If you don’t have a rich uncle, there’s a few places you can look.
Writing for New Grad Optometry, optometrist Miki Lyn D’Angelo shares how she rounded up the money to recently open her own practice on Long Island, NY. She lists several resources worth exploring – investors, banks, crowdfunding and the Small Business Administration – and explains some of the pros and cons for each.
D’Angelo says she got the dough she needed by obtaining a loan via Bank of America’s Practice Solutions program, which caters to physicians. After she applied for a loan through the program, it took about a month to get approved. Of BofA’s program, she writes: “We set up a project phase of our loan to set up our office and then a line of credit for cash flow once we opened our doors. … To continue making sure you are growing they have you do a monthly ‘Practice Heartbeart’ that gives you a resource to track your expenses, profits, losses, new patients, number of patients seen, etc. They offer you endless support on marketing, networking, and how to improve your business if you are not meeting your targets.”