It costs money to open a Chiropractic Office! Even before the crash, it was difficult to get a loan to open a chiropractic office. I found it a shock that banks were not lining up to give me their money. A degree and a template business plan that showed inflated profit margins was not enough. What’s the problem?
The problem is–now and then– that chiropractors, along with most other doctors, have terrible statistical default rates, which have ruined the chances , for many, of getting funding (at least not without collateral, cosigners, or both).
The solution for today’s funding crisis- SAVE! There are ways to get your chiropractic office open on a minimal budget, but you have to have at least $5,000-$25,000. Obviously, the more you have saved up, the better. In order to get this nest egg, you have to start saving from day one! Get a part time job the entire time you are in school. Don’t get the fancy apartment. Keep your weekend party expenses to a minimum. Get on a very tight budget and stick to it! Don’t blow those student loans on a new TV, clothes, or a car. Conserve every dime from day one and it is highly likely that you can have your opening capital ready to fund your dream with out the banks!
Another helpful tip, be searching far and wide for great deals whenever and wherever you can to furnish your office. If you happen to have a relative with some extra garage space or a free corner in their basement, take advantage! X-ray units from retiring chiropractors, tables off the doc who is looking to upgrade, chairs from eBay; all are great ways to save thousands on your opening cost. Remember, you can always upgrade later when the practice is making money!
The key is that you cannot rely on third party financing to fund your dream. It is only going to come from saving and sacrifice.
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