loan repayments in the eye that the real questions start to fly:

* Is a strip mall next to chucky cheese a good location for a chiropractic practice?
* Why is a commercial lease so expensive?
* Can lottery winnings be used as start up cash?
* Where’s the express Medicare application?
* Is a NIP Number important?
* And the most important question, should I wear sneakers or sandals in the office?

Now if haven’t begun asking yourself these sort of things, well…It’s time to expand those concepts and jump out of your box of knowledge into another realm.

Oh, by the way…the answers.

* No, not a good idea next to Chucky
* EVERYTHING commercial is ridiculously expensive
* Yes, you can use lottery winnings as start up cash (But you’ll need to be struck by lightning 7times before that happens)
* There’s NOTHING express when dealing with Medicare
* Yes, it’s important and it’s a NPI number (not NIP, that’s something completely different)
* Neither, I find Bass Shoes the most comfortable and cost effective dress shoes (clearance rack of course).

Whew, glad we got that straight!

It would be great to say that chiropractic students looking to start a chiropractic practice are asking even silly questions like these early in Chiropractic College. Reality is that it’s fast and furious, by the seat of your pants toward and after graduation (At least it was for me). By the time that last quarter/tri rolls around most students are too ashamed to admit that the need help and to fearful to ask dumb questions. For me, I didn’t know who to trust.

The greatest thing about this blog is… who cares if it’s a dumb question; Lord knows I should have asked a heap of them prior to signing the lease for my chiropractic practice. If you agree to be honest with yourself and not kid yourself, I’ll agree to field your concerns, fears and questions with real life success. Now let’s have it.

Question: What are you scared or embarrassed ask?

“Your potential greatly exceeds your concepts of today” – Thomas A. Owen III