ForumsHome

Up to All Forums

This Question is Answered

2 "helpful" answers available (4 pts)

7 Replies Last post: May 15, 2008 2:58 AM by mhudson78

Who can supply 30 days of Capital

May 9, 2008 2:02 PM

mhudson78 3 posts since
May 9, 2008

I am a chiropractor in Charleston, SC. I am just completing my first week of owning my own practice. It has gone somewhat smoothly, but after I pay my lease my personal account will be drained until at least the beginning of June. I am in need of a small amount (< $10,000) to get through the next month or so. I've got the office space, forms, billing, and bare bones equipment under control. I would like to put some money towards marketing and equipment improvement. I know a small business loan is an option, but I know lenders don't like to give small amounts and frankly I would like to continue to keep my overhead as low as possible. I welcome any suggestions or solutions to this dilemma. I just want to get over the hump!

Tags: new_business Report as inappropriate

LUCKIEST 7,935 posts since
Aug 6, 2007

1. Re: Who can supply 30 days of Capital May 9, 2008 3:19 PM

30 days of Capital, Welcome to this web site.
You are a chiropractor in Charleston, SC. and just completing your first week of owning your own practice.
Congratulations. Did you have a Cash Flow Projection before you started??
What is going to change in the next 30 days so that you can get over the "HUMP"
and you can repay me??
You want to money towards marketing and equipment improvement.
Why does your equipment need improvement if you just started??
And Finally how is this going to keep your overhead LOW.
Please explain, LUCKIEST

Report as inappropriate

FCPainter 83 posts since
Jan 8, 2008

2. Re: Who can supply 30 days of Capital May 9, 2008 3:29 PM

I learned the hard way that you should not do this. Force yourself to make do with the equipment you have for now (am assuming you can help 95% of your patients with what you already have and you can find another practice for the other 5%). As for marketing, you should be able to find lots of no cost ways to get your name out. particulary early on, do lots of e-mail reminders to friends, family, acquaintances and neighbors reminding them of your new practice. Visit other businesses near you and let them know you are open for business and that you'd be interested in sending business their way if they would just put up a little piece of paper annoucing your own.

You don't need all the bells and whistles to make money, and you need to remember how hard it can be to pay off $10K.

Not trying to be harsh, but being short of everything you want can make you get really creativity and force you to avoid wasteful spending/investment habits.

Report as inappropriate

mhudson78 3 posts since
May 9, 2008

3. Re: Who can supply 30 days of Capital May 9, 2008 11:02 PM

in response to: FCPainter

I just wnted to tell you that your reply makes sense. A few hours after I wrote this, I recieved a blessing in the form of my lease being floated until next month. I am going to do the best I can with what I already have. I guess I'll be rewarded in the long run and money will not be an issue. Thanks.

Report as inappropriate

MRFINANCE 104 posts since
May 11, 2008

4. Re: Who can supply 30 days of Capital May 13, 2008 8:30 PM

Do you accept credit cards in your business?

A business advance may just be the right solution. Basically it works like FACTORING of RECEIVABLES.. You can get small or large advances based on your monthly credit card sales.

See my web site www.businessloansfast.net

Good luck.

Joe

718-692-2274

Report as inappropriate

skyblue 4 posts since
May 13, 2008

5. Re: Who can supply 30 days of Capital May 13, 2008 11:58 PM

Check out Start-Up Solutions, Inc. we can help with equipment and working capital. We have a working capital loan backed by the government that takes 20 days to fund .

www.startupsolutionsinc.com
startupsolutionsinc@yahoo.com
866-363-7931

GOOD LUCK

Report as inappropriate

FCPainter 83 posts since
Jan 8, 2008

6. Re: Who can supply 30 days of Capital May 14, 2008 5:57 PM

in response to: mhudson78

I have a friend in Atlanta who had a failed Chiropractor business. When he was done he concluded he spent too much time worrying about equipment and staffing and not enough about marketing, referrals and generating patient loyalty.

if he could do it again, he would have run lean and mean and also spent more time even going out and doing free stuff to get his name in the community. For example, you could offer your services to the local HS sports teams, old age homes in your area etc. Keep that up and you'll get noticed

Report as inappropriate

mhudson78 3 posts since
May 9, 2008

7. Re: Who can supply 30 days of Capital May 15, 2008 2:58 AM

in response to: FCPainter

I am the chairman of the Chas. Co. Diabetes Coalition, I participate in multiple school career days, I try to get ou to as many health fairs as I can, and I pass out business cards like candy. Its only my second week in my own practice, but I'm hoping some of my tactics pay off. As far as patient loyalty, I have at least five people that have been under my care for 1-2 years. I really try to generate internal referrals from them. Marketing is a beast. It's like trying to solve a neverending puzzle. One of my main obstacles is the last practice, where I was an independent contractor, offered massage. Since I'm on my own and the insurance attitude toward massage may change by the end of the year, I am not offering massage right now. Some of my present patients (including my fiancee) are really infatuated with massage. Any suggestions on how to court those people?

Report as inappropriate

Bank of America, N.A. Member FDIC. Equal Housing Lender

Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website.

ForumsHome

This Question is Answered

Who can supply 30 days of Capital

May 9, 2008 2:02 PM

More Like This

Most Recent Forum Posts

Legend