YOU ASKED: Other than having the money to run a business debt-free from the start, what is the best way to fund a new enterprise? How do you get started, or get a loan without a large bank account?
WE ANSWER: Even fresh out of OD school and carrying significant debt, there are lenders who specialize in working with ODs and are willing to provide startup loans based on your license and potential. You don’t need to fund it all yourself.
STEP 1: Know What You Need. Make a simple list of what you’ll need to open your doors. Think: exam equipment, frames, lease or build-out costs, sta , and some working capital to cover your first few months.
STEP 2: Create a Business Plan. This sounds intimidating, but it’s just a document that shows what your practice will o er, what you expect to earn and spend, and why your location and vision make sense. You can find free templates online or work with a consultant who knows the industry. Lenders want to see this before they give you money.
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STEP 3: Talk to a Specialized Lender. There are banks and financing companies that work specifically with ODs. They understand your model and are often more willing to lend based on your license and plan. Live Oak Bank, Bank of America Practice Solutions, Provide, and Wells Fargo are a few well-known options.
STEP 4: Apply, Ask Questions. Once you find a lender you’re comfortable with, apply. Be honest, ask questions, and don’t be afraid to say, “I’ve never done this before.” You don’t have to do it alone and you don’t have to be wealthy. Many owners were exactly where you are now; they figured it out step by step. You can too!
