5 Reasons Dentists Should Consider Small Business Loans
Getting a small business loan can be as painful as getting your teeth pulled–dentists are in the rare situation in knowing both of these situations well.
Raising cash can be hard, but it doesn’t have to be. There are many different types of financing out there that a lot of professional practitioners, including dentists, don’t know much about. Here are five situations in which we think dentists could really benefit from looking at all their small business financing options.
1. Remodeling or moving your practice
Your practice may not have the shine that it once did, or maybe the location just doesn’t serve your patients best anymore. Perhaps you need the means to redecorate with sleek furniture and big-screen TVs that will give your office a modern feel. Regardless, if your office location is preventing you from attracting and retaining patients, then it’s time to shake things up.
2. Buying new equipment
If any of your equipment suddenly breaks down or is simply out of date, replacing it quickly can be a challenge. Imaging tools, computers, lights, surgical lasers, and other items are integral to the business, but can be pricey. A small business loan could make it possible to replace them so you can get back to work quickly.
3. Refinancing and consolidating debt
Starting a new dental practice isn’t easy or cheap. If you’ve put your life into your practice and incurred quite a bit of debt, there’s plenty of incentive to consolidate it and lower your bills into one monthly payment. A small business loan can give you that freedom.
4. Starting a new marketing push
Whether you want to run paid search advertising online, air commercials on TV, buy an insert in the local paper, or engage in some other new marketing initiative, loaning some cash can help get the word on out on your practice.
5. Buying or merging with another practice
Buying a practice from a retiring dentist or merging with another business can be a smart move, but it is often quite costly. With a wide range of possible loan sizes, small business loans can greatly help with financing this sort of initiative.
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