One of the most difficult things about running your own business is not the complicated day to day, or managing your own employees, or even finding the right numbers of customers that you need to keep you afloat. No; it’s the initial start-up money that you require to be able to set up your business in the first place. Some people will consider this to be so unsurmountable that they never actually move onto that exciting step of having a business of their own, but for others it is just another challenge that they want to be able to meet. They work hard to be able to find the finance that they need in order to start their own business.
One of the ways that they do this is to convince other people to invest in them and their business idea – often for a share of the profits, and sometimes just as a normal loan that will be repaid back to them over time. Although this may seem as though you are handing over some of the power and control of your new business, there are actually a few benefits to financing your business in this way. You immediately lower the risk that you yourself are taking, and depending on the type of person or people that you manage to encourage to join you on your venture, they may already have some business experience that you can learn from and benefit from, without making those mistakes on your own.
The trouble is, some businesses are much easier to convince other people to invest in than others, and one industry that is often misunderstood when it comes to finance is dentistry. It is difficult for anyone outside of the dental profession to really understand how a person can make a living from it, and it often doesn’t matter how many times you try to explain, because they simply do not want to risk it. This can often mean that dentists who want to start their own dentist practice are not able to find finance support in the normal way.
Dr Paige Woods is a well respected and trusted San Diego dentist who owns and runs her own dental practice in San Diego, and she had to overcome exactly these sorts of challenges when she wanted to start up her own place. The key thing for her, as she told us, was that you have to treat your dental practice dreams as just any old business proposition, with the same emphasis on profit, turnover, and risk management, otherwise absolutely no one is going to want to talk to you about it! They want to be absolutely sure that they are not going to have to worry about their money, or you as a manager and owner, so presentation and earning their respect is key.
Financing a dental office may seem to be an uphill struggle, but just like any other business ventures, if you manage to put in the hard work at the beginning, you will start to see a huge amount of reward over time.
Related article – http://sandiegodentist.org/restorations/fixed-dental-bridges/